News Releases

January 7, 2004
Titanium Corporation Announces Financing for its Pilot Plant in Regina

Toronto, Ontario...January 7, 2004... Titanium Corporation Inc. [TSXV:TIC] is pleased to announce that it has signed a letter of engagement for a brokered private placement of up to $8,007,000 by issuing up to 4,710,000 units at a price of $1.70 per unit.

The terms of the offering have been set between Titanium Corporation and a syndicate composed of First Associates Investments Inc. ("First Associates") and Dundee Securities Corp. Each unit ("Unit") will consist of one common share and one-half of one common share purchase warrant. One whole common share purchase warrant will entitle the holder to purchase one additional common share at an exercise price of $2.00 per share for a period of 18 months from the closing date. The proposed private placement is subject to receiving regulatory approval and the securities issued under the offering will be subject to a four-month hold period. It is contemplated that the offering will close on or before January 31, 2004.

First Associates will act as lead agent in placing the Units and will be entitled to receive a commission of 7% of the gross proceeds raised in the offering. In addition, First Associates will be granted non-transferable agent's compensation options equal to 8 per cent of the number of units sold under the offering. Each agent's compensation option will entitle the holder to acquire a Unit at an exercise price of $1.70 per Unit for a period of 12 months from the date of closing of the offering. 

Proceeds of the financing will be used to pay for the construction and operation of the pilot plant being constructed in Regina, Saskatchewan at the facilities of The Saskatchewan Research Council for processing titanium and zircon bearing heavy minerals from Syncrude's centrifuge plant tailings stream and for general corporate purposes (see press release of December 10, 2003). 

About Syncrude Canada Ltd.
The Syncrude Project is a joint venture operated by Syncrude Canada Ltd. and owned by, Canadian Oil Sands Limited Partnership, Canadian Oil Sands Limited, Conoco Phillips Oilsands Partnership II, Imperial Oil Resources, Mocal Energy Limited, Murphy Oil Company Limited, Nexen Inc. and Petro-Canada Oil and Gas.

Trading Symbols for Public Syncrude Joint Venture Owners:
Canadian Oil Sands Limited Partnership COS.UN -TSE
Canadian Oil Sands Limited 
Conoco Phillips Oilsands Partnership II COP/NYSE
Imperial Oil Resources IMO-TSX
Mocal Energy Limited
Murphy Oil Company Limited MUR-NYSE
Petro-Canada Oil and Gas PCA-TSX/PCZ-NYSE

About Titanium Corporation
Titanium Corporation Inc. is a Toronto-based mineral exploration and development company whose shares are listed on the TSX Venture Exchange under the symbol "TIC", U.S. clearing symbol "TITUF", CUSIP Number: 88833T104. The Corporation's mission is to become the first titanium and zircon sand producer in Canada. On June 4, 2003, the Company entered into a three-way two-year exclusivity agreement between itself, Syncrude Canada Ltd. and a major titanium dioxide pigment producer, to jointly explore and develop the potential for extracting and producing titanium-bearing minerals and zircon from Syncrude's centrifuge plant tailing stream. The Company also controls a well advanced 102 square kilometer mineral sand deposit located on the Shubenacadie River, Nova Scotia, Canada. For more information, please visit .

Note: This press release contains projections and forward-looking statements regarding future events. Such forward-looking statements are not guarantees of future performance of the Corporation and are subject to risks and uncertainties that could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

For further information:

For further information:
George Elliott, Chairman
Titanium Corporation Inc.
(416) 955-0715 X 222

Ari Sussman, Senior Vice-President
Titanium Corporation Inc.
(416) 955-0715 X 223

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