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Woulfe Mining Corp. (CVE:WOF) reports a revised capital cost estimate for the development of the Sangdong tungsten-molybdenum project in South Korea.
The press release is quoted as saying:
The new capital cost estimate is US$135 million for construction of a 1.2 million tonne per annum (“Mta”) operation. Woulfe is fast tracking the Sangdong project as previously announced. In order to understand the costs associated with building the project for valuation and funding purposes, Woulfe requested the design engineers PT Contromation Energy Services (Engineering division) of Jakarta, Indonesia (“Contromation”) to put together a price estimate to a level of accuracy of plus or minus 20%.
Woulfe’s President and CEO, Brian Wesson says:
“Woulfe is moving forward rapidly as the tungsten market is very strong and molybdenum is expected to strengthen over coming months. The cost estimate allows the company to fully appreciate the value scenario and economics of the project. The costs will be benchmarked in Korea later this month as Woulfe has gone out for pricing to reputable engineering construction companies in Korea for the crushing and grinding.”
Click here to access the entire news release.
