Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) announced that the feasibility study is on schedule for release on April 24, 2012 and other updates on its Sangdong Project in South Korea.
As quoted in the press release:
- Feasibility study is on schedule for release on Tuesday 24th April 2012.
- Sangdong is in discussion with prospective banks to obtain project financing. The debt financing is intended to provide all the necessary capital through the production with no dilution to existing shareholders.
- The detail design drawings for the process plant have been completed and will be submitted to the appropriate Korean government authorities for final construction approval.
- Woulfe welcomes Brian Burdett, Project Manager on site in Korea. Brian is a Metallurgist by training with an extensive 47 years background in tungsten and resources globally.
- Sangdong has paid its contribution for the installation of two 10MW power feeds to the mine site from different regional substations to allow for security of supply. The plan released by Korea Electric Power Corporation indicates the installation of the first 10MW by October 2012 and the second 10MW by December 2012.
- Paste fill disposition and plant design was completed for reaching feasibility. The paste filling is important as it disposes of all tailings into the new and old voids behind mining of virgin blocks and reclamation and stabilizes the mining areas which will be mined through a cut and fill method.
- Resource drilling is continuing in the western block of the ore body 1200 metres on strike from the main mine entrance. The eastern area of the upper section will be mined for the initial 12 years of operations.
- Moody’s upgraded South Korea from A1 to AA3 credit rating this month.
- The ruling party in Korea has been re-elected with a vast majority in congressional election held on the 1st April 2012. This is important for Woulfe as the government departments have worked with the company to move the project forward, visiting site and understanding all the parameters of mining.
Woulfe CEO, Brian Wesson, said:
“We are now in a development phase and detail design is nearing completion at the Sangdong Project. Woulfe is unique as we are completing our construction drawings in parallel with the feasibility study which allows us to move directly to construction. The Company is well positioned with physical advantage in a low risk, OECD country and we believe production from Sangdong in 2013 will bridge the current gap in the tungsten market. Woulfe is poised to move forward having a good asset and a large strategic partner that provides us with a great platform for success in our drive to be the world’s largest tungsten producer outside China.”