SOURCE: Titan Resources International Inc.
November 15, 2010 16:01 ET
Titan Resources International Corp. Provides Corporate Update and Work Program Recommendations for the "Norgold" Property
TORONTO--(Marketwire - November 15, 2010) - Titan Resources International Inc. (PINKSHEETS: TNRI) (FRANKFURT: 36T1) -- As President and CEO of Titan Resources International Corp., I am pleased to provide an update to our shareholders and the larger investing public regarding the Company's accomplishments to date and the progress made over the recent months.
Titan conducted a reconnaissance geological mapping of a portion of the Norgold property which is located near the historic Gold Rock Mining Camp, about 140 kilometers south of the town of Dryden. The program ran in the summer of 2010, and gave the company a full and detailed analysis of the Norgold property, with a glimpse into the potential of the property, as well as direction as to the next step in the exploration of the property.
A line cutting and VLF survey was conducted by Major Management Exploration Services (MMES) in February 2009. The results were interpreted by the latest report, which also focused on mapping and sampling of the Norgold property from June 1st to June 3rd and covered 2.2 kilometers of proposed grid lines; a total of 11 samples were taken for analysis. The report is of the opinion that "geophysical surveying should be completed over the entire proposed grid during the fall and winter months. The exact positioning and orientation of the grid zones should be determined, upon receipt of all relevant data, in order to test the possibility that the zones of exploration interest may strike both northeast, as well as northerly." Titan had previously decided not to renew their contract with MMES and have engaged the services of another Geological Service company.
After review, Titan has decided not to proceed with its intent to acquire the group of claims and mineral rights known as the "Coopers" property, located in Val-d'or Quebec, Canada, however the company is currently reviewing similar opportunities and will keep shareholders abreast of ongoing developments. Please visit the company web site as additional information and updates will be posted continuously over the next few weeks.
Organizationally, Titan has accepted the resignation of former president Rownesie Felicilda, who will continue on with the company as a director. Titan would like to thank Mrs. Felicilda for her contributions to the company. Mr. Bill Akrivos takes over as the new president. Mr. Akrivos has over five years experience dealing with various mineral, oil and gas exploration companies and programs and is an ideal candidate to direct the company through the next phase of development.
I would like to take this opportunity to thank the staff of Titan Resources International Corp. for their hard work and dedicated service; to our shareholders for their loyal support and patience; and to our directors and officers who have maintained a strong belief and focus in what we are trying to accomplish. We look forward to a prosperous 2010-11 as we continue to explore and develop our properties and implement strategies to increase shareholder value.
About Titan Resources International Corp.
Titan Resources International Inc. is a publicly traded resource exploration company dedicated to the acquisition, exploration and development of small to medium size precious metals properties of exceptional merit. Please visit our company website at www.titan-resource.com.
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