Annual General Meeting hears progress reports, meets new executives
Toronto, Ontario...February 26, 2004...Investors attending Titanium Corporation Inc.'s [TSXV:TIC] Annual and General Meeting yesterday heard CEO George Elliott present a road map for the Company's progress toward commercialization of the recovery of titanium and zircon from the Athabasca oil sands.
Highlights of the meeting included:
• Progress report on construction of Pilot Plant
• Confirmation of completion of 8 million dollar financing to construct & operate Pilot Plant
• Strengthening of management and technical personnel
"Titanium Corporation has done an exceptional job of attracting and retaining the right mineral processing talent to bring the company to our current level of success," says George Elliott. "We are on track to becoming the major supplier of titanium and zircon concentrates in Canada."
Further, Titanium Corporation Inc. is pleased to announce that John Ryall was elected a director of the Company. John Ryall is a Chartered Accountant and recently retired as a partner of Grant Thornton after 26 years of practice. Mr. Ryall was a prime engagement partner for numerous publicly traded companies. "John Ryall's prior experience as the audit partner for Titanium Corporation will prove extremely invaluable in his assumption of the Office of the Chairman of the Audit Committee," says Titanium Corporation Chairman and CEO, George Elliott.
Titanium Corporation is also pleased to announce the appointment of Niel Erasmus, to the position of Vice-President and General Manager of its Pilot Plant at the Regina Research Park. Mr. Erasmus has a Bachelor of Metallurgical Engineering Degree from the University of Pretoria, South Africa and is a member of the South African Institute of Mining and Metallurgy. Mr. Erasmus who trained under Titanium Corporation's Chief Metallurgist, Mr. Neil Dawson, led the design, equipment procurement, erection and installation of the pilot plant for Iscor Mining in South Africa and then was the lead Process Engineer for the most recent mineral plant to be built by Ticor, S.A. in South Africa. Mr. Erasmus joins Titanium Corporation from Fer-Min-Ore (Pty) Ltd., one of South Africa's largest manufacturers of mineral processing equipment.
"Titanium Corporation is indeed fortunate in obtaining the services of Niel Erasmus," says George Elliott. "Niel's experience in the construction and operation of mineral sand processing plants is exactly what Titanium Corporation needs to manage our Pilot Plant and his enthusiasm for this project will be instrumental in taking Titanium Corporation into eventual commercial production."
In other developments, effective immediately, Ari Sussman will be relinquishing his role as Senior Vice-President and will become a Special Advisor to the Chief Executive Officer focusing on business and technical development. "With the recent additions of John Oxenford and Niel Erasmus, the day-to-day duties that I was responsible for are in good hands," says Ari Sussman. "My new role will better allow me to focus my energy toward the future commercial success of Titanium Corporation."
"During the past 4 years, Ari Sussman has been most helpful to Titanium Corporation as the company grew to understand the mineral sand production industry as well as the TiO2 pigment manufacturing industry," says George Elliott. "Ari's interest in Titanium Corporation remains undiminished and we look forward to his advice as we move toward commercialization."
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 TiO2 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 www.titaniumcorporation.com .
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:
George Elliott, Chairman
Titanium Corporation Inc.
(416) 955-0715 X 222
John Oxenford, Senior Vice-President
Titanium Corporation Inc.
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