White Mountain Readies for Drilling Program and Reports on Rutile Concentrate Test Sampling Program
SANTIAGO, Chile, July 7 /PRNewswire-FirstCall/ -- White Mountain Titanium Corporation ("White Mountain" or the "Company") (OTC Bulletin Board: WMTM) reports that it is continuing to advance the Cerro Blanco project towards final feasibility. To that end, road building and drill pad construction has been completed at the Las Carolinas prospect in readiness for a 7,500 meter diamond drilling program. The objective of this drilling program is to upgrade sufficient of the current resource to a measured and indicated classification to support a 5 - 6 million tonne per year mining operation for 20 years. Drilling is expected to commence in August 2010 and will take approximately 3 months to complete.
As reported earlier in a May 20, 2010 news release, following completion of a successful pilot plant program, in excess of 150 Kg of high grade, natural rutile concentrate samples have been dispatched to over a dozen potential customers in North America, Asia and Europe for testing. To date the Company has received test results from six potential customers and in all cases the results were positive. The Cerro Blanco concentrate material met both chemical and particulate requirements with no detrimental elements highlighted as possible causes for concern. Several of the potential customers cited the low background radioactive signature of Cerro Blanco concentrate as an important consideration in any purchasing decision. The Company will now begin to focus on converting these positive expressions of interest into qualified off-take agreements and will keep investors apprised of its progress in this regard over the coming quarters.
"The response from potential customers to our range of three, high grade, natural rutile concentrates has been extremely encouraging," said Michael Kurtanjek, the Company's President and CEO. "There appears to be a strong, commercial interest in our planned output which provides us additional support to advance the Cerro Blanco project towards final feasibility. These are very exciting times for our titanium project in Chile."
About White Mountain Titanium Corporation
The Company holds mining concessions on the Cerro Blanco property currently consisting of 33 registered mining exploitation concessions and 5 mining exploration concessions in the process of being constituted, over approximately 8,225 hectares located approximately 39 kilometres 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 10K for the year ended December 31, 2008, 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) 2 657 1800 |
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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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