Titanium
Corporation Inc.
Oil Sands Drill Core Evaluation Program
Toronto, Ontario...June 22,
2007...Titanium
Corporation Inc. [TSX-V:TIC] (the �Company�) would like to clarify its press
release dated April 19, 2007 regarding its current oil sands drill core
evaluation and correlation program.
The Company�s primary business focus
is developing a separation process to extract valuable heavy minerals from the
tailings coming from the oil sands operations. The Company currently has no economic
entitlement or mining interest in the oil sands. The nature of the Company�s
project is more in the nature of process engineering and development rather than
mineral exploration.
Core samples have previously been
drilled by oil sands operators with regard to mining plans for the extraction of
bitumen. Drill core samples are
analyzed by the Company and correlated with the daily tailings sample heavy
mineral analysis for a specific period to compare the heavy minerals in the oil
sands run-of-mine ore to the heavy minerals coming out of the tailings pipeline.
This correlation can be used to predict what quantity and type of heavy minerals
can be expected in the tailings pipe depending on the oil sands operator�s
mining plan for a certain period in the future.
The Company initiated the drill core
evaluation program during the first quarter of 2006, whereby daily pipeline
tailings samples obtained during the 1st and 2nd Quarters
of 2005 were to be compared with drill cores representing run-of-mine material
for the same period. Initial
results were received during the 3rd and 4th quarters of
2006 and it was then decided to also incorporate supplemental data from
additional tailings pipeline and drill cores representing the 3rd and
4th Quarters of 2005 to ensure sufficient data correlation
points. Raw comparative data
representing 2005 was received by late February 2007 and is currently being
interpreted and correlated. The raw
data from some 141 core samples shows an average total heavy mineral content of
0.77% with a standard deviation of 0.29%.
The valuable heavy minerals (ilmenite, leucoxene, rutile and zircon)
comprise on average 45.9% of the total heavy mineral
content.
The evaluation of the oil sands
drill core samples involves work by a number of parties under the overall
supervision of Titanatek (Pty) Ltd of Australia, of whom the principal is Neil
Dawson a registered member of AusIMM. Mr. Dawson is the Qualified Person who has
reviewed and approved this press release.
Specifically, the existing core samples, which represents 3 � 12kg
half-splits from the original samples are identified and collected from the Oil
Sands Operator�s core shed by Dentor Enterprises and delivered to SGS Canada
Inc. in Fort McMurray. A 2kg representative sample is then
obtained from each core sample and the bitumen is then removed from this sample
using the Dean & Stark process.
The cleaned and dried samples are then shipped to Australia where
they are received and customs cleared, deslimed on a 45�m wet screener and
sink-floated using bromoform. The
resultant sinks or total heavy minerals obtained, which varies between 10 � 50g
in mass, is dry screened on 250�m and the minus 250�m fraction is then
magnetically fractionated. The
magnetic fractions are then grain counted first and then analyzed using XRF by
Titanatek, Geochempet Mineralogical Services and Ultra Trace (Pty) Ltd. Raw
comparative data is currently being interpreted and correlated by the Company
under the supervision of Dr. Clayton Deutsch P.Eng and a registered member of
APEGGA.
About Titanium
Corporation
Titanium Corporation Inc. is a
Canadian company developing a commercial minerals recovery project in the
Fort McMurray, Athabasca oil sands region. Through extensive research, including
the construction and operation of pilot processing facilities, the Company has
developed proprietary processes and technology to recover valuable
titanium-bearing minerals and zircon from oil sands tailings. Titanium Corporation�s technology could
be applied to existing and planned mined oil sands projects with the
objective of creating a new
sustainable minerals industry for Canada. Titanium Corporation
Inc. shares trade on the TSX Venture Exchange (TSX.V) under the symbol TIC. For
more information, please visit our website www.titaniumcorporation.com.
Disclosure regarding forward-looking
information
Forward-Looking Statements: This press release contains
forward-looking statements that are based on the company�s current expectations
and estimates. Forward-looking
statements are frequently characterized by words such as �plan�, �predict�,
�expect�, �project�, �intend�, �believe�, �anticipate�, �estimate�, and other
similar words or statements that certain events or conditions �may� or �will�
occur, and include, without limitation, statements regarding the recovery of
heavy minerals and the Company�s ability to extract heavy minerals from tailings
in the future. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that
could cause actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such forward-looking
statements. Any forward-looking
statement speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, the company disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty
therein.
We also direct you to our risks and
uncertainties statements more particularly described and updated in Titanium
Corporation�s Quarterly Management�s Discussion and Analysis filed for the three
and six months ended February 28, 2007, on SEDAR (www.sedar.com). Most notably these risks and assumptions
include, but are not limited to: changes in the worldwide price of zircon; risks
associated with future plans and objectives; operating or technical difficulties
in connection with development activities; and development time lines and
priorities. All subsequent written
and oral forward-looking information are based on estimates and opinions of
management on the dates they are made and expressly qualified in their entirety
by this notice. The Corporation assumes no obligation to update forward-looking
information should circumstances or management�s estimates or opinions change.
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy and accuracy of
this release.
For further
information:
Scott Nelson, President &
CEO
Carolyn Muir, Investor
Relations
Titanium Corporation Inc.
Titanium Corporation Inc.
403-561-0439
416-955-0715 X 224
E-mail: snelson@titaniumcorporation.com
cmuir@titaniumcorporation.com