Calgary, Alberta -- October 19, 2017 -- Titanium Corporation Inc. ("Titanium" or the "Company") (TSXV: TIC) is pleased to announce that the Company and ERA have signed a contribution agreement whereby ERA will fund up to the lessor of $5 million or 50% of the cost of an engineering design project for implementation of Titanium's CVW(tm) technology at Canadian Natural's Horizon site, subject to certain customary conditions. With the ERA contribution, the estimated $10.2 million project is now fully funded, with Titanium and Canadian Natural committed to funding $1.5 million and up to $3.7 million respectively.
"This final funding is an important component in moving the project forward. We appreciate the support from ERA and Canadian Natural and are excited about the potential for the first commercial implementation of our technology," commented Scott Nelson, Titanium's President and Chief Executive Officer. "Our team and Canadian Natural are now assembling the outside engineering and other resources for the project. Engineering design is expected to start in early 2018 and be completed in approximately 12 months."
About Titanium Corporation
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.
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 Tel: (403) 874-9498
Vice President, Finance & CFO
Tel: (403) 874-9498