BioHeap™ Process Development All activities relating to the BioHeap™ technology are now conducted under the umbrella of Titan’s 100% owned subsidiary, Pacific Ore Technology (Australia) Limited (POT). New cornerstone investors are being sought to fund further development of the BioHeap™ technology which will ultimately lead to Titan no longer holding a controlling interest in POT. CHINA Copper A large copper deposit has been identified by POT in the Xingjiang province of China containing approximately 8.5 million tonnes of oxide ore at 0.41% Cu plus 95 million tonnes of primary sulphide ore at 0.65% Cu. POT have signed a Memorandum of Understanding (MoU) with the owners of the property giving POT the first right of refusal to acquire 70% of the project subject to due diligence. By way of due diligence, it is POT’s intention to perform limited metallurgical testing on samples of both the oxide and the sulphide ores, and to enlist the services of a consultant geologist in order to satisfy itself of the viability of the project. Also in China a second MoU was signed with a major copper producer in the Gansu Province which outlines our combined intention to apply the BioHeap™ technology to the 250 million tonne, low grade copper stockpiles that are currently sitting at surface. Corporate A presentation on BioHeap™ was given to a group of Chinese investors made up largely of bankers and fund managers. The seminar was convened in order to lay the foundations for the formation of an investment fund which will be the first in China to be dedicated solely to the Chinese mining and resources industry. Strong interest in POT is being shown by this fund. Due to POT’s increased activity in China, it will be opening a representative office in Beijing in the near future. AUSTRALIA Sherlock Bay Nickel Corporation (SBNC) A conditional agreement has been reached with SBNC for the supply of BioHeap™ technology to their Sherlock Bay nickel mine in the Pilbara region of Western Australia. POT will be working closely with SBNC over the coming months to develop what will be the first commercialisation of the BioHeap™ technology. MONGOLIA There is 230,000 tonnes of copper in surface stockpiles and 457,000 tonnes of copper in unmined low-grade ore at the Erdenet mine in Mongolia. The unmined ore can be delivered to a ROM pad at zero incremental cost because it must be mined alongside the high grade ore that the mine is currently processing. Initial BioHeap™ laboratory tests have been successful and Erdenet have now requested that further testing be undertaken at the mine site. ELSEWHERE POT are actively involved in several other projects that it is unable to report on at the present time due to client confidentiality. Included are large nickel and copper projects in Australia as well as gold, copper-gold and poly-metallic projects in Europe.
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