EDMONTON, ALBERTA - March 11, 2010 - Titanium Corporation Inc. (TSX-V: TIC) and Sustainable Development Technology Canada (SDTC) are pleased to announce they have signed a Contribution Agreement and an initial payment of $1.6 million against the first milestone has been advanced to Titanium. As announced by SDTC and the Government of Canada in September 2009, Titanium's "Creating Value from Waste" project was selected by the Board of Directors of SDTC to receive up to $4.9 million through the SD Tech Fund(tm). The SDTC funding will be applied to Titanium's 2010 program for the demonstration of technologies that recover valuable products from oil sands tailings and deliver environmental improvements.
"Completing agreements with SDTC and consortium members is an important milestone for our project," said Scott Nelson, Titanium's President and CEO. "Project execution is now moving ahead rapidly with planning and engineering well advanced for pilot fabrication and installation at the Natural Resources Canada CanmetENERGY Devon Research Centre in April".
The 2010 project will demonstrate technologies to recover heavy minerals, hydrocarbons and water from oil sands froth treatment tailings. Titanium's technologies are designed to reduce emissions at oil sands sites, reduce the consumption of fresh river water and reduce footprint expansion of tailings ponds.
"Our Government continues to help bring innovative clean energy technologies from idea to marketplace," said the Honourable Christian Paradis, Minister of Natural Resources. "Titanium Corporation's project is an excellent example of the kind of clean energy technology we want to develop, creating high quality jobs for Canadians and helping protect our environment." "Technologies like the one developed by Titanium will help Canada reduce the environmental footprint of the oil sands industry," said Vicky Sharpe, SDTC President and CEO. "Funding the development and demonstration of these technologies is key because it will fast-track their market entry, making them available to the industry sooner."
About Titanium Corporation Inc.
Titanium Corporation Inc. is developing the technology necessary to recover heavy minerals and bitumen contained in the waste tailings streams from oil sands mining operations near Fort McMurray, Alberta. The potential benefits from this "Value from Waste" proposition are twofold. First, the recovered minerals will have intrinsic value and will provide shareholders with a source of revenue. Second, by using an integrated approach to recovering minerals and bitumen, there is potential for industry-wide environmental benefits. The Company's shares trade on the TSX-V under the symbol TIC. For more information, please visit www.titaniumcorporation.com.
Sustainable Development Technology Canada (SDTC) is an arm's-length foundation created by the Government of Canada which has received $1.05 billion as part of the Government's commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $550 million SD Tech Fund(tm) supports projects that address climate change, air quality, clean water, and clean soil. The $500 million NextGen Biofuels Fund(tm) supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels. SDTC operates as a not-for-profit corporation and has been working with the public and private sector including industry, academia, non-governmental organizations (NGOs), the financial community and all levels of government to achieve this mandate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, contact:
President & CEO
Tel: (403) 561-0439
Vice President Finance & CFO
Tel: (780) 760-0512
Director, Communications, SDTC
Tel: (613) 234-6313 x295
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