Conference call scheduled for 10:30am EST on Tuesday July 29, 2008
TORONTO, July 28 /CNW/ - Titanium Corporation Inc. ("the Company")
(TSX-V: TIC) announces that its quarterly financial statements for the nine
month period ended May 31, 2008 have been filed.
Since the Company's second quarter report, progress has been made in
various program areas:
- The Company's technical team in Regina made progress improving
analytical methods and developing technologies to remediate heavy
mineral concentrates. A large number of extractions were performed
using various oils and surfactants. The treated mineral concentrates
are being processed to assess the impact on downstream recoveries of
- Finalized new bitumen recovery research programs with a US-based
research organization involving two independent firms and commenced
the first phase of work in May. This work is expected to be completed
by the end of the fourth quarter.
- The Saskatchewan Research Council (SRC) is working with our Regina
technical team on a program to conduct solvent screening tests,
develop a laboratory scale processing unit and a process model to
evaluate process efficiency. This program commenced in July and is
scheduled for completion in December 2008.
- Dr. Kevin Moran, VP Process Development joined the Company's
Management team and is leading new research programs aimed at
evaluating the most effective technologies for recovering bitumen and
determining where recovered bitumen would be most practically
The Company has marshaled strong technical expertise, test facilities,
financial resources and stakeholder support to address its oil sands research
and development ("R & D") focus. As a significant signal of the Company's
unique capabilities in this field, in March 2008, the Company gained support
from the Government of Alberta, and was awarded an Energy Innovation Fund
Grant of $3.5 million. This Grant will be matched by the Company for a 24
month, $7 million R & D program directed toward achieving environmental and
economic benefits from the recovery of hydrocarbons and heavy minerals from
oil sands tailings. An advisory committee comprised of Government officials,
research associates and industry representatives was established and is
meeting regularly to oversee the expenditure process.
Expenses incurred in the third quarter ($1,006,221) and in the first nine
months of fiscal 2008 ($3,340,333) increased, compared with the comparable
2007 periods ($654,346 and $2,642,065 respectively) due to increased research
and development and corporate administration costs.
The Company maintains a strong balance sheet with a total cash position
of $21.7 million, which includes $3.5 million of restricted cash at the end of
The Company's unaudited financial statements and Management's Discussion
and Analysis for the third quarter of fiscal 2008 can be found on SEDAR at
www.sedar.com and on the Company's website at www.titaniumcorporation.com.
Titanium Corporation Inc. will host an update conference call at 10:30 am
Toronto/New York time (EST) on July 29, 2008. The North American toll-free
conference call dial-in number is 1-877-407-0778 and the international dial-in
A webcast, 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 August 12, 2008;
toll free dial-in at 1-877-660-6853 and local/international dial-in at
1-201-612-7415, account number 286 and conference ID 291884.
About Titanium Corporation
Titanium Corporation Inc. is a Canadian company developing a commercial
process to maximize the inherent value in the waste material contained in oil
sands tailings in the Fort McMurray, Athabasca region by integrating the
recovery of heavy minerals and bitumen. This technology would be applied to
all mined oil sands operations delivering environmental benefits with the
objective of creating a new sustainable industry for Canada. Titanium
Corporation Inc. shares trade on the TSX.V under the symbol TIC. For more
information, please visit 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: Gordon Pridham, Executive Chairman, Titanium
Corporation Inc., (416) 955-0715 X 223, E-mail:
firstname.lastname@example.org; Carolyn Muir, Investor Relations, Titanium
Corporation Inc., (416) 955-0715 X 224, email@example.com