Woulfe Mining Corp has been notified by South Korea’s Office of Cultural Heritage that the proposed sites for the construction of the processing plant and mine portals at the Sangdong Tungsten Project have been cleared of any cultural heritage remains or restrictions.
Based on a survey conducted between May 30 and July 3 this year and consequent review process, the Office of Cultural Heritage provided its consent on July 20 to proceed with plant construction and mine development as submitted. The consent was forwarded to the local Yeongwol County government and following a period of internal review, the company was notified that the clearance was granted.
Woulfe’s CEO and president Brian Wesson says, “Cultural heritage clearance is an important step to mitigate risk as we move to development. Working with authorities in South Korea continues to impress us as they require high standards but facilitate approvals. In a country with more than 5000 years of cultural heritage, cultural clearance is a big issue and this clearance allows Woulfe to finalise the mine layout.”
Woulfe 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 project, one of the world’s largest and most renowned tungsten mines for 40 years. 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/tonne Ammonium Paratungstate (APT). Today, the APT price is more than 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 has now turned its focus to the Muguk gold project, historically Korea’s largest producing gold mine. The company is drilling the down dip extensions of the Three Brothers Vein.