- Titan Mining Corporation (TI) has announced that its Empire State Mines (ESM) has received the permit from New York State Department of Environment and Conservation
- The permit allows it to begin mining activities on the Sphaleros open pit mine project
- Having secured this permit, ESM plans to immediately complete the construction of a 1.8-mile-haul road from the Sphaleros project to the existing mill facility
- Titan Mining Corporation is an Augusta Group company which produces zinc concentrate at its 100-per-cent-owned Empire State Mine located in New York state
- Titan Mining Corporation opened trading at $0.50 per share
Titan Mining Corporation (TI) has announced that its Empire State Mines (ESM) has received a mining permit.
The permit from the New York State Department of Environment and Conservation (NYSDEC) allows the company to begin mining activities on the Sphaleros open pit mine project.
“We are pleased that NYSDEC has recognized the thoroughness of our plan as well as our commitment to sustainable and responsible development,” said General Manager, Joel Rheault.
“Completion of this infrastructure project will allow ESM to increase throughput to the existing mill beginning in the first half of 2023,” he added.
The Sphaleros open pit incorporates the Hoist House, Pump House and Turnpike pits which consist of measured mineral resources of 105,000 tons at a grade of 3.34 per cent zinc, indicated mineral resources of 595,000 tons at a grade of 3.09 per cent zinc and inferred mineral resources of 217,000 tons at a grade of 3.37 per cent.
Having secured this permit, ESM plans to immediately complete the construction of a 1.8-mile-haul road from the Sphaleros project to the existing mill facility.
In addition, it will 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 per cent of the company’s budgeted zinc production for the remainder of 2022 at a price of US$1.61 per pound of zinc.
“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,” noted Don Taylor, President and CEO.
“Setting a price floor on 50 per cent 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,” he added.
Titan Mining Corporation is an Augusta Group company which produces zinc concentrate at its 100-per-cent-owned Empire State Mines located in New York state.
Titan Mining Corporation opened trading at $0.50 per share.