As soon as sufficient financing is in hand, Tiomin Resources (TIO-T) is prepared to launch a full feasibility study at its Kwale titanium mineral sands project on the coast of Kenya.
The deposit, situated 65 km south of Mombasa, consists of 200 million tonnes of material in three dunes, within which are 4 million tonnes ilmenite, 1 million tonnes rutile and 600,000 tonnes zircon.
Tiomin holds an 80% interest in five large mineral sand deposits in Kenya (including Kwale); Pangea Goldfields (PGD-T) retains a 20% carried interest in each.
Tiomin’s other major undertaking is the Cerro Colorado copper project in Panama, on which the company completed a feasibility study in May. Tiomin has negotiated an extension of its contract that gives the company another five years to make a production decision.
For the quarter ended March 31, Tiomin recorded a net loss of $249,713 (or 1 cents per share) on interest and other income of $41,776. This compares with a net loss of $199,177 (1 cents per share) on interest and other income of $150,011 for the corresponding period of 1997.
For the year ended Dec. 31, Tiomin posted a net loss of $1.3 million (or 4 cents per share) on interest revenue of $402,766. This compares with a net loss of $742,021 (3 cents per share) on interest revenue of $1.1 million in 1996.
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