VANCOUVER, British Columbia, June 04, 2021 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI) (“Titan” or the “Company”) announces that with stronger than expected zinc prices, lower than planned smelter treatment charges and increasing cash flow from its Empire State Mines (“ESM”) in upstate New York, Titan has decided to focus its efforts at ESM and terminate its option on the Mineral Ridge property owned by Scorpio Gold Corporation located in Esmeralda County, Nevada based on exploration and study results.
Titan undertook an extensive exploration program, (67 holes totaling 46,182 feet of drilling testing the resource expansion potential of eight target areas) and an internal scoping level study. The economic results did not meet Titan’s requirements to advance the project.
Scott Burkett, Vice President of Exploration commented, “Increasing profitability at ESM coupled with limited exploration success and additional challenges at Mineral Ridge centered around capital and operating cost uncertainty has caused us to re-evaluate our position at Mineral Ridge and enhance our focus on ESM. The project scope and perceived challenges are not a good fit for Titan at this time and we have decided not to pursue Mineral Ridge opportunity further.”
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine (“ESM”) 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.
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