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Sep 26, 2012
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Woulfe Mining's Sangdong Project Engages a Mining
Contractor; Initial Blast of Main Portal scheduled on
October 8, 2012
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September 27th, 2012 -- Vancouver,
Canada -- Woulfe Mining Corp. ("Woulfe" or the
"Company") (TSX-V: WOF, OTCQX: WFEMF,
Frankfurt: OZ4)
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is pleased to announce that its 100% owned subsidiary,
Sangdong Mining Corp., has signed a contract for the
development of the main access portal and a commercial
scale mine on the Sangdong property.
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Brian Wesson CEO and President commented; "This is a
significant milestone for Sangdong as it is the official
start of mine construction and it comes at a
substantially lower cost than we budgeted suggesting much
escalated project economics and corporate value."
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The mining contractor, appointed through a competitive
bid among six qualified mining contractors in Korea, will
supply all the mining equipment, labor and consumables at
a cost of KRW14,130 (or US$12.63 at the prevailing
exchange rate) per tonne of ore delivered to the crusher.
Tetra Tech, in the Feasibility Report released on April
20, 2012, estimated the mining cost at US$33.32 per tonne
of ore.
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This significant reduction in the mining cost should have
a very positive impact on project economics.
Notable benefits include substantial saving in operating
cost as the mining cost constitutes a 53.9% of the total
operating costs estimated in the Feasibility Report and
the lowered cut-off grade resulting in more mineable
resources. The initial blast of the main access portal is
scheduled to take place on October 8, 2012.
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The mining contractor appointed has strong technical
experience gained in underground mines as well as
construction of numerous road and railway tunnels in
Korea. The contractor possesses large underground mine
vehicle fleets and qualified mining and civil engineers
who will be deployed to the Sangdong project.
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Woulfe has commissioned TetraTech (Wardrop) to assess the
new mining contract and its impact on feasibility,
project economics and resources for the Sangdong
property. This will be done in conjunction with the
update of the Sangdong resources which will take into
account the additional drilling (7.195metres) carried out
since February 2012, the previous cut-off date for the
feasibility drilling.
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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.
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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
info@woulfe.com.au |
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
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though our management believes that the assumptions made
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the following: commodity price volatility; discrepancies
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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
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you should not place undue reliance on the
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WOULFE MINING CORP. 
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