Woulfe Mining (Wolfram, Molybden, Gold)
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Vancouver, British Columbia CANADA, December 06, 2010 /FSC/ - Woulfe Mining Corp. (WOF - TSX Venture), ("Woulfe" or the "Company") has commenced drilling at its Sangdong Tungsten-Molybdenum Project in South Korea. Drilling will consist of 38 holes totalling approximately 5,000m to complement the 91 holes drilled previously by Woulfe.
The drill program will provide valuable information about a large continuous block of ore left in place by the former operators of the mine. This block is 60m to 200m wide and extends 1.2 km across the entire ore body and down the eastern and western sides of the deposit for its entire length. It was not considered a potential source of ore as it protected the old hoist chambers, incline shafts and main haulage which were essential to the mining of the Main Ore Zone in the lower parts of the mine. Consequently there are few drill holes into the Main Ore Zone in this area compared with the lower levels which are intersected by over seven hundred holes. A 3D block model of the upper ore zones and previous mining areas has been constructed, and a first pass conceptual mining plan created. The drilling program is aimed at validating this model and it is anticipated that a firm mining plan for the first 5 years of operation can be put in place once the program is completed.
Woulfe has purchased three drill rigs for underground drilling, the first of which is now operating. Woulfe will also deploy a local drilling contractor to drill areas accessible from the surface.
The Sangdong property has been opened to a point 620 metres from the portal. Compressed air has been installed and the local power authority is moving ahead to provide a 500 kVA power supply with a capacity of 10MVA. This power supply will be used for larger electric hydraulic drill rigs which will be used to drill large core diameter holes in 2011 for geotechnical analysis and metallurgical test work. Information derived from this drilling program will be utilised to improve ore recovery rates as compared to prior historical extraction methods.
The Company continues to develop 3D models to analyze the mine layout for maximum efficiency. An example of this is the design of a new 6.5m by 6.5m access portal which will intersect ore within the first 20m of construction. This will reduce the cost of extraction and accelerate production.
Additionally, as previously announced the Company has acquired a brand new crushing plant at a significant discount. This plant will feature in a mill design which is currently being developed.
Finally APT production and floatation test work will be carried out in the first half of 2011 once larger ore samples are available for processing.
"We are committed to upgrading the Sangdong tungsten-molybdenum deposit from the inferred category to measured and indicated, building on the more than 800 historical holes," said Brian Wesson, President and CEO of Woulfe. "With APT prices over US$300 per mtu used as a basis for the Korean Zinc deal announced last week we are only restricted by the speed with which we can move the project forward."
Colin Lutherborrow MAusIMM a geologist with 30 years' experience in underground mines and the delineation of resources and reserves is a Qualified Person as defined by National Instrument standards has read and approved this release.
On Behalf of the Board of Directors
Woulfe Mining Corp.
"Brian Wesson"
Brian Wesson
President, CEO and Director
About Woulfe Mining Corp.
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's current projects include the Sangdong tungsten-molybdenum mine, historically, one of the largest tungsten mines in the world; the Muguk gold-silver mine, formerly South Korea's largest gold mine, as well as a number of other properties with significant known mineralization and excellent regional exploration potential.
Woulfe has high expectations for near-term, low-cost production. The company has assembled a highly skilled, in-country, bilingual technical team and a board of directors with an outstanding track record of success.
For further information ...
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http://www.usetdas.com/TDAS/NewsArticle.aspx?NewsID=16472
The market deficit outside China is likely to be around 14,500 tonnes of tungsten metal per year by 2013, according to the Commodities Research Unit. The market deficit outside China is likely to be around 14,500 tonnes of tungsten metal per year by 2013, according to the Commodities Research Unit.
What is bound to help is the story unfolding around tungsten itself, a strategic metal used in construction and manufacturing, and whose supply is in the hands of the Chinese.
The People’s Republic is responsible for 77 per cent of the world’s supply of primary tungsten, but is cutting exports in order to satisfy booming domestic demand.
This has delivered a double blow to the West as the price of tungsten trioxide has shot up from US$200 per metric tonne unit (the standard 10 kilogramme measure) to the current price of around US$320 per MTU, while a gap in supply has opened up.
The market deficit outside China is likely to be around 14,500 tonnes of tungsten metal per year by 2013, according to the Commodities Research Unit.
All of which makes for the perfect storm if you happen to be opening a tungsten mine
By: Liezel Hill
10th December 2010
TORONTO (miningweekly.com) – TSX Venture Exchange-listed Woulfe Mining will start production at its Sangdong tungsten mine in South Korea during 2012, CEO Brian Wesson said in Toronto on Friday.
The company announced last month it would sell 51% of the project to Korea Zinc, in return for C$38-million and around C$75-million of project funding. Korea Zinc will also take a 13,4% stake in Woulfe itself.
The agreement still needs shareholder approval, but Wesson said he has received indications from a majority of the firm's big investors that they intend to back the deal. A vote is scheduled for January 21.
Woulfe plans to start operations at Sangdong, a big producer of tungsten until it closed in the early 1990s, at 1,2-million tons a year, to produce 400 000 mtu/y of ammonium paratungstate (APT) and 500 000 lb/y of molybdenum.
