Woulfe Mining (Wolfram, Molybden, Gold)

Woulfe Mining Publishes Sangdong Mine Interim NI 43-101 Resource Report

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/23/11 -- 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

--------------------------------------------------
Class Zone TONNES Density WO3 (%) MoS2(%)
--------------------------------------------------
'Indicated' Hangingwall 1,143,000 2.9 0.38 0.07
--------------------------------------------------
'Indicated' Main 2,076,000 2.9 0.47 0.03
--------------------------------------------------
'Indicated' Footwall 2,749,000 2.9 0.41 0.03
--------------------------------------------------
'Indicated' Total 5,968,000 0.42 0.04
--------------------------------------------------

--------------------------------------------------
'Inferred' Hangingwall 6,073,000 2.9 0.38 0.06
--------------------------------------------------
'Inferred' Main 9,002,000 2.9 0.50 0.04
--------------------------------------------------
'Inferred' Footwall 3,497,000 2.9 0.46 0.04
--------------------------------------------------
'Inferred' Total 18,572,000 0.45 0.05
--------------------------------------------------


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.

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.

Contacts:
Renmark Financial Communications
Barbara Komorowski
Office phone: +1 (514) 939-3989
bkomorowski@renmarkfinancial.com

Nicola Street Capital
Nick Smith
Mobile phone: +1 (415) 595-0865
nsmith@nicolastreetcapital.com

Woulfe Mining Corp.
Administration Office
+1 604 684 6264
+1 604 684 6242 (FAX)
info@woulfe.com.au
www.woulfemining.com

Quelle: www.finanznachrichten.de/nachrichten-2011-09/21442182…

Reliance on China for supplies of key strategic commodities is still a factor driving demand from nations whose main industries and militaries depend on stabile supplies. China itself has declared three metals strategic: antimony which is needed for heat proof plastics; rare earths, which are needed for energy generation and electrical vehicles; and tungsten, which is needed for innovation and manufacture of essential steel products.

These three metals are also critical to industries across the globe and the markets for these metals move more in line with world GDP than other metals.


Tungsten’s unique characteristics make it invaluable to many industry applications for which there are no economic substitutes. The metal has a higher density than lead and has the highest melting point of all other elements besides carbon. These properties make it a crucial component for tooling to machine steel which accounts for over 60% of market demand. However, there are many other applications for tungsten including in drill bits, hard facing, and nuclear power generation. Tungsten will be a large player in the innovation of new age energy and electronics due to its stability at high temperatures.

New industrial applications for tungsten as an alternative to toxic lead are also expected to drive future demand. Demand is rising in the jewelry, LCD screen and nanotechnology markets as well. The use of nano-tungsten is expected to increase in the automotive, medical and even nuclear power industries.

The global tungsten market is buoyed by strong fundamentals that are expected to hold long-term as demand for the metal rises alongside tightening supply lines. China is a major source of tungsten market supply, making pricing for the metal inelastic. China controls over 70% of the supply and is reducing its export quotas by 15% per annum making the availability of tungsten scarce outside of China; even within China the metal is becoming scarce given the ban on new mines. The price of tungsten is forecast to remain stable and above $400/mtu for the next five years with price movements dependent on the level of new production to come on line outside of China.

China has been decreasing tungsten export quotas since 2008 sending prices to all-time highs. Not only is the Asian powerhouse depressing global supply while demand for the metal rises, the nation itself is expected to lose the ability to match its own supply needs by 2012 and will most likely issue even stricter export quotas. Significant new mines have yet to come into production to make up for the shortfalls in supply.The supply deficit will undoubtedly lead to sustained long-term strength in tungsten pricesas nations around the world scramble to secure scarce supplies of the strategic metal for their industrial and defense needs“This supply/demand imbalance places Woulfe Mining Corp. in a uniquely promising position as we bring back into production the Sangdong Tungsten Mine, which once enjoyed the distinction of being one of the world’s largest and most renowned tungsten mines,” said Woulfe Mining CEO, Brian Wesson.

