2006 Pilot Program on schedule, on budget
Toronto, Ontario....August 15, 2006...Titanium Corporation Inc. [TSX-V:TIC] (the "Company") announces that its Pilot mineral concentrator modules arrived in Canada from Australia during the past week and are being pre-assembled in Edmonton before they are transported to Fort McMurray later this month for final assembly, testing and commissioning. The Company plans to commission and operate its Pilot concentrator facilities on-site in Fort McMurray during September and October, 2006.
The purpose of the 2006 Pilot Program is to operate a simulated mineral concentrator to maximize the recovery and concentration of titanium and zircon directly from a continuous flow oil sands tailings pipeline in Fort McMurray, Canada. Processed material from the concentrator will be sent to the Company's Regina pilot plant to undergo further separation processing and analysis in late 2006.
"We are pleased to inform our shareholders that our 2006 Program, which has involved design engineering, sourcing and construction off-shore and in Canada, is progressing on schedule and we fully expect to remain within the original C$3 million budget throughout the duration of the Program," says Scott Nelson, Titanium Corporation President and CEO.
Titanium Corporation Inc. will host an update conference call at 1:30 pm Toronto/NewYork time (EDT) on Wednesday, August 16, 2006. The toll-free conference call dial-in number is 1-888-603-6873 and the toll/international dial-in is 1-973-582-2706. All participants will be required to register with the operator. A replay of the conference call will be available from 6:15 pm EDT on August 16, 2006, until midnight EDT on August 30, 2006; toll-free at 1-877-519-4471 and toll/international at 1-973-341-3080, replay PIN number 7749833.
About Titanium Corporation
Titanium Corporation Inc. is a Canadian mineral development company whose shares are listed on the TSX Venture Exchange under the symbol "TIC". The Company's mission is to become the first titanium and zircon sand producer from Canada's oil sands. Through extensive research, including the operation of a pilot facility and the construction of portable processing facilities utilized in on-site testing, the Company has developed proprietary technology to recover valuable titanium-bearing minerals and zircon from oil sands tailings. For more information, please visit our new website www.titaniumcorporation.com .
Disclosure regarding forward-looking information
Note: This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations which are based on assumptions and are subject to a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These risks and uncertainties are more particularly described and updated by Titanium Corporation's Quarterly Management's Discussion and Analysis filed for the period ended May 31, 2006, on SEDAR (www.sedar.com). Most notably these risks and assumptions include risks associated with the market price of zircon and titanium products, costs of construction and operation of facilities, attaining fiscal and commercial agreements with the Province of Alberta and the oil sands producer respectively, and assumptions about off-take contracts with customers, Project financing, construction, timing and delivery. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
For further information:
Scott Nelson, President & CEO
Titanium Corporation Inc.
Carolyn Muir, Investor Relations
Titanium Corporation Inc.
416-955-0715 X 224
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