EDMONTON, ALBERTA -- (Marketwire) -- 01/24/13 -- Titanium Corporation Inc. (the "Company") (TSX VENTURE: TIC) today released financial results for the first quarter ended November 30, 2012.
The first quarter marked a number of significant and necessary steps advancing the Company toward commercialization. The Company continues to make progress with all stakeholders despite challenging conditions in the oil sands industry. The Canadian and Alberta Governments are acutely aware of the importance of advancing sustainable technologies and are highly supportive of the Company's initiatives with grant funding and fiscal regime development for commodities recovered from tailings.
The Company continued its focus on commercial development of its mineral process with the successful commissioning of pilot operations to produce larger volume bulk mineral samples for customer testing. The Company's portfolio of intellectual property was expanded in the quarter with the award of two key patents. The Company is confident that with Government support and the heightened focus on the social license to operate, the substantial environmental benefits that its technology offers will be attractive to both the industry and Government.
-- The Company successfully commissioned pilot operations at CanmetENERGY to produce a larger sample of cleaned heavy mineral concentrate ("HMC") for minerals separation processing into final zircon sample products. The program, which will run until February 2013, will produce approximately 2 tonnes of HMC which will be shipped to Australia for further testing. In parallel, a paraffinic pilot program is also underway at CanmetENERGY to further refine this technology which is at an earlier stage of development.-- In support of the current pre-commercial program at CanmetENERGY, the Company was awarded a further $1.4 million Canadian Government SDTC Grant to fund a portion of the program costs. Both the Alberta and Canadian Governments have been highly supportive of the Company's programs with grants to date of approximately $10 million.-- The Company announced that two key patents have been issued in support of its proprietary solution for environmental remediation of froth treatment tailings and recovery of bitumen, solvents, valuable heavy minerals and water currently lost in tailings ponds. The first patent relating to the removal of bitumen from HMC and the second, for solvent recovery from oil sands tailings.-- The Alberta Government is at an advanced stage of developing a fiscal regime for minerals and bitumen recovered from oil sands tailings. When completed, this framework will be reviewed with industry and the Company with the aim of advancing the first project.-- During the quarter, the Company appeared before the Canadian House of Commons Standing Committee on Natural Resources which is hearing testimony on innovation in the energy sector. The Company's detailed submission and November 29, 2012 hearing testimony are available on Company and Canadian Government websites.-- The Company continues to develop relationships with strategic partners who bring operational, marketing and financing resources. The size, complexity and risks associated with the proposed projects warrants the Company aligning with strategic partners.