Titanium Corporation Inc. - Stock option grant

    TORONTO, Dec. 21 /CNW/ - Titanium Corporation Inc. ("the Corporation")
(TSX-V:TIC) today announced that the board of directors has approved issuance
of 475,000 stock options to officers, employees and consultants other than the
President and Chief Executive Officer and the Executive Chairman of the
Corporation. These stock options are all exercisable at $2.25 per share for a
period of five years, pursuant to the Corporation's stock option plan and in
accordance with the policies of the TSX Venture Exchange.

    About Titanium Corporation
    Titanium Corporation Inc. is a Canadian company developing a commercial
process to maximize the inherent value existing in the waste material
currently being deposited in oil sands tailings in the Fort McMurray,
Athabasca oil sands region. Through extensive research, including the
construction and operation of pilot processing facilities, the Company is
developing technology to integrate the recovery of heavy minerals and bitumen
from mined 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 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.

    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: snelson@titaniumcorporation.com;
Carolyn Muir, Investor Relations, Titanium Corporation Inc., (416) 955-0715 X
224, cmuir@titaniumcorporation.com

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