SANTIAGO, Chile, April 16, 2014 (GLOBE NEWSWIRE) -- White Mountain Titanium Corporation ("White Mountain" or the "Company") (OTCQB:WMTM) is pleased to provide a further update on the progress of its Environmental Impact Statement ("EIS") through the review process and to announce that it has received a further US$2 million in funding under terms set out in a Binding Memorandum of Understanding (the "MOU") entered into in December, 2013.
Environmental – Further to the news release of March 31, 2014, a written response to a first round of questions posed to its EIS application under a public review process has now been filed with the Chilean environmental authority, Servicio de Evaluación Ambiental ("SEA"). The Company's response can be accessed on the SEA web-site through the following link: http://www.sea.gob.cl/. Company management expects to receive a written response to their recent filing from SEA within 45 days.
Subsequent to making the recent filing, Company management and its environmental personnel met with national and local government representatives from the Third Region to discuss outstanding issues related to the Cerro Blanco project (the "Project"). During the meeting, attendees from the national government and councillors representing local communities expressed strong support for the Project. Whilst the Company is not in a position to forecast when full EIS approval will be issued, continuing dialogue with and maintaining strong support from government and local communities remains a primary objective of Project personnel.Corporate Matters – On December 4, 2013, the Company entered into the MOU with Grand Agriculture Investment Limited for the placement of US$10 million of units of the Company's common stock. Terms of the MOU were set out in a news release of December 9, 2014 and during the same month a US$2 million first tranche placement was completed. The Company announces that a US$2 million second tranche placement has now been completed under the MOU, particulars of which are contained in a Form 8-K to which this news release is attached as an exhibit. Company management will be meeting with RBC Capital Markets, with whom the Company has an advisory engagement, and other parties in Hong Kong and the PRC who are either shareholders or have expressed an interest in White Mountain and the Cerro Blanco project. Further details will be available in due course. Commenting on these developments, Michael Kurtanjek, President and Chief Executive Officer said, "I am delighted that the Cerro Blanco project has received an excellent reception from the representatives of the new national government in Chile and continues to have strong support from local communities. We will make every effort to maintain these relationships while advancing the Project to a final feasibility stage and seeking a strategic partner, both within a reasonable time frame. To that end, the US$2 million second tranche placement provides the means to move the Project forward."