But the company is designing the plant with a capacity of 2,4-million tons, which would give it the option to increase output in the future, Wesson said. The company wants to get into production as soon a possible to start generating cash and take advantage of a strong tungsten market.
Tungsten prices have surged over the last year, from some $120/mtu in December 2009 to about $320/mtu this month.
Most production of the metal, used to strengthen steel and prevent corrosion, comes from China, which is curbing exports to ensure domestic supply.
"Korea could take all the tungsten that we could produce but, strategically, Japan is also knocking on our door," Wesson said.
Although the firm is giving up a majority interest in the Sangdong project, the benefit to shareholders is that Woulfe will be carried through to production and still own 49% of the asset, while maintaining a “clean” balance sheet, he said.
It has also managed to finance the project without committing to offtake agreements to secure the funds, which leaves Woulfe and Korea Zinc free to negotiate optimal terms for all the production from Sangdong, he said.
The breakeven price for the Sangdong mine was calculated at around $167/mtu in a scoping study earlier this year.
KORES INTEREST
Although Korean Zinc was able to move more quickly on a transaction, Woulfe also had talks with government-owned Korean Resources (Kores), which remains interested in putting money in the Sangdong asset, Wesson said.
"They have told us that they want to invest, how that will happen I don't know."
Korea Zinc is the world's biggest producer of refined zinc. It has a $5-billion market capitalisation and has forecast sales revenue of $3,2-billion this year.
Shares in Woulfe Mining were down 1,52% on Friday afternoon, at 32,5 Canadian cents each.
Quelle: http://miningweekly.com/article/woulfe-sees-output-by-2012-a…
2010-12-13 14:36 ET - Options Proposed
Mr. Brian Wesson reports
WOULFE MINING GRANTS STOCK OPTIONS
Woulfe Mining Corp., subject to TSX Venture Exchange approval, has granted 3.5 million stock options to its directors, officers, employees and/or consultants of the company. The options are set for a period of five years and will allow the holder to purchase one share in the company at a price of 32.5 cents.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:WOF-1791092
View ganze Episode - http://b-tv.com/the-btv-show/episodes.html und Features über Links:
Rio Novo Gold (TSX: RN) http://www.b-tv.com/i/videos/RioNovoGoldDec10.wmv - Die BTV Mannschaften reiste nach Brasilien, um Gold Merkmal dieses neuen Gold der Firma konzentrierte sich auf die Akquisition, Exploration und Entwicklung Mineralressource in Südamerika. Ihre erfahrenen Management-Team früher aus Rio Tinto und Yamana Gold machen diese Geschichte eine zu sehen!
Woulfe Mining (TSX VENTURE: WOF) http://www.b-tv.com/i/videos/WoulfeMiningDec10.wmv - Die BTV Mannschaften reiste nach Südkorea zur Fertigung Ansicht Woulfe fortschrittliche Sangdong Wolfram asiatischen Mine liegt in der Mitte des Gebiet. Das Projekt wurde der weltweit größten Wolfram-Mine für 40 Jahre und Woulfe hat Pläne zur Fast-Track seine Wiedereröffnung
z.B. weiterhin mit Woulfe (2010 war ja schon mal nicht übel..)
companiesandmarkets.com
2010-12-23 15:40:24 - Woulfe Mining Corp. (WOF) - Financial and Strategic SWOT Analysis Review - a new company profile report on companiesandmarkets.com
Woulfe Mining Corp. (Woulfe) is a mineral exploration and development company. The company was formerly known as Oriental Minerals Inc. It principally engages in the acquisition and exploration of mineral property interests. The company has its major mineral properties located in South Korea. The current projects of the company include Sangdong tungsten-molybdenum project, Sangdong molybdenum stockwork project, Ogchon uranium project,
the Muguk gold mine and Yeonwha base metals and uranium/vanadium.
Woulfe Mining Corp. Key Recent Developments . .
Sep 30, 2010: Woulfe Mining Announces Board Changes
Feb 25, 2010: Oriental Minerals Becomes Woulfe Mining
Feb 11, 2010: Oriental Minerals Appoints Mark Gelmon As CFO
Jan 02, 2009: Oriental Minerals Appoints Bob Tyson, John Icke, Adrian Rollke And Garry Stock As Board Members
This comprehensive SWOT profile of Woulfe Mining Corp. provides you an in-depth strategic analysis of the company´s businesses and operations. The profile has been compiled to bring to you a clear and an unbiased view of the company´s key strengths and weaknesses and the potential opportunities and threats. The profile helps you formulate strategies that augment your business by enabling you to understand your partners, customers and competitors better.
The profile contains critical company information including,
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- Executive biographies – A brief summary of the executives´ employment history.
- Key operational heads – A list of personnel heading key departments/functions.
- Important locations and subsidiaries – A list and contact details of key locations and subsidiaries of the company.
- Detailed financial ratios for the past five years – The latest financial ratios derived from the annual financial statements published by the company with 5 years history.
- Interim ratios for the last five interim periods – The latest financial ratios derived from the quarterly/semi-annual financial statements published by the company for 5 interims history.
Note*: Some sections may be missing if data is unavailable for the company.
Key benefits of buying this profile include,
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