Titan Mining Focuses on Mine Development and District Exploration at the Empire State Mine
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Titan Mining Focuses on Mine Development and District Exploration
at the Empire State Mine
Vancouver, B.C., February 21, 2019 – Titan Mining Corporation (TSX:TI) (“Titan” or the “Company”)
today announced that, as part of the optimization of the Empire State Mine (“ESM”), the operation is
being restructured with a near-term focus on underground development as well as continued near-mine
and district exploration. The mine will lower its throughput while focusing on stope and waste
development. A revised mine plan, incorporating the #2D zone and the higher-grade New Fold zone in
the #4 mine, is expected to be completed in mid-2019.
Donald Taylor, Chief Executive Officer of Titan, said, “During the ramp up at ESM, we have faced a
number of challenges and, with our focus on production, we have fallen behind on mine rehabilitation
and development. The changes being implemented will address the shortfall of producing stopes and
faces with the goal of lowering our costs and better positioning the mine for future success. In order to
optimize cash flow and productivity at ESM, we are reducing our workforce, but we expect to benefit
from greater efficiencies associated with a smaller group of miners focused on production and
development. With these changes, we expect to achieve balanced mine development while our
exploration group continues its program targeting large, high-grade deposits in the district.”
As expected, in the fourth quarter of 2018, production at ESM was impacted by the transition from
contractor-mining to owner-mining and a shift from the planned stopes to a lower-grade section of the
mine. Mill throughput was 48,302 tons, or 525 tons per day, and milled grade was 6.2% zinc. In January
2019, the average daily mill throughput improved by 16%, and milled grade by 26%, from the prior
quarter.
Richard Warke, Executive Chairman, stated, “Our team is working hard to secure a strong future for the
mine and the community. Rightsizing is a hard decision, but it is also the right decision. We remain
confident in the potential of this prolific district and continue to invest in both exploration and development
at ESM.”
As previously announced, a company controlled by Titan’s Executive Chairman entered into a second
ranking secured credit facility of up to US$18.7 million, maturing in December 2020.
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire
State Mine (“ESM”) located in New York State. 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. The company’s shares are listed under the symbol "TI" on the Toronto Stock
Exchange. For more information on the Company, please visit our web site at
www.titanminingcorp.com.
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Contact
For further information, please contact:
Jacqueline Allison – Vice President, Investor Relations and Strategic Analysis
Telephone: 416-366-5678 Ext. 205 | Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
Certain of the statements made and information provided in this news release are forward -looking
statements or information within the meaning of applicable Canadian securities laws. Often, these forward-
looking statements and forward-looking information can be identified by the use of words such as "plans",
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that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements or information contained in this release include, but are not limited to,
statements or information with res pect to our updated mine plan and proposed restructuring and related
timelines and schedules.
Forward-looking statements and forward-looking information by their nature are based on assumptions and
involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any future results,
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assumptions about the geopolitical, economic, permitting and legal climate that we operate in; the future
price of commodities; exchange rates; anticipated costs and expenses; production, mineral reserves and
resources and metallurgical recoveries, the impact of the restructuring on our business and the ability to
achieve our goals.
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such statements or information are reasonable, there can be no assurance that the forward -looking
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or should underlying assumptions prove incorrect, actual results may vary materially from those described
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actual results and future events could differ materially from those ant icipated in such statements.
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contained herein. Except as required by law, we do not expect to update forward -looking statements and
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