Woulfe Mining (Wolfram, Molybden, Gold)
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soll noch ein Resourcenupdate kommen und vielleicht noch was anderes bis Freitag, deshalb decken sich schonmal welche ein. Eventuell gibts was neues zu den Finanzierungen. woulfe wollte ja nochmal nachverhandeln mit Korea Zink. Mal schauen was kommt.
tmx.quotemedia.com/article.php
Sogar mit vorherigem Trading Halt!
Neue Kapitalkostenschätzung liegt vor, für Anlage mit halbem Durchsatz und halben Kosten.
So ungefähr hört sich das für mich an.
Handel inzwischen wieder aufgenommen, Woulfe momentan leicht im Plus.
Wenns am Interpretieren liegt, kann ich auch nur spekulieren:
Woulfe möchte ja den Vertrag mit Korea Zinc nachverhandeln und verbesserte Konditionen erzielen. Möglicherweise also alles nur Poker.
Mit der kleineren Verarbeitungsanlage sinkt ja auch der Kapitalbedarf um gut die Hälfte. Und diese Hälfte könnte Woulfe vielleicht ohne Korea Zinc stemmen und die volle Kontrolle und den Gewinn zu 100 % behalten.
Zumindest bringt diese Variante wohl bessere Karten.
Oder will Wesson wirklich raus aus dem Vertrag?
Werden sehen, ich mach mir da keine allzu großen Sorgen.
Der geht da nur raus, wenn er sicher ist, dass er das Projekt auch ohne Korea Zinc durchziehen kann.
Bei Matsa hat ja auch vor kurzem der potentielle Investor/Käufer einen Rückzieher gemacht.
Aber ausschließen kann man nix.
Value Relations will work with Woulfe to support the Company's marketing efforts in Europe by providing the Company with investor communications support, marketing strategies and translation services. In consideration for these services, Value Relations will receive an annual fee of 36,000 Euros, payable in four quarterly installments. In addition, Value Relations will also receive 250,000 stock options at the price on market open on Friday 30 July 2011 exercisable over two years with one quarter of the Options vesting every three months following the date of grant. Value Relations has no prior relationship with the Company nor any prior interest, direct or indirect, in the Company, its securities or any right to acquire such an interest.
The Agreement is subject to the approval of the TSX Venture Exchange.
Woulfe also wishes to announce that UK-based Edison Investment Research Limited ("Edison") have undertaken to include Woulfe as part of their influential global analysis of the mining sector.
Edison is Europe's leading investment research company. It has won industry recognition, with awards in both the UK and internationally. The team of more than 50 includes over 30 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 250 companies across every sector and works directly with corporations, investment banks, brokers and fund managers. Edison's research is read by major institutional investors in the UK and abroad, as well as by the private client broker and international investor communities. Edison was founded in 2003 and is authorized and regulated by the Financial Services Authority of the UK.
As announced by Woulfe on July 14, 2011, the Company commissioned PricewaterhouseCoopers to perform a valuation of the Sangdong Tungsten Molybdenum Project. The valuation has been completed and the results will be disseminated via press release as soon as appropriate approvals have been received from the TSX Venture Exchange and PricewaterhouseCoopers.
On Behalf of the Board of Directors
Woulfe Mining Corp.
“Brian Wesson”
Brian Wesson (FAusIMM)
President, CEO and Director
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Ich warte mit Zukäufen noch ab. Nicht zuletzt wegen den bescheuerten Amis. Aber ich weiß nicht. Ich hab bei Woulfe irgendwie kein sooo gutes Bauchgefühl mehr. Irgendwas stimmt da nicht. Die Meldungen dass man mit anderen in Verhandlungen steht und das man erst mit einer geringeren Kapazitätsauslastung starten will. Und das man von Korea Zinc seit November 2010 auch nichts mehr hört. Gefällt mir einfach nicht.
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The portal (entrance) and production adit will be located within a short haulage distance of less than 100 metres from the designed crusher site, and will access the mineralisation almost immediately inside the decline. The 6 by 6 metre adit will facilitate the use of modern bulk mining equipment and will provide access to all three zones (Main, Hangingwall and Footwall) within the initial mining block in the upper 25% of the ore body mostly above the valley floor. Wardrop, a Tetra Tech company, recently released an interim resource for this area, comprising 5,968,000 tonnes at 0.42% WO3 ("Indicated Resource") and 18,572,000 tonnes at 0.45% WO3 ("Inferred Resource"). At proposed mining rates this area has the potential to provide 20 years of mining before having to move below level 2 into the deeper mine and dewater.
Development will commence as soon as the final design portal (entrance) is completed.
