Toronto, Ontario...June 22, 2007...Titanium Corporation Inc. [TSX-V:TIC] (the "Company") would like to clarify its press release dated April 19, 2007 regarding its current oil sands drill core evaluation and correlation program.
The Company's primary business focus is developing a separation process to extract valuable heavy minerals from the tailings coming from the oil sands operations. The Company currently has no economic entitlement or mining interest in the oil sands. The nature of the Company's project is more in the nature of process engineering and development rather than mineral exploration.
Core samples have previously been drilled by oil sands operators with regard to mining plans for the extraction of bitumen. Drill core samples are analyzed by the Company and correlated with the daily tailings sample heavy mineral analysis for a specific period to compare the heavy minerals in the oil sands run-of-mine ore to the heavy minerals coming out of the tailings pipeline. This correlation can be used to predict what quantity and type of heavy minerals can be expected in the tailings pipe depending on the oil sands operator's mining plan for a certain period in the future.
The Company initiated the drill core evaluation program during the first quarter of 2006, whereby daily pipeline tailings samples obtained during the 1st and 2nd Quarters of 2005 were to be compared with drill cores representing run-of-mine material for the same period. Initial results were received during the 3rd and 4th quarters of 2006 and it was then decided to also incorporate supplemental data from additional tailings pipeline and drill cores representing the 3rd and 4th Quarters of 2005 to ensure sufficient data correlation points. Raw comparative data representing 2005 was received by late February 2007 and is currently being interpreted and correlated. The raw data from some 141 core samples shows an average total heavy mineral content of 0.77% with a standard deviation of 0.29%. The valuable heavy minerals (ilmenite, leucoxene, rutile and zircon) comprise on average 45.9% of the total heavy mineral content.
The evaluation of the oil sands drill core samples involves work by a number of parties under the overall supervision of Titanatek (Pty) Ltd of Australia, of whom the principal is Neil Dawson a registered member of AusIMM. Mr. Dawson is the Qualified Person who has reviewed and approved this press release. Specifically, the existing core samples, which represents 3 -- 12kg half-splits from the original samples are identified and collected from the Oil Sands Operator's core shed by Dentor Enterprises and delivered to SGS Canada Inc. in Fort McMurray. A 2kg representative sample is then obtained from each core sample and the bitumen is then removed from this sample using the Dean & Stark process. The cleaned and dried samples are then shipped to Australia where they are received and customs cleared, deslimed on a 45µm wet screener and sink-floated using bromoform. The resultant sinks or total heavy minerals obtained, which varies between 10 -- 50g in mass, is dry screened on 250µm and the minus 250µm fraction is then magnetically fractionated. The magnetic fractions are then grain counted first and then analyzed using XRF by Titanatek, Geochempet Mineralogical Services and Ultra Trace (Pty) Ltd. Raw comparative data is currently being interpreted and correlated by the Company under the supervision of Dr. Clayton Deutsch P.Eng and a registered member of APEGGA.
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 TSX Venture Exchange (TSX.V) under the symbol TIC. For more information, please visit our website www.titaniumcorporation.com.
Disclosure regarding forward-looking information
Forward-Looking Statements: This press release contains forward-looking statements that are based on the company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "predict", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the recovery of heavy minerals and the Company's ability to extract heavy minerals from tailings in the future. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
We also direct you to our risks and uncertainties statements more particularly described and updated in Titanium Corporation's Quarterly Management's Discussion and Analysis filed for the three and six months ended February 28, 2007, on SEDAR (www.sedar.com). Most notably these risks and assumptions include, but are not limited to: changes in the worldwide price of zircon; risks associated with future plans and objectives; operating or technical difficulties in connection with development activities; and development time lines and priorities. 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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