GREY:WFEMF - Post by User
Comment by
StockExpertProon Oct 29, 2013 9:21am
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Post# 21857354
RE:WOF Board of Directors Need to Wake Up & Smell the Coffee!!!
RE:WOF Board of Directors Need to Wake Up & Smell the Coffee!!!
"Considerable additional test work is necessary (the "work program") to bring the Sangdong Project to proper commercial and financing preparedness."
The key words are " proper commercial and financing preparedness."
"If they want to include all the tungsten plus the moly into a new reserve estimate then yes, I understand that considerable additional test work is necessary to get this accomplished."
Woulfe Mining paid tetra tech to complete a feasibility study on an estimated 25% of the tungsten mine life so the company could save money on drilling and fast track the tungsten project.
In exchange for this IMC was receiving a favorable "sweetheart deal" where they would obtain a whopping 40% of total ownership of the company.
If IMC now wants Woulfe Mining to include all of the tungsten plus the moly into a new reserve estimate then the WOF board of directors need to demand that IMC fork over a hell of a lot more money then the measly $35 million dollars based on this current strategic agreement, for the 40% stake in the company and tungsten assets. The terms of this agreement should be changed to more favorable terms for Woulfe Mining.