White Mountain Applies for Sea Water Access License, Completes Geophysical Study, Prepares Drilling Work Program and Budget and Provides Chinuka Process and TiO2 Market Updates
SANTIAGO, Chile, April 26, 2012 /PRNewswire/ -- White Mountain Titanium Corporation ("White Mountain" or the "Company") (OTC Bulletin Board: WMTM - News) reports that it has applied for an access license to draw sea water for a planned desalination plant. This plant will provide both industrial and potable water to the Cerro Blanco project and possibly to other users in the region as well. Process and design engineering work is currently underway on the planned desalination plant which, together with the access license, will be incorporated into the final project engineering design and Environmental Impact Statement ("EIS") for submittal to the Chilean mining authorities.
The Company has also completed a ground geophysics study covering the central portion of the Cerro Blanco concessions. A grid totalling approximately 232 line kilometres, each line spaced 50 metres apart, was established over concessions encompassing the four known prospects. The purpose of the study was two-fold. The first, to assist exploration personnel to site and orient drill holes planned for the upcoming Las Carolinas and La Cantera drill program as well as to identify new exploration targets. The second, to assist engineering personnel to locate the crusher, process plant, waste dumps, tailings facility and site infrastructure away from mineralized areas.
As a result of the geophysics study, a project footprint has been established for final engineering design purposes and possible extensions to Las Carolinas and La Cantera as well as two new exploration target areas have been identified. Initial mapping and sampling of the two new exploration target areas is underway and a diamond drilling work program for Las Carolinas and La Cantera incorporating results from the geophysics study has been prepared and budgeted. A 31 hole diamond drilling program - 7 drill holes in Las Carolinas and 24 in La Cantera - totalling approximately 5,200 metres, is planned for completion over 3 months. The Company has received all necessary permits to undertake the drilling program and earth moving equipment has been assembled to start construction of drill roads and pads.
The Company continues to monitor White Mountain funded research being undertaken on the Chinuka Process at the University of Cambridge under the direction of Professor Derek Fray . In recent discussions Professor Fray reported, "Testing of the larger scale reactor has been completed and is ready to initiate larger scale electrolysis. In addition, a variety of other feedstocks containing either significant quantities of iron or other minerals containing niobium and tantalum are being assessed regarding their viability for treatment by the Chinuka Process."
In other developments, the market for titanium dioxide feedstock remains buoyant. Various recent public articles have reported contract rutile sales at prices of $2,700 per tonne and above. An article in the March 7, 2012, edition of Industrial Minerals stated that feedstock producers were warning that welding grade rutile prices could top $4,000 per tonne in the second half of 2012.
Brian Flower , White Mountain's Executive Chairman, said, "The Company continues to advance the Cerro Blanco project to a final feasibility study stage and, at the same time, advance research on the Chinuka Process. All of this is taking place at a time when the market and outlook for titanium feedstock prices remains buoyant."
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 toward 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.
White Mountain Titanium Corporation
Michael Kurtanjek, President
(56) 2 657-1800
Brian Flower, Chairman
SOURCE White Mountain Titanium Corporation
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