EDMONTON, ALBERTA -- October 5, 2010 -- Titanium Corporation Inc. (the "Company") (TSX-V: TIC) and Sustainable Development Technology Canada (SDTC) announced today the completion of the first phase of Titanium's oil sands tailings pilot demonstration project and the advance of a second payment of $2.0 million. The payment has been advanced following completion of the construction phase of the pilot. The Company has now received a total of $3.6 million from SDTC under the previously announced Contribution Agreement.
Scott Nelson, Titanium's President and CEO, said, "We are very pleased to have completed the first phase of our demonstration project which is consistently meeting our targets. Unquestionably, the support from SDTC has been a key factor in advancing this new technology and we look forward to their continuing support. Now that engineering, construction and installation of the major process modules have been completed, we have commenced operations of the pilot. Froth treatment tailings from three oil sands operating sites are being processed over the next four months. We anticipate continuing strong performance of our technology during the program."
"Our Government continues to help and encourage innovative clean energy technologies from idea to marketplace," said the Honourable Christian Paradis, Minister of Natural Resources. "Titanium Corporation's project is another example of the kind of innovative clean energy technology that can create high quality jobs for Canadians and help to protect our environment for years to come."
"SDTC is proud to support this project and congratulates Titanium on meeting this important milestone," said Vicky Sharpe, SDTC President and CEO. "This brings a technology that has the potential to reduce the environmental footprint of the oil sands industry in Canada one step closer to commercialization."
In June 2009, the Government of Canada through SDTC committed up to $5M to support the project led by Titanium. This commitment is based on the successful completion of milestones as determined in the funding agreement between Titanium and SDTC.
Titanium's "Creating Value from Waste" technology has been designed to recover valuable products from waste tailings and reduce environmental impacts in the oil sands industry. The demonstration pilot is being operated at the Natural Resources Canada CanmetENERGY Devon Research Centre near Edmonton. SNC-Lavalin is providing engineering services and independent testing is being performed by Maxxam Analytics. A Consortium of oil sands operators is providing tailings to the pilot which will operate into early 2011. The Company plans to commercialize the technology following the demonstration pilot.
About Titanium Corporation Inc.
Titanium Corporation Inc. is developing technology to recover heavy minerals, bitumen, solvent and water 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 products will have intrinsic value and will provide shareholders with a source of revenue. Second, by using an integrated approach to recovering lost products there is potential for industry-wide environmental benefits reducing emissions and the footprint of tailings ponds. 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.
Sustainable Development Technology Canada (SDTC) is an arm's-length foundation created by the Government of Canada which has received $1.05 billion as part of the Government's commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $550 million SD Tech Fund(tm) supports projects that address climate change, air quality, clean water, and clean soil. The $500 million NextGen Biofuels Fund(tm) supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels. SDTC operates as a not-for-profit corporation and has been working with the public and private sector including industry, academia, non-governmental organizations (NGOs), the financial community and all levels of government to achieve this mandate.
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, 2010 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
Tel: (416) 577-9927
Tel. (613) 234-6313 ext. 295
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