Company cycle is exploration, then construction, then production. The construction will take about a year to complete after financing is confirmed (hence the Dec 2013 production goal). Most mining companies in the TSXV are bogged down in finding money for exploration. Woulfe is way beyond that. They have more than enough drill test results to go directly to production. The key cotter-pin is the $35 from IMC, which of course will only happen after the bank signs the stratigic loan agreement. Once financing happens, there will be many N/Rs to rapidly follow.
BTW, from the corporate presentations, we learn the "Woulfe Drive" decline (started Oct 8th) is now 50 metres into the mountain (at or near the location where mining is expected to start) and meaningful stockpile mining could start tomorrow if financing is completed. It would be nice if they could post another updated Woulfe Drive photo some time in the next week because as simplistic as it is, the name "Woulfe Drive" and the progress into the mountain is symbolic of the overall progress into the project Woulfe is making and that type of photo would resonate with investors. It will be a Merry Christmas.