Woulfe Mining Corp. (TSX-V: WOF) ("Woulfe" or, the "Company") is pleased to announce the Scoping Study for the Company's Sangdong Project in South Korea has been submitted to the property vendor, Se Woo Mining. As a result, Woulfe's percent ownership increases by 19% to from 51% to 70%.
The Company has the right to secure 100% ownership on completion of a full feasibility study. At that time, the Company's remaining obligation to Se Woo Mining is a 2% net smelter royalty once production restarts. It should be noted that South Korea has no government royalties.
"I am very pleased with the team's progress on site in Korea. Wardrop Engineers in the UK and Canada both, have put in many hours over the last five months since the change of management and the Company's restructuring. Our ownership of Sangdong increased to 51% in December 2009 and by subsequently submitting the scoping study by Wardrop our stake has increased to 70%. We have no further payments until the 2% NSR on production. On the submission of a feasibility study, which is scheduled next year, we move to 100% ownership," stated Brian Wesson, President, CEO and Director of Woulfe. |