Toronto, Ontario - March 29, 2004 - Titanium Corporation Inc. [TSXV: TIC] is pleased to announce that construction of its Pilot Plant in Regina, Saskatchewan is on track and that the Corporation is beginning final preparations to commence operations in the spring of 2004. With almost all main structural construction completed, equipment installation and testing is now in progress. The Pilot Plant is being built in co-operation with the Saskatchewan Research Council and Regina Research Park (see press release dated December 10, 2003.)
In addition to the construction progress, stockpiling of approximately 2,000 tonnes of Syncrude's froth treatment tailings from the Mildred Lake settling basin has been successfully completed. This bulk sample will be the initial feed for the Pilot Plant, which is being built to confirm the commercial viability of Titanium Corporation's patent-pending process to extract titanium and zircon concentrates from oil sands.
Stockpile material was excavated from the "beach" portion of the settling pond and trucked to the stockpile area. Samples were collected from each truckload to acquire representative material for analytical determination of the quality of the Pilot Plant's "head feed". The analysis is currently being conducted at Titanium Corporation's bench scale pilot plant facility at the Minerals Engineering Centre, Dalhousie University, in Halifax. The stockpiling procedure and grab sampling protocol were monitored under the supervision of the Company's geologist, Alexander Po, P.Geo.
"We are extremely pleased with the progress of the Regina Pilot Plant project," says Titanium Corporation Chairman and CEO George Elliott. "The stockpile of tailings will allow us to start processing the Syncrude material at the earliest possible date. This year will be an exciting and important milestone in the history of the Corporation as we continue to expand and develop our projects in Alberta and Nova Scotia."
In other news, the Corporation announced that pursuant to the provision of its contract dated January 1, 2004 with Ralph Schatzmair (see press release dated January 15, 2004) to perform investor relations services, such services are no longer being provided and such contract would terminate on April 30, 2004.
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 Inc. 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 Toronto-based mineral exploration and development company whose shares are listed on the TSX Venture Exchange under the symbol "TIC", U.S. clearing symbol "TITUF", CUSIP Number: 88833T104. The Corporation's mission is to become the first titanium and zircon sand producer in Canada. On June 4, 2003, the Company entered into a three-way two-year exclusivity agreement among itself, Syncrude Canada Ltd. and a major titanium dioxide pigment producer, to jointly explore and develop the potential for extracting and producing titanium-bearing minerals and zircon from Syncrude's centrifuge plant tailing stream. The Company also controls a well advanced 102 square kilometer mineral sand deposit located on the Shubenacadie River, Nova Scotia, Canada. For more information, please visit www.titaniumcorporation.com .
Note: This press release contains projections and forward-looking statements regarding future events. Such forward-looking statements are not guarantees of future performance of the Corporation and are subject to risks and uncertainties that could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
For further information:
George Elliott, Chairman
Titanium Corporation Inc.
416-955-0715 X 222
John Oxenford, Senior VP
Titanium Corporation Inc.
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