Brian Wesson CEO/President of Woulfe added, "The government authorities are working with Woulfe to move the project forward and the permitting is a significant step towards production in 2012. The development will also provide access to mine bulk samples for metallurgical pilot plant testwork to optimize recovery and production of Ammonia Paratungstate ("APT")."
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The company is modernizing the South Korea mine, which was shut down in 1992 due to falling metal prices, and plans to start building a new process plant on site this year, chief executive Brian Wesson told Reuters.
The push to get the mine back online comes as China, which produces 80 percent of the world's tungsten, has cracked down on exports, sending prices up 90 percent in the last year.
"The issue at the moment is the grades are dropping -- they've taken all the good stuff," Wesson said of China's tungsten mines. "So the cost of production is increasing."
China's domestic demand for tungsten, used in auto manufacture and in hard metals for mining and drilling, is rising, and that has reduced the supply available for export.
This has sent the price of APT (ammonium paratungstate), a processed form of tungsten, up to $460 per unit, or $46,000 a tonne, from $240 per unit a year ago, leaving customers like Korea's TaeguTec Ltd and Japan's Mitsubishi Corporation <8058.T> scrambling for new suppliers.
Wesson said Woulfe plans to start up production by late 2012 at Sangdong, which is just up the road from a TaeguTec facility. The project will produce some 4,000 tonnes of APT annually, along with molybdenum.
Modernizing the mine and building the plant to process tungsten into APT will cost about $135 million, but annual revenues from APT alone could top $180 million at current prices, said Wesson.
"We're looking to get a very favorable off-take agreement with somebody," he said. "That's likely Korean, but you never know. Obviously it comes down to the best value for the company."
GOLDEN OPPORTUNITY
With the tungsten mine well on its way to development, Wesson said Woulfe will be able to focus more attention on its Muguk project, once Korea's largest producing gold mine.
The Muguk mine shut down in the late 90s, when the gold price slipped below $400 an ounce. With the spot gold near a record high over $1,660 an ounce, Woulfe has started drilling to better define the historical resource.
"We know gold is there," said Wesson. "We just need to understand it under modern terms."
Eventually Woulfe will likely spin off the gold project into a new company.
But a spin-off is still some time away, said Wesson, who is busy trying to get Sangdong online as soon as possible.
The company recently got permits to build a new adit for the mine, which will allow it to take bulk samples for the pilot plant, and to use larger modern mining equipment.
The next step will be a prefeasibility study next month, followed by a feasibility study before the end of the year.
($1=$0.96 Canadian)
(Reporting by Julie Gordon; editing by Janet Guttsman)
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Date : 08/16/2011 @ 9:00AM
Source : MarketWire Canada
Stock : Woulfe Mining Corp. (WOF)
Quote : 0.25 0.0 (0.00%) @ 8:54AM
Quote Chart Financials Trades Level2
Woulfe Mining Valuation Opinion
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Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)
is pleased to announce a Valuation Opinion of the fair market value of Sangdong
Mining Corporation, which owns the Sangdong Tungsten-Molybdenum Project
("Sangdong") in Korea. 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.
In the method used for this valuation, annual cash flows are projected over the
expected life of the project, and these cash flows are then discounted at an
appropriate rate to arrive at a Net Present Value. A comprehensive in-house cash
flow model has been prepared and reviewed by Glanville. That comprehensive model
has been utilized by Glanville to generate cash flow projections based on a
number of different input parameters and assumptions, some of which are
different from those utilized by Woulfe (including a higher estimated capital
cost). Some of the key input assumptions include a sales price of US$375 per
metric tonne unit of WO3 (in ammonium paratungstate), a twenty-one year mine
life at an annual mill-feed production rate of 1.2 million tonnes, an average
grade of 0.41% WO3, and an after-tax constant-dollar discount rate of 8%.
Brian Wesson, CEO and President of Woulfe, commented, "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."
As the information provided in the Valuation Opinion does not contain an
economic analysis which conforms with National Instrument 43-101, the economic
viability of Sangdong will remain uncertain until completion of at least the
Prefeasibility Study, which is expected in a couple of months.
As previously announced, the Company commissioned PricewaterhouseCoopers ("PwC")
to undertake a valuation of Sangdong, and this valuation has been completed.
However, due to the confidential nature of some of the information contained in
the report by PwC, it will not be submitted to SEDAR. The conclusions of the PwC
report are consistent with this Valuation Opinion.
About Ross Glanville & Associates Ltd.
Glanville is a company specializing in valuations of mining companies and
mineral resource projects, as well as providing fairness opinions and litigation
support (such as being an expert witness in court cases involving valuation
disputes) related to financial and technical issues. The president, Ross
Glanville, graduated from the University of British Columbia in 1970 with a
Bachelor of Applied Science Degree (Mining Engineering), and became a member of
the Association of Professional Engineers of British Columbia (P.Eng.) in 1972.
