THUNDER BAY, ON, Oct. 22, 2012 /CNW/ - Wolfden Resources Corporation (the "Company") is pleased to announce that is has received final approval from the TSX Venture Exchange (the "TSXV") to list its common shares on the TSXV as a Tier I Mining Issuer. The Company also announces that its common shares commenced trading on the TSXV today under the symbol "WLF".
The Company previously reported that it had completed its initial public offering for total gross proceeds of $9,956,020 and concurrently completed the acquisition of a 100% interest in the Clarence Stream Property in New Brunswick, subject to an aggregate 3% net smelter returns royalty. The Clarence Stream Property is the Company's flagship property and is an advanced stage gold project located proximal to infrastructure, 70 kilometres southwest of Fredericton, in New Brunswick (see Wolfden News Release dated October 19, 2012).
Donald Hoy, President and CEO, stated, "It is gratifying to see Wolfden Resources Corporation listed on the TSXV as a Tier 1 Mining Issuer and the Company's commencement of trading. It is the culmination of a lot of hard work by our Board of Directors, management, our agents and counsel and we look forward to moving the Company forward in the business of mineral exploration and development."
Further to the Company's new release of October 19, 2012, the Company wishes to correct a calculation disclosed in the Clarence Stream Property Highlights section of as the October 19th release. The October 19th news release incorrectly stated that the acquisition cost of the Clarence Stream Property equates to $7.27 per ounce of inferred mineral resources of gold and $12.29 per ounce of indicated mineral resources of gold on a proportional basis when in fact such acquisition cost equates to approximately $9.45 per ounce of inferred mineral resources of gold and approximately $9.45 per ounce of indicated mineral resources of gold. References to the acquisition cost per ounce of inferred and indicated mineral resources of the Clarence Stream Property provided herein are solely for comparative purposes when comparing the acquisition cost of the Clarence Stream Property against the acquisition cost of similar properties hosting a mineral resource in the Company's peer group. Such calculations in no way establish value of any kind and readers are reminded that mineral resources are not mineral reserves and mineral resources do not have any demonstrated economic viability.
About Wolfden Resources Corporation
Wolfden Resources Corporation is engaged in the exploration and development of mineral properties in North America. The Company owns a 100% interest in the Clarence Stream Property, an advanced stage gold exploration property in New Brunswick, Canada, subject to an aggregate 3% net smelter return royalty, of which 1% can be repurchased for $1,000,000. The Company also holds interests in two early stage exploration properties consisting of the Lawman Property located in Minnesota, United States, and the Armstrong Property located in New Brunswick, Canada.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or the accuracy of this release.
SOURCE: Wolfden Resources Corporation
For further information:
President and CEO
Wolfden Resources Corporation
Tel: (807) 624-1131
Fax: (807) 624-1133