Titanium Achieves First CVW™ Horizon Project Milestone
CALGARY, Alberta, May 15, 2018 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. ("Titanium" or the "Company") (TSX-V:TIC) is pleased to announce the achievement of Milestone 1 of 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 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 project as the Company meets and reports against predetermined milestones established under the ERA Contribution Agreement.
"The project team is working closely with engineering firms Stantec and IHC Robbins and engineering design is progressing very well, on time and on budget," commented Scott Nelson, President and Chief Executive Officer of Titanium. "ERA's funding support has been instrumental in accelerating this phase of the project."
The project has incurred $1.1 million of costs to the end of March, 2018, the Milestone 1 period. Project activities have included identifying locations and tie-ins for the new facilities, preparing detailed scopes of work for requests for proposals and selection of the engineering contractors.
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 Resources Limited 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.
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.
For further information, contact:
Scott Nelson
President & CEO
Tel: (403) 561-0439
Email: snelson@titaniumcorporation.com
David Feick
Investor Relations, LodeRock Advisors
Tel: 403-831-7557
Email: david.feick@loderockadvisors.com
