Business
Titan Mining Suspends ESM Operations Following Flooding From Tropical Storm Debby; Annual Production Guidance Remains Unchanged
VANCOUVER, British Columbia, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the “Company”) announces that operations at Titan’
About this update from Titan Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the “Company”) announces that operations at Titan’s Empire State Mine (“ESM”) have been temporarily suspended following historic flooding from Tropical Storm Debby. There were no injuries to employees or damage to the mobile fleet. Despite efforts by mine personnel to divert water to mined out areas of the mine, floodwater rose in the shaft above the crusher level leading to electrical power failure in the mine. As of this morning, power has been partially restored to the underground and floodwaters are receding. The Company continues to pump water out of the underground workings. Once mining operations resume, ore will be stockpiled underground. As a result of flooding, the underground crusher and control room will require an electrical rebuild that is expected to take four to eight weeks, during which period there will be no production of zinc concentrate. The Company has declared force majeure for its contractual concentrate delivery obligations for the near term. During the rebuild period, Titan will continue to mine and stockpile ore underground. The Company anticipates that stockpiling ore coupled with the excess mill capacity will enable the Company to meet budgeted production for the year. Titan’s annual production guidance for ESM remains unchanged. New York Governor Kathy Hochul declared a statewide State of Emergency in response to the flooding caused by Tropical Storm Debby. The Company is in contact with the State and Federal authorities regarding potential assistance to address business disruptions caused by the flooding. About Titan Mining Corporation Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan is built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com Contact For further information, please contact: Investor Relations: Email: [email protected] Cautionary Note Regarding Forward-Looking Information Certain statements and information contained in this new release constitute “forward-looking statements”, and “forward-looking information” within the meaning of applicable securities laws (collectively, “forwa...