TORONTO, April 22 /CNW/ - Titanium Corporation Inc. (the "Company")
(TSX-V: TIC) today released its financial results for the three and six month
periods ended February 28, 2009.
For the second quarter of 2009:
- The research and development ("R&D") programs made solid progress
advancing laboratory solutions toward continuous bench scale testing
which is scheduled to start in the fiscal third quarter.
- All aspects of the Company's business model have been reviewed and
measures are underway to reduce expenses and restructure operations
to increase efficiency. Expenses decreased to $1.292 million from
$1.376 million in the second quarter of fiscal 2008; and
- The Company remains in a strong financial position with $17.786
million in cash and short-term investments (including $3.580 million
in restricted cash).
Scott Nelson, the Company's President and Chief Executive Officer stated
"We are encouraged by our research and development program as laboratory work
is resulting in prospective solutions for bench testing." He also commented
that "All costs are being controlled to focus our resources on core R&D
programs. As part of this initiative, the Company will move its head office to
Edmonton, Alberta during May 2009. Not only will this consolidate functions
and more efficiently support the progress of the R&D programs, it will also
lead to cost savings."
Research & Development Update - The research and development program,
managed by the Company's in-house experts, is comprised of multiple projects
being executed by a number of leading research firms in Canada and the United
States. During the quarter, the technical programs continued to focus on the
challenges of removing residual bitumen from the heavy minerals and recovering
bitumen from the tailings stream.
Bitumen Removal and Recovery - The bitumen removal program successfully
reduced bitumen adhering to minerals below targeted levels in laboratory
testing and is now a prospective solution that warrants larger scale testing.
The bitumen recovery program conducted promising bench scale testing and
proceeded with the design of a continuous testing project scheduled to start
in the fiscal third quarter. In parallel with the core research programs,
planning continued on a number of projects in related areas including water
treatment and reuse, and solvent recovery.
Minerals Concentration and Separation - An independent expert firm
conducted a review of Titanium's minerals concentration and separation
processes. A review of findings and recommendations is underway with the
objective of improving design performance and efficiency. New technologies are
also being tested by external suppliers.
Expenses - Total expenses decreased to $1.292 million from $1.376 million
in the second quarter of 2008. Corporate G&A expense decreased to $0.704
million from $0.886 million in the second quarter of 2008. Research and
development costs increased to $0.405 million from $0.308 million in the 2008
quarter. In the first six months of the year, increased R&D activities and
higher stock based compensation resulted in an increase in costs for the
Cash Position - The Company is in a strong financial position with
$17.786 million in cash and short-term investments (including $3.580 million
of restricted cash) at February 28, 2009, compared to $20.589 million
(including $3.524 million of restricted cash) at August 31, 2008.
To view the Company's Management's Discussion and Analysis and Financial
Statements for the quarter ended February 28, 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 "Value from Waste" 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 benefits. The Company's shares trade on the TSX.V under the
symbol TIC. For more information, please visit www.titaniumcorporation.com.
Disclosure regarding forward-looking statements
We direct you to our risks and uncertainties statements more particularly
described and updated in Titanium Corporation's Management's Discussion and
Analysis filed for the period ended February 28, 2009, on SEDAR
(www.sedar.com). Most notably these risks include, but are not limited to:
risks associated with the advancement of research and development programs
including the successful commercial recovery of bitumen and heavy minerals and
operating or technical difficulties in connection with development activities.
All subsequent written and oral forward-looking statements are based on
estimates and opinions of management on the dates they are made and expressly
qualified in their entirety by this notice.
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, Tel: (403)
561-0439, Email: firstname.lastname@example.org; Gordon Pridham, Chairman,
Tel: (416) 520-4252, Email: email@example.com