CALGARY, Alberta, Aug. 17, 2018 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. ("Titanium" or the "Company") (TSXV: TIC) is pleased to announce the achievement of Milestone 2 for the front end engineering design ("FEED") phase of its CVW™ Horizon Project. The FEED project is being supported by Emissions Reduction Alberta ("ERA") through the award of grant funding of up to the lesser of $5.0 million or 50% of engineering design. Titanium and Canadian Natural Resources Limited are funding $1.5 million and up to $3.7 million, respectively.
ERA funding provided under the ERA Methane Challenge is provided in stages during the FEED project as the Company meets and reports against predetermined milestones established under the Company's contribution agreement with ERA.
"Our joint Titanium, Canadian Natural, Stantec and IHC Robbins team is making excellent progress with the engineering design phase progressing very well, on-time and on-budget," commented Scott Nelson, President and Chief Executive Officer of Titanium. "ERA continues to be a valued funding partner as we continue discussions with Federal and Alberta funding agencies toward the construction phase of the project."
The FEED project has incurred $3.4 million of costs to the end of June 30, 2018. Project activities during the Milestone 2 period included design basis criteria, initial plot plans, heat and material balances and process flow diagrams for both the concentrator facility and the minerals separation plant.
About Titanium Corporation Inc.
Titanium's CVW™ technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. The Company is working with Canadian Natural on front end engineering design for potential deployment of CVW™ at Canadian Natural's Horizon oil sands site. The Company's technology reduces the environmental impact of oil sands tailings while economically recovering valuable products that would otherwise be lost. CVW™ recovers bitumen, solvents and minerals from tailings, preventing these commodities from entering tailings ponds and the atmosphere; volatile organic compound and greenhouse gas emissions are materially reduced; hot tailings water is improved in quality for recycling; and residual tailings can be remediated more readily. A new minerals industry will be created commencing with the production and export of zircon, an essential ingredient in ceramics. The Company's shares trade on the TSX Venture Exchange under the symbol "TIC". For more information, please visit the Company's website at www.titaniumcorporation.com.
Disclosure regarding forward-looking information
This news release contains forward-looking statements and information (collectively, "forward-looking information") that reflects the current expectations of management about the future results, performance, achievements, prospects or opportunities for Titanium, including statements relating to advantages of the Company's technology and the creation of a mineral sands industry, as well as relating to the Company's ongoing discussions with Federal and Alberta funding agencies toward the construction phase of the FEED project. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "believe", "project", "should" or "continue" or the negative thereof or similar variations. Forward-looking information is presented in this news release for the purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook, and in obtaining a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking information, by its very nature, is subject to inherent risks and uncertainties and is based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking information and that our business outlook, objectives, plans and strategic priorities may not be achieved. In particular, the forward-looking information contained in this news release is based on the results of our research, pilot programs, FEED and related studies and commercialization efforts to date, which are further described in our management's discussion & analysis for the year ended December 31, 2017 ("MD&A"). The Company has not commercially demonstrated its technologies and there can be no assurance that the FEED project will prove to be successful nor that such commercialization efforts will be successful, as actual results and future events could differ materially from those expected or estimated in such forward-looking information. As a result, we cannot guarantee that any forward-looking information will materialize and we caution you against relying on any of this forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.
Additional information on these and other factors are disclosed in our MD&A, including under the heading "Discussion of Risks", and in other reports filed with the securities regulatory authorities in Canada from time to time and available on SEDAR (sedar.com). The forward-looking information contained in this news release describes our expectations as of August 17, 2018 and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking information contained in this news release, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.