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Woulfe Mining Corp.(TSXV:WOF) announced the latest shareholder updates regarding its Sandong project.
As quoted in the press release:
As an extension of its agreements signed with Woulfe Mining on February 29, 2012, IMC, a Warren Buffett company, entered into a Memorandum of Understanding with municipal governments in charge. The MOU executed on Wednesday 25rd April among the representative of IMC, the Governor of Gangwon Province and the Mayor of Yeongwol County stipulates “close cooperation between IMC and relevant government authorities for the successful development of the Sangdong Minie project.
Woulfe, CEO, Brian Wesson, commented:
This MOU between IMC and the relevant government authorities is of significant importance to us. It was following the Definitive Feasibility Study released by Tetra Tech Company a few days ago in which the NPV of Sangdong Mine for the first 11.5 years was assessed to be $400.5 million or 46% IRR. In addition to the IMC’s investment, undivided support from relevant governments will assure the successful completion of the Sangdong Project and will help us achieve the targeted production of tungsten concentrate and APTs in mid-2013.
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