White Mountain Titanium Corp. has terminated the Letter of Intent with Hyundai Welding Co., Ltd. and Korea Resources Corporation. The company terminated the letter of intent as Hyundai Welding and Korea Resources failed to make required initial payments by the August 17, 2012 extended deadline.

Furthermore, the Korean consortium failed to sign a Loan Agreement, which would have started the process of reaching a Definitive Agreement as outlined in the nonbinding provisions of the letter of intent.