TORONTO, ONTARIO - April 22, 2009 - Titanium Corporation Inc. (the "Company") (TSXV: TIC) today released its financial results for the three and six month periods ended February 28, 2009.
For the second quarter of 2009:
Scott Nelson, the Company's President and Chief Executive Officer stated "We are encouraged by our research and development program as laboratory work is resulting in prospective solutions for bench testing." He also commented that "All costs are being controlled to focus our resources on core R&D programs. As part of this initiative, the Company will move its head office to Edmonton, Alberta during May 2009. Not only will this consolidate functions and more efficiently support the progress of the R&D programs, it will also lead to cost savings".
Research & Development Update - The research and development program, managed by the Company's in-house experts, is comprised of multiple projects being executed by a number of leading research firms in Canada and the United States. During the quarter, the technical programs continued to focus on the challenges of removing residual bitumen from the heavy minerals and recovering bitumen from the tailings stream.
Bitumen Removal and Recovery - The bitumen removal program successfully reduced bitumen adhering to minerals below targeted levels in laboratory testing and is now a prospective solution that warrants larger scale testing. The bitumen recovery program conducted promising bench scale testing and proceeded with the design of a continuous testing project scheduled to start in the fiscal third quarter. In parallel with the core research programs, planning continued on a number of projects in related areas including water treatment and reuse, and solvent recovery.
Minerals Concentration and Separation - An independent expert firm conducted a review of Titanium's minerals concentration and separation processes. A review of findings and recommendations is underway with the objective of improving design performance and efficiency. New technologies are also being tested by external suppliers.
Expenses - Total expenses decreased to $1.292 million from $1.376 million in the second quarter of 2008. Corporate G&A expense decreased to $0.704 million from $0.886 million in the second quarter of 2008. Research and development costs increased to $0.405 million from $0.308 million in the 2008 quarter. In the first six months of the year, increased R&D activities and higher stock based compensation resulted in an increase in costs for the period.
Cash Position - The Company is in a strong financial position with $17.786 million in cash and short-term investments (including $3.580 million of restricted cash) at February 28, 2009, compared to $20.589 million (including $3.524 million of restricted cash) at August 31, 2008.
To view the Company's Management's Discussion and Analysis and Financial Statements for the quarter ended February 28, 2009, please visit our website at www.titaniumcorporation.com or SEDAR at www.sedar.com.
About Titanium Corporation Inc.
Titanium Corporation Inc. is developing the technology necessary to recover heavy minerals and bitumen contained in the waste tailings streams from oil sands mining operations near Fort McMurray, Alberta. The potential benefits from this "Value from Waste" proposition are twofold. First, the recovered minerals will have intrinsic value and will provide shareholders with a source of revenue. Second, by using an integrated approach to recovering minerals and bitumen, there is potential for industry-wide environmental benefits. The Company's shares trade on the TSX.V under the symbol TIC. For more information, please visit www.titaniumcorporation.com.
Disclosure regarding forward-looking statements
We direct you to our risks and uncertainties statements more particularly described and updated in Titanium Corporation's Management's Discussion and Analysis filed for the period ended February 28, 2009, on SEDAR (www.sedar.com). Most notably these risks include, but are not limited to: risks associated with the advancement of research and development programs including the successful commercial recovery of bitumen and heavy minerals and operating or technical difficulties in connection with development activities. All subsequent written and oral forward-looking statements are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
For further information, contact:
President & CEO
Tel: (403) 561-0439
Tel: (416) 520-4252
You can view the Next News Releases item: May 1, 2009, Titanium Corporation Appoints New Chief Financial Officer, Relocates Head Office to Edmonton, Alberta and Grants Stock Options
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