Titan Proposes Acquisition of Additional Copper Project in Katanga Province, DRC
August 16 2013 - 4:41PM
Marketwired
Titan Goldworx Resources Inc. ("Titan" or the "Company") (CNSX:TTN)
is pleased to announce that further to its press release dated May
31, 2013, it has amended the Letter of Intent with Falcon Copper
Ltd. ("Falcon") to include Titan's proposed acquisition from Falcon
of an additional copper project located in the Democratic Republic
of the Congo (DRC) (the "Amendment").
The Amendment provides Titan with the opportunity to acquire
from Falcon a 95% interest in PR12116 (the "Kimano Concession") a
copper exploration and development project that was subject to
significant exploration activities by a leading global mining
company from 2003 until 2009. Along with Titan's previously
announced transaction for the Katambo copper project ("Katambo
Concession") in DRC, the Kimano Concession represents the Company's
second project in a growing portfolio of copper projects being
developed by Titan.
About the Kimano Concession
The Kimano Concession is located approximately 20km west of the
Kinsevere copper mine, owned by China's Minmetals Resources.
Previous work on the Kimano Concession indicates demonstrated areas
with combinations of high geochemical values (up to 395ppm Cu),
geophysical anomalies and fault intersections. Five target areas
have been identified based on the historical data and Titan intends
to execute, within the next 60 days, an advanced exploration
program including RC and diamond drilling campaigns on certain of
the targets. The exploration and drilling programs will be jointly
managed by Titan and Falcon with the goal of defining an initial
resource as soon as possible on the Kimano Concession. Subject to
Titan's due diligence and receipt of satisfactory results from the
exploration and drilling program, Titan shall have the exclusive
right to acquire from Falcon a 95% interest in the Kimano
Concession.
The completion of the transaction is subject to a number of
conditions, including but not limited to the execution of a
definitive agreement, completion of satisfactory due diligence,
completion of a National Instrument 43-101 compliant technical
report, and approval of the transaction by the board of directors
of Titan and Falcon. There can be no assurance that the transaction
will be completed as proposed, or at all.
Titan's Strategic Development
Titan's objective is the consolidation and development of copper
projects with near-term visibility to production. The Company
leverages its own technical and financial expertise and that of its
global partners to systematically select and develop those projects
that provide a high probability of near-term cash flow. The
Company's focus on high value projects with potential for near term
production has enabled Titan to engage in discussions with global
commodity traders that are actively seeking off-take arrangements
within the regions that Titan is currently active. Titan will
continue to engage potential off-take partners with a view to
forming strategic relationships throughout the project development
cycle.
ON BEHALF OF THE BOARD
Yaron Conforti, Chief Executive Officer and Director
The CNSX does not accept responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that Titan Goldworx Resources Inc. (the "Company")
expects to occur, are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements in this release include, but is not
limited to, the Company's statements about its planned use for the
proceeds of the Offering and the commencement of the trading of its
Shares on the CNSX. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include regulatory actions, market
prices, exploitation and exploration successes, and continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
Contacts: Titan Goldworx Resources Inc. Yaron Conforti CEO (416)
716-8181