White Mountain Provides Update on Project Engineering, EIS, Power and Water Supply and Metals Technology
SANTIAGO, Chile, March 1, 2012 /PRNewswire/ -- White Mountain Titanium Corporation ("White Mountain" or the "Company") (OTC Bulletin Board: WMTM) reports that it has entered into additional agreements with professional firms to advance work necessary to take the Cerro Blanco project to final feasibility.
In January 2012, the Company entered into an agreement with AMEC International (Chile) S.A. ("AMEC") to conduct a full review of earlier engineering studies prepared by Cade Idepe on the Cerro Blanco project. AMEC's scope of work involves a full review of process plant design and recovery, location of waste dumps and tailings areas and economic assessment. The review is well underway and is expected to be completed by mid-year. Results from this review will be incorporated into the Final Feasibility Study as well as the Environmental Impact Statement ("EIS"). The EIS is scheduled for submittal to the Chilean mining authorities during the second quarter.
With respect to the EIS, the Company's environmental team, together with Arcadis Geotecnica, its environmental consultant, will integrate the results of AMEC's process design and the location of tailings and waste review into the study. The EIS will also integrate the most recent baseline monitoring studies in respect of flora and fauna on site as well as the project's possible impact on the local communities. Over the past three weeks, the Company has been holding project information and awareness discussions with leaders of the three communities located closest to the project.
In addition to the engineering review and EIS, White Mountain has also entered into a non-binding agreement with Empresa Electrica Guacolda S.A. ("Guacolda") for the supply of electric power, associated transmission lines and sea water for a desalination plant proposed to be built at site. The terms of the agreement will only become binding when the Company has all the permits in hand to commence construction of the Cerro Blanco project. The Company and Guacolda have also held discussions with respect to port storage and loading facilities for rutile concentrate.
In other developments, at a recent meeting with personnel conducting research on the Chinuka Titanium Metals Technology at the University of Cambridge, Company management was informed the next stage of research will involve increasing the size of the reactor vessel to produce sponge titanium using Cerro Blanco rutile concentrate. The exact vessel dimensions and capacities are currently being optimized.
Brian Flower, White Mountain's Executive Chairman said, "The Company's project and consulting personnel are to be commended on their collaborative efforts to quickly advance the Cerro Blanco project to a final feasibility study stage. The same holds true for the UK metallurgists seeking to advance research on the Chinuka Process. Both the Cerro Blanco project and Chinuka Process activities are being carried out at an opportune time for the Company, a time of titanium dioxide feedstock supply shortages and robust rutile prices."
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.
White Mountain Titanium Corporation
Michael Kurtanjek, President
(56) 2 657-1800
Brian Flower, Chairman
SOURCE White Mountain Titanium Corporation