Titan Mining Announces Concentrate Offtake Agreement and Management Appointments
VANCOUVER, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Titan Mining Corporation (“Titan” or the “Company”) (TSX:TI) is pleased to announce that it has concluded an offtake agreement with Glencore for 100% of the zinc concentrate from its Empire State Mine in upper New York State.
Concentrate Offtake Agreement
The long-term contract will commence on the first production of concentrate from the Empire State Mine. Zinc concentrate is expected to be transported within North America. It is anticipated that commercial production will be achieved early in the second quarter of 2018.
“This is an important milestone for Titan, and assures a long-term home for our zinc concentrate,” said Richard Warke, President and Chief Executive Officer.
Keith Boyle, Chief Operating Officer, added: “The agreement with Glencore ensures that transportation logistics are very simple and low risk. Equally important is that payments will be more frequent than market standards, thereby minimizing working capital requirements at the mine site.”
Eric Strom will join Titan on March 5, 2018, as Vice President, Projects and Innovation. Mr. Strom has over 20 years of industry experience in precious and base metals mine development and operations in Canada and Australia. He was most recently Director, Underground Mining for New Gold Inc., and previously worked for Placer Dome Inc., Goldcorp Inc., Rio Tinto and China Molybdenum Company Limited. Mr. Strom led the implementation of the world’s first fully automated underground hard rock mine at Northparkes Mines Australia, and will contribute to the ramp-up, growth and modernization of the Empire State Mine, key elements of the Company’s growth strategy.
Scott Burkett has been appointed as Titan’s Vice President, Exploration. Mr. Burkett has over 10 years of experience in mineral exploration, ore control, geologic modeling, resource estimation and database management. Prior to joining the Company, Mr. Burkett worked for Arizona Mining Inc., where he served as Chief Geologist for the Hermosa Project, and was instrumental in designing programs which resulted in significant expansion of the mineral resources. Mr. Burkett also brings experience in exploration and ore control from previous roles at Metal Mining Consultants Inc., First Solar, Inc., Hycroft Resources & Development, Inc. (Allied Nevada Gold Corp.) and Yamana Gold Inc.
“We are very pleased with the addition of Eric to the team, and the promotion of Scott within the Augusta Group,” stated Richard Warke. “Eric’s expertise in innovation and optimization will be invaluable at our Empire State Mine and in the revival of this historic mining district. Scott is an exceptional geologist and his talents will be applied to helping us find new deposits on the 80,000-acre land package that we control.”
About Titan Mining Corporation
Titan is a Canadian-based zinc exploration and development company with its principal asset being the Empire State Mine in the State of New York. For more information on the Company, please visit our website at www.titanminingcorp.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains certain forward-looking statements. Words such as “expects”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, use of proceeds or timing of events to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section and other sections of the final prospectus available at www.sedar.com. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. Titan undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
For further information, please contact:
Jerrold Annett – Senior Vice President, Corporate Development
Jacqueline Allison – Vice President, Investor Relations and Strategic Analysis