Toronto, Ontario...July 31, 2007...Titanium Corporation [TSX.V:TIC] is pleased to provide an update on its progress to develop a new sustainable source of titanium and zircon from Canada's oil sands following the filing of its quarterly financial statements for the nine month period ended May 31, 2007. The Company is currently focused on a number of important technical programs including:
The opportunity to potentially recover additional hydrocarbons from tailings along with the recovery of valuable heavy minerals will be the focus of the next phase of project development. Titanium Corporation gained valuable experience in the removal and recovery of hydrocarbons (associated with the heavy minerals and the oil sands tailings stream) during the 2006 on-site concentrator pilot program and subsequent testing in Regina. To assist with further research and development work to improve hydrocarbon removal and recovery, the Company has engaged experts from the Alberta based research unit of CANMET Energy Technology Centre. CANMET is the federal government's primary research group for the development of hydrocarbon technologies and related environmental technologies, with an emphasis on oil sands and heavy oil. This further hydrocarbon work is integral to the recovery of heavy minerals and is required for process design and engineering feasibility, which would follow the successful completion of the program.
During the third quarter of fiscal 2007, work continued on optimization of the zircon flow-sheet, preliminary zircon samples were provided to prospective customers and testing of titanium minerals was underway. International growth in demand for heavy minerals continues to be driven by the emerging economies in Asia and Titanium Corporation is increasingly active in the region.
Titanium Corporation continues to maintain a strong balance sheet with a cash position of $21 million at the end of the quarter, no debt and expenses controlled to budget.
Titanium Corporation's financial statements and MD& A for the third fiscal quarter of 2007 are available on SEDAR at www.sedar.com and on Titanium Corporation's website at www.titaniumcorporation.com .
Titanium Corporation Inc. will host an update conference call at 10:00 am Toronto/NewYork time (EST) on August 1, 2007. The North American toll-free conference call dial-in number is 1-866-585-6398 and the international dial-in is 416-849-9626. A live audio webcast of the conference call will be available to all interested parties through Titanium Corporation's website www.titaniumcorporation.com or through investorcalendar.com . A replay of the conference call will be available until August 15, 2007; toll free dial-in at 1-866-245-6755 and local/international dial-in at 416-915-1035, passcode number 896707.
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 does not contain forward-looking information. However, we do 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 nine months ended May 31, 2007, on SEDAR (www.sedar.com). Most notably these risks and assumptions include, but are not limited to: risks associated with future plans and objectives; operating or technical difficulties in connection with development activities; and development time lines and priorities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Forward-looking information does not guarantee future performance and there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All subsequent written and oral forward-looking information are made as of the date hereof and the Company makes no responsibility to update them or to revise them to reflect new events or circumstances, except as required by law.
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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