In 1974, Glanville obtained a Master of Business Administration Degree (MBA),
specializing in finance and securities analysis. In 1980, Glanville became a
member of the Certified General Accountants of B.C. (CGA). He was also a member
of the former Canadian Association of Mineral Valuators.
Glanville has almost 40 years of mineral production and exploration experience
in many countries, and has been involved in the exploration, discovery,
financing, development, and production of a number of mineral deposits. He was
formerly President of Giant Bay Resources Ltd. and Vice President of Wright
Engineers Ltd. (acquired by Fluor Corporation), and has been a director of a
number of mineral resource companies. He has prepared over eight hundred
valuations and/or fairness opinions; and has written several articles, and given
many presentations, related to the valuations of exploration and mining
companies. Glanville has provided fairness opinions and valuations for mergers,
amalgamations, and acquisitions of public and private companies. These
assignments were undertaken for investment dealers, regulatory bodies (including
stock exchanges), banks, various government agencies, venture capital firms,
trading companies, mining and exploration companies, oil and gas companies, and
others. He has formed public companies (listed on the Toronto Stock Exchange,
the Australian Stock Exchange, NASDAQ, and the TSX Venture Exchange), and has
served on the Boards of Directors of four companies with producing mines.
Glanville has also acted in more than 50 court cases and assessment appeal board
hearings in Canada, the U.S.A., Australia, and the U.K. Some of Glanville's
valuation articles were published by the United Nations, the Society of Mining
Engineers, and by various Canadian magazines and newspapers.
On Behalf of the Board of Directors
Woulfe Mining Corp.
Brian Wesson (FAusIMM), President, CEO and Director
About Woulfe Mining Corp.
Wären wir also bis Jahresende (positiver Ausgang vorausgesetzt) beim sechs-zwölffachen Wert.
Ja, damit könnten wir dann so langsam ins Geschäft kommen.. :-)
Muguk geb ich sogar noch dazu, man ist ja schließlich großzügig..
4 Seiten, 25 August 2011
.......
z.b. Our revised valuation is adjusted upward, to C$0.69 per share
Based on these developments, our base-case valuation of Woulfe increases from
C$0.46 per share to C$0.69 per share. Our more optimistic assessment, based on
higher confidences of exploration and development success, increase modestly from
C$1.20 to C$1.33 per share. Assuming success at all stages through feasibility and
permitting, our base-case and optimistic assessments increase to C$1.50 and C$2.92
per share respectively.
.....
Quelle: http://www.uploadarea.de/files/4u4pn45kwlwexfjpvcdojf9k1.pdf
8/29/2011 9:00:10 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Aug 29, 2011 (Marketwire via COMTEX News Network) --
Woulfe Mining Corp. (TSX VENTURE:WOF)(PINK SHEETS:WFEMF)(OTCQX:WFEMF) ("Woulfe" or the "Company") is pleased to announce that it is fast-tracking the evaluation of its Muguk gold project in South Korea. Muguk was the largest gold mine in South Korea until its premature closure in 1997 due to low gold prices.
Woulfe has appointed AMC Consultants ("AMC") of Melbourne as technical advisor to the project. AMC's initial brief is to:
-- Prepare a three dimensional ("3D") digital model of the Muguk mine workings utilising the available level plans and long sections - completed-- Update the extensive database comprising final survey of underground workings prior to closure, face grades, drill data, ore extraction data and process data - work in progress-- Prepare an NI 43-101-compliant resource estimate for the main mineralised structures.
Woulfe management can now turn its attention to Muguk as its flagship Sangdong tungsten-molybdenum project in South Korea is progressing at a rapid rate. The Sangdong feasibility study is well advanced and construction is scheduled to commence in early 2012.
The Muguk gold-silver mineralisation is hosted within a series of parallel, steeply dipping quartz veins that extend discontinuously for 400-2,000 metres along strike and to a known depth of 800 metres. The average width of the veins is typically less than 1 metre, although the veins pinch and swell and can be up to 2 metres in width in places.
The two most significant veins are the No.2 vein and the Three Brothers Vein, or Samhyungje Vein. The No.2 Vein was exploited between 1944 and 1972, and was developed to a depth of 755 metres along a strike length of 1,800-2,000 metres. The grades reportedly varied from 7 g/t gold to 50 g/t gold. Reported production during this period was approximately 260,000 ounces of gold. The Three Brothers Vein was exploited between 1984 and 1997, and was developed to a depth of 600 metres. Reported production during this period was approximately 328,000 ounces. There has been minor exploitation of a number of other veins, including Baksan, Geumyong, and No.1 and 7-11 Veins.
