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White Mountain Completes US$ 1 Million Financing and Readies Cerro Blanco Titanium Project for Stage 2 Pilot Plant Trials.
May 12, 2009 6:00:00 AM


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View Additional ProfilesSANTIAGO, Chile, May 12 /PRNewswire-FirstCall/ -- White Mountain Titanium Corporation ("White Mountain" or the "Company") (OTC Bulletin Board: WMTM) reports that it has raised US$ 1 million through the exercise of 2 million warrants at US$ 0.50 by a European institutional investor. Details of this financing are set out in a Form 8-K filed by the Company with the SEC on May 8th.


A portion of the funds raised in this financing will be directed towards completing Stage 2 of the pilot plant program. Management is currently incorporating results from the recently completed Stage 1 and follow on locked cycle test work into a detailed scope of work for the Stage 2 program. The scope of work is expected to be finalized within the week at which point the Company will solicit competing bids from accredited laboratories with the required process equipment and experience to undertake the work program.


With respect to the locked cycle tests, working on a 250 kg bulk sample representative of the Las Carolinas deposit, SGS Lakefield ("SGS") produced a high grade rutile concentrate assaying 97.2% TiO2 at an overall recovery of over 90%. Of note, SGS was able to reproduce the grade and recovery results using both potable and sea water as the flotation medium. In addition calcium levels in the concentrate were reported at 0.06% CaO, well below the advised level of 0.15% CaO for titanium pigment producers. The Company has taken delivery of samples of rutile concentrate from the locked cycle test work and intends to make these samples available to potential customers over the next 2 weeks.


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 kilometres 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 titanium metal 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.


Contact:
White Mountain Titanium Corporation
Michael Kurtanjek, President
(56) 2 231-5780

Brian Flower, Chairman
[phone]



SOURCE White Mountain Titanium Corporation



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Michael Kurtanjek
President
(56) 2 231-5780
or Brian Flower
Chairman
[phone]
both of White Mountain Titanium Corporation