Titan Announces Return to Full Commercial Production; Maintains Full Year Guidance
October 02 2024 - 6:00AM
Titan Mining Corporation (TSX:TI, OTCQB:TIMCF)
(“
Titan” or the “
Company”)
announces the return to full commercial production at the Empire
State Mine in upstate New York. Historic flooding in upstate New
York from tropical Storm Debby on August 10, 2024 caused damage to
the electrical components of the underground crusher level. Repairs
were completed ahead of schedule and under budget and the site is
now in full operation.
Mining activities restarted on August 20, 2024 and continued
during the crusher level repairs. The inventory of broken ore
stockpiled in the underground, combined with normal ongoing
production and the excess milling capacity, the Company expects to
meet its original full year production guidance of 56 to 60 million
payable pounds of zinc.
Joel Rheault, Vice President of Operations at
Empire State Mines, commented, “Company personnel and external
contractors worked safely and diligently to complete the repairs
ahead of schedule and under cost estimates. We are pleased with the
speed and quality of the repairs and with the stockpiled ore and
excess milling capacity, we are confident that we can meet our
production targets for the year.”
About Titan
Mining Corporation
Titan is an Augusta Group company which produces
zinc concentrate at its 100%-owned Empire State Mine located in New
York state. The Company is focused on value creation and operating
excellence, with a strong commitment to developing critical mineral
assets that enhance the security of the U.S. supply chain. For more
information on the Company, please visit our website at
www.titanminingcorp.com.
Contact
For further information, please contact:
Investor
Relations:Email: info@titanminingcorp.com
Cautionary
Note Regarding
Forward-Looking Information
Certain statements and information contained in
this new release constitute "forward-looking statements", and
"forward-looking information" within the meaning of applicable
securities laws (collectively, "forward-looking statements"). These
statements appear in a number of places in this news release and
include statements regarding our intent, or the beliefs or current
expectations of our officers and directors, including that the
Company expects to meet its original full year guidance of 56 to 60
million payable pounds of zinc and that we are confident that we
can meet our production targets for the year. When used in this
news release words such as “expects", and similar expressions are
intended to identify these forward-looking statements. Although the
Company believes that the expectations reflected in such
forward-looking statements and/or information are reasonable, undue
reliance should not be placed on forward-looking statements since
the Company can give no assurance that such expectations will prove
to be correct. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to vary materially from those anticipated in such
forward-looking statements, including the risks, uncertainties and
other factors identified in the Company's periodic filings with
Canadian securities regulators. Such forward-looking statements are
based on various assumptions, including assumptions made with
regard to production ability for the remainder of the year, ability
to secure adequate financing (as needed); the Company maintaining
its current strategy and objectives; and the Company’s ability to
achieve its growth objectives. While the Company considers these
assumptions to be reasonable, based on information currently
available, they may prove to be incorrect. Except as required by
applicable law, we assume no obligation to update or to publicly
announce the results of any change to any forward-looking statement
contained herein to reflect actual results, future events or
developments, changes in assumptions or changes in other factors
affecting the forward-looking statements. If we update any one or
more forward-looking statements, no inference should be drawn that
we will make additional updates with respect to those or other
forward-looking statements. You should not place undue importance
on forward-looking statements and should not rely upon these
statements as of any other date. All forward-looking statements
contained in this news release are expressly qualified in their
entirety by this cautionary statement.
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