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Titan Mines Limited and Titan Metals Limited are two PNG incorporated companies very active in minerals exploration in Papua New Guinea. Both of these companies are supported closely by their Australian partner, ASX listed MIL Resources Limited.
Titan Mines owns 100% of the Amazon Bay Ironsands project located in south east PNG whilst Titan Metals holds Exploration Licences and Exploration Licence Applications for gold, copper and other base metals across peninsular PNG, New Britain and New Ireland provinces.
In 2007 ASX listed MIL Resources Limited acquired a 25% interest in Titan Mines and agreed to acquire up to 90% by funding A$22.5 million in exploration and evaluation programmes at Amazon Bay. Additionally MIL controls a 50% interest in Titan Metals and is currently working closely with the Titan teams.
Amazon Bay is a mineral exploration target estimated to be between 3 4 billion tones of vanadium rich magnetite ironsands spanning over 150 kilometres of coastline and potentially contains around 200 million tonnes of magnetite concentrate.
For more information visit www.titanmines.com