The Sangdong Tungsten Mine, located 187 km south east of Seoul, is Woulfe’s flagship property. Before its closure in 1992, the mine was the world’s leading producer of tungsten for 40 years. The historical production rate averaged 600,000 tpa mainly from the six-metre thick Main Vein. “Woulfe’s development work strongly indicates that this property still holds substantial value for our shareholders,” added Wesson.

Woulfe’s fast-track strategy for bringing the Sangdong tungsten project back into production has successfully moved the project through each phase of development. Recently, Ross Granville & Associates completed a detailed analysis and valuation of the property and determined the value of the mine at this stage of development to be US$300 million. Woulfe plans to commence production at the mine in Q4 2012 at an initial production rate of 1.2 million tonnes per year (4,000 tonnes of WO3 per annum)—which can easily be increased to 1.6 million tonnes—and is aggressively working to reach this goal.

Thank you for your continued support and interest in Woulfe mining.
If you have any questions please feel free to contact me directly.


Regards,
Nicola Street Capital
Nick Smith
Mobile phone +1 (415) 595-0865
nsmith@woulfemining.com
info@woulfe.com.au
www.woulfemining.com

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.
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.
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.
Contact Information
Renmark Financial Communications
Barbara Komorowski
Office phone: +1 (514) 939-3989
bkomorowski@renmarkfinancial.com

Nicola Street Capital
Nick Smith
Mobile phone: +1 (415) 595-0865
nsmith@nicolastreetcapital.com

Woulfe Mining Corp.
Administration Office
+1 (604) 684-6264
+1 (604) 684-6242 (FAX)
info@woulfe.com.au
www.woulfemining.com
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The company has determined that distribution of an information circular to shareholders, preparation and distribution of a formal valuation, and seeking of shareholder approval of the loan are not necessary under MI 61-101 (including TSX Venture Exchange's Policy 5.9, which incorporates such policy by reference) because:
The transaction being a simple loan transaction (with no securities being issued) does not fall within the types of transactions listed in paragraphs of (a) to (g) of the definition of related-party transaction for which MI 61-101 would require a formal valuation.
The transaction being a loan for an amount representing 2 per cent of the market capitalization of the company, the loan transaction falls with an exemption to the minority approval requirements described in Section 5.7 (1) (a) of MI 61-101.
The disinterested directors of Woulfe (that is, those other than Mr. and Ms. Wesson) have all approved the transactions.

We seek Safe Harbor.

Quelle: www.stockwatch.com

Woulfe zieht verschiedene Optionen hinsichtlich der Oberflächen-Zugangsrechte in Erwägung. Verhandlungen mit einer Anzahl von Parteien sind im Gange. Woulfe erwartet, dass eine Entscheidung in Verbindung mit finanziellen Vereinbarungen getroffen wird. Im Speziellen wird ein Listing der Goldassets an einer geeigneten Börse in Betracht gezogen, um die Akquisition der Liegenschaft und die Aufwendungen für die Bewertung zu finanzieren.

Die Muguk Gold-Silber-Mineralisierung liegt innerhalb einer Serie paralleler, steil abfallender Quartzvenen, die sich diskontinuierlich über 400-2.000 Meter in Streichrichtung und bis zu einer bekannten Tiefe von 800 Metern erstrecken. Die durchschnittliche Breite der Venen beträgt typischerweise unter 1 Meter, obwohl die Venen schmaler und breiter werden und stellenweise bis zu 2 Meter breit sein können. Die „Three Brothers“- und die „No. 2“-Venen sind die am signifikantesten mineralisierten Strukturen im Goldfeld (vgl. Pressemitteilung vom 30. August 2011). Allerdings gibt es eine ganze Anzahl anderer Venen, darunter „Baksan“, „Geumyong“ und Nummern „1“ und „7-11“, welche teilweise exploriert und entwickelt wurden.

