Titan Mining Announces C$6.3 Million Private Placement
September 18 2019 - 5:30AM
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.
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