Woulfe Mining Corp WFEMF

Woulfe Mining Provides Update

[StockExpertPro]

VANCOUVER, CANADA--(Marketwired - May 17, 2013) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) provides the following corporate update.

Following the resignation of the former executive management team (See News Release dated February 27, 2013), the Board and the interim CEO have initiated a comprehensive investigation into the Company and its subsidiaries to ensure business continuity. Following an extensive internal and external assessment of the Company and its subsidiaries, the Board and interim CEO have identified issues relating to liquidity and the ability of the Company and its subsidiaries, including Sangdong Mining Corp., to meet various payables beyond the next few months.

The Board and interim CEO recognize the seriousness of these issues, including the potential ability to advance its key Sangdong Tungsten Project located in South Korea in the manner and timing anticipated in earlier corporate communications.

Currently, the Board and Interim CEO have initiated an internal review to further preserve cash, reduce costs and enhance corporate efficiencies. In addition, the Company continues negotiations with various parties to provide a short-term financing solution to meet its obligations and to provide funds to advance the Company's flagship Sangdong Tungsten Project, although there is no guarantee that such financing may be available. Longer term, the Company, with the considerable assistance of its largest shareholder, Dundee Corporation, continues its ongoing discussions with IMC International Metal Working Companies B.V. in order to reach a successful completion of the strategic transactions announced in February 2012.

The current Board review also investigated, with the assistance of Dundee Corporation, the technical aspects of the Sangdong Tungsten Project and identified considerable additional test work necessary to bring the project to commercial preparedness. This will require additional funding to complete. Meanwhile, a full complement of staff and employees remain on site at the Sangdong Tungsten Project planning further technical work and assessment.

On Behalf of the Board of Directors

Woulfe Mining Corp.

Hubert Marleau, Interim Chief Executive Officer and Director

About Woulfe Mining Corp "Unearthing Global Assets"

Woulfe Mining Corp is focused on 'Unearthing Global Assets' through the recognition and development of undervalued natural resource projects. Woulfe differentiates itself by boasting significant technical expertise in the design, development and operation of mining projects.

Our flag ship project is the Sangdong tungsten mine in South Korea, historically the world's largest tungsten mine for over 40 years. Sangdong is expected to return to production by Q4 of 2013. Woulfe has entered into strategic agreements with International Metalworking Companies B.V. ('IMC'), part of the Berkshire Hathaway group of companies. This partnership brings strategic advantage given Woulfe's mining and processing technical abilities and IMC's downstream manufacturing skills, high level of innovation and quality of products sold into the global tungsten market. Woulfe Mining Corp. is a Canadian TSX-V listed company. Further information can be found on Woulfe's website www.woulfemining.com or on [e-mail].


https://www.marketwire.com/press-release/woulfe-mining-provides-update-tsx-venture-wof-1792506.htm

[Joseph_K]

Oh my, back to .10 next week?

[Sir_Holler]

There is too much there for WOF to have attracted the money and interest it has over time including from the likes of Dundee, including their additional purchase of shares recently, and Ned Goodman. They know mining. Marlow also said he was pleased with the progress in the release one month ago, and IMC was to provide additional funding recently after previous knowledge of the project. And I 

[Mark101]

Ouch !! This is not the news I was expecting, but it's starting to make sence why the BANK DD was never completed. " identified considerable additional test work necessary to bring the project to commercial preparedness" It also makes sence why Tiger Kim warned the Korean poeple that Brian was not serious about developing this mine as he understood what needed to be done

[StockExpertPro]

That company update doesn't make a bit of sense and proves how incompetent management at Woulfe Mining is. Scroll down further into the press release. How can they cut costs? If they have a full complement of staff and employees who remain on site. Meanwhile, a full complement of staff and employees remain on site at the Sangdong Tungsten Project planning further technical work and assessment.

[ark88]

What is going on here. Between the CEOs NR and this latest, it doesn't add up. We went from expect news in coming months to need more drilling and technical work. Really disappointing.>

[Mark101]

Something does not add up for sure, this is NOT NEWS ... management has known about these issues all along or at least since last November when Tiger Kim was spreading the rumour around that Brian was not serious about building a mine. So it seems to me that Ned Godman would of came to SK for damage control on behalf of Dundee more than anything so, he too knew the full story a long time ago

[whoisyourpapa]

Maybe KORES should make an investment in wof