"Our minerals bulk sample program was successfully completed in
The following are highlights of the Company's progress towards commercialization:
-- Potential oil sands industry partners advanced their Titanium project evaluations during the quarter including conducting economic modeling and technical reviews. In addition to project costs and commodity recoveries, they are evaluating environmental benefits. Potential reductions in emissions, energy use, water and tailings remediation are under review for their potential cost savings and environmental footprint reduction. -- Independent engineering reports by the Company's Australian engineering partner have been finalized for the minerals bulk sample program completed earlier in 2014. Six expert firms also provided specialized equipment, analytical and testing services. The minerals program confirmed an efficient flow sheet to recover commercial volumes of premium zircon product as well as HiTi (high grade titanium product which generally contains approximately 90% titanium dioxide) from the heavy minerals concentrate recovered from oil sands tailings using Titanium's process. -- An independent report from a recognized industry marketing firm confirmed the marketability of the zircon product for markets in
Chinaincluding zirconium silicate (widely used in ceramic manufacture), zirconium powder, chemicals and refractories markets. Further, the HiTi was deemed marketable in welding rod and flux core wire, pigment and glazes, sponge and other markets in China. -- During 2014, the Company's technology received national and international recognition at a number of conferences and forums. At Globe 2014, held in Vancouverin March, the Company's technology was highlighted by Jim Balsillie, the former CEO of Research in Motion(Blackberry) and Chairman of Sustainable Development Technology Canada in his keynote remarks as a leading sustainable solution for the oil sands industry. At the 2014 CIM Conferenceheld in Vancouveron May 13, the Company's Dr. Kevin Morangave an address on "Sustainable Minerals Production from Oil Sands Tailings". Dr. Moran earlier had presented "Improving the Quality of Process-Affected Water from the Oil Sands" at the COSIA Oil Sands Water Conferenceheld in Edmontonin March. -- The Company continued efficiency programs aimed at reducing costs and conserving cash. At the Company's AGM in January, shareholders approved new share ownership programs under which management and the Board receive shares in lieu of a portion of cash compensation. The Company completed final reporting to Sustainable Development Technology Canada ("SDTC") and on April 9, 2014received payment of $629,194. This is the final payment of SDTC grants totaling $6.3 millionwhich funded a significant portion of the Company's pre-commercial demonstration piloting. With these actions, the Company's cash position at the end of the third quarter was $3.0 million.
As a research and development company, Titanium is focused on achieving long-term financial success by taking its innovative technologies into commercial production. Until commercial investment is made and a plant is built and operating, the Company expects to incur losses. However, with pilot testing completed, R&D investment in future quarters will be substantially reduced as the Company focuses its resources on commercialization.
Net Loss - Net loss of
Research & Development ("R&D") - For the three month period ended
General & Administrative ("G&A") - G&A expense was lower by
Cash Position - The Company had
To view the Company's management discussion and analysis and unaudited condensed interim financial statements for the three and nine month periods ended
Disclosure regarding forward-looking statements
Certain statements contained herein regarding the Company and its plans constitute "forward-looking statements" within the meaning of Canadian securities laws. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions, projections, and other forward-looking statements will not prove to be accurate. We direct you to our statement of risks and uncertainties more particularly described and updated in the Company's management discussion and analysis filed for the period ended
FOR FURTHER INFORMATION PLEASE CONTACT:
Titanium Corporation Inc. Scott NelsonPresident & CEO (403) 561-0439 email@example.com Titanium Corporation Inc. Andreas CurkovicInvestor Relations (416) 577-9927 firstname.lastname@example.org.TitaniumCorporation.com Source: Titanium Corporation Inc.