Titan Goldworx Resources Inc.
CNSX : TTN

May 31, 2013 07:00 ET

Titan Goldworx Resources Inc.: Letter of Intent for Congo Project

MONTREAL, QUEBEC--(Marketwired - May 31, 2013) - Titan Goldworx Resources Inc. ("Titan") (CNSX:TTN) is pleased to announce that it has entered into a Letter of Intent ("LOI") with Falcon Copper Ltd. ("Falcon") for the exploration and development of mineral concessions located in the Democratic Republic of the Congo (DRC).

Falcon, a privately held company incorporated in Ontario, has an agreement in principle with Equity Management s.p.r.l. (the "JV Partner") pursuant to which Falcon has the right to acquire a 70% interest in the PR12675 and PR12684 concessions (the "Katambo Concessions") in Katanga province, DRC, via the formation of a DRC-based Joint Venture Company with the JV Partner ("the JV").

The LOI sets out the proposal by Titan to fund preliminary exploration work on the Katambo Concessions, and pending results of this work, to acquire Falcon's interest in the JV. Titan shall fund an initial exploration program with a total budget of CAN$50,000 and will subsequently be granted an exclusive right to continue its assessment of the Katambo Concessions via additional exploration programs. Subject to Titan's due diligence and receipt of satisfactory exploration results from all phases of the exploration program, Titan shall have the exclusive right to acquire Falcon's interest in the JV.

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.

ON BEHALF OF THE BOARD

Yaron Conforti, Chief Executive Officer and Director

Forward-Looking Information

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.

The CNSX does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Titan Goldworx Resources Inc.
    Yaron Conforti
    CEO
    (416) 716-8181