Calgary, Alberta -- July 7, 2017 -- Titanium Corporation Inc. ("Titanium" or the "Company") is pleased to announce that the Company's project "Reducing Methane Emissions and Other Environment Impacts from Oil Sands Tailings and Ponds -- Deployment of Sustainable Technology ("Project")" is a successful applicant in ERA's Methane Challenge.
Titanium is working with Canadian Natural Resources Limited ("Canadian Natural") to conduct engineering design for an oil sands tailings treatment system that eliminates certain tailings streams while recovering bitumen, solvent, and high-value minerals. By preventing solvent and bitumen release, the vast majority of methane emissions from mined oil sands operations can be reduced. The technology is targeted at froth treatment tailings, which are estimated to be responsible for more than 90% of methane emissions from tailings ponds. Results from the Canadian Natural-sponsored project will be applicable to other large oil sands mines and results will be shared and disseminated through Canada's Oil Sands Innovation Alliance.
The Company's Project has been approved for funding of up to the lessor of $5,000,000 Canadian Dollars or 50% of the total eligible Project expenses. ERA's funding approval is subject to written confirmation by August 31, 2017 that all other sources of funding for the project have been secured and successful negotiation by September 29, 2017 of a Contribution Agreement with ERA on terms satisfactory to ERA.
"We are gratified that ERA has selected our Company for funding and are excited about the potential for a first commercial implementation of our Creating Value from WasteTM technology," commented Scott Nelson, Titanium's President and Chief Executive Officer. "Our team is working closely with Canadian Natural to meet the timelines and conditions set by ERA and move forward with engineering design".
About Titanium Corporation Inc.
Titanium Corporation's CVWTM 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. CVWTM 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.
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.
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: (403) 874-9498