EDMONTON, ALBERTA - November 23, 2009 - Titanium Corporation Inc. (the "Company") (TSX-V: TIC) today released its financial results for the three and twelve month periods ended August 31, 2009.
Scott Nelson, the Company's President and Chief Executive Officer stated "Our research program made excellent progress during the past year developing solutions for minerals and bitumen recovery". He also commented "The new SDTC Grant and continuing support from Alberta are extremely positive as we move forward with our demonstration pilot."
Net loss for the 2009 fiscal year was $20.4 million compared to $4.0 million for the 2008 fiscal year. In the fourth quarter of fiscal 2009 the Company wrote off $8.3 million relating to the mineral development costs intangible asset and $7.2 million pertaining to pilot plant assets. These write-offs reflect a number of changes in the Company's research Project including the confirmation of the highly integrated nature of the minerals and the bitumen processes, the decision to use third party research facilities and the Company's determination that the pilot plant assets are of no further use.
Research & Development - R&D expenditures in fiscal 2009 were $2.2 million, net of $1.2 million in grants, and increased from fiscal 2008 expenditures of $1.5 million (net of $0.2 million in grants). This increased spending reflects the high level of research activity.
General & Administrative - G&A expenses decreased to $2.2 million for the 12 months ended August 31, 2009 compared with $2.6 million in the fiscal 2008 period. Reductions were made in many cost categories, but primarily in consulting and professional fees.
Cash & Interest income - The Company's cash position at August 31, 2009 was $15.2 million (including short-term investments and $2.9 million in restricted investments relating to the Alberta Government grant). This compares to $16.6 million at the end of the May, 2009 (the fiscal third quarter) and $20.6 million at August 31, 2008. Interest income decreased during the quarter due to continued lower interest rates and lower cash balances.
The Company will file with the regulatory authorities on Wednesday, November 25, 2009 its Financial Statements and Management Discussion and Analysis for the year ended August 31, 2009. To view the documents visit the Company's website at www.titaniumcorporation.com or SEDAR at www.sedar.com.
About Titanium Corporation Inc.
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 "Creating Value from Waste TM" 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 benefit. The Company's shares trade on the TSX-V under the symbol TIC. For more information visit the Company's website at www.titaniumcorporation.com.
Disclosure regarding forward-looking statements
Certain statements contained herein regarding the Company and its plans constitute "forward-looking statements" within the meaning of Canadian securities laws. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions, projections, and other forward-looking statements will not prove to be accurate. We direct you to our statement of risks and uncertainties more particularly described and updated in the Company's Management Discussion and Analysis filed for the period ended May 31, 2009, and shortly for the period ended August 31, 2009 on SEDAR (www.sedar.com). Most notably these risks include, but are not limited to risks associated with the advancement of research programs including operational or technical difficulties in connection with research activities; development timeline delays and problems, including unforeseen development costs; reliance on a small number of people, access to and cost of tailings, competition and intellectual property protection and changes to environmental laws and regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, contact:
President & CEO
Tel: (403) 561-0439
Vice President Finance & CFO
Tel: (780) 760-0512 ext 302
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