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VANCOUVER, British Columbia, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI) (“Titan” or the “Company”) announces a private placement of 18 million units at C$0.35 per unit, with each unit comprised of one common share and one-half of a warrant of the Company. Each full warrant is exercisable into one common share of the Company at an exercise price of C$0.50 per share for a period of five years from the closing date of the private placement. The net proceeds from the private placement will be used for ongoing development and exploration drilling at the Empire State Mine (“ESM”) as well as general working capital. The private placement has been subscribed to by directors and officers of the Company including Richard Warke, Executive Chairman, and Don Taylor, Chief Executive Officer, and other supportive shareholders including Ross Beaty.
Richard Warke said, “Over the last year we did not get off to the start we had wanted at ESM. As Executive Chairman, I have taken a leadership role in loaning the Company money and leading equity offerings to ensure that Titan achieves its fullest potential. We changed our leadership at site, and hired a new mine manager and Vice President, Operations. The new management team at site is working on several key initiatives including a revised mine plan to be completed before the end of the year; updating the mobile equipment fleet to improve availability; hiring additional qualified staff and employees; and adjusting the work schedule to a five-day, two-shifts-per-day week. As a result of these and other initiatives, ESM is starting to turn the corner.”
Don Taylor commented, “We have met or exceeded our budgeted production for the last six months, after adjusting throughput to match resource availability. Since the reset, we have achieved steady improvements in safety and production, and are making plans to increase throughput steadily for the remainder of 2019 and, again, in 2020. Near-mine underground exploration has been very successful to date, extending many of the known resources close to the underground workings as well as identifying new ones. The growth potential that Titan envisioned at ESM when it was purchased is even more evident today.”
After digitizing over 9,000 historic maps and documents, the ESM exploration group has identified more than 40 priority targets that are slated for drill testing. Additionally, there are several near surface targets at and near the mine that may present open pit opportunities. These potential open pit targets represent a new and unique opportunity for ESM given that excess plant capacity exists. By trucking additional mineralized material to site, there is potential to increase total mill throughput without impacting the existing mining operation. Work is currently underway on pit design and production plans, with the goal of integrating them in late 2020 and beyond.
Richard Warke added, “When we bought ESM, we were excited not only about the fully permitted mine, but also about the exploration potential on the extensive land package in northern New York State. Now that the mine is operating on a consistent basis, we can turn our attention to exploring what we feel is a bright and exciting future.”
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
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 Company’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2018, 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.
