titanium
corporation Issues Q2 financial statements
conference
call scheduled for 10:00am EST on Thursday, May 1, 2008
Toronto, Ontario�.April 30,
2008�Titanium
Corporation Inc. (�the Company�) [TSX-V: TIC] announces that its quarterly
financial statements for the three and six month period ended February 29, 2008
have been filed.
Since the Company�s first quarter
report, a number of significant operational milestones have been
achieved:
�
Titanium
Corporation was awarded a $3.5 million Energy Innovation Fund Grant from the
Province of Alberta (see news releases dated March 28, 2008 and March 31,
2008). This significant funding and
support from the Government is directed at the Company�s research programs into
the value-added opportunities and environmental benefits of recovering hydrocarbons and heavy minerals from oil sands tailings streams. Under the terms of the Grant, the
Company has established an Advisory Committee comprised of individuals drawn
from the research community, government agencies and
industry.
�
The
Company expanded its bitumen recovery research programs to include additional
expert research firms in the United States. Detailed planning was completed for this
new work, which is underway in the third quarter.
�
The
Company completed its strategic business plan, which reviewed technical progress, outcomes, markets and business conditions. The plan confirmed the Company�s
enhanced focus on programs aimed at the integrated recovery of bitumen and
minerals.
The Company has an Exclusivity
Agreement with Syncrude Canada Ltd. which is scheduled to expire on May 16,
2008. In conducting the next phase
of its research and development programs, the Company will be collaborating with
independent research organizations, government agencies and the oil sands
industry with a view to developing an industry-wide solution. Accordingly, the Company will not seek
to renew the Exclusivity Agreement.
The Company intends to continue testing of tailings and associated
research programs in cooperation with its research partners and the
industry.
Expenses incurred in the second
quarter ($1,375,656) and in the first six months of fiscal 2008 ($2,334,112)
increased, compared with the comparable 2007 periods ($1,107,369 and $1,987,719
respectively) due to increased professional fees and research and development
expenses related to the Company�s minerals and bitumen recovery programs.
The Company maintains a strong
balance sheet with a cash position of $19 million at the end of the
quarter.
The Company�s unaudited financial
statements and Management�s Discussion and Analysis for the second quarter of
fiscal 2008 can be found on SEDAR at www.sedar.com and on the Company�s website at
www.titaniumcorporation.com.
Titanium Corporation Inc. will host
an update conference call at 10:00 am Toronto/NewYork time (EST) on May 1,
2008. The North American toll-free
conference call dial-in number is 1-866-334-3876 and the international dial-in
is 416-849-4292. A live audio
webcast of the conference call will be available to all interested parties
through Titanium Corporation�s website www.titaniumcorporation.com or through
www.investorcalendar.com A replay of the conference call will be
available until May 15, 2008; toll free dial-in at 1-866-245-6755 and
local/international dial-in at 416-915-1035, passcode number 935843.
About Titanium
Corporation
Titanium Corporation Inc. is a
Canadian company developing a commercial process to maximize the inherent value
existing in the waste material currently being deposited in oil sands tailings
in the Fort McMurray, Athabasca region. The Company is developing technology and
processes to integrate the recovery of heavy minerals and bitumen contained in
the froth treatment tailings of oil sands mining extraction operations. The potential exists in such processes
to recover previously wasted resources and also to simultaneously deliver
environmental benefits with the objective of creating a new sustainable
industry for Canada. Titanium Corporation Inc. shares trade on the Toronto
Venture Exchange (TSX.V) under the symbol TIC. For more information, please
visit our website www.titaniumcorporation.com.
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