White Mountain Completes $2.13 Million Financing and Advances Pilot Plant Program at the Cerro Blanco Project
SANTIAGO, Chile, Oct 08, 2008 /PRNewswire-FirstCall via COMTEX/ -- White Mountain Titanium Corporation ("White Mountain" or the "Company") (OTC Bulletin Board: WMTM) reports that it has completed a private placement financing and raised $2.13 million. The Company issued 2.84 million common shares at a price of $0.75 per share. Third party advisory fees related to the financing total $131,946.
The Company will use the funds for general treasury purposes, as well as advancing the Pilot Plant program at its Cerro Blanco titanium project.
"Proceeds from this financing will allow White Mountain to move the Cerro Blanco project forward," said Michael Kurtanjek, the Company's President and CEO. "Our immediate objectives are to finalise operational details in respect to the Pilot Plant program. I am also delighted that in this difficult market White Mountain continues to find support from investors who see the long-term potential of this unique project."
About White Mountain Titanium Corporation
The Company holds mining concessions on the Cerro Blanco property currently consisting of 33 registered mining exploitation concessions and five mining exploration concessions in the process of being constituted, over approximately 8,225 hectares located approximately 39 kilometers west of the City of Vallenar in the Atacama, or Region III, geographic region of northern Chile. The Company's principal objectives are to advance the Cerro Blanco project towards a final engineering feasibility, and to secure off-take contracts for the planned rutile concentrate output. It would be the intention to sell the rutile concentrate to paint and pigment producers. Work also continues to investigate the commercial viability of producing a feldspar co-product. The feldspar could find applications in the glass and ceramics industries.
The OTC BB has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in our press releases and on our website, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," and "inferred," that the SEC guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10K for the year ended December 31, 2007, File No. 333-129347, and in subsequent filings with the SEC. You can review and obtain copies of our filings from the SEC's website at http://www.sec.gov/edgar.shtml
White Mountain Titanium Corporation
Michael Kurtanjek, President
(56) 2 231-5780
Brian Flower, Chairman
SOURCE White Mountain Titanium Corporation