VANCOUVER, British Columbia, June 4, 2021 (GLOBE NEWSWIRE) – Titan Mining Corporation (TSX: TI) (“titanium“Or the”Business“) Announces that with higher-than-expected zinc prices, lower-than-planned smelter treatment charges, and increased cash flow from its Empire State Mines (” ESM “) in Upstate New York, Titan has decided to focus its efforts on ESM and terminate its option on the Mineral Ridge property owned by Scorpio Gold Corporation located in Esmeralda County, Nevada, based on the results of the exploration and study.
Titan conducted an extensive exploration program (67 wells totaling 46,182 feet of drilling to test the resource expansion potential of eight target areas) and an internal scoping level study. The financial results did not meet Titan’s requirements to move the project forward.
Scott Burkett, Vice President of Exploration, commented: “Increased profitability at ESM, coupled with limited exploration success and additional challenges at Mineral Ridge, centered on capital and operating cost uncertainty, has led us to reassess our position at Mineral Ridge and improve our focus on ESM … The scope of the project and perceived challenges do not fit Titan well at this time and we have decided not to pursue the Mineral Ridge opportunity any further. “
About Titan Mining Corporation
Titan is an Augusta Group company that produces zinc concentrate at its wholly owned Empire State Mine (“ESM”) located in New York State. Titan is built for growth, focused on value, and committed to excellence. For more information about the Company, visit our website at www.titanminingcorp.com.
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