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TITAN MINING CORP (TIMCF) is a leading mining company dedicated to the exploration and extraction of precious minerals. With a strong focus on sustainable practices and cutting-edge technology, the company operates several successful projects worldwide. Recent achievements include significant mineralized intercepts from drilling and ongoing partnerships with industry leaders. TITAN MINING CORP's financial condition remains robust, positioning it as a key player in the mining sector.
Titan Mining (TSX:TI, OTCQB:TIMCF) has announced the return to full commercial production at its Empire State Mine in upstate New York following repairs due to damage caused by tropical Storm Debby on August 10, 2024. The electrical components of the underground crusher level were affected, but repairs were completed ahead of schedule and under budget.
Mining activities resumed on August 20, 2024, and continued during the repairs. With stockpiled ore and excess milling capacity, Titan expects to meet its original full year production guidance of 56 to 60 million payable pounds of zinc. The company's Vice President of Operations, Joel Rheault, expressed confidence in meeting production targets for the year.
Titan Mining (TSX:TI) (OTCQB:TIMCF) has appointed Rita Adiani as its new President, effective mid-October 2024. Ms. Adiani brings over 18 years of global mining industry experience, with expertise in capital markets, project development, and corporate leadership. Her background includes senior roles at Arizona Sonoran Copper Company, NRG Capital, and La Mancha Resources.
CEO Don Taylor highlighted Adiani's potential role in unlocking the graphite potential at Empire State Mines (ESM). The company's Kilbourne graphite project has near-surface potential with a significant portion of the targeted resource on fully permitted land. Titan aims to position ESM as a key player in securing a stable domestic supply of critical materials, particularly natural flake graphite, which currently lacks stable, secure domestic suppliers in the United States.
Titan Mining announced its first quarter 2024 results, highlighting safety achievements and operational progress. The Empire State Mine (ESM) received two safety awards from MSHA for 2023. Q1 2024 saw the production of 14.7 million pounds of payable zinc, a slight increase from Q4 2023. Despite a challenging market, Titan continues to explore the Kilbourne graphite trend, completing 19 drill holes and collecting a bulk sample.
Financially, Titan reported a revenue of $11.73 million, an improvement from $10.91 million in Q4 2023 but a net loss of $2.63 million. The company ended the quarter with $4.18 million in cash and $32.44 million in net debt. Operationally, efforts focused on the Mahler, New Fold, and Mud Pond zones. ESM production remains on target for 56-60 million pounds of zinc in 2024. Work on expansion projects like Turnpike is due to lower zinc prices.
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