Woulfe Mining Corp TSXV:WOF announced the results of a feasibility study for its Sangdong Mining project in South Korea. Based on probable reserves of 1.2 million tonnes tungsten, mine life is estimated to be 11.5 years with annual production of 400,000 metric-tonne units. Initial capital expenditures are projected to be $151.3 million and operating costs $61.84 per tonne of ore. The project has a pretax net present value of $400.3 million at 8%, with an internal rate of return of 46% and a payback period of 2.2 years.
President/CEO Brian Wesson remarked, “This robust feasibility study marks a significant milestone in the development of the Sangdong tungsten project and sets in motion our strategic partnership with IMC and the finalizing of the funding for the entire project, moving to production 2013.”
Woulfe Mining Corp
by Ted Niles