Empire State Mine


Empire State Mine is located approximately 1.3 miles southwest of Gouverneur, New York State, in St. Lawrence County. Titan controls over 80,000 acres near three towns in St. Lawrence County, of which, a total of 2,699 acres has both fee simple surface and mineral rights. The majority of the property consists of the 1,754 acres near the town of Gouverneur where the mine, mill and tailings disposal facility are located. Nine parcels totalling 703 acres are owned in the town of Edwards, which includes the Edwards mine. The remainder of the fee ownership covers the Pierrepont mine which is located on four owned parcels totalling 242 acres.

The mine is fully developed with shaft access and mobile equipment onsite. Existing surface facilities at the mine include a maintenance shop, offices, mine dry, primary crusher, mine ventilation fans, 12,000-ton (t) covered concentrate storage building, rail siding, warehouse and storage buildings. The mine and its facilities have been maintained to good standards.

Mineralization is hosted within an Upper Marble rock unit, comprised of metamorphosed and complexly folded (silicified) marbles. The mineralization is located primarily in hinges of large fold structures.

The Company has a three-phase strategy to maximize the value of its property holdings. Phase one is to recommence operations at the Empire State Mine on the Mineral Resources outlined in the Technical Report, which the Company believes will eventually reach a rate of 1,800 tons per day (t/d) as described in the PEA, while exploring the extensions of mineralized zones to extend the mine life. Phase one starts with a two-month refurbishment and rehabilitation period. Following completion of this period, the Company plans to systematically ramp-up production in order to achieve 800 t/d six months after project start, 1,200 t/d nine months after project start, and full production of 1,800 t/d 13 months after project start.

The Company's medium-term objective, or phase two of its three-phase strategy, is to evaluate potential exploration targets consisting of the historical probable and proven ores and remnants at the Empire State Mine that may, if economic, extend the life of the Empire State Mine, add to Minerals Resources and take advantage of spare capacity in its 5,000 t/d nameplate capacity processing facility. Remnants are structural pillars left behind from when the Empire State Mine was previously in operation. These historic probable and proven ores and remnants were not previously extracted due to the low price of metals at the time or because the mining methods and technologies that permit their extraction did not yet exist.

The Company's long-term objective, or phase three of its three phase strategy, is to identify and evaluate potential exploration targets at the Empire State Mine (such as from satellite deposits as was done in the past at the former Pierrepont, Edwards, and Hyatt Mines) that may, if economic, extend the life of the Empire State Mine and take advantage of spare capacity in its 5,000 t/d nameplate capacity processing facility. As part of phase three, the Company intends to commence a regional exploration program to compile, digitalize and model historical data from the Empire State Mine in order to attempt to identify new potential high value exploration targets.

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