VANCOUVER, British Columbia, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the "Company") announces that its Empire State Mines (“ESM”) has received the permit from New York State Department of Environment and Conservation (“NYSDEC”), allowing it to begin mining activities on the Sphaleros open pit mine project.
General Manager, Joel Rheault commented “We are pleased that NYSDEC has recognized the thoroughness of our plan as well as our commitment to sustainable and responsible development. Completion of this infrastructure project will allow ESM to increase throughput to the existing mill beginning in the first half of 2023.”
The Sphaleros open pit incorporates the Hoist House, Pump House and Turnpike pits which comprises a Measured Mineral Resources of 105,000 tons at a grade of 3.34% zinc, Indicated Mineral Resources of 595,000 tons at a grade of 3.09% zinc and Inferred Mineral Resources of 217,000 tons at a grade of 3.37%.
With this permit in hand, ESM is moving immediately to complete construction of a 1.8 mile haul road from the Sphaleros project to the existing mill facility and start waste stripping and site preparation around the open pits.
Titan also announces that it has entered into a fixed zinc pricing arrangement for 50% of the Company’s budgeted zinc production for the remainder of 2022 at a price of US$1.61 per pound of zinc.
Don Taylor, President and CEO commented, “The successful conclusion of these permits are a major step in delivering our goal of increasing mine throughput and payable pounds of zinc as we maximize the extraction of the resource. Setting a price floor on 50% of our production for the balance of 2022 will ensure that we can cover our financial needs related to payment of dividends, capital costs associated with infrastructure construction and continued to reduction of our debt.”
Scientific and Technical Information
The scientific and technical information in this news release is derived from the Technical Report titled, “Empire State Mines 2021 NI 43-101 Technical Report (Amended)” with an effective date of February 24, 2021, prepared by David Warren, Gary Methven, Deepak Malhotra, David Vatterrodt, Ben Peacock, and Matthew Hastings who are Qualified Persons as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan is built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com.
Contact For further information, please contact: Investor Relations: Email: info@titanminingcorp.com
Cautionary Note Regarding Forward-Looking Information
Certain statements and information contained in this new release constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These statements appear in a number of places in this news release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including that completion of the infrastructure project will allow ESM to increase throughput to the existing mill beginning in the first half of 2023; that the Company will commence construction of a 1.8 mile haul road from the Sphaleros project to the existing mill facility and start waste stripping and site preparation around the open pits. When used in this news release words such as “to be”, "will", "planned", "expected", "potential", and similar expressions are intended to identify these forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to vary materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators. Such forward-looking statements are based on various assumptions, including assumptions made with regard to the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company’s ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
