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
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV