FSC / Press Release
Woulfe Mining Underground Drilling Program at Sangdong Mine
Vancouver, British Columbia CANADA, July 29, 2010 /FSC/ - Woulfe Mining Corp. (WOF - TSX Venture), ("Woulfe" or the "Company") Woulfe Mining Corporation is pleased to announce an underground drilling program for the Sangdong Tungsten Project in South Korea. The program targets a block in the upper area of the mine, above the valley floor in order to quantify a potential zone of 3 million to 5 million tonnes of high grade resources. This may allow the company to fast track mine development.
Significant progress has been made toward implementing the drilling program. An investigation team has recently undertaken an underground inspection of the around 1km of the Main Sangdong Haulage Level. This level connects the old Sangdong vertical shaft to an inclined haulage shaft on the eastern side of the deposit and extends to the WNW around 1.2km along the strike of the lodes to the main ventilation incline. There is a footwall drive around 150m to the south of the ore drive that connects the two inclines. The area was maintained to a high standard during mining operations as it was an important component of the haulage and ventilation system.
A preliminary analysis is being undertaken of the potential resources in an area from 50m above the Sangdong level down to around 25m to 30m below. This investigation utilises information from recent surface drilling (2007 - 2009), historical underground drilling and mine plans, mine closure reports to the Korean government and communication with the senior members of the mine technical team who were responsible for Sangdong at the time of closure.
The block is located in the historically highest grade part of the deposit. There are 3 parallel zones of mineralisation in the area dipping at around 25 degrees to the NNE. The upper zone has been accessed by mine development but only modest mine production has been undertaken. It has the potential to contain 1 million to 2 million tonnes of resource. Historical evidence suggests average WO3 grades in the area of 0.5% to 1.5% WO3. This has some support from recent surface drilling as SD-01 (2007) intersected 18m @ 1.05% WO3 and 0.15% MoS2 at a distance of 38m above the Sangdong Level.
The main zone is 18m to 20m below the upper zone. This zone has been the focus of intense mine production. However mine close plans show a life of mine pillar above the Sangdong level, hanging wall drive. This pillar is shown as 6m to 8m thick, extends down dip for 55m to 60m and is 1.0km to 1.2km in length. It has the potential to host 0.9 to 1.0 million tonnes of resource. Historical production records suggest run of mine grades for material up dip and down dip of the pillar to be of the order of 1.5% WO3 but there is no drilling evidence to support these grades.
The lowest mineralised zone is 25m to 35m below the main zone and has not been mined. This zone is more variable than the other zones. It has the potential to host 1.5 million to 2.5 million tonnes. Evidence from historical and recent drilling suggests average grades across the zone to be in the range of 0.3% to 0.9% WO3.
A detailed underground diamond drilling program from the Sangdong Haulage Level has been designed to quantify the resources in all three zones in the area of investigation. This program consists of 38 holes for a total of 3,530 metres. The aim of the program is to define a measured and indicated resource in excess of 3 million tonnes at a WO3 cut off grade of 0.5%.
Colin Lutherborrow MAusIMM a geologist with 30 years experience in underground mines and the delineation of resources and reserves is a Qualified Person as defined by National Instrument standards has read and approved this release.
Brian Wesson FAusIMM President/ CEO
Woulfe Mining
brian.w@woulfe.com.au
Woulfe launches new web site www.woulfemining.com
About Woulfe Mining Corp.
Woulfe Mining Corp. is a TSX-V listed company with a diversified portfolio of mining licenses for tungsten, molybdenum, gold, base metals, uranium and vanadium in South Korea.
The Company's current projects include the Sangdong tungsten-molybdenum mine, historically, one of the largest tungsten mines in the world; the Muguk gold-silver mine, formerly South Korea's largest gold producing mine, as well as a number of other properties with significant known mineralization and excellent regional potential.
Woulfe has high expectations for near-term, low-cost production. The Company has assembled a highly skilled, in country, bilingual Technical Team and a Board of Directors with an outstanding track record of success.
On Behalf of the Board of Directors
Woulfe Mining Corp.
"Brian Wesson"
Brian Wesson
President, CEO and Director
"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."
For Further Information please contact:
Kevin Kartun VP Business development IR
Mobile phone +61413806353/ e mail Kevin.k@woulfe.com.au
Barbara Komorowski Renmark Montreal
Mobil phone +1 (514) 826-0157/ e mail bkomorowski@renmarkfinancial.com
Nick Smith Nicola Street Capital
Mobile +1 (415) 595-0865, e mail nsmith@nicolastreetcapital.com
Woulfe Administration Office
408-837, West Hastings Street,
Vancouver, BC, V6C 3N6, Canada.
Tel +1 604 684 6264, Fax +1 604 684 6242,
Or
info@woulfe.com.au
www.woulfemining.com
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; 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.
Source: Woulfe Mining Corp. (TSXV WOF)
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