Conference call scheduled for 10:00am EST on Thursday, May 1, 2008
Toronto, Ontario....April 30, 2008...Titanium Corporation Inc. ("the Company") [TSX-V: TIC] announces that its quarterly financial statements for the three and six month period ended February 29, 2008 have been filed.
Since the Company's first quarter report, a number of significant operational milestones have been achieved:
The Company has an Exclusivity Agreement with Syncrude Canada Ltd. which is scheduled to expire on May 16, 2008. In conducting the next phase of its research and development programs, the Company will be collaborating with independent research organizations, government agencies and the oil sands industry with a view to developing an industry-wide solution. Accordingly, the Company will not seek to renew the Exclusivity Agreement. The Company intends to continue testing of tailings and associated research programs in cooperation with its research partners and the industry.
Expenses incurred in the second quarter ($1,375,656) and in the first six months of fiscal 2008 ($2,334,112) increased, compared with the comparable 2007 periods ($1,107,369 and $1,987,719 respectively) due to increased professional fees and research and development expenses related to the Company's minerals and bitumen recovery programs.
The Company maintains a strong balance sheet with a cash position of $19 million at the end of the quarter.
The Company's unaudited financial statements and Management's Discussion and Analysis for the second quarter of fiscal 2008 can be found on SEDAR at www.sedar.com and on the Company's website at www.titaniumcorporation.com.
Titanium Corporation Inc. will host an update conference call at 10:00 am Toronto/NewYork time (EST) on May 1, 2008. The North American toll-free conference call dial-in number is 1-866-334-3876 and the international dial-in is 416-849-4292. 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 www.investorcalendar.com A replay of the conference call will be available until May 15, 2008; toll free dial-in at 1-866-245-6755 and local/international dial-in at 416-915-1035, passcode number 935843.
About Titanium Corporation
Titanium Corporation Inc. is a Canadian company developing a commercial process to maximize the inherent value existing in the waste material currently being deposited in oil sands tailings in the Fort McMurray, Athabasca region. The Company is developing technology and processes to integrate the recovery of heavy minerals and bitumen contained in the froth treatment tailings of oil sands mining extraction operations. The potential exists in such processes to recover previously wasted resources and also to simultaneously deliver environmental benefits with the objective of creating a new sustainable 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.
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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