Woulfe hat 2010 ein Zwei-Loch-Programm auf Muguk fertig gestellt, um seinen Verpflichtungen aus den Minenrechten nachzukommen, welche Bohrungen von 750 Metern verlangten. Woulfe wählte als Ziel die sekundäre “No. 7”-Vene im Westen der “No. 2“- und „Three Brothers“-Venen, da bekannt war, dass der Bergbau hier bis einige Hundert Meter in die Tiefe reichte und kürzere Löcher sicher geplant werden konnten, um alte Bohr-Hohlräume zu umgehen. Das erste Loch durchschnitt 2 Meter mit 5,6g/t Gold und 26g/t Silber in 414 Metern Tiefe, das zweite Loch durchschnitt 0,36 Meter mit 16,6g/t Gold und 16g/t Silber in 386 Metern Tiefe.

Im Juli 2011 begann Woulfe mit einem dritten Bohrloch MG-3, um die Tiefenausdehnung der “Three Brothers”-Vene zu testen. Dieses Bohrloch durchschnitt die Struktur von 691,3 Meter bis 694,9 Meter Tiefe mit einer durchschnittlichen Mineralisierung von 1,2g/t Gold und 114g/t Silber über 3,6 Meter (2,5 Meter wahre Weite). Dieses Ergebnis bestätigt die schüsselförmige Beschaffenheit der hydrothermalen Mineralisierung mit exzellenter Struktur, aber niedrigen Gehalten. Das Bohrloch wich ca. 50 Meter seitwärts vom Ziel ab und durchschnitt einen niedrig gehaltigen Sockel zwischen den höher gehaltigen Adern.

Die Durchschneidungen innerhalb der „Three Brothers“-Vene für MG-3 werden untenstehend zusammengefasst:


Abschnitt Länge ahre Weite Gehalt Gehalt
Bohrloch Von Bis m m g/t Au g/t Ag

Durchschneidung 691,3-694,9 3,6 2,46 1,20 114,4
beinhaltet 691,3-692,3 1,0 0,68 1,11 21,7
beinhaltet 692,3-692,6 0,3 0,21 1,60 33,9
beinhaltet 692,6-693,0 0,4 0,27 2,99 244,0
beinhaltet 693,0-693,6 0,6 0,41 0,79 13,9
beinhaltet 693,6-694,5 0,9 0,62 0,24 2,4
beinhaltet 694,5-694,9 0,4 0,27 2,11 680,0


Drei Proben werden vor Ort in Korea hinsichtlich eines geeigneten Industriestandards vorbereitet und zur Analyse zu SGS in Perth, Australien geschickt. Die Proben werden durch induktiv gekoppelte Plasma Massen-Spektrometrie („ICP“) und zur Bestimmung der Menge der Erzgehalte spezifischer Elemente durch Königswasser („aqua regia“) oder 4-Säureaufschluss, gefolgt von einer ICP-Analyse, analysiert. Das QA/QC-Protokoll umfasst die Zugabe von Standard-Proben, einer Blankprobe (zerstoßenes Glas) und einer Pulpe in jeder Charge von 20 Proben. Derzeit sind noch keine QA/QC-Ergebnisse verfügbar.

1994 stellte Korea Resources Corporation (“Kores”) ein Ressourcen-Update für Muguk fertig. Die totale Ressourcenschätzung betrug 1.418.980 Tonnen mit 13,5g/t Gold und 72,8g/t Silber und beinhaltete 615.956 Unzen Gold und 3.321.599 Unzen Silber, basierend auf einem Cut-Off-Gehalt von 10g/t Gold. Nach dieser Schätzung arbeitete die Mine noch drei weitere Jahre.

