SANTIAGO, Chile, Aug. 13, 2004 (PRIMEZONE) -- White Mountain Titanium Corp.(Pink Sheets:WMTM) announced today that it has completed a private placement of common stock and warrants which raised a total of $1,415,180 from the sale of 2,358,633 units. Each unit consisted of one share of common stock and one warrant entitling the holder to purchase an additional share for $1.50 for two years. The proceeds of the financing will be used for funding the completion of pre-feasibility work on the Company's titanium project in Chile, and for general working capital.
The Company recently signed a drilling contract with Connors, S.A. to undertake 2000 meters of diamond drilling consisting of 17 angled holes which will provide further information on the resource base at the project, optimize the understanding of the geologic model, and provide substantial information for mine planning purposes. The Company expects this drilling phase to be completed by early October.
The Company has also executed a contract with Arcadis Geotechnia to commence the baseline study for the Environmental Impact Statement. The work will cover the elements of seasonality between winter and summer, examine the impact of mining on the local infrastructure, flora and fauna, and form the basis of the application to be submitted to Chilean authorities in March 2005. Arcadia Geotechnica is an international company specializing in all phases of environmental assessment, and has executed extensive studies for all the major international mining companies involved in copper, gold, manganese and iron ore mining in Chile.
Certain statements contained herein may contain forward-looking statements that involve risks and uncertainties. Therefore, actual results may differ materially from those projected or implied. As a result, these forward-looking statements represent the Company's best judgment as of the date of this news release.