EDMONTON, ALBERTA, Jan. 27, 2010 (Marketwire) -- Titanium Corporation Inc. (the "Company") (TSX VENTURE:TIC) today released its financial results for the first fiscal quarter ended November 30, 2009. The Company continues to make significant progress advancing its oil sands project. During the quarter, the Company was awarded Canadian Government grant funding and commenced detailed engineering for its 2010 piloting program to demonstrate the Company's technologies for oil sands tailings remediation and resource recovery.
-- In September 2009, a Canadian Government agency, Sustainable Development
Technology Canada ("SDTC"), selected the Company's Project to receive up
to $4.9 million in grant funding. The grant is non-repayable and will be
used to fund up to one-third of the Phase III integrated pilot being
planned for calendar 2010. The grant will be disbursed over the term of
the Project once a final contribution agreement has been executed and
specific project milestones have been met.
-- During the first quarter, the Company completed the detailed planning
process and contract drafting with the SDTC and is awaiting final SDTC
approval of the contribution agreement. The Company has also been
actively working with oil sands operators to plan their cooperative
involvement in the integrated pilot.
-- In preparation for the 2010 program, during the quarter the Company
engaged engineering, facilities and construction firms to commence
detailed design and planning for the integrated pilot. This work is
progressing well and will continue through the second quarter. The
Company is also planning the testing, analytical and other support
services for the pilot with external service firms.
-- To consolidate its operations and facilitate the 2010 integrated pilot,
the Company relocated its minerals technical staff from Regina to
Edmonton and decommissioned the Regina facility.
Scott Nelson, the Company's President and Chief Executive Officer stated "With funding and support from both the Canadian Government and Province of Alberta, we are moving forward with our 2010 demonstration pilot program. We are confident that our new technologies will increase oil sands resource recovery and deliver important environmental improvements."
Net loss for the first quarter of fiscal 2010 was $1.6 million compared to $1.1 million for the comparable 2009 fiscal period.
Research & Development - R&D expenditures for the first quarter of fiscal 2010 were $1.0 million, net of $0.3 million in grants. The compares to $0.4 million (net of $0.2 million in grants) in expenditures for the first quarter of fiscal 2009 and reflects spending incurred in preparation for the upcoming integrated demonstration pilot.
General & Administrative - G&A expenses were relatively unchanged at $0.6 million for the first quarter for fiscal 2010 compared to fiscal 2009.
Cash & Interest income - The Company's cash position at August 31, 2009 was $13.8 million (including short-term investments and $2.7 million in restricted investments relating to the Alberta Government grant). This compares to $15.2 million at August 31, 2009 (the most recent fiscal year end). Interest income decreased during the quarter due to lower interest rates on re-investment of maturing certificates of deposit and lower investment balances.
To view the Company's Management Discussion and Analysis and Financial Statements for the quarter ended November 30, 2009, please visit our website at www.titaniumcorporation.com or SEDAR at www.sedar.com.
About Titanium Corporation Inc.
Titanium Corporation Inc. is developing the technology necessary to recover heavy minerals and bitumen 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 minerals will have intrinsic value and will provide shareholders with a source of revenue. Second, by using an integrated approach to recovering minerals and bitumen, there is potential for industry-wide environmental benefit. 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.
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, 2009, and shortly for the period ended August 31, 2009 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.