Woulfe warnt, dass die historische Schätzung nicht von einer Qualifizierten Person als derzeitige Schätzung klassifiziert wurde, dass die historische Schätzung von Woulfe nicht als derzeitige Schätzung behandelt wird und dass sich nicht auf die historische Schätzung verlassen werden sollte. Allerdings gibt diese Schätzung Woulfe den Anreiz, auf die alten Arbeiten auf der „Three Brothers“-Vene zuzugreifen und detaillierte Arbeiten zur Ressourcenbestätigung durchzuführen. Die Exploration zahlreicher kleinerer Venen innerhalb des Goldfeldes kann ebenso effektiver von den Untertagebohrplätzen aus durchgeführt werden.

Brian Wesson, CEO/President von Woulfe kommentierte: “Wir sind sehr erfreut, dass sich Muguk weiterentwickelt, jetzt da Sangdong auf dem Weg in die Entwicklung ist. Muguk ist ein sehr aufregendes Goldprojekt, da es eine signifikante verbleibende Ressource mit über 10g/t Gold besitzt. Mit einem derzeitigen Goldpreis, der über sechs Mal über dem Preis bei Schließung der Mine liegt, besteht Potential, diese Ressource durch die Verwendung eines niedrigeren Cut-Off-Gehalts signifikant zu vergrößern. Im Bergbau-Feld befinden sich zahlreiche sekundäre mineralisierte Venen, welche das Potential noch erhöhen.“

Der Bericht über die Ressourcenschätzung von AMC in dieser Pressemitteilung wurde in der Form und in dem Kontext überprüft und bestätigt, in welchem es durch Woulfe’s geologischen Berater Mr. Rod Webster M.AIG, MAusIMM, BSc (Angewandte Geologie), von AMC Consultants Pty Ltd. erscheint. Mr. Webster besitzt geeignete Qualifikationen und ausreichend relevante Erfahrung, um als Qualifizierte Person für den Bericht über eine Mineralressource für die “Three Brothers”-Vene der Muguk Goldmine qualifiziert zu sein.

Die Bohrergebnisse wurden in der Form und in dem Kontext geprüft und bestätigt, in welchem sie durch Woulfe’s in Kanada ansässigen geologischen Berater Mr. Pat Stephenson, P.Geo, von AMC Mining Consultants (Kanada) Ltd. erscheinen. Mr. Stephenson besitzt geeignete Qualifikationen und ausreichend relevante Erfahrung, um als Qualifizierte Person für den Bericht von Explorationsergebnissen für die „Three Brothers”-Vene der Muguk Goldmine qualifiziert zu sein.


Im Auftrag des Vorstandes
Woulfe Mining Corp.

“Brian Wesson”

Brian Wesson (FAusIMM)
President, CEO und Director


Über Woulfe Mining Corp.

Woulfe Mining Corp. ist ein an der TSX-V gelistetes Unternehmen mit einem diversifizierten Portfolio an Bergbaulizenzen für Wolfram, Molybdän, Gold, Basismetalle und Uran-Vanadium in Südkorea.

Die derzeitigen Projekte des Unternehmens beinhalten die Sangdong Wolfram-Molybdän-Mine, die historisch eine der größten Wolfram-Minen der Welt war, die Muguk Gold-Silber-Mine, vormals die größte Goldmine in Südkorea, sowie eine Anzahl weiterer Liegenschaften mit bekannter signifikanter Mineralisierung und exzellentem regionalen Explorationspotential.

Woulfe erwartet eine zeitnahe, kostengünstige Produktion. Das Unternehmen hat ein hochqualifiziertes, im Land ansässiges, bilinguales technisches Team zusammengestellt und hat einen Vorstand mit herausragender Erfolgsbilanz.

Für weitere Informationen kontaktieren Sie bitte:

Renmark Financial Communications
Barbara Komorowski
Office phone +1 (514) 939-3989
bkomorowski@renmarkfinancial.com

oder

Nicola Street Capital
Nick Smith
Mobile phone +1 (415) 595-0865
nsmith@nicolastreetcapital.com

oder

Woulfe Mining Corp.
Administration Office
+1 604 684 6264
+1 604 684 6242 (FAX)
info@woulfe.com.au
www.woulfemining.com