LONDON, United Kingdom, Oct. 18, 2004 (PRIMEZONE) -- White Mountain Titanium Corporation (Pink Sheets:WMTM) announced today an update of field progress on the pre-feasibility work on its Cerro Blance titanium deposit in Region 3, Chile.
According to Mike Kurtanjek, President of White Mountain, the 2,500 meter diamond drilling program has been completed successfully, and samples are being shipped to Lakefield Research in Toronto for assay. Arcadis Geotechnica of Santiago has completed a baseline environmental study, which will be incorporated into the pre-feasibility, and no major environmental issues were identified.
In another development, on October 14, Proteus Capital of New York City released a research report on the company. In the conclusions, Proteus values the company at between $80 and $240 million. The report can be accessed at www.proteuscapital.com, or linked through the company's web site at www.wmtcorp.com. Proteus Capital has been retained by the Company on an advisory consulting contract and receives a monthly retainer for such services. Additionally, Proteus Capital or its principals are equity holders of White Mountain Titanium Corporation.
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.