Woulfe Mining Metallurgical Recovery 15% Above Historical
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/28/12 -- 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.
This news release has been reviewed and approved in the form and context in which it appears by Mr Rod Elvish FAusIMM, who is working with Woulfe on the Sangdong metallurgical study. Mr. Elvish has appropriate qualifications and sufficient relevant experience to qualify as a Qualified Person for the reporting of mineral resource metallurgical test work and studies and interpret the results.
On Behalf of the Board of Directors
Brian Wesson (FAusIMM), President, CEO and Director
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 and uranium-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 mine, as well as a number of other properties with significant known mineralization and excellent regional exploration 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.
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.
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
nsmith@nicolastreetcapital.com
Renmark Financial Communications
Barbara Komorowski
Office phone +1 (514) 939-3989
bkomorowski@renmarkfinancial.com
Woulfe Mining Corp.
Administration Office
+1 604 684 6264
+1 604 684 6242 (FAX)
info@woulfe.com.au
www.woulfemining.com