SANTIAGO, Chile, Nov. 24, 2004 (PRIMEZONE) -- White Mountain Titanium Corporation (Pink Sheets:WMTM) announced today the results of a recently completed 2,600 meter drilling program on its Cerro Blanco titanium deposit in Region III of Chile. According to a company spokesman, a total of 12 diamond drill holes were completed, to a maximum depth of 250 meters, with all 12 holes bottoming in titanium mineralization. Throughout the mineralized zones, the titanium values, as determined by XRF analysis, were consistently reported in excess of 2% TiO2. Hole CB09 encountered high grade mineralization up to 6.05% TiO2, with a nine meter intercept running 5.2% TiO2. Another hole, CB10, included 187 meters of 2.3% TiO2.
"Our initial drilling confirmation program, which was originally designed to confirm the earlier RC drilling by Phelps Dodge, has not only confirmed the validity of their work, but appears to have increased the grade," said Mike Kurtanjek, President of WMTM. "It may well be that diamond drilling results in a more complete recovery of the mineralized material, which is improving the overall grade."
The company plans to conduct another 5,000 meters of diamond drilling next spring, primarily for geotechnical purposes and mine planning as part of the final feasibility program.
The company also announced today that it has received an intermediate report from its metallurgical consultants, SGS Lakefield Research of Lakefield, ON. Lakefield has demonstrated that a rutile concentrate grading 96.5% TiO2 can be beneficiated from Cerro Blanco ore. A process flowsheet has been developed, and trace element analysis has demonstrated that the concentrate is free of any problematic detrimentals. Results of the Lakefield work, as well as the drilling and other technical work, have been passed on to Aker Kaeverner, the company's engineering consultant. Kaeverner is expected to produce a pre-feasibility study by February, 2005.
The Board of Directors has elected to pursue a listing for the company's shares on the Toronto Stock Exchange. Efforts to complete the necessary documentation to apply for a listing are now underway. The directors believe that such a listing will improve the visibility of the company and enhance liquidity for all shareholders.
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 release.