White Mountain Launches Series of Project Initiatives to Accelerate Work Pace at Cerro Blanco Titanium Project
SANTIAGO, Chile, Dec. 1, 2010 /PRNewswire/ — White Mountain Titanium Corporation (“White Mountain” or the “Company”) (OTC Bulletin Board: WMTM) reports that, further to the news release of September 27, 2010, the Company has launched initiatives involving drilling, environmental monitoring and site access which, when taken together, are designed to accelerate the pace at which the Cerro Blanco Titanium Project is being advanced towards Final Feasibility.
Boart Longyear (Chile) Limitada, with whom White Mountain has conducted three previous drilling programs, has been contracted to undertake 7,500 metres of diamond drilling at the Las Carolinas prospect. Two drill rigs are currently working on an in-fill and step-out program. The objective of the in-fill program is to establish sufficient measured and indicated resources at Las Carolinas to support building an open pit mining operation with a 20 year life. The objective of the step-out program is to test areas which whilst considered to be highly prospective have hitherto not been drilled. The initial step-out target is a north easterly extension of the Las Carolinas prospect.
Arcadis Geotecnica, White Mountain’s environmental consultant, has been contracted to complete a baseline monitoring update over approximately half of the project’s land area in preparation for the commissioning of a full Environmental Impact Study (EIS). Arcadis’ field personnel will be onsite next week updating work that was carried out in 2006. They will consider the environmental impact of the proposed mining operation indigenous flora and fauna and local communities. In addition and as part of their mandate, Arcadis will work with Company personnel to plan and implement the necessary project permitting process, including legal requirements for final site remediation.
Further to the above, the Company has commenced discussions with the surface rights holder to the Cerro Blanco project to establish a mutually acceptable access corridor to the mine site. In addition to road traffic, it is envisaged that this corridor would also be used to bring line power and process water to site.
“We are very pleased to report an acceleration in the pace of work at our Cerro Blanco titanium project,” said Michael Kurtanjek, the Company’s President and CEO. “Management is committed to achieving the next major project milestone, a positive Final Feasibility study, and placing Cerro Blanco into production. Through Letters of Intent, potential customers have indicated their keen interest in purchasing our rutile concentrate. We are striving to become an important player in the titanium feedstock market for paint, pigment and titanium metal applications.”
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