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Wolfpack Gold Provides Corporate Update in Challenging Market
Wolfpack Gold Provides Corporate Update in Challenging Market Reno, Nevada US, July 18, 2013...
About this update from Encore Energy Corp.
[{"type":"text","content":"Wolfpack Gold Provides Corporate Update in Challenging MarketWolfpack Gold Provides Corporate Update in Challenging Market\nReno, Nevada US, July 18, 2013 /FSC/ - Wolfpack Gold Corp.  (WFP - TSX Venture), announces, in its efforts to protect its healthy cash position, that it has implemented cost saving measures in response to the mineral exploration sector's liquidity challenges. Additionally, the Company has implemented a conservative yet methodical work plan to advance its core Nevada-based projects. The Company's plan is expected to eliminate equity financings during current market conditions, while providing flexibility to accelerate operations on short notice upon more favourable market conditions.\nCost-Saving Measures\nIn recognition of the persisting market conditions, the Board of Directors has adopted a three-year strategic plan with three goals:\n1. Preserve the Company's healthy cash position of more than 6 million dollars (not including cash equivalents);\n2. Conservatively yet systematically advance its leading gold projects; and \n3. Maintain title to its gold and uranium core assets. \nThe Company has implemented a hiring freeze, reduced staff by 35% and reduced salaries by 20%. Field office closures and reduced out-sourcing has been implemented along with vendor discussions on further reductions.  The Company has conducted a technical review of non-core assets and will be dropping approximately 40% of its unpatented claim holdings to reduce holding costs and to focus on advanced projects. \nThe Company is confident in the viability of its assets and will continue to monitor market conditions to consider additional spending reductions if required.  \n2013 Work Plan\nLimited drill programs are anticipated at the Adelaide and Fourmile projects in Q3/13 with preparatory field work and permitting activities continuing on other key projects.  The Company will maintain and advance its permitting activities in preparation for future drilling.  \nAdelaide Project\nThe Adelaide project is comprised of 210 unpatented lode mining claims, located in north-central Nevada approximately 32 km (20 mi) southeast of Winnemucca, Nevada. Permitted for an underground adit and bulk sample testing, the Adelaide project is located on the northeastern flank of the Sonoma Range in north-c...