Titan also announces that it has entered into a fixed zinc pricing arrangement for 50% of the Company’s budgeted zinc production for the remainder of 2022 at a price of US$1.61 per pound of zinc
Titan Receives Permit for Open Pit Mine. (Credit: Rolf Dobberstein from Pixabay)
Titan Mining Corporation (TSX: TI) (“Titan” or the “Company”) announces that its Empire State Mines (“ESM”) has received the permit from New York State Department of Environment and Conservation (“NYSDEC”), allowing it to begin mining activities on the Sphaleros open pit mine project.
General Manager, Joel Rheault commented “We are pleased that NYSDEC has recognized the thoroughness of our plan as well as our commitment to sustainable and responsible development. Completion of this infrastructure project will allow ESM to increase throughput to the existing mill beginning in the first half of 2023.”
The Sphaleros open pit incorporates the Hoist House, Pump House and Turnpike pits which comprises a Measured Mineral Resources of 105,000 tons at a grade of 3.34% zinc, Indicated Mineral Resources of 595,000 tons at a grade of 3.09% zinc and Inferred Mineral Resources of 217,000 tons at a grade of 3.37%.
With this permit in hand, ESM is moving immediately to complete construction of a 1.8 mile haul road from the Sphaleros project to the existing mill facility and start waste stripping and site preparation around the open pits.
Titan also announces that it has entered into a fixed zinc pricing arrangement for 50% of the Company’s budgeted zinc production for the remainder of 2022 at a price of US$1.61 per pound of zinc.
Don Taylor, President and CEO commented, “The successful conclusion of these permits are a major step in delivering our goal of increasing mine throughput and payable pounds of zinc as we maximize the extraction of the resource. Setting a price floor on 50% of our production for the balance of 2022 will ensure that we can cover our financial needs related to payment of dividends, capital costs associated with infrastructure construction and continued to reduction of our debt.”
Source: Company Press Release