Titan Mining Corp. TSX-TI has concluded an offtake agreement with Glencore for 100 per cent of the zinc concentrate from its Empire State mine in upper New York state.
Concentrate offtake agreement
The long-term contract will commence on the first production of concentrate from the Empire State mine. Zinc concentrate is expected to be transported within North America. It is anticipated that commercial production will be achieved early in the second quarter of 2018.
“This is an important milestone for Titan, and assures a long-term home for our zinc concentrate,” said Richard Warke, president and chief executive officer.
Keith Boyle, chief operating officer, added: “The agreement with Glencore ensures that transportation logistics are very simple and low risk. Equally important is that payments will be more frequent than market standards, thereby minimizing working capital requirements at the mine site.”
Eric Strom will join Titan on March 5, 2018, as vice-president, projects and innovation. Mr. Strom has over 20 years of industry experience in precious and base metals mine development and operations in Canada and Australia. He was most recently director, underground mining, for New Gold Inc., and previously worked for Placer Dome Inc., Goldcorp Inc., Rio Tinto and China Molybdenum Co. Ltd. Mr. Strom led the implementation of the world’s first fully automated underground hard-rock mine at Northparkes Mines Australia, and will contribute to the ramp-up, growth and modernization of the Empire State mine, key elements of the company’s growth strategy.
Scott Burkett has been appointed as Titan’s vice-president, exploration. Mr. Burkett has over 10 years of experience in mineral exploration, ore control, geologic modelling, resource estimation and database management. Prior to joining the company, Mr. Burkett worked for Arizona Mining Inc., where he served as chief geologist for the Hermosa project, and was instrumental in designing programs which resulted in significant expansion of the mineral resources. Mr. Burkett also brings experience in exploration and ore control from previous roles at Metal Mining Consultants Inc., First Solar Inc., Hycroft Resources & Development Inc. (Allied Nevada Gold Corp.) and Yamana Gold Inc.
“We are very pleased with the addition of Eric to the team, and the promotion of Scott within the Augusta Group,” stated Mr. Warke. “Eric’s expertise in innovation and optimization will be invaluable at our Empire State mine and in the revival of this historic mining district. Scott is an exceptional geologist and his talents will be applied to helping us find new deposits on the 80,000-acre land package that we control.”
About Titan Mining Corp.
Titan is a Canadian-based zinc exploration and development company with its principal asset being the Empire State mine in the state of New York. For more information on the company, please visit its website.