Richard Warke reports
TITAN MINING ANNOUNCES C$6.3 MILLION PRIVATE PLACEMENT
Titan Mining Corp. has arranged a private placement of 18 million units at 35 cents per unit, with each unit comprising 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 50 cents 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 continuing 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.
Mr. 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-shift-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 under way on pit design and production plans, with the goal of integrating them in late 2020 and beyond.
Mr. 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 Corp.
Titan is an Augusta Group company which produces zinc concentrate at its 100-per-cent-owned Empire State mine (ESM) located in New York. 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.
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