White Mountain Readies Cerro Blanco Titanium Project for Final Feasibility.
SANTIAGO, Chile, Sept. 27 /PRNewswire/ -- White Mountain Titanium Corporation ("White Mountain" or the "Company") (OTC Bulletin Board: WMTM) reports that it is making preparations for the start of the final engineering feasibility study ("Final Feasibility") at its Cerro Blanco titanium project in Region III of Northern Chile.
As reported in previous Company news releases, project milestones relating to geology, geologic resources, metallurgy, pilot plant test work resulting in production of commercial grade titanium dioxide concentrates and a preliminary economic assessment have been achieved.
The Company is currently seeking to achieve another important project milestone: securing conditional concentrate off-take commitments from titanium pigment and metal producers. To this end, concentrate samples from the pilot plant test work have been sent to twelve potential buyers and active discussions with several of these buyers are currently underway.
Remaining milestones to be achieved to take the project to Final Feasibility include in-fill and step out drilling at the Las Carolinas prospect; processing test work to enhance the product specifications for a planned sodium feldspar concentrate; an environmental impact study; a definitive engineering and economic assessment of the proposed mine and associated titanium / feldspar processing plant; operating permits, process water and surface access rights.
Work on the first of these, the drilling milestone, is well underway. At the Las Carolinas prospect the Company's geological staff has completed access roads to 50 new drill pads. The drilling at Las Carolinas will total approximately 7,500 meters, comprised of 50 diamond drill holes. This drilling, typically to an average depth of 150 meters, is designed to reclassify more of the established geologic resources to the measured and indicated categories with the objective of having sufficient ore to sustain a mining operation for 20 years. This drill work is scheduled to be completed by year end and the results will be incorporated into final pit design(s) and mine scheduling.
The Company will make further announcements relating to several of the other remaining milestones leading to the Final Feasibility over the coming weeks.
"This phase of the Cerro Blanco project marks the culmination of the hard work that has gone into the titanium project over the past few years," said Michael Kurtanjek, the Company's President and CEO. "Starting the Final Feasibility is a measure of the milestones that have been achieved in the project's development thus far, and it is particularly encouraging to know that our commercial grade product samples have been achieving a good measure of support from potential buyers. The push to take Cerro Blanco to Final Feasibility and ultimate production comes at a time when the market for high grade titanium feedstock continues to firm, and it remains our intention to be a provider of both high grade titanium for the paint and pigments industry, as well as a seller of high grade sodium feldspar for the glass and ceramics industries."
About White Mountain Titanium Corporation
The Company holds mining concessions on the Cerro Blanco property currently consisting of 33 registered mining exploitation concessions and five mining exploration concessions in the process of being constituted, over approximately 8,225 hectares located approximately 39 kilometers west of the City of Vallenar in the Atacama, or Region III, geographic region of northern Chile. The Company's principal objectives are to advance the Cerro Blanco project towards a final engineering feasibility, and to secure off-take contracts for the planned rutile concentrate output. It would be the intention to sell the rutile concentrate to titanium metal and pigment producers. Work also continues to investigate the commercial viability of producing a feldspar co-product. The feldspar could find applications in the glass and ceramics industries.
The OTC BB has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in our press releases and on our website, such as 'reserves,' 'resources,' 'geologic resources,' 'proven,' 'probable,' 'measured,' 'indicated,' and 'inferred,' that the SEC guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10-K for the year ended December 31, 2007, File No. 333-129347, and in subsequent filings with the SEC. You can review and obtain copies of our filings from the SEC's website at http://www.sec.gov/edgar.shtml.
Contact: |
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White Mountain Titanium Corporation |
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Michael Kurtanjek, President |
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(56) 2 231-5780 |
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Brian Flower, Chairman |
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(604) 408-2333 |
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SOURCE White Mountain Titanium Corporation
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