Conference call and webcast scheduled for 11:00am EST on Monday April 23,
TORONTO, April 19 /CNW/ - Titanium Corporation (TSX.V:TIC) is pleased to
provide an update on its operations to develop a new sustainable source of
titanium and zircon from Canada's oil sands following the filing of its
quarterly financial statements for the six month period ended February 28,
TITANIUM CORPORATION HIGHLIGHTS:
- Completed the evaluation of results from the Fort McMurray on-site
pilot concentrator program which achieved high recoveries of heavy
minerals concentrate (HMC) of 98 to 99%. The HMC was obtained from the
Company's pilot concentrator plant, which recovered a titanium and
zircon concentrate from oil sands tailings during October 2006.
- Commenced technical programs to improve the removal and recovery of
hydrocarbons in the minerals concentration process and test the
- Commenced final stage testing of zircon separation circuits at the
Company's Regina facilities and production of zircon product samples
for shipping to prospective customers.
- Commenced testing of titanium separation circuits and final product
recovery from the HMC together with titanium market development in
- Visited prospective customers and business partners in Asia - the
world's fastest growing market for titanium and zircon, particularly
China. Strong market demand for zircon has continued into 2007, with
reported prices exceeding US$800 per tonne.
- Completed the evaluation of one year's oil sands drill core samples
for heavy mineral content. Heavy minerals were present in all of the
samples and have been correlated to the tailings samples for the
- Filed patent applications in Canada and the United States for certain
proprietary processes developed by the Company for the extraction and
concentration of heavy minerals from oil sands tailings.
A number of development programs are continuing through the current
quarter including the hydrocarbon work, titanium development, and the
evaluation of drill cores related to the oil sands future mining program and
daily pipeline sampling to assess the overall heavy minerals resource.
Following the successful completion of these programs, Titanium Corporation
expects to commence a final engineering feasibility study later in 2007.
During the quarter, Titanium Corporation continued its program to add mineral
sands, oil sands and financial markets experience to the Board with the
appointment of Gordon Pridham as a Director. Mr. Pridham brings extensive
financial markets experience in Canada, the United States and Asia. Three long
serving Directors retired during the period and the Board is now comprised of
seven members - five independent and two management Directors.
Titanium Corporation continues to maintain a strong balance sheet with a
cash position of $21 million at the end of the quarter, no debt and expenses
controlled to budget.
Titanium Corporation's financial statements and MD&A for the second
fiscal quarter of 2007 are available on SEDAR at www.sedar.com and on Titanium
Corporation's website at www.titaniumcorporation.com.
Titanium Corporation Inc. will host an update conference call at 11:00 am
Toronto/New York time (EST) on Monday, April 23, 2007. The North American
toll-free conference call dial-in number is 1-866-585-6398 and the
local/international dial-in is 416-849-9626. A live webcast of the conference
call, including a slide presentation, will be available to all interested
parties through Titanium Corporation's website www.titaniumcorporation.com or
through www.investorcalendar.com. A replay of the conference call will be
available until May 2, 2007; local dial-in at 416-915-1035 and toll-free
dial-in at 1-866-245-6755, passcode number 172391.
About Titanium Corporation
Titanium Corporation Inc. is a Canadian company developing a commercial
minerals recovery project in the Fort McMurray, Athabasca oil sands region.
Through extensive research, including the construction and operation of pilot
processing facilities, the Company has developed proprietary processes and
technology to recover valuable titanium-bearing minerals and zircon from oil
sands tailings. Titanium Corporation's technology could be applied to existing
and planned mined oil sands projects with the objective of creating a new
sustainable minerals industry for Canada. Titanium Corporation Inc. shares
trade on the Toronto Venture Exchange (TSX.V) under the symbol TIC. For more
information, please visit our website www.titaniumcorporation.com.
Disclosure regarding forward-looking information
Note: This press release does not contain forward-looking information.
However, we do direct you to our risks and uncertainties statements more
particularly described and updated in Titanium Corporation's Quarterly
Management's Discussion and Analysis filed for the three and six months ended
February 28, 2007, on SEDAR (www.sedar.com). Most notably these risks and
assumptions include, but are not limited to: changes in the worldwide price of
zircon; risks associated with future plans and objectives; operating or
technical difficulties in connection with development activities; and
development time lines and priorities. All subsequent written and oral
forward-looking information are based on estimates and opinions of management
on the dates they are made and expressly qualified in their entirety by this
notice. The Corporation assumes no obligation to update forward-looking
information should circumstances or management's estimates or opinions change.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
For further information:
For further information: Scott Nelson, President & CEO, Titanium
Corporation Inc., (403) 561-0439, E-mail: firstname.lastname@example.org;
Carolyn Muir, Investor Relations, Titanium Corporation Inc., (416) 955-0715 X