Titanium Corporation Inc. quarterly update
Operated first concentrator to produce heavy minerals from oil sands tailings
Toronto, Ontario....January 24, 2007...Titanium Corporation Inc. [“Titanium”, TSX-V:TIC] is pleased to provide an update on its operations to develop a new sustainable source of titanium and zircon minerals from Canada’s Athabasca oil sands following the filing of its quarterly financial statements for the period ended November 30, 2006.
TITANIUM CORPORATION HIGHLIGHTS:
Completed on-site, first phase of 2006 Pilot Program on time and within original budget of C$3 million, by successfully operating the first pilot heavy mineral concentrator to produce a heavy mineral concentrate from oil sands tailings in Fort McMurray. Over the past three years, Titanium has built all its pilot facilities on budget and on time.
New Board of Directors Appointments:
Brant Sangster – a leader in Canada’s energy industry; 25-year career as senior executive of Petro-Canada
Gordon Pridham – Investment banking executive with more than 25 years experience including energy and natural resource sectors
Filed a Project Overview Document with Alberta Environment to inform the public and regulators of the scope of Titanium’s Heavy Minerals Recovery Project.
Development programs are progressing on track and Titanium is well capitalized with a cash position of C$22 million.
In the first quarter of 2007, Titanium is engaged in the final phase of the 2006 Pilot Program to initially maximize the recovery of zircon from the oil sand tailings. The heavy mineral concentrate that was successfully produced in Fort McMurray during the on-site phase of the 2006 Pilot Program was shipped to Titanium’s Regina facility and is undergoing processing through separation circuits designed to maximize the recovery of heavy minerals. Titanium will produce final heavy mineral sample products for evaluation by customers and potential partners.
Following the completion and analysis of the second phase of the 2006 Pilot Program, which is expected during the first half of 2007, Titanium will commence a final engineering feasibility study.
Zircon remains in high demand world-wide and continues to experience significant price increases. Zircon increased from US$400 per tonne in 2003 to an average of US$750 per tonne by mid-2006. Asia continues to be the fastest growing market for heavy minerals and Titanium is actively pursuing these markets by fostering strategic relationships with large players in the region who are interested in zircon and titanium.
Titanium Corporation’s financial statements, and MD&A for the first quarter of fiscal 2007, are available on SEDAR at www.sedar.com and on Titanium’s website at www.titaniumcorporation.com .
About Titanium Corporation
Titanium Corporation Inc. is a Canadian company developing a commercial minerals recovery project in the Fort McMurray, Athabasca oil sands region. Through extