Calgary, Alberta -- September 28, 2017 -- Titanium Corporation Inc. ("Titanium" or the "Company") is pleased to announce that written confirmation has been provided to Emissions Reduction Alberta ("ERA") that all other funding sources related to the previously announced ERA approved project have been secured for the project. Titanium and Canadian Natural Resources Limited ("Canadian Natural") have confirmed commitments to fund $1.5 million and up to $3.7 million respectively. The project will conduct engineering design for implementation of Titanium's tailings treatment and recovery technology at Canadian Natural's Horizon oil sands site.
The estimated $10.2 million project has been approved for funding by ERA of up to the lesser of $5.0 million or 50% of the total eligible project expenses. ERA's funding approval is subject to successful negotiation by October 31, 2017 of a Contribution Agreement with ERA on terms satisfactory to ERA.
"Titanium and Canadian Natural are pursuing a unique solution that Alberta and Canada need to reduce methane," said ERA CEO Steve MacDonald. "This commitment to innovation and partnership by industry will accelerate the development of cleaner and more sustainable technologies and processes."
"We are pleased to have achieved this important milestone on the path to commercialization and are looking forward to moving ahead with the Canadian Natural team on the engineering design project," commented Scott Nelson, President and Chief Executive Officer of Titanium Corporation. "The ERA funding is a valued component of the project and progress on finalizing the ERA Contribution Agreement is well advanced."
About Titanium Corporation Inc.
Titanium Corporation's CVW(tm) technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. The Company's technology reduces the environmental impact of oil sands tailings while economically recovering valuable products that would otherwise be lost. CVW(tm) recovers bitumen, solvents and minerals from tailings, preventing these commodities from entering tailings ponds and the atmosphere; volatile organic compound and greenhouse gas emissions are materially reduced; hot tailings water is improved in quality for recycling; and residual tailings can be thickened more readily. A new minerals industry will be created commencing with the production and export of zircon, an essential ingredient in ceramics. The Company's shares trade on the TSX Venture Exchange under the symbol "TIC". For more information, please visit the Company's website at www.titaniumcorporation.com.
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.
Disclosure regarding forward-looking statements
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the potential for a first commercial implementation of the Company's technology. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For further information, contact:
President & CEO
Tel: (403) 561-0439
Vice President, Finance & CFO
Tel: (403) 874-9498