Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) to clarify, retract, restate and update some of its previously issued technical reports, investor relations presentations, reports and disclosures on its website.
As quoted in the press release:
- The global resource statements regarding the Sangdong Property as found in the Company’s prior investor relations presentation are grouped resources and non-NI 43-101 compliant. The Company retracts its disclosure of the global resource numbers for the Sangdong property and clarifies that the NI 43-101 compliant resource on the Sangdong property is as per the disclosure above.
- The Company retracts the valuations and disclosures for the Sangdong property concerning gross metal values (in the form of a valuation based on total resource and discounted pricing) and based in part on inferred resources and notes that preliminary assessments are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that any preliminary assessment will be realized or that inferred resources will be converted to measured and indicated resources or proven and probable reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company’s inferred resources have not been upgraded to any higher mineral resource or reserve category and any discussions relating thereto are premature. The Company is in the process of having the valuation revised and will provide an updated version in due course. The Company cautions that the prior form of valuation should not be relied upon.
- The Company retracts its annual production estimates for molybdenum at the Sangdong property and notes that the Feasibility Study did not include molybdenum and there is no current molybdenum resource for the Sangdong property.