Woulfe Mining Corp, WOF.v C$.19
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Posted: Tuesday Aug 14 11:33:48AM 2012
http://www.stockhouse.com/financialtools/sn_newsreleases.aspx?qm_symbol=V.WOF&newsid=8589371. Woulfe cancelled a proposed debenture offering meant to minimize dilution and is substituting a smaller PP for 5 million @.20 with 1/2 warrant at .30 with a 24 month term. This is just a stopgap fundraising to give Woulfe time to secure the agreement with IMC for the JV to construct the San Dong mine and APT facility. Even if IMC signs JV, it will take time to close the bank financing needed to complete the financing of the mine/APT. So they need cash.
Stock is about where I bought it after a round trip to C$.40 and back. Still think this is a viable candidate for a multi-bagger but we need that IMC agreement and to examine the terms and conditions of their JV.
Posted: Thursday Jul 12 8:49:45AM 2012
WOF.v -.005 should be a big deal but market sells???
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 12, 2012) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce Sangdong Project financing is moving forward with an offer from Shinhan bank, the largest commercial bank in Korea. On July 11, 2012, Woulfe and its wholly owned subsidiary, Sangdong Mining Corporation, executed a MoU with Shinhan Bank (lodged on SEDAR) for a 12-year term loan amounting to 120 Billion Korean Won (approx. US$104 Million at the prevailing exchange rate of US$1.00 = KRW1,145) for the development of the Sangdong Tungsten/Molybdenum Project.
Summary terms of the debt facilities are:
12-year KRW110 Billion Senior Debt Facility(KRW55 Billion Tranche A at 5.80% p.a. fixed rate and KRW55 Billion Tranche B at a 3-month "AAA" Bank Bond rate, currently 3.40% p.a., plus 2.30% p.a.) and 5-year KRW10 Billion Working Capital Credit Facility at a 3-month CD currently 3.54% p.a., plus 2.50% p.a.
Brian Wesson, CEO of Woulfe, stated: "The terms offered by Shinhan bank are very competitive at less than 6.0% p.a. inclusive of all costs. The KRW120 Billion debt financing will complement the $70 Million equity (US$35 million for Sangdong and US$35 million for APT refinery) put in place through the strategic deal signed earlier this year. The debt and equity at a subsidiary level will be adequate to develop the Sangdong Project through to production. Additionally, this competitive financing will contribute substantially to the value of the project. The Tetra Tech Inc. Feasibility Report dated 23rd April 2012 assessed the Project NPV and IRR to be US$400.3 million and 46% respectively and this 6% debt will have a substantial positive impact on project NPV and IRR."
The extensive time spent by management over the past year in marketing the company and raising financing is now in its final stages, allowing Woulfe to focus on bringing the mine into production. New mine access development will begin in August 2012. Exploratory production mining is under way having produced over 2,000 tonnes of ore, stockpiled on surface. Production of tungsten metal is scheduled for 2013.
On Behalf of the Board of Directors
Woulfe Mining Corp.
Brian Wesson (FAusIMM), President, CEO and Director
About Woulfe Mining Corp.
Woulfe is developing the Sangdong tungsten-molybdenum mine which was historically one of the largest tungsten mines in the world and one of the few long life, high grade tungsten deposits outside of China. Woulfe has assembled a highly skilled, in-country, bilingual technical team and a board of directors with an outstanding track record of success.
Woulfe Mining Corp. is a TSX-V listed company.
Posted: Wednesday Mar 28 7:14:00AM 2012
WOF.v +.01 to C$.345 San Dong mine ran for decades but there have been improvements over the years and Woulfe has found a way to increase historical recoveries. Should boost potential returns shown in the feasibility study due out in April. Woulfe should still double/triple from here once the plant is in production and profitable.
28 Mar 2012 08:30 ET
Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce that metallurgical testwork has been completed for feasibility.
