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Woulfe Mining Corp. reports Scoping Study for its Sangdong project in South Korea has been submitted to the property vendor, Se Woo Mining.
The Company has the right to secure 100% ownership on completion of a full feasibility study. At that time, the Company’s remaining obligation to Se Woo Mining is a 2% net smelter royalty once production restarts. It […]
The Company has the right to secure 100% ownership on completion of a full feasibility study. At that time, the Company’s remaining obligation to Se Woo Mining is a 2% net smelter royalty once production restarts. It should be noted that South Korea has no government royalties.
Brian Wesson, President, CEO and Director of Woulfe states:
“I am very pleased with the team’s progress on site in Korea. Wardrop Engineers in the UK and Canada both, have put in many hours over the last five months since the change of management and the Company’s restructuring. Our ownership of Sangdong increased to 51% in December 2009 and by subsequently submitting the scoping study by Wardrop our stake has increased to 70%. We have no further payments until the 2% NSR on production. On the submission of a feasibility study, which is scheduled next year, we move to 100% ownership.”