Woulfe Mining says new assay results from the 2011 drill program at its Sangdong tungsten-molybdenum project in South Korea will be used to calculate a resource estimate for the project’s feasibility study. 1

The company says results from 17 holes in the main and footwall zones have returned high grade intersections, including 3.9 metres true width @ 1.04% tungsten, 5.3 metres @ 0.49% tungsten, 11.9 metres @ 0.44% tungsten and 4.6 metres @ 0.98% tungsten.

Drilling from underground locations is continuing at Sangdong, which is about 187km southeast of Seoul. It was one of the world’s largest and most renowned tungsten mines before Korea Tungsten closed down operations in 1993 due to falling commodity prices.

Woulfe has spent the last 18 months building the Sangdong team to reopen the mine and will continue to drill, explore and sample within the upper section of the old mine as well as de-water down to -4 level to allow these efforts to be expanded.

The feasibility study is three months behind schedule due to the drilling and the metallurgical test work being moved to China. It is now due for release by April 2012.

Woulfe’s president Brian Wesson says, “We have advanced the project significantly in the last two years and delaying the feasibility study was a hard decision as we understand how important it is to the market. It was appropriate to change the test work to China as it is strongly believed that higher recoveries and a simpler flow sheet can be achieved against the historical process that produced APT (Tungsten) for 40 years from Sangdong.”

The company has also engaged Hanmi Global, formerly known as Hanmi Parsons, as project manager for the Sangdong mine. Hanmi was established as a Korean construction and project management company in 1996 and has become a prominent global project management firm, currently engaged in 120 projects in 40 countries.

Brian Wesson says appointing an experienced construction management company to the project will allow Woulfe to accelerate the tendering and appointment of contractors and will contribute to building the mine and processing plants on a cost competitive and time efficient manner. Two senior Hanmi officers started working at the mine site in the first week of February this year.

“The appointment of Hanmi Global is a big step as it brings strong Korean project management skill and know-how to the project to complement our international design team,” says Brian Wesson.

www.woulfemining.com

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