2006 Pilot Program on Schedule
Toronto, Ontario....July 19, 2006...Titanium Corporation Inc. [TSX-V:TIC] (the "Company") has signed a new two-party, two-year Exclusivity Agreement with Syncrude Canada Ltd. to facilitate further development of the Company's Oil Sands project to recover titanium and zircon from oil sands tailings. The Company is also pleased to announce that its 2006 Pilot Program is on schedule with the concentrator modules shipped from Australia on July 11, 2006 for arrival and assembly in Canada during August 2006. The Company plans to commission and operate the Pilot concentrator on-site in Fort McMurray during September and into October, 2006. In related work at the Company's Regina pilot facility, work is progressing well on the design and testing of separation flow sheets to optimize the recovery of zircon.
The purpose of the 2006 Program is to maximize the recovery and concentration of heavy minerals directly from the continuous flow oil sands tailings pipeline in Fort McMurray, Alberta. Following Titanium Corporation's 2005 technical programs and subsequent analysis of material from the fresh tailings pipeline, process flow sheet design changes were incorporated in order to recover higher concentrations of heavy minerals and associated hydrocarbons. The heavy minerals will be recovered using modular units, which will simulate a full-sized continuous flow heavy minerals concentrator. The units were built in Australia, instead of on-site in Fort McMurray, to realize significant cost savings. The concentrator will produce both titanium and zircon heavy mineral concentrates. Processed material from the concentrator will be sent to the Company's Regina pilot plant to undergo further separation processing and analysis in late 2006.
In response to exceptionally strong zircon markets, Titanium Corporation recently announced its revised strategy to develop its zircon product first followed by an expansion phase to process and market titanium concentrates, which would be inventoried during the zircon production phase. Worldwide demand for zircon continues to outpace supply, driven mainly by demand from China. This strong demand, coupled with the depletion of existing production has resulted in forecasts for continuing supply deficits for zircon. This strategy will enable the Company to get into business sooner, with lower costs followed by an expansion phase to realize additional value from the titanium concentrates.
About Syncrude Canada Ltd.
The Syncrude Project is a joint venture operated by Syncrude Canada Ltd. and owned by, Canadian Oil Sands Limited Partnership, Canadian Oil Sands Limited, Conoco Phillips Oilsands Partnership II, Imperial Oil Resources, Mocal Energy Limited, Murphy Oil Company Limited, Nexen Oil Sands Partnership and Petro-Canada Oil and Gas.
Trading Symbols for Public Syncrude Joint Venture Owners:
Canadian Oil Sands Limited Partnership COS.UN -TSE Canadian Oil Sands Limited Conoco Phillips Oilsands Partnership II COP/NYSE Imperial Oil Resources IMO-TSX Mocal Energy Limited Murphy Oil Company Limited MUR-NYSE Nexen Inc. NXY-TSX/NYSE Petro-Canada Oil and Gas PCA-TSX/PCZ-NYSE
About Titanium Corporation
Titanium Corporation Inc. is a Canadian mineral development company whose shares are listed on the TSX Venture Exchange under the symbol "TIC". The Company's mission is to become the first titanium and zircon sand producer from Canada's oil sands. Through extensive research, including the operation of a pilot facility and the construction of portable processing facilities utilized in on-site testing, the Company has developed proprietary technology to recover valuable titanium-bearing minerals and zircon from oil sands tailings. For more information, please visit our new website www.titaniumcorporation.com .
Disclosure regarding forward-looking information
Note: This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations which are based on assumptions and are subject to a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These risks and uncertainties are more particularly described and updated by Titanium Corporation's Quarterly Management's Discussion and Analysis filed for the period ended February 28, 2006, on SEDAR (www.sedar.com). Most notably these risks and assumptions include risks associated with the market price of zircon and titanium products, costs of construction and operation of facilities, attaining fiscal and commercial agreements with the Province of Alberta and the oil sands producer respectively, and assumptions about off-take contracts with customers, Project financing, construction, timing and delivery. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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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