EDMONTON, ALBERTA, Jul. 22, 2010 (Marketwire) -- Titanium Corporation Inc. (the "Company") (TSX VENTURE:TIC) today released financial results for the third fiscal quarter ended May 31, 2010. During the quarter, the Company made excellent progress advancing its oil sands project, expending $2.9 million (before grant recoveries) on construction and installation of its demonstration pilot ("the pilot"). The Company's pilot will demonstrate a number of technologies designed to process waste tailings into valuable products and reduce environmental impacts in the oil sands industry.
The Company's activities during the quarter were focused on final design, construction of process modules, and installation at the Canadian Government's CanmetEnergy ("Canmet") oil sands test facilities in Alberta.
-- Engineering drawings were finalized by SNC-Lavalin for procurement of
equipment and fabrication of the process modules and major components
delivered to Westways Group's fabrication facility in Edmonton.
-- At Westways, the module structures were built, vessels, tanks and other
components fabricated and assembled.
-- Canmet's froth treatment pilot facilities were modified for installation
and operation of the new process modules. Shipments of froth treatment
tailings have been received at Canmet and pilot operations have
commenced. The processes are being sequentially commissioned and phased
into operation during July and August.
-- A portable water treatment module is under construction for delivery to
the Canmet site and commissioning in August.
-- An independent analytical testing plan has been finalized with Maxxam
Analytics and sampling is underway.
Scott Nelson, the Company's President and Chief Executive Officer stated "Construction and installation marks another important project milestone and we are very pleased to have advanced to pilot operations this summer and through the balance of the year." He added "Our project is receiving excellent cooperation from our industry consortium and strong support from both the Alberta and Canadian Governments."
Net loss for the third quarter of fiscal 2010 was $1.5 million compared to $1.4 million for the comparable 2009 fiscal period. Net loss for the nine months ending May 31, 2010 was $4.0 million which is comparable to $3.8 million for the same period in fiscal 2009.
Research & Development - R&D expenditures before grant recoveries for the quarter ended May 31, 2010 were $2.9 million ($1.2 million 2009), and $5.7 million ($2.5 million 2009) for the nine month period ended May 31, 2010. The Company recognized $1.8 million in government grants recovery for the quarter ended May 31, 2010 ($0.5 million 2009) and $3.1 million for the nine months ended May 31, 2010 ($0.9 million 2009). The current fiscal expenditures reflect amounts incurred in preparation for the integrated demonstration pilot.
General & Administrative - As a result of overhead reductions, G&A expenses for the quarter and nine months ended May 31, 2010 continued lower at $0.3 million and $1.3 million respectively compared with $0.5 million and $1.8 million in the same periods for fiscal 2009.
Cash & Interest income - The Company's cash position at May 31, 2010 was $10.5 million (including $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 May 31, 2010, please visit our website at www.titaniumcorporation.com or SEDAR at www.sedar.com.
About Titanium Corporation Inc.
Titanium Corporation Inc. is developing technology 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 bitumen and 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, 2010 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.