NEW YORK Woulfe Mining Corp. will need to raise a considerable amount of capital to rectify its current financial position as Nathan Ned Goodman resigns from the companys board of directors, the company said.
Since Goodman is a major stakeholder in the company, through Dundee Corp., and anticipates participation in further financing of the company, either directly or indirectly, he has tendered his resignation as a board member in order to avoid any potential conflict of interest in relation to any such financing, the Vancouver, British Columbia-based mining company said.
Goodman joined the companys board of directors in February (amm.com, Feb. 4
The company cautions that there are no assurances that a financing will be completed in the future on terms acceptable to the company or at all, Woulfe said.
The company said it must further delineate its mineral resource model and determine a work plan in addition to raising capital.
Woulfe is working to reduce costs after a companywide review revealed liquidity concerns, as well as technical issues at its Sangdong tungsten project in South Korea (amm.com, May 20
Woulfe initiated the review following the resignation of president and chief executive officer Brian Wesson and vice president of business administration Amelia Wesson in February (amm.com, Feb. 27
). Hubert Marleau was subsequently appointed interim chief executive officer (amm.com, March 13
The Sangdong tungsten and molybdenum project had been forecast to start production by the fourth quarter of 201