Woulfe Mining Corp. (CVE:WOF) reports that Korea Zinc Co. Ltd. has completed its initial phase of due diligence and is satisfied with the company’s data.
The press release is quoted as saying:
The project evaluation process has been briefly delayed at the Sangdong tungsten/molybdenum project as the drilling of the initial production area, from the unmined areas above the valley floor, has progressed more slowly than expected due to delays in obtaining spare parts and the extreme winter conditions in Korea. The weather in particular has caused the ice-over of the one level and access incline, preventing access for drilling.
Woulfe Mining’s President, CEO and Director, Brian Wesson says:
“We are working closely with Korea Zinc to advance the Strategic Partner deal. We are disappointed at the speed of progress of the agreed drill plan as the data is required to complete a review of our resources and mining plan for the initial years of mining. It is in the initial years that the mining plan shows the project capital will be recouped.”However, given the redesign of the program and the appointment of Mr Don Smith, an experienced Australian Geologist on site, we are confident that we can complete the drilling by Q2 this year which will be followed by an updated resource estimate.”