Woulfe Mining Clarifies and Restates Certain Disclosure
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/01/12 -- Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE: WOF)(OTCQX: WFEMF)(FRANKFURT: OZ4) Woulfe Mining Corp reports that as a result of a review by the British Columbia Securities Commission (BCSC), it is issuing the following news release to clarify, retract, restate and update certain of its previously issued technical reports, investor relations presentations, reports and disclosures on its website .
Updated Preliminary Economic Assessment:
The Company has revised the pricing assumption utilized in the preliminary economic assessment on the Muguk property having an effective date of April 27, 2012 and entitled "Preliminary Economic Assessment on the Muguk Property" (the "PEA"), as announced on March 14, 2012 in order to be in line with pricing assumptions used by comparable issuers. The new base case pricing assumption will be US$1,400/oz as compared with US$1,600/oz as disclosed in the PEA.
As a result of this change, the Company restates its financial model results to reflect the new base case such that the undiscounted net pre-tax cash flow for the Muguk Property is US$37.0 million. The net discounted pre-tax cash flow, using a real pre-tax discount factor of 8%, is US$9.8 million. Payback of capital (in both discounted and undiscounted terms) is within six years and IRR is 13%. The Company advises that investors should rely on the new base case data and that results based on the pricing assumptions in the PEA should be considered as a sensitivity analysis only.
Further, a preliminary economic assessment should not be considered to be a pre-feasibility or feasibility study, as the economics and technical viability of the project has not been demonstrated at this time. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserve do not have demonstrated economic viability.
A revised preliminary economic assessment for the Muguk Property is currently being prepared by AMC Mining Consultants Pty Ltd., with the revised base case assumptions noted above and will be available on SEDAR in due course.
Other than the revisions to the base case pricing assumptions, the content of the PEA will also be amended to address the following items:
Disclosure Review:
The Company's website, presentations, a valuation report and certain news releases contained the following information:
While the Company dedicated significant internal resources to verify the information contained above, the disclosure to the public through the Company's website, presentations, press releases and reports was not in compliance with National Instrument 43-101 ("NI 43-101").
The Company wishes to further clarify information as follows:
The only current mineral resource and mineral reserve estimates that have been approved by or on behalf of the Company in relation to the Sangdong property are as stated above in these reports.
The Company has removed its prior investor presentation and updated and provide a new presentation dated August 2012 to replace the prior version, which is now available on the Company's website at .
In addition to the removal of the retracted language, the following updated cautionary language, among others, has been added to the disclaimer page of the Company's website.
Cautionary Note Regarding Mineral Resources and Mineral Reserves
Readers should refer to the Company's current technical reports and other continuous disclosure documents filed by the Company available on SEDAR at for further information the mineral resource estimates of the Company's projects, which are subject to the qualifications and notes set forth therein, as well as for additional information relating to the Company more generally. Mineral resources which are not mineral reserves, do not have demonstrated economic viability. Inferred mineral resources have insufficient confidence to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability suitable for public disclosure. Neither the Company nor readers can assume that all or any part of an inferred mineral resource will be upgraded to indicated or measured mineral resources. Most projects at the inferred mineral resource stage do not ever achieve successful commercial production. Each stage of a project is contingent on the positive results of the previous stage and that there is a significant risk that the results may not support or justify moving to the next stage.
In those instances where the Company has retracted, revised, clarified or updated previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.
Mr Edward Gleeson MAusIMM (CP) of AMC Consultants Pty Ltd., a consultant of the Company, is the Qualified Person under National Instrument 43-101 who has approved the technical content of this news release in respect of the Muguk project.
Paul Gribble C.Eng, of Wardrop Tetra Tech UK, a consultant of the Company, is the Qualified Person under National Instrument 43-101 who has approved the technical content of this news release in respect of the Sandong project.
About Woulfe Mining Corp.
In partnership with IMC, 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. The Company 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.
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; failure to complete the strategic arrangement described in this release, including because of the failure to satisfy the conditions to closing of the transaction, 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:
Nicola Street Capital
Nick Smith
Mobile phone +1 (415) 595-0865
Woulfe Mining Corp.
Administration Office
+1 604 684 6264
+1 604 684 6242 (FAX)
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Datum: 01.08.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 170648
Anzahl Zeichen: 3441
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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