First phase completed on time and within budget
Toronto, Ontario....November 1, 2006...Titanium Corporation Inc. ["Titanium", TSXV: TIC] is pleased to announce that it has completed the first phase of its 2006 Pilot Program on-site in Fort McMurray, Alberta, to isolate a heavy minerals concentrate from fresh oil sands tailings on time and within its original budget of C$3 million. Titanium now begins the final stage of the Pilot Program to optimize recovery and separation of zircon minerals from this heavy minerals concentrate at its state-of-the-art facility in Regina.
The first phase of the 2006 Pilot Program involved the operation of a pilot heavy minerals concentrator on-site in Fort McMurray at the oil sands tailings site and was crucial to finalizing Titanium's process flow sheet to achieve optimum heavy minerals recovery and separation from mined oil sands tailings.
The second, and final, stage of the process involves further separation of the heavy minerals concentrate produced at Titanium's pilot concentrator through zircon separation circuits at its Regina facility. Titanium expects to finalize the results of its Pilot Program during the first quarter of 2007.
Titanium's engineering team redesigned the heavy minerals recovery process flow sheet following technical work carried out last year to focus the first phase of project development on the production of zircon. An expansion phase to produce titanium minerals will follow Titanium's planned commercial zircon facility.
Zircon continues to remain in high demand world-wide and has experienced significant price increases. Zircon has averaged US$725 per tonne for the first half of 2006. It is anticipated that demand will continue to grow and potentially exceed supply.
About Titanium Corporation
Titanium Corporation Inc. is a Canadian company developing a commercial minerals recovery project in the Fort McMurray, Athabasca oil sands region. Through extensive research, including the construction and operation of pilot processing facilities, the Company has developed proprietary processes and technology to recover valuable titanium-bearing minerals and zircon from oil sands tailings. Titanium Corporation's technology could be applied to existing and planned mined oil sands projects with the objective of creating a new sustainable minerals industry for Canada. Titanium Corporation Inc. shares trade on the Toronto Venture Exchange (TSX.V) under the symbol TIC. For more information, please visit our 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 changes in the worldwide prices of zircon, market demand and supply of zircon, fluctuation in exchange rates, operating or technical difficulties in connection with development activities and development time lines and priorities. 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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