Successfully Transfers Ecuadorian Exploration Assets Into Subsidiaries
Titan Minerals Limited (ASX:TTM) has successfully completed the restructuring of its Ecuadorian operations as part of the company’s strategic review.
Post the acquisition of Core Gold Inc. and as part of the company’s strategic review process, the decision was taken to restructure the Ecuadorian operations acquired as part of the Core Gold Inc. acquisition, whereby, all mining concessions held in local companies were to be transferred into newly incorporated companies that are wholly owned subsidiaries of Titan.
Titan holds an interest in 55 mining concessions covering 55,587 Ha, of which 53 are registered for small scale mining and two are registered for exploration.
After receiving approval from the Minister of Energy and Non Renewable Natural Resources to do so, each of the concession packages that comprise the flagship Dynasty Gold Project, Copper Duke Project, Linderos Project, Copper Fields Project, Jerusalem Project and the Zaruma Mine have been transferred into a wholly owned subsidiary company of Titan. A total of 55 mining concessions have been transferred.
Meanwhile, the Zaruma Mine and Portovelo process plant are currently undergoing divestment. Following the restructuring of the company’s assets the sale can now be progressed.
“Completion of the restructuring of the Ecuadorian operations is a major achievement and significant milestone for Titan,” Managing Director, Laurie Marsland said.
“We look forward to finalising divestment of the Zaruma Mine and Portovelo process plant in the near term and focussing our attention on completing the drill programme at Dynasty that will enable Titan to deliver the first mineral resource estimation reported under the JORC Code.”