Woulfe Mining Corp WFEMF

New Dundee Board and Korean News

[74volfram]

The Board is now fully Dundee. Both new appointees are Dundee people:  David Whyte is vice-chairman of Dundee Global Asset Management, and Brian Howlett is chief executive officer of Cogitore Resources (now a shell after selling its properties last December, used to be Mark Goodman's company).  With Gaucher, Goodman (Mark), Marleau, Yi and the new additions, this is an all-financial board. In my opinion this is not a board to direct the operations of a mining company, but to sell it.

There is no Korean Government/Military deadline in June, but the frustration of the local elected officials is clear.  I have not seen the ability of a foreign company to control the Sangdong mine questioned opently, yet.  However I am sure this must be in the minds of local, regional and perhaps national decision makers after 5 years of work at the site. 

Korean news was from January 6, 2015. before release of final feasibility study, and Almonty merger attempt. so things may have changed significantly.

Yyzflex has consistently made very good contributions to this board. he has Korean connections and he is himself Canadian/Korean. his English btw is excellent.  I take what he says here with a lot of respect, including his last posts.

My take and speculation on the recent news.  As usual, I may be completely off track here.
- 30-35c is what the company is worth after final feasibility to a "next door" 100% customer like IMC.  Coincidentally (?) it is also the price per share of 25% of Woulfe for 35M
- IMC is buying mineral and metal processing plants in the area.
- A simple calculation of shares and cost base for the major shareholders shows that a 30-35c price would be an acceptable solution to most large Woulfe shareholders.  
- If in fact the Korean Government wants to see mine development start in June under Korean control, an IMC or KZ (less likely) take-over could be the thing that does it. 
- The Dundee board will approve quickly any deal that comes up and preserves Goodman's investment.  No time left for fancy financial engineering.  This may not be Dundee's most preferred outcome (I believe they would have loved to be "greater Almonty" largest shareholders), but they may not have a choice at this point.