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Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) is on track to bring the Sangdong mine into production in 2013 despite delays in delivering the feasibility study.
As quoted in the press release:
The Company is working to make up the time lost by changing the design of the mine access, expanding the existing access to 5×5 will save money and time to get to production. The access tunnel will begin in early July 2013. At the same time we will purchase the land from the county which will enable the construction to commence.
Woulfe Mining CEO and President Brian Wesson said:
“This funding was required to keep the project on track for production in 2013 and allow the time for the strategic and debt funding in the subsidiary to be concluded. The convertible debt strengthens the treasury and allows the Company to move forward on Sangdong maintaining the momentum and getting to cash flow as quick as possible which is the most important objective of the Company. We have provision to buy back 30% of the notes and once the company is in production with strong cash flow we could buy back stock. As funds become available to secure against the volatile world and move to production we remove a huge amount of risk for our shareholders.”
Click here to read the Woulfe Mining (TSXV:WOF) press release