Korea Zinc invests in tungsten mine

Dec 09, 2010 | 11:28 AM |

Canadian junior mining company Woulfe Mining Corp. has signed a deal with Korea Zinc Co. Ltd. for a controlling stake in Woulfe's Sangdong tungsten-molybdenum project in South Korea, Woulfe's top executive told shareholders in New York.

Under the terms of the deal, Vancouver, British Columbia-based Woulfe will manage the project until it goes online, while Korea Zinc will own 51 percent of the company and run the mine after production ramps up.

Korea Zinc will also market all of the mine's material.

"We have signed a heads of agreement (HOA6) deal and are just working out the final details," Brian Wesson, Woulfe's president and chief executive officer, said.....





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