CALGARY, ALBERTA--(Marketwired - Oct. 1, 2015) - Titanium Corporation Inc. (the "Company" or "Titanium") (TSX VENTURE:TIC) today announced that agreements have been reached with Syncrude Canada Ltd. ("Syncrude") providing for the co-ownership of one of Titanium's patents and the first right for Titanium to propose commercial recovery of heavy minerals at Syncrude sites.
"We are very pleased to have reached these agreements with Syncrude Canada," commented Scott Nelson, Titanium's President and Chief Executive Officer. "Titanium and Syncrude have been discussing for some time now the possibility of overlapping technology interests. Through constructive dialogue, the parties have reached agreements that provide clarity on these interests and a framework for implementation of our technologies, with Syncrude focused on bitumen recovery and our company on minerals recovery."
Under a Patent Assignment and Co-ownership Agreement, Titanium assigned a 50% interest in Canadian Patent No. 2,662.346 entitled "Recovery of Bitumen from Froth Treatment Tailings" to Syncrude. Syncrude (and its joint venture participants) have the exclusive right to practice the patent at Syncrude's oil sands project sites and Titanium has the exclusive right to practice the patent at all other oil sands sites. As co-owners, Titanium and Syncrude will not be paying fees to each other for use of the patent.
Under a Right of First Proposal Agreement, Titanium shall have the "first right" to propose and negotiate arrangements for the recovery of heavy minerals, when Syncrude proceeds with the commercial recovery of bitumen and minerals using the assigned patent. The agreement provides timeframes for the notice, proposal and negotiation periods.
Titanium is continuing to work with Syncrude and the other oil sands industry operators toward commercial deployment of its Creating Value from Waste™ suite of technologies. The Company's July 30, 2015 quarterly news release and update on progress is available at www.titaniumcorporation.com
About Titanium Corporation Inc.
Titanium Corporation's CVW™ technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. Our 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 thickened 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-V under the symbol "TIC". For more information please visit the Company's website at www.titaniumcorporation.com.
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.
Source: Marketwired (Canada)
(October 1, 2015 - 8:00 AM EDT)
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