TUCSON, Ariz., Aug. 7, 2012 (GLOBE NEWSWIRE) -- Titan Iron Ore Corp. ("Titan", the "Company") (OTCBB:TFER) is pleased to announce its planned drilling and metallurgical programs at the Strong Creek and Iron Mountain Fe/Ti deposits at the Wyoming Iron Complex located in Albany County, Wyoming.
Subject to available funding and permitting, the Company plans to implement a Phase I resource delineation drilling program at the Strong Creek and Iron Mountain Project sites. This program is anticipated to consist of a minimum of twenty drill holes at Strong Creek at an average depth of 900 feet, and possibly two confirmation drillholes at Iron Mountain at an average depth of 400 feet. The drill program will be initiated after completion of a geologic map, an aerial geophysical magnetic survey of 250 line-km over the Strong Creek deposit, and a surface magnetic survey, intended to further delineate the extent of the magnetic signature of the mineralized zone and to assist in the optimum siting of drill holes. The Company has also engaged an expert metallurgical consultant to review historical data and test work and to recommend a program of testing designed to initially investigate amenability of Strong Creek ores to production of high grade iron and titanium concentrates. The aeromagnetic program has begun and other aspects of the planned work are, expected to commence this month, subject to the Company arranging the necessary financing at an expected total cost of roughly $2 million.
Subject to the results of Phase I, regulatory approvals, and additional funding, the Company expects to commence a Phase II exploration, which will consist of additional infill drilling, deposit delineation drilling, and detailed metallurgical studies, including pyrometallugical tests designed to produce high-grade, enhanced value, semi-steel and titanium products.
Andrew Brodkey, President of Titan, commented: "We are extremely pleased to announce our planned program to commence intensive drilling on the Strong Creek property; the larger of the two deposits within the Wyoming Iron Complex controlled by Titan, as well as potential confirmation drilling at Iron Mountain, which exhibits higher historical Fe and Ti grades than seen to date at Strong Creek. Previous programs conducted by Titan at Strong Creek have encountered iron and titanium mineralization throughout the entire lengths of the drill holes. We hope and expect that the Phase I program, when completed, will continue to demonstrate the uniformity of grade in the Strong Creek deposit."
There is no assurance that the Company will arrange sufficient funding in time to commence its work program in this drilling season.
Review by Qualified Person and Quality Control
The contents of this news release have been reviewed and approved by Mr. John Hiner, L.P. Geo. Mr. Hiner is a Registered Geologist in the State of Washington, registered member of the Society of Mining Engineers (SME) and a qualified person (QP) as defined in Canadian National Instrument 43‐101. Mr. Hiner is completely independent of Titan, owning no securities of any kind in the Company.
About Titan Iron Ore Corp.
Titan is based in Tucson, Arizona and trades on the OTC Bulletin Board under the trading symbol "TFER". The Company is focused on the acquisition and development of iron ore exploration and development mining properties located in regions that enjoy stable politics, sound economies and friendly business environments.
On Behalf of the Board,
TITAN IRON ORE CORP.
/s/ Andrew Brodkey
Andrew A. Brodkey
President and CEO
Forward Looking Statements
This news release contains forward-looking statements. Forward looking information in this news release include that we can undertake our intended work program; that the program will delineate the extent of the magnetic signature of the mineralized zone and to assist in the optimum siting of drill holes; that work is expected to start this month; that upon completion of Phase 1 we will commence a Phase 2 work program; and our expectation that the Phase I program, when completed, will continue to demonstrate the uniformity of grade in the Strong Creek deposit. There can be no certainty regarding the ability of the Company to achieve these results. Factors which may delay or prevent these results from coming to fruition include our inability to raise sufficient financing, weather and access impediments; inability of consultants to complete the exploration programs, and that results may be substantially different than expected. As well, results may differ as a result of geological data resulting in changed plans for exploration, the Company's potential inability to contract equipment and labor or finance its plans, current economic conditions and the state of mineral exploration and mineral prices in general. Even if results on the property are positive, the mineralization may not be sufficiently economic for commercialization. As a result, readers are advised not to place undue reliance on forward-looking statements or information. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws. Readers should also refer to the risk factors of junior mining exploration companies as disclosed on EDGAR to understand the many risks facing our company.
For further information please go to the Titan Iron Ore Corp. website: www.titanironcorp.com.