White Mountain Advances Off-take Supply Discussions with Pigment Producers
SANTIAGO, Chile, Oct. 13 /PRNewswire/ — White Mountain Titanium Corporation (“White Mountain” or the “Company”) (OTC Bulletin Board: WMTM) reports that following testing by pigment and welding rod producers of its proposed range of Cerro Blanco rutile concentrates, the Company has signed its first Letter of Intent off-take agreement with a major pigment producer for the supply of standard grade rutile concentrate. The Letter of Intent, which at this stage is non-binding on the parties and subject to the successful completion of a bankable feasibility study, is covered by a non-disclosure agreement.
White Mountain is seeking additional Letter of Intent off-take agreements and intends to advance discussions with interested parties during a Titanium Convention to be held in Hong Kong during the first week of November, 2010. The Company expects to be making further announcements relating to its progress in this regard over the coming weeks.
Off-take supply discussions with pigment producers have principally focused on standard grade rutile concentrate, the coarsest of the three concentrates proposed for Cerro Blanco. The concentrates being tested by pigment and welding rod producers were all derived from the Company’s Pilot Plant program carried out in late 2009 at the SGS Lakefield facility in Ontario, Canada.
“This first Letter of Intent is a resounding vote of confidence from a potential customer, both for the quality of our proposed standard grade rutile concentrate and the potential viability of our Cerro Blanco project. In terms of off-take supply volume, the initial interest speaks to a significant proportion of Cerro Blanco’s anticipated production in the early years,” said Michael Kurtanjek, the Company’s President and CEO. “Management will aggressively seek to increase off-take commitments at a time when the market for high grade titanium feedstock such as the Cerro Blanco standard grade rutile concentrate continues to firm.”
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 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, 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: White Mountain Titanium Corporation Michael Kurtanjek, President (56) 2 657-1800 Brian Flower, Chairman (604) 408-2333
SOURCE White Mountain Titanium Corporation