EDMONTON, ALBERTA - April 22 , 2010 - Titanium Corporation Inc. (the "Company") (TSX-V: TIC) today released its financial results for the second fiscal quarter ended February 28, 2010.
During the quarter, the Company signed key agreements with Government and Industry and finalized contracts for engineering, fabrication and piloting facilities. Work on the 2010 demonstration pilot accelerated with expenditures (before grant recoveries) of $1.5 million during the quarter and $2.8 million during the six month period.
Scott Nelson, the Company's President and Chief Executive Officer stated "Completing agreements with the Canadian Government's SDTC Corporation and a Consortium of major oil sands industry operators were important milestones for our 2010 demonstration pilot project. This has enabled us to aggressively move ahead with the engineering and fabrication of process modules for installation and commissioning at Canmet in May and June." He also noted "We have formed alliances with Canada's leading firms for engineering, piloting, analytical and other services."
Net loss for the second quarter of fiscal 2010 was $0.9 million compared to $1.2 million for the comparable 2009 fiscal period. Net loss for the first six months of 2010 was $2.6 million which is comparable to $2.6 million for the same period in fiscal 2009.
Research & Development - Before grant recovery gross R&D expenditures for the quarter and first six months of fiscal 2010 were $1.5 million, (before recovery of $0.9 million in grants) and $2.8 million (before recovery of $1.3 million in grants) respectively. This compares to gross expenditures of $0.8 million (before recovery of $0.3 million in grants) and $1.4 million (before recovery of $0.5 million in grants) for the same periods for fiscal 2009. The current fiscal expenditures reflect amounts incurred in preparation for the integrated demonstration pilot.
General & Administrative - G&A expenses for the quarter and first six months of fiscal 2010 continued lower at $0.4 million and $1.0 million respectively compared with $0.6 million and $1.3 million in the same periods for fiscal 2009.
Cash & Interest income - The Company's cash position at February 28, 2010 was $13.6 million (including short-term investments and $2.7 million in restricted investments relating to the Alberta Government grant). This compares to $15.2 million at August 31, 2009 (the most recent fiscal year end). Interest income decreased during the quarter due to lower interest rates on re-investment of maturing certificates of deposit and lower investment balances.
To view the Company's Management Discussion and Analysis and Financial Statements for the quarter ended February 28, 2010, 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 "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
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