Woulfe Mining Publishes Sangdong Mine Interim NI 43-101 Resource Report
24 September 2011 - 1:01AM
Marketwired Canada
Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)
is pleased to announcethe publication of the interim NI 43-101 Resource Report
for the Sangdong Mine.
Wardrop, a Tetra Tech company, (Wardrop) completed an Interim Resource update
for the Sangdong mine in South Korea, as announced in July 2011. The interim NI
43-101 Resource Report can now be found on SEDAR at www.sedar.com and on the
company website www.woulfemining.com. As previously announced the Interim
Resource estimate follows completion of Woulfe's phase 1 drilling programme and
other works. The resource for the skarn mineralised zones is summarised in Table
1. It is important to note that this Resource represents mineralisation only
within the Upper Section of the mine. The Resource given in Table 1 represents
approximately one-quarter of the dip length of known mineralisation from the old
mine. Woulfe will continue to drill and explore the remainder of the dip length
and refine the Resource.
Table 1. Resource estimate for Sangdong, skarn mineralised zones, Upper Section
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Class Zone TONNES Density WO3 (%) MoS2(%)
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'Indicated' Hangingwall 1,143,000 2.9 0.38 0.07
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'Indicated' Main 2,076,000 2.9 0.47 0.03
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'Indicated' Footwall 2,749,000 2.9 0.41 0.03
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'Indicated' Total 5,968,000 0.42 0.04
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'Inferred' Hangingwall 6,073,000 2.9 0.38 0.06
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'Inferred' Main 9,002,000 2.9 0.50 0.04
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'Inferred' Footwall 3,497,000 2.9 0.46 0.04
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'Inferred' Total 18,572,000 0.45 0.05
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Details
This interim Resource update (effective date July 15th 2011) is the culmination
of work completed since Woulfe took charge of the project. It represents the end
of the first stage of a programme to refine and understand the Resource. Woulfe
gained access underground and started a comprehensive underground drilling
campaign, supplemented with additional surface holes. The Interim Resource
update is based on this drilling campaign and the modern surface drilling
campaign completed by Woulfe's predecessor at the project.
From study of historical data the mineralisation is now better understood and
also now better realised in the model. The new model can be considered a much
closer representation of the geology as understood in the mine than the scoping
study model. Part of the Resource presented here lies within a known higher
grade section of the old mine. Average grades in this zone are approximately
0.6% WO3.
Further details of the resource estimate may be found in the report lodged on SEDAR.
Future work
Woulfe will continue to drill and explore within the Upper Section of the old
mine. Definition and refinement of the Sangdong mineralisation models will
continue as more underground drilling is completed. This data will increase the
sample density increasing the area meeting the criteria for the 'Indicated'
category. Modelling of historical mining depletion will also continue to better
represent the deposit.
This news release has been reviewed and approved in the form and context in
which it appears by Mr. Paul Gribble FIMMM, C.Eng, of Wardrop who are working
with Woulfe on the Sangdong studies.Mr Gribble has appropriate qualifications
and sufficient relevant experience to qualify as a Qualified Person for the
reporting of Mineral Resources for the Sangdong deposit.
On Behalf of the Board of DirectorsWoulfe Mining Corp.
Brian Wesson (FAusIMM), 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 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.
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