Brian Wesson (FAusIMM) CEO/President of Woulfe commented "It was not an easy decision for management to delay the feasibility study to seek out the best technology available as a base of metallurgical test work. What made this even more difficult for us is that our signed strategic agreements require the feasibility study for the completion of due diligence. This time and effort was well spent as we have now shown that recoveries of 85% can be achieved, some 15% higher than historical. This positively impacts the return on investment as higher concentrate grade reduces both capital and process costs. Truly a great achievement so now the feasibility is moving rapidly to completion, and will be released in mid-April 2012."
Metallurgical Testwork 85% recovery
Metallurgical testwork on the Sangdong scheelite ore has proved a highlight of finalising the inputs to the Sangdong Project Feasibility Study. Having established the optimum grind size, an all flotation circuit was trialled. The success of this and its lower capital cost compared with the more conventional gravity plus flotation circuit has resulted in its adoption as the project moves through feasibility to production.
The process first floats the molybdenum, bismuth and other sulphides into a sulphide concentrate using conventional sulphide flotation. The molybdenum and bismuth concentrate can either be sold or further processed to highly value added products. Having removed the sulphides, the scheelite is then initially floated giving it an upgrade ratio of up to 20 times at very high scheelite recovery. This concentrate is then thickened and heated as feed to a flotation circuit incorporating modifications to the well-known Petrov process. The small quantity of thickened and heated concentrate is floated using conventional, but intense flotation conditions. This has resulted in the production of concentrate grades of more than 70% WO3 at recoveries above 85%. The feasibility study has been modified to include these exciting results. New tonnage samples are now being mined from the advanced re-opening of the Sangdong mine to provide adequate feed to verify the feasibility study results by pilot plant testing.
Concentrates from the pilot plant will be used to define the design criteria for the planned ammonium paratungstate plant (APT plant) that under the IMC agreements will be funded by our off-take partner as part of the off-take agreement announced earlier this month.
Posted: Monday Mar 5 10:19:32AM 2012
WOF.v +.035 to C$.39 Woulfe keeps moving up. Tungsten mine looks doable with good offtake/financing arrangement and plans for APT upgrade plant as well. CEO said that rest of financing will be debt so should limit further dilution.
Upside from here looks like a triple so still time.
Posted: Tuesday Feb 28 10:46:34AM 2012
Warren Buffett makes first investment in S. Korean mines
2012.02.28 17:56:02 | 2012.02.28 18:15:27
South Korea’s Sangdong Mines - located in Yeongwol-gun, Gangwon Province and also known as the largest tungsten reserve in terms of size - will be reopening after 20 years of abandonment as it is injected with an $80 billion investment.
The Iscar Metalworking Companies (IMC), an Israel-based metal processing company, inked an investment contract worth $70 million (roughly 79 billion won) with Sangdong Mining, said Yeongwol-gun and sources in the mining industry Tuesday. The IMC group is owned 80 percent by Warren Buffett, known to be the wealthiest and most successful investor in the world.
A review last month by Wardrop, a mining exploration and feasibility assessment agency, estimated the upper levels of the mines to hold roughly 16.43 million tons (t) of the mineral, with a potential additional capacity of 19.37 million t. Earlier in 2007, Canadian exploration company Oriental Minerals (OTL) estimated the value of tungsten and molybdenum reserves at the Sangdong Mines at $60 billion. Furthermore, the upper levels of the mines offer copious reserves that could sustain 10 years of mining activities, say industry sources.
The Sangdong Mines’ heyday was in the 1960s and 1970s, when the mined products accounted for up to 70 percent of Korea’s outbound exports. The opening of the Chinese market in 1980s caused the tungsten prices to tumble, however, and the mines were forced to close in 1994 due to low margins. Recently, the swift pace of industrialization in developing economies has driven up demand for tungsten, while the decision by China (responsible for 80 percent of global tungsten supplies) to reduce its tungsten export quota allowed prices to rise, making the mines a feasible venture for investment.
[Written by Seok-woo Chung - Samji Chung / edited by Soyoung Chung]