Woulfe Mining to Fast-Track the Evaluation of its Muguk Gold Mine

Woulfe Mining Corp. (TSXV:WOF) reports that it is fast-tracking the evaluation of its Muguk gold project in South Korea.

The press release is quoted as saying:

Woulfe has appointed AMC Consultants (“AMC”) of Melbourne as technical advisor to the project. AMC’s initial brief is to:

• Prepare a three dimensional (“3D”) digital model of the Muguk mine workings utilising the available level plans and long sections – completed

• Update the extensive database comprising final survey of underground workings prior to closure, face grades, drill data, ore extraction data and process data – work in progress

• Prepare an NI 43-101-compliant resource estimate for the main mineralised structures.

Woulfe management can now turn its attention to Muguk as its flagship Sangdong tungsten-molybdenum project in South Korea is progressing at a rapid rate. The Sangdong feasibility study is well advanced and construction is scheduled to commence in early 2012.

The two most significant veins are the No.2 vein and the Three Brothers Vein, or Samhyungje Vein. The No.2 Vein was exploited between 1944 and 1972, and was developed to a depth of 755 metres along a strike length of 1,800-2,000 metres. The grades reportedly varied from 7 g/t gold to 50 g/t gold. Reported production during this period was approximately 260,000 ounces of gold. The Three Brothers Vein was exploited between 1984 and 1997, and was developed to a depth of 600 metres. Reported production during this period was approximately 328,000 ounces. There has been minor exploitation of a number of other veins, including Baksan, Geumyong, and No.1 and 7-11 Veins.

Woulfe’s President and CEO,  Brian Wesson says:

“We are very pleased to be moving ahead with Muguk now that Sangdong is on track for development. Muguk is a very exciting gold project as it has a significant residual resource above 10 g/t gold. With the gold price now more than six times the price when the mine closed, there is potential to increase this resource significantly using a lower cut-off grade. There are numerous secondary mineralised veins within the mining field which add to the potential upside. The grades at Muguk are well above the average for operating gold mines worldwide, recently reported to be around 2 g/t gold.”

Click here to access the entire news release.

Click here to access Woulfe Mining’s company profile.(TSXV:WOF)