Woulfe Mining Corp WFEMF

RE: Due Diligence

[clk_vested]

To add to my last post, from IMC's perspective, you have to look at this from a project management point of view. It is more common than not for projects (of any sort) to go over budget and miss the completion date. What happens if, in Spring 2013, Woulfe has spent all the money but the mine isn't ready. It puts IMC into an unenvyable (but typical) position -- well, we're 75% there, so if you want ANY tungsten, you have to put up another X $ and so on... I'm not saying I think this will be the case; I merely point out that this is a scenario that I'm sure IMC is well aware of and wants to avoid. So from that point of view, it looks good now for Woulfe to be saying "we're going start this project no matter what." Our business strategy is NOT about securing financing, it's about opening and operating a mine--we're on track for that." Most businesses fail when transitioning from R&D (in the tech world) or exploration (in the mining world) to operation/production. It's a different phase of business and few management teams are good at both (or good at recognizing that they are not good at both). Brian has good history here, and from the outside, it looks like their team and their plans are solid, but again, if I were IMC, I'd want to see really solid evidence that things are going to move ahead before I start throwing significant amounts of money at a Junior.

clk