Titanium Awarded Final Canadian Patent for Breakthrough Oil Sands Tailings Technology
CALGARY, ALBERTA -- (Marketwired) -- 05/16/13 -- Titanium Corporation Inc. (TSX VENTURE: TIC) ("Titanium" or the "Company") has been awarded the final of the three core Canadian patents that together secure its innovative green oil sands technology. The new patent is Canadian Patent No. 2662346 (Moran et al) for a novel process that recovers bitumen from froth treatment tailings.
"Securing this final Canadian patent is an important milestone in our intellectual property program that solidifies our position as the leading developer of value-added, environmentally advantageous tailings recovery technologies," said Scott Nelson, Titanium's President and Chief Executive Officer. "Recovering residual bitumen, solvents and minerals from oil sands tailings is a sustainable and profitable business that extracts value from industrial waste and reduces emissions."
Titanium has also received the final results of independent testing on its recent pilot at CanmetENERGY. The results are further confirmation that the Company's technology can recover large quantities of valuable residual bitumen, solvents and minerals from oil sands tailings, with important environmental benefits that include reducing greenhouse gas (GHG) emissions.
Titanium's pilot achieved excellent recoveries of 82 percent of residual bitumen from the oil sands tailings stream and 98 percent of the solvents. The pilot produced a large bulk sample of heavy mineral concentrates for separation processing into samples of zircon, an essential material in the worldwide ceramics industry. The pilot achieved all of its objectives at larger scale processing. These performance levels solidify confidence for commercializing Titanium's technology, the prime initiative the company is pursuing with industry and the Government of Alberta.
"While it takes time to commercialize new technology, we are seeing increasing support from stakeholders for our technology, which would recover up to 7,000 barrels per day of currently wasted bitumen and solvent from individual oil sands operations," Scott Nelson continued. "Oil sands mining companies are the pioneers of this large industry and have introduced many innovations to their processes over the years. Our Company is well positioned to be among the next phase of breakthroughs in efficiency and environmental performance."
During the 10 week pilot, over 5,000 independent sample analyses were performed by Maxxam Analytics, Canada's leading provider of analytical services to the energy industry. The Canadian Government Sustainable Development Technology Canada SD Tech Fund contributed $1.4 million of funding to the pilot.
About Titanium Corporation Inc.
Titanium Corporation Inc. is commercializing proprietary technology to recover heavy minerals and residual bitumen and solvents contained in the waste tailings streams from oil sands mining operations near Fort McMurray, Alberta. This technology has the potential to deliver incremental revenue to existing oil sands producers by enhancing bitumen recovery while developing the first ever commercial production of valuable minerals from Canada's oil sands and reducing environmental impacts of oil sands tailing. The combined benefits of the Company's technology would enhance the value and reputation of oil sands resources. The Company's shares trade on the TSX-V under the symbol "TIC". For more information visit the Company's website at www.titaniumcorporation.com.
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 February 28, 2013 and annual information form for the year ended August 31, 2012 each filed on SEDAR (www.sedar.com). Most notably these risks include, but are not limited to risks associated with the commercialization of the CVW™ project on the timetable anticipated or at all; access to capital on acceptable terms to fund our commercialization plan, operational or technical difficulties in connection with building and operating the CVW™ project and research activities; uncertainty related to the cost to build and operate CVW™ facilities; reliance on a small number of people, access to and cost of oil sands tailings necessary to carry out the CVW™ project, competition and intellectual property protection and changes to environmental laws and regulation.
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.
Contacts:
Titanium Corporation Inc.
Scott Nelson
President & CEO
(403) 561-0439
snelson@titaniumcorporation.com
Titanium Corporation Inc.
Andreas Curkovic
Investor Relations
(416) 577-9927
acurkovic@titaniumcorporation.com
www.titaniumcorporation.com