Wyoming Iron project (2 deposits) under option which was formerly owned and explored by Union Pacific RR from 1952 to late 1970
Unpatented federal mining claims and leased lands on approximately 500 acres in Albany County, Wyoming
Option in favor of Titan with purchase price of $7 million payable to vendor through advance minimum royalties and from royalties on actual production and a 1.5% gross metal value royalty payable after Titan has paid the $7 million
117 drillholes and over 85,000 feet of historical core drilling-holes ended in mineralization and deposit is open at depth
Historical feasibility and metallurgical studies (non NI-43-101 or SEC Guide 7 compliant) - ore contains magnetite, ilmenite (titanium) and vanadium
3 year timeframe for completion of exploration, prefeasibility and bankable feasibility studies, and permitting
Budget for first 3 years is $8.5 million and includes property payments
Current year exploration and related work ($410,000) includes expansion of geological database, preparation of an NI 43-101 equivalent technical report, and drilling
President, Chief Executive Officer and Director
Andrew Brodkey is a mining engineer and a lawyer. He graduated with distinction with a B.S. in Mining Engineering from the University of Arizona in 1979. Mr. Brodkey earned a law degree, cum laude, from Creighton University in 1982. He worked at the Denver, Colorado law firm of Gorsuch, Kirgis, Campbell, Walker and Grover as an associate specializing in natural resources and environmental law from 1982 until 1987. Subsequently, Mr. Brodkey joined Magma Copper Company, a NYSE-traded mining company in 1987, where he held various positions, eventually succeeding to the role of Vice President and General Counsel in 1992.
Following Magma's acquisition by BHP in 1996, he remained in a senior legal position with BHP Copper Inc., and in 2000 moved to the position of Vice President, Business Development for BHP Copper. Following his departure from BHP in 2002, Mr. Brodkey held the position of Managing Director of the International Mining & Metals Group of CB Richard Ellis, Inc ("CBRE"), where he was responsible for creating and building the mining property practice of CBRE. Currently, Mr. Brodkey is the President, CEO and Director of Pacific Copper Corp, President, CEO and Director of Pan American Lithium Corp. and President and Director of Zoro Mining Corp. His is also the Manager of Kriyah Consultants LLC, which has a contractual relationship with our company.
Chief Financial Officer
Frank Garcia from 2007 to the present has worked as Accounting Manager for Kriyah Consultants LLC providing accounting services for mining exploration companies. From 1997 to 2006, Mr. Garcia was employed in senior management positions by Misys PLC, a global software and solutions company serving customers in international banking and securities, international healthcare, and UK retail financial services. Prior to 1997 Mr. Garcia held executive positions with CEMEX, a world leader in the construction materials industry. Mr. Garcia is currently the CFO of two publicly-traded mining companies-- Zoro Mining Corp. (OTCBB: ZORM) and Pan American Lithium Corp. (OTCBB: PALTF; TSX-V: PL). Mr. Garcia received his Bachelor of Science - Business Administration - Major in Accounting from the University of Arizona in 1981.
Dr. David Hackman
Vice President Exploration
Dr. Hackman is a geologist and a registered professional engineer with over 35 years international experience specializing in the evaluation of leachable and other metal deposits. He has worked as a geologist for Mobil Oil Company and ALCOA. From 1990 to 1995, he was the president, of Liximin, Inc., a mineral exploration and mine development company based in Tucson, Arizona. From 1996 to 2000, he was an officer and director of Silver Eagle Resources Ltd. Currently, Dr. Hackman is the V.P of Exploration and a Director of Zoro Mining Corp. and Pacific Copper Corp., and is also the V.P. of Exploration for Pan American Lithium Corp.
Recent TFER News:
February 22 - Titan Intersects 652 Feet of 16.6% Iron and 5.2% Titanium at Its Wyoming Iron Complex
Titan Iron Ore Corp. ("Titan", the "Company") (OTCBB:TFER.OB - News) is pleased to announce the following highlighted results from drilling hole #2 of its winter 2011 drilling program from the Strong Creek Fe/Ti deposit at the Wyoming Iron Complex located in Albany County, Wyoming. The average iron oxide concentration is potentially economic material in terms of its iron and titanium content despite some local variability in the assays. Lower grade material in the hole was interspersed with higher grade material that resulted in a lower overall grade for the second reported interval of the hole. This included grades as high as 15% iron oxide and 5.6 % titanium dioxide. Results from the third hole are expected by month's end.
The distance between holes 1 and 2 is approximately 500 feet. Holes drilled by Titan represent only an 800 foot cross section of the deposit, which covers only 50% of its total estimated width. The area being drilled is in close proximity to holes drilled in earlier exploration efforts and the data from these holes is being corroborated by the current program. At least one of the earlier holes has been twinned by the current program although Titan's hole extended the data base to a much deeper horizon. The surface expression of the deposit has been traced over a continuous area of more than 5,000 feet by 1,500 feet wide. All three holes in this program were terminated in mineralized material and it is our expectation that the deposit may be open at depth suggesting that the resource has considerable potential to grow.
Andrew Brodkey, President of Titan, commented: "We continue to be encouraged with the results of the drilling and assays from our Phase 1, 3-hole drilling program on the Strong Creek property; the larger of the two deposits within the Wyoming Iron Complex controlled by Titan. Ore grade Iron mineralization was found throughout the first two holes, from top to bottom. We are initiating more comprehensive metallurgical tests with SGS Lakefield to determine the methodology to recover concentrates of both magnetite and ilmenite from the Strong Creek materials. Initial testing performed by Hazen Research in 1993 focussed entirely on production of a high quality ilmenite (Titanium) concentrate and did not optimize the circuit to recover iron ores."
As in the first hole, Iron-titanium mineralization was visually noted throughout the complete length of each of the first two holes, with iron occurring as magnetite and titanium as ilmenite. Core recovery of the reported intercept continues to be high, estimated at between 90% and 100% of the core drilled. Drill core was amazingly solid with a very high rock quality index of between 85 to 95%. On more than one occasion, five foot lengths of core were recovered from the core barrels.
All samples were HQ-sized core sawn in half at the facilities of Wyoming Analytical Laboratories in Laramie, Wyoming. The half-core samples were then prepared and assayed by Wyoming Analytical, using X-ray fluorescence (XRF) to obtain values for Iron Oxides (Fe2 03), Titanium Dioxide (TiO2) and Vanadium Pentoxide (V2O10); the three components of the ore that have potential commercial value. Additional testing is being performed by SGS Lakefield Laboratories of Lakefield Ontario, Canada, for analyses of total iron using XRF and the magnetic component using the Davis Tube tests.
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 NI 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.
Titan Iron Ore Corp.
3040 N. Campbell Avenue, Suite 110
Tucson, AZ 85719