CALGARY, ALBERTA -- (Marketwired) -- 04/30/13 -- Titanium Corporation Inc. ("Titanium" or the "Company") (TSX VENTURE: TIC) today released financial results for the second quarter ended February 28, 2013.
Titanium continued its drive toward commercialization in the quarter, as its technology received strong government endorsements. The federal government recognized the Company's technology in its annual budget as an example of successful innovative clean technologies being supported by Sustainable Development Technologies Canada ("SDTC"). The National Research Council also recently awarded funding to the Company. The Alberta government is conducting reviews of a fiscal structure required to clarify the fiscal and royalty terms that will govern future major project investments using this new technology.
There is increased Government and industry focus on reducing greenhouse gas ("GHG") emissions, particularly related to oil sands crudes in light of pending and future approvals of pipeline projects and access to international markets. The Company's technology would provide environmental benefits highly relevant to these issues, reducing GHG and volatile organic compound ("VOC") emissions related to froth treatment tailings and tailings ponds.
On the research front, Titanium completed a four month heavy mineral concentrate ("HMC") pilot and conducted paraffinic testing programs at CanmetENERGY. Titanium's portfolio of intellectual property also expanded in the quarter with the award of three key patents.
Scott Nelson, the Company's President and Chief Executive Officer said, "We continued to execute our technical programs successfully, attract government support and demonstrate the economic and environmental benefits of our patented technologies. The recent escalation of environmental concerns and market access restrictions affect all players in the oil sands industry. We know that our technology can deliver solutions and we are working constructively with the industry to finalize the route to commercial implementation."
-- Titanium successfully completed pilot operations at CanmetENERGY to produce a larger sample of cleaned HMC for minerals separation processing into final zircon sample products. The program produced approximately two tonnes of HMC which will be shipped to Australia for further testing. In parallel, a paraffinic pilot program was also conducted at CanmetENERGY to further refine this technology which is at an earlier stage of development. These programs were funded in part by a $1.4 million SDTC Grant received in November, 2012.-- In support of the paraffinic tailings research program at CanmetENERGY, Titanium was awarded a further $0.5 million grant under the National Research Council's Industrial Research Assistance Program ("NRC-IRAP") 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 $10.4 million.-- Titanium announced the awards of key patents relating to the removal of bitumen from heavy mineral concentrates and the recovery of bitumen and solvents from oil sands tailings. These patents support the Company's proprietary solution for environmental remediation of froth treatment tailings and recovery of valuable products currently lost in tailings ponds.-- The Alberta government is conducting reviews of a fiscal framework related to the recovery of minerals and bitumen from oil sands tailings. The framework will provide clarity around royalties, capital cost treatment and other fiscal terms required for planning and investing in the commercial projects.