Woulfe Mining Buys Out Royalty and Moves to 100% Ownership of Sangdong Project
Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) announced that it has negotiated the purchase of the 2% net smelter royalty retained on the Sangdong tungsten-molybedenum project in South Korea from the vendor, Se Woo Mining Co. Ltd., for CDN$3.5 million, of which $500,000 was paid on execution of the agreement and the balance of which is payable by December 19, 2011.
Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) announced that it has negotiated the purchase of the 2% net smelter royalty retained on the Sangdong tungsten-molybedenum project in South Korea from the vendor, Se Woo Mining Co. Ltd., for CDN$3.5 million, of which $500,000 was paid on execution of the agreement and the balance of which is payable by December 19, 2011.
As quoted in the press release:
In addition, the Company negotiated an amendment to the acquisition agreement originally dated October 9, 2006 in respect of the Sangdong project, such that the final outstanding 30% interest in the mining titles shall vest to the Company immediately as part of the completion of the payments noted above. As a result of the foregoing, the Company will hold a 100% interest in the Sangdong project. Woulfe will make the payments from working capital.
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