|By Marketwired .||
|November 6, 2012 08:30 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/06/12 -- Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKUFRT:OZ4) is pleased to announce that it has awarded a mining development and production contract to Youngin Industries Corporation ("Youngin") for the underground development and extraction of 1.2 million tonnes per annum from the Sangdong mine. The contract encompasses all mine civil works, mine development and production of Tungsten/Molybdenum ores, to be delivered from underground to the primary crusher. The contract pricing will result in the lowering of mine production costs by 49% and will increase the project NPV8 from US$400.3 million to US$535.2 million, taking IRR from 46.0% to 65.6%.
Woulfe awarded the contract to Youngin after extensive negotiations with six Korean mining, civil and tunneling contractors. The contract was awarded based on Youngin's extensive experience and expertise in underground mining and civil construction.
The Youngin mine production plus pastefill costs totals $25.64 per tonne of ore mined compared with $38.30 per tonne mined estimated in the Feasibility Study. This improvement in costs came as a result of replacing projected Canadian mine costs in the Feasibility to firm Korean costs. Other benefits include reduced capital allocation (US$20 million) for the mine fleet and subsequent reduction in pre-production ore mining and mine development costs.
Tetra Tech is working on updating the mineral resources to include the last five months of drilling. With this update an updated addendum of the feasibility will be released that will include the revenue from byproducts and the benefits resulting from the lower mining cost. Reducing the mining cost will have a significant impact on mine cut-off grade which will be expected to increase the resource base.
The CEO Brian Wesson stated, "The lower mining cost results in a NPV in line with the company's expectations and prior valuation. The project is robust and low risk as Korea is an OECD developed country."
Youngin boasts extensive experience in both mining and civil engineering in Korea. Youngin provides a significant level of experience and brings with it an extensive modern mine fleet. Mr Wesson went on to state, "Woulfe is confident in the highly skilled staff at Youngin. Their management have over 20 years of experience in mining and tunneling and this expertise will be a valuable contribution to the mine."
Youngin began the civil construction of the mine portal in October 2012, after which the mine development will proceed. The six metre square cross section development is expected to hit the main ore zone in November 2012 with trial mechanized mining to begin in December 2012.
The scientific and technical information in this release has been reviewed and approved by Jon Gliddon, C.Eng, General Manager UK for Tetra Tech, and overall manager for the Sangdong feasibility study announced on April 23, 2012. Mr. Gliddon is an Independent Qualified Person within the meaning of NI 43-101.
On Behalf of the Board of Directors
Woulfe Mining Corp.
Brian Wesson (FAusIMM), President, CEO and Director
About Woulfe Mining Corp. "Unearthing Global Assets": Woulfe Mining Corp. is focused on 'Unearthing Global Assets' through the recognition and development of undervalued natural resource projects. Woulfe differentiates itself by boasting significant technical expertise in the design, development and operation of mining projects. Our flag ship project is the Sangdong tungsten mine in South Korea, historically the world's largest tungsten mine for over 40 years. Sangdong is expected to return to production by Q4 of 2013. Woulfe has entered into strategic agreements with International Metalworking Companies B.V. ('IMC'), part of the Berkshire Hathaway group of companies. This partnership brings strategic advantage given Woulfe's mining and processing technical abilities and IMC's downstream manufacturing skills, high level of innovation and quality of products sold into the global tungsten market. Woulfe Mining Corp. is a Canadian TSX-V listed company. Further information can be found on Woulfe's website www.woulfemining.com.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: commodity price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; failure to complete the strategic arrangement described in this release, including because of the failure to satisfy the conditions to closing of the transaction, risks of sovereign investment; currency fluctuations; speculative nature of mineral exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the appropriate regulatory authorities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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