MONTREAL, QUEBEC--(Marketwired - Aug. 16, 2013) - Titan Goldworx Resources Inc. ("Titan" or the "Company") (CNSX:TTN) is pleased to announce that further to its press release dated May 31, 2013, it has amended the Letter of Intent with Falcon Copper Ltd. ("Falcon") to include Titan's proposed acquisition from Falcon of an additional copper project located in the Democratic Republic of the Congo (DRC) (the "Amendment").
The Amendment provides Titan with the opportunity to acquire from Falcon a 95% interest in PR12116 (the "Kimano Concession") a copper exploration and development project that was subject to significant exploration activities by a leading global mining company from 2003 until 2009. Along with Titan's previously announced transaction for the Katambo copper project ("Katambo Concession") in DRC, the Kimano Concession represents the Company's second project in a growing portfolio of copper projects being developed by Titan.
About the Kimano Concession
The Kimano Concession is located approximately 20km west of the Kinsevere copper mine, owned by China's Minmetals Resources. Previous work on the Kimano Concession indicates demonstrated areas with combinations of high geochemical values (up to 395ppm Cu), geophysical anomalies and fault intersections. Five target areas have been identified based on the historical data and Titan intends to execute, within the next 60 days, an advanced exploration program including RC and diamond drilling campaigns on certain of the targets. The exploration and drilling programs will be jointly managed by Titan and Falcon with the goal of defining an initial resource as soon as possible on the Kimano Concession. Subject to Titan's due diligence and receipt of satisfactory results from the exploration and drilling program, Titan shall have the exclusive right to acquire from Falcon a 95% interest in the Kimano Concession.
The completion of the transaction is subject to a number of conditions, including but not limited to the execution of a definitive agreement, completion of satisfactory due diligence, completion of a National Instrument 43-101 compliant technical report, and approval of the transaction by the board of directors of Titan and Falcon. There can be no assurance that the transaction will be completed as proposed, or at all.
Titan's Strategic Development
Titan's objective is the consolidation and development of copper projects with near-term visibility to production. The Company leverages its own technical and financial expertise and that of its global partners to systematically select and develop those projects that provide a high probability of near-term cash flow. The Company's focus on high value projects with potential for near term production has enabled Titan to engage in discussions with global commodity traders that are actively seeking off-take arrangements within the regions that Titan is currently active. Titan will continue to engage potential off-take partners with a view to forming strategic relationships throughout the project development cycle.
ON BEHALF OF THE BOARD
Yaron Conforti, Chief Executive Officer and Director
The CNSX does not accept responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Titan Goldworx Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this release include, but is not limited to, the Company's statements about its planned use for the proceeds of the Offering and the commencement of the trading of its Shares on the CNSX. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.