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Woulfe Mining Corp. (CVE:WOF) reports a Valuation Opinion of the fair market value of Sangdong Mining Corporation, which owns the Sangdong tungsten-molybdenum project, Korea.
The press release is quoted as saying:
The Valuation Opinion has been prepared by Ross Glanville & Associates Ltd of Vancouver, Canada (“Glanville”). The full report will be submitted to SEDAR.
Glanville is of the opinion that the after-tax value of Sangdong, after paying the 2% net smelter return royalty, is approximately US$300 million, within a reasonable range from US$200 million to US$400 million. This Valuation Opinion takes into account a 50% reduction from the calculated net present value, as the project Prefeasibility and Feasibility Studies are yet to be completed. Woulfe is on target to publish the Prefeasibility Study and the full Feasibility Study later this year.
Woulfe’s President & CEO, Brian Wesson says:
“The Valuation Opinion is within the range we were expecting. We undertook this valuation to assist the Woulfe Board in evaluating potential transactions that may eventuate. With this document in hand, the Board will be in a better position to make decisions in the best interest of Woulfe shareholders.”
Click here to access the entire news release.
