Titan Fixes $1.55/lb Zinc Price for 30% of Forecasted Remaining 2023 Production
VANCOUVER, British Columbia, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the “Company”) announces that it has entered into a fixed zinc pricing arrangement for approximately 30% of the Company’s forecasted zinc production for the remainder of 2023. The arrangement is for an eleven-month period covering February 2023 to December 2023 at a price of $1.55 per pound of zinc.
Don Taylor, President and CEO, commented, “Fiscal Year 2022 was a record year for production at Titan’s Empire State Mine. With the recently announced production forecast of 54-58 million pounds of payable zinc for fiscal year 2023, the adoption of a quarterly cash dividend and our plans to develop the Sphaleros project, it was prudent to lock in a portion of Titan’s cashflow while maintaining significant exposure to upside movements in the zinc price. The forward sales will help ensure that we can deliver on our financial objectives for the year and reduce risk."
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan is built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at .
Cautionary Note Regarding Forward-Looking Information
Certain statements and information contained in this new release constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These statements appear in a number of places in this news release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including Titan’s plans to develop the Sphaleros project and maintain its quarterly cash dividend through 2023; and that locking in a portion of our cashflows while maintaining significant exposure to upside movements in the zinc price will support Titan in delivering on its financial objectives for the year. When used in this news release words such as “could”, “to be”, "will", "plan", "expected", "potential", and similar expressions are intended to identify these forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to vary materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators. Such forward-looking statements are based on various assumptions, including assumptions made with regard to the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company’s ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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