TUCSON, Ariz., Dec. 22, 2011 (GLOBE NEWSWIRE) -- Titan Iron Ore Corp. ("Titan", "we", the "Company") (OTCBB: TFER) is pleased to announce that it has delivered notice of its decision to exercise its option to purchase the Strong Creek and Iron Mountain (the "Wyoming Iron Complex") mineral claims located in Albany County, Wyoming. The Wyoming Iron complex consists of mineral leases and unpatented mining claims aggregating approximately 683 acres and is wholly owned by Wyomex LLC ("Wyomex"), a Wyoming limited liability company.
The Company has concluded its Phase I drilling program on the Strong Creek portion of the Wyoming property on December 7th, 2011. Assaying of core is currently underway and results on the 3 holes are expected shortly.
Titan announced that effective June 30, 2011 it had enter into the option agreement with the exclusive right and option to acquire a 100% undivided legal and beneficial interest in the property. The purchase price is $7,000,000 payable over time, and consists of a 4.5% gross metal value ("GMV") royalty, payable prior to production as a minimum advance of $62,500 every 6 months (as index-adjusted for inflation), and upon commercial production from the property, a minimum of $150,000 per year. Once the full $7,000,000 has been paid to Wyomex, the GMV royalty reduces to 1.5% on metals production. The Company expects to take title to the property by entering into and closing a definitive Asset Purchase Agreement early 2012.
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. Currently the Company has exercised its option to acquire the Wyomex Iron Complex project in Albany County, Wyoming, USA.
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 statements in this news release include: that the Company expects to complete this transaction by entering into and closing a definitive Asset Purchase Agreement early 2012 and that results from recent drilling is expected shortly. 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 agree on important terms of sale,, weather and access impediments; inability of consultants to complete the exploration programs, and inability of labs and third parties to deliver results. As well, results may differ as a result of geological data resulting in changed plans for exploration, our potential inability to contract equipment and labor, our inability to finance our plans, current economic conditions and the state of mineral exploration and mineral prices in general. 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.