Mar. 10, 2011 (Marketwire Canada) --
EDMONTON, ALBERTA -- Titanium Corporation Inc. (the "Company") (TSX VENTURE:TIC) and Sustainable Development Technology Canada (SDTC) announced today the completion of the second phase of Titanium's oil sands tailings demonstration pilot project and the advance of a third payment of $825,000. The payment has been advanced following completion of a major operational phase of the pilot. The Company has now received a total of $4.4 million from SDTC under the previously announced Contribution Agreement.
Scott Nelson, Titanium's President and CEO, said, "This latest milestone under the SDTC demonstration pilot program represents considerable progress of our oil sands tailings technology. Recoveries of bitumen, solvents, minerals cleaning and tailings remediation are all performing to our highest expectations. The support and funding by SDTC has been invaluable in developing and demonstrating our technology and has helped position us for commercializing our technology in 2011."
"Our Government is committed to supporting clean energy technology in Canada as an effective measure to protect the environment and create high-quality jobs for Canadians," said James Rajotte, Member of Parliament for Edmonton—Leduc. "This technology reduces the environmental impact of oil sands tailings and is an excellent example of the kind of clean energy technology our Government encourages."
"The development of clean technologies that will help the oil sands industry reduce its environmental footprint while maintaining its economic performance is key to ensuring a sustainable future for Canada," Vicky Sharpe, SDTC President and CEO. "SDTC would like to congratulate Titanium on reaching one more significant milestone and is looking forward to continuing to work with them to move this promising technology towards commercialization."
In June 2009, the Government of Canada through SDTC committed up to $5M to support the project led by Titanium. This commitment is based on the successful completion of milestones as determined in the funding agreement between Titanium and SDTC.
Titanium's "Creating Value from Waste" technology has been designed to recover valuable products from waste tailings and reduce environmental impacts in the oil sands industry. The demonstration pilot is being operated at the Natural Resources Canada CanmetENERGY Devon Research Centre near Edmonton. Five oil sands firms are cooperating with the program which is also supported by leading engineering and technical firms including SNC-Lavalin and Maxxam Analytics. Following completion of the pilot program in 2011, Titanium Corporation plans to commercialize and implement this new technology throughout the oil sands industry.
About Titanium Corporation Inc.
Titanium Corporation Inc. is developing technology to recover heavy minerals, bitumen, solvent and water contained in the waste tailings streams from oil sands mining operations near Fort McMurray, Alberta. The potential benefits from this "Creating Value from Waste ™ " proposition are twofold. First, the recovered products will have intrinsic value and will provide shareholders with a source of revenue. Second, by using an integrated approach to recovering lost products there is potential for industry-wide environmental benefits reducing emissions and the footprint of tailings ponds. 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.
Sustainable Development Technology Canada (SDTC) is an arm's-length foundation created by the Government of Canada which has received $1.05 billion as part of the Government's commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $550 million SD Tech Fund™ supports projects that address climate change, air quality, clean water, and clean soil. The $500 million NextGen Biofuels Fund™ supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels. SDTC operates as a not-for-profit corporation and has been working with the public and private sector including industry, academia, non-governmental organizations (NGOs), the financial community and all levels of government to achieve this mandate.
Disclosure regarding forward-looking statements
This press release contains forward looking information relating to the Company's business. This forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information includes, without limitation, statements based on current expectations which are based on assumptions and subject to a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. These risks and uncertainties are more particularly described and updated in the Company's documents filed with the Canadian securities regulatory authorities on SEDAR at www.sedar.com . Most notably these risks and assumptions include, but are not limited to: successful removal/recovery of zircon, bitumen and solvent; changes in worldwide prices of zircon and titanium; fluctuation in exchange rates; development and commercialization plans; legislative, political or economic developments including changes to relevant legislation in Canada; operating or technical difficulties in connection with development activities; requirement for additional funding; development timelines; potential values of recovered zircon, bitumen and solvent; expected future oil sands production & bitumen losses; and prospective results of operations, financial position or cash flows that are based on assumptions about future economic conditions and courses of action. These and all subsequent written and oral forward-looking information are based on reasonable estimates, opinions and assumptions of management on the dates they are made and are expressly qualified in their entirety by this notice and the Company's documents filed with the Canadian securities regulatory authorities on SEDAR at www.sedar.com . The forward looking statements contained in this press release are made as of the date hereof and Titanium 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 Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President & CEO
(613) 234-6313 ext. 295