Nov 07, 2012
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Woulfe Mining Corp acquires land for development of
Sangdong processing plant
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Woulfe Mining Corp acquires land for development of
Sangdong processing plant
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November 7th, 2012 -- Vancouver, Canada -- Woulfe Mining
Corp. ("Woulfe" or the "Company")
(TSX-V: WOF, OTCQX: WFEMF, Frankfurt: OZ4) is pleased to
announce it has signed a purchase agreement to acquire
60,000m2 of land which is adjacent to the Sangdong mine.
The acquisition of this land from a local contractor
gives Woulfe the option to improve the layout of the
process plant and to increase stockpile capacity to
around 30,000 tonnes (10 days mine production). The land
acquisition is required to allow Woulfe to apply for the
final permit to local government for the physical
construction of the process plant.
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The terms of the acquisition are:
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• Total land area is 60,208 square metres within six
blocks.
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• Total purchase price is KRW1,300 million (approximately
US$1.2 million), equivalent to RW21,590 per square metre
(approximately US$19.90 per square metre).
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• Down payment of 10% upon signing (paid on October 23),
with the balance to be paid within 30 days of signing.
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• Transfer of ownership to take place upon the payment of
the remaining 90%.
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Brian Wesson CEO and President commented; "The
acquisition of the land provides twice the area for the
process plant, which will improve operations and access,
reduce costs and provide increased fine ore storage. The
milling and flotation plants will now all be sited next
to one another on flat ground."
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On Behalf of the Board of Directors
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Woulfe Mining Corp.
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"Brian Wesson"
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Brian Wesson (FAusIMM)
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President, CEO and Director
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About Woulfe Mining Corp "Unearthing Global
Assets"
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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.
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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 |
or on
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Woulfe Mining Corp.
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Administration Office
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+1 604 684 6264
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+1 604 684 6242 (FAX)
| www.woulfemining.com |
or
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Nicola Street Capital
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Nick Smith
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Mobile phone +1 (415) 595-0865
| 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. |
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. |