Titanium Corporation Announces Signing of Project Coordination Agreement for the 2021 Engineering Phase of the CVW™ Horizon Project
Titanium Corporation Announces Signing of Project Coordination Agreement
for the 2021 Engineering Phase of the CVW™ Horizon Project
CALGARY, Alberta, April 15, 2021 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. ( the " Company" or " Titanium ")
(TSX-V: TIC) is pleased to announce that the Company and Canadian Natural Resources Limited (" Canadian Natural ") have
signed a 2021 Project Coordination Agreement ("PCA") which governs the January 1, 2021 to April 30, 2021 engineering phase
of the CVW™ Horizon Project (the " 2021 Program").
The PCA, effective January 1, 2021, sets out the rights and responsibilities of the parties with respect to the 2021 Program.
Under the PCA, the 2021 Program includes completion of validation and optimization of the overall plant design and the
updating of the capital and operating cost estimates for the concentrator plant, tailings thickener and associated utilities. The
2021 Program also includes the engineering redesign and updating of the capital and operating cost estimates for the mineral
separation plant, associated utilities and the minerals product transload facility.
The PCA provides that Canadian Natural and Titanium shall be responsible for 70% and 30%, respectively, of the total cost of
the 2021 Program and the government grant proceeds related to the 2021 Program shall be shared between the parties on the
same ratio. The PCA provides that ownership of the 2021 Program and any intellectual property rights developed during the
program shall be jointly owned pro rata in accordance with each party's contribution. The PCA also sets out the management
structure, responsibilities, administration and certain other customary terms and conditions for the conduct of the 2021
Program.
About Titanium Corporation
Titanium'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 froth treatment tailings while economically recovering valuable
products that would otherwise be lost. CVW™ recovers bitumen, solvents, heavy minerals and water 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 and other titanium-
based minerals. 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.
Disclosure regarding forward-looking information
This news release contains forward-looking statements and information within the meaning of applicable Canadian securities
laws (collectively, " forward-looking information ") that reflect the current expectations of management about the future
results, performance, achievements, prospects or opportunities for Titanium, including statements relating to the continued
effective collaboration between the Company 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, 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 this
news release, assumptions have been made regarding, among other things: the timing, and exact amount, of the final
contributions from each party under the PCA; the condition of the global economy, including trade, public health and other
geopolitical risks; the stability of the economic and political environment in which the Company operates; the ongoing impact
of the COVID-19 pandemic on the Company's operations, business prospects and the macro-economic environment in which
it exists; the success of the detailed engineering phase of the 2021 Program; the ability of the Company to enter into
commercial contracts with oil sands producers and to achieve commercialization of the CVW™ technology; 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, including available grant and financing opportunities from government programs and finalizing funding agreements for
such government programs; the translation of the results from the Company's research, pilot programs, 2021 Program
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 ability to protect
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. 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 most recently filed management's discussion and
analysis, 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 the date of this news release
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
(403) 561-0439
Jennifer Kaufield
Vice President Finance & CFO
(403) 874-9498