VANCOUVER, British Columbia, Feb. 21, 2019 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI)
(“Titan” or the “Company”) today announced that, as part of the optimization of the Empire State
Mine (“ESM”), the operation is being restructured with a near-term focus on underground development as well as continued near-mine
and district exploration. The mine will lower its throughput while focusing on stope and waste development. A revised mine plan,
incorporating the #2D zone and the higher-grade New Fold zone in the #4 mine, is expected to be completed in
mid-2019.
Donald Taylor, Chief Executive Officer of Titan, said, “During the ramp up at ESM, we have faced a number of
challenges and, with our focus on production, we have fallen behind on mine rehabilitation and development. The changes being
implemented will address the shortfall of producing stopes and faces with the goal of lowering our costs and better positioning the
mine for future success. In order to optimize cash flow and productivity at ESM, we are reducing our workforce, but we expect to
benefit from greater efficiencies associated with a smaller group of miners focused on production and development. With these
changes, we expect to achieve balanced mine development while our exploration group continues its program targeting large,
high-grade deposits in the district.”
As expected, in the fourth quarter of 2018, production at ESM was impacted by the transition from
contractor-mining to owner-mining and a shift from the planned stopes to a lower-grade section of the mine. Mill throughput was
48,302 tons, or 525 tons per day, and milled grade was 6.2% zinc. In January 2019, the average daily mill throughput improved
by 16%, and milled grade by 26%, from the prior quarter.
Richard Warke, Executive Chairman, stated, “Our team is working hard to secure a strong future for the mine and
the community. Rightsizing is a hard decision, but it is also the right decision. We remain confident in the potential of this
prolific district and continue to invest in both exploration and development at ESM.”
As previously announced, a company controlled by Titan’s Executive Chairman entered into a second ranking
secured credit facility of up to US$18.7 million, maturing in December 2020.
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. ESM is a group of zinc mines which started production in the early 1900s. Titan is built for growth,
focused on value and committed to excellence. The company’s shares are listed under the symbol "TI" on the Toronto Stock Exchange.
For more information on the Company, please visit our website at www.titanminingcorp.com.
Contact
For further information, please contact:
Jacqueline Allison – Vice President, Investor Relations and Strategic Analysis
Telephone: 416-366-5678 Ext. 205 | Email: jallison@titanminingcorp.com
Cautionary Note Regarding Forward-Looking Information
Certain of the statements made and information provided in this news release are forward-looking statements
or information within the meaning of applicable Canadian securities laws. Often, these forward-looking statements and
forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”,
“projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations
of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to,
statements or information with respect to our updated mine plan and proposed restructuring and related timelines and
schedules.
Forward-looking statements and forward-looking information by their nature are based on assumptions and
involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or achievements expressed or implied by such
forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions
about the geopolitical, economic, permitting and legal climate that we operate in; the future price of commodities; exchange rates;
anticipated costs and expenses; production, mineral reserves and resources and metallurgical recoveries, the impact of the
restructuring on our business and the ability to achieve our goals.
Even though our management believes that the assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove
to be accurate. Many assumptions may be difficult to predict and are beyond our control. Furthermore, should one or more of the
risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements or information. These risk factors are discussed in detail in our
most recent Annual Information Form filed on SEDAR under our Company name, which discussion is incorporated by reference in this
release.
Forward-looking statements and information is designed to help you understand management’s current views of
our near- and longer-term prospects, and it may not be appropriate for other purposes.
There can be no assurance that forward-looking statements or information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not
place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect
to update forward-looking statements and information continually as conditions change.
