Titanium Achieves Fourth CVW™ Horizon Project Milestone
Titanium Achieves Fourth CVW™ Horizon Project Milestone
CALGARY, Alberta, Dec. 20, 2018 -- Titanium Corporation Inc. ("Titanium" or the "Company") (TSXV: TIC) today
announced the achievement of Milestone 4 for the front-end engineering design ("FEED") phase of its CVW™ Horizon Project.
The FEED project is 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 project costs. Titanium and Canadian Natural Resources Limited ("Canadian
Natural") are funding $1.5 million and up to $3.7 million, respectively.
ERA funding provided under the ERA Methane Challenge is advanced in five stages during the project as the Company meets
and reports against predetermined milestones established under the ERA Contribution Agreement. The final ERA Milestone 5
is scheduled for completion by February 28, 2019.
"The FEED phase of the CVW™ Horizon project is proceeding on time and on budget and we expect to complete the final
ERA Milestone 5 by February 28, 2019," said Scott Nelson, President and Chief Executive Officer of Titanium. "The joint
project team will continue working on optimization of the engineering design, project scope, and cost reduction opportunities to
maximize the value of the project. In addition, the team has commenced the acquisition of drill cores and minerals analysis
related to a new mining area recently acquired by Canadian Natural."
The project has incurred $8.6 million of costs and in-kind contributions to the end of November 30, 2018 representing about
84% of the total project budget. Project activities during the Milestone 4 period included completion of relevant HAZOP and
HAZID studies (hazards and risks reviews), based on the issued piping and instrumentation diagrams. Electrical single line
drawings have been issued together with electrical and instrumentation equipment for both the primary concentrator plant and
the minerals separation plant. FEED activities for the period December 1, 2018 to February 28, 2019 toward the completion of
the final ERA Milestone 5 include final control designs, material take-offs, 3D model completion, development of Class 3 cost
estimates and preparation of a final outcomes report.
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.
About Emission Reduction Alberta
ERA works with industry, government and the innovation community to invest in and advance the solutions Alberta needs to
reduce GHG emissions and build a stronger, more diversified economy. To date, ERA has committed to more than $375
million in funding to over 128 projects with a total value of over $2.6 billion. ERA is on track to deliver cumulative GHG
reductions of 28MT of CO2e by 2030. Jobs created in Alberta as a result of these investments will equate to 12,000 person
years by 2023. The Province of Alberta provides grants to ERA from the Climate Change and Emissions Management Fund to
enable ERA to fulfill its mandate.
Disclosure regarding forward-looking information
This news release contains forward-looking statements and information (collectively, "forward-looking information") that
reflects the current expectations of management about the future results, performance, achievements, prospects or
opportunities for Titanium, including statements relating to advantages of the Company's technology and the creation of a
mineral sands industry; the timing expectations for completion of the FEED project; the scope of activities remaining within
the FEED project, including expected activities between December 1, 2018 and February 28, 2019; and the expected
contributions from each of ERA and Canadian Natural. These statements generally can be identified by use of forward-looking
words such as "may", "will", "expect", "estimate", "anticipate", "believe", "project", "should" or "continue" or the negative
thereof or similar variations. Forward-looking information is presented in this news release for the purpose of assisting
investors and others in understanding our objectives, strategic priorities and business outlook, and in obtaining a better
understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate
for other purposes. Forward-looking information, by its very nature, is subject to inherent risks and uncertainties and is based
on many assumptions, both general and specific, which give rise to the possibility that actual results or events could differ
materially from our expectations expressed in or implied by such forward-looking information and that our business outlook,
objectives, plans and strategic priorities may not be achieved. In addition to other factors and assumptions which may be
identified in our management's discussion & analysis for the three and nine months ended September 30, 2018 ("MD&A"),
assumptions have been made regarding, among other things: the ability of the Company to complete all of the expected
activities in respect of ERA Milestone 5 by February 28, 2019; the success of the current FEED study project activities; the
ability of the Company to enter into commercial contracts with other strategic partners in relation to building and operating
facilities, as required; the ability of the Company to retain qualified staff; the ability of the Company to obtain financing on
acceptable terms; the translation of the results from the Company's research, pilot programs, FEED project activities, post-
FEED study project activities and studies into the results expected on a commercial scale; future oil and zircon prices and the
impact of lower prices on activity levels and cost savings of oil sands producers; the impact of increasing competition; the
general stability of the economic and political environment in which the Company operates; the ability to obtain and maintain
the Company's intellectual property; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes
and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully
market its CVW™ technology. The forward-looking information contained in this news release is based on the results of our
research, pilot programs, FEED and related studies and commercialization efforts to date, which are further described in our
MD&A. The Company has not commercially demonstrated its technologies and there can be no assurance that the FEED
project will prove to be successful nor that such commercialization efforts will be successful, as actual results and future
events could differ materially from those expected or estimated in such forward-looking information. As a result, we cannot
guarantee that any forward-looking information will materialize and we caution you against relying on any of this forward-looking
information. Accordingly, readers should not place undue reliance on forward-looking information.
Additional information on these and other factors are disclosed in our MD&A, including under the heading "Discussion of
Risks", and in other reports filed with the securities regulatory authorities in Canada from time to time and available on
SEDAR (sedar.com). The forward-looking information contained in this news release describes our expectations as of
December 20, 2018 and, accordingly, are subject to change after such date. Except as may be required by Canadian
securities laws, we do not undertake any obligation to update or revise any forward-looking information contained in this news
release, whether as a result of new information, future events or otherwise. 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: [email protected]
David Feick
Investor Relations, LodeRock Advisors
Tel: 403-831-7557
Email: [email protected]