The executive general manager of the mine at time of closure is now an Advisor to Woulfe and is assisting with the evaluation. He acknowledges that the operation was not profitable at the prevailing sub-US$300 gold prices in 1997, but expressed the view that he was not in favour of closure given the known residual resources.
In 1994, Korea Resources Corporation ("Kores") completed a reserve/resource update on Muguk, resulting in a total reserve/resource estimate of 1,418,980 tonnes grading 13.5 g/t gold and 72.8 g/t silver, and containing 615,956 ounces of gold and 3,321,599 ounces of silver, based on a 10 g/t gold cut-off grade. Woulfe cautions that a Qualified Person has not done sufficient work to classify the historical estimate as current, that it is not treating the historical estimate as current and that the historical estimate should not be relied upon. The mine operated for a further three years after this estimate was undertaken.
In 2010, Woulfe completed a two-hole program at Muguk to comply with its mining rights obligations, which required a total of 750 metres to be drilled. Woulfe opted to target the secondary No.7 Vein to the west of the No.2 and Three Brothers Veins as known mining extended to a depth of a few hundred metres, and shorter holes could be confidently planned to avoid old mining cavities. The first hole intersected 2 metres at 5.6 g/t gold and 26 g/t silver at 414 metres depth, and the second hole intersected 0.36 metres at 16.6 g/t gold and 16 g/t silver at 386 metres depth.
In July 2011, Woulfe commenced a third hole targeting the depth extension of the Three Brothers Vein. This hole is currently at a depth of around 400 metres and is expected to intersect mineralisation at around 735 metres. The objective of the current drilling program is to confirm the down dip extension of the mineralisation below the historic workings and to substantiate the grades that were reported in the lower levels.
With the completed 3D model, AMC is now working on preparing the updated mineral resource estimate, with particular attention to those areas that were historically considered low grade (below 10 g/t), given the very substantial increase in gold prices since mine closure in 1997.
Brian Wesson, Woulfe CEO/President, comments that, "We are very pleased to be moving ahead with Muguk now that Sangdong is on track for development. Muguk is a very exciting gold project as it has a significant residual resource above 10 g/t gold. With the gold price now more than six times the price when the mine closed, there is potential to increase this resource significantly using a lower cut-off grade. There are numerous secondary mineralised veins within the mining field which add to the potential upside. The grades at Muguk are well above the average for operating gold mines worldwide, recently reported to be around 2 g/t gold."
This news release has been reviewed and approved in the form and context in which it appears by Woulfe's Canadian-based geological advisor, Mr. Pat Stephenson, P.Geo., of AMC Mining Consultants (Canada) Ltd. Mr Stephenson has appropriate qualifications and sufficient relevant experience to qualify as a Qualified Person for the reporting of exploration results for the Sangdong deposit.
On Behalf of the Board of Directors
Woulfe Mining Corp.
Brian Wesson (FAusIMM), President, CEO and Director
Woulfe Mining Corp. is a TSX-V listed company with a diversified portfolio of mining licenses for tungsten, molybdenum, gold, base metals and uranium-vanadium in South Korea.
The Company is focused on the development of the Sangdong tungsten mine (one of the World's largest and most renowned tungsten mine's for 40 years) a property that we believe has substantial value for our shareholders. The outcome of the scoping study in March 2010 determined that the project NPV was US$467 million at a commodity price of $25,000 per tonne Ammonium Paratungstate (APT). Today, the APT price is over US$45,000 per tonne. Woulfe has accelerated the project due to the robust project and market. The Company's target is to move to production at the end of 2012. In the last 18 months the Company has focused on building the Sangdong tungsten mine team and reopening the mine. The project is well staffed with professionals and is moving forward rapidly.
Woulfe Corporate has now turned its focus to the Muguk gold project, historically Korea's largest producing gold mine. In 1998, Muguk was reported by Korea Resources Corporation (KORES) to contain a combined resource of 1,418,980 tonnes @ 13.5 g/t gold, 72.8 g/t silver (615,956 oz gold and 3,321,599 oz silver). Woulfe cautions that a Qualified Person has not done sufficient work to classify the historical estimate as current, that it is not treating the historical estimate as current and that the historical estimate should not be relied upon. A drill campaign is starting drilling the down dip extensions of the Three Brothers Vein in June 2011. Woulfe's other projects will be considered once these two projects are moving to production, in order to unlock value for shareholders and to move the Company to a positive cash flow as quickly as possible.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
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; 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.
SOURCE: Woulfe Mining Corp.