Conference call scheduled for 10:30am EST on Tuesday July 29, 2008
Toronto, Ontario....July 28, 2008...Titanium Corporation Inc. ("the Company") [TSX-V: TIC] announces that its quarterly financial statements for the nine month period ended May 31, 2008 have been filed.
Since the Company's second quarter report, progress has been made in various program areas:
The Company has marshaled strong technical expertise, test facilities, financial resources and stakeholder support to address its oil sands research and development ("R & D") focus. As a significant signal of the Company's unique capabilities in this field, in March 2008, the Company gained support from the Government of Alberta, and was awarded an Energy Innovation Fund Grant of $3.5 million. This Grant will be matched by the Company for a 24 month, $7 million R & D program directed toward achieving environmental and economic benefits from the recovery of hydrocarbons and heavy minerals from oil sands tailings. An advisory committee comprised of Government officials, research associates and industry representatives was established and is meeting regularly to oversee the expenditure process.
Expenses incurred in the third quarter ($1,006,221) and in the first nine months of fiscal 2008 ($3,340,333) increased, compared with the comparable 2007 periods ($654,346 and $2,642,065 respectively) due to increased research and development and corporate administration costs.
The Company maintains a strong balance sheet with a total cash position of $21.7 million, which includes $3.5 million of restricted cash at the end of the quarter.
The Company's unaudited financial statements and Management's Discussion and Analysis for the third 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 10:30 am Toronto/NewYork time (EST) on July 29, 2008. The North American toll-free conference call dial-in number is 1-877-407-0778 and the international dial-in is 1-201-689-8565.
A webcast, including a slide presentation, 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 August 12, 2008; toll free dial-in at 1-877-660-6853 and local/international dial-in at 1-201-612-7415, account number 286 and conference ID 291884.
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:
Gordon Pridham, Executive Chairman
Titanium Corporation Inc.
Carolyn Muir, Investor Relations
Titanium Corporation Inc.
416-955-0715 X 224
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