Titan Lithium Inc (OTC:CDSG) shares added more than 7% on Wednesday after the lithium explorer and developer announced that its board is evaluating strategic proposals for the rapid development of its Titan lithium projects in Tanzania.
The company said both the Titan 1 and Titan 2 projects have attracted a high degree of interest from potential strategic partners after returning “uniquely strong” lithium results from its exploration.
"Titan Lithium is pleased by the strong interest in our projects from industry leaders which shows that even at such an early stage, the Titan projects are a standout and a potential new focal point for lithium in the global supply chain,” Titan Lithium board chairman Harp Sangha said in a statement.
“Our strategic review process coincides with discussions with leaders in the Tanzania government as we plan our Phase 2 exploration program that will include a parallel effort to test the production readiness of the projects' source materials. All alternatives will be thoroughly considered before any strategic partner is selected or any transaction is agreed upon.”
Additional updates will be provided to shareholders following the Thanksgiving holiday, Sangha said.
China Dongsheng International Inc. through its wholly owned subsidiary Titan Lithium is a lithium explorer and developer with operations in Nevada, the United States, and the United Republic of Tanzania.
Its shares were up 7.4% at US$0.04 in early trade on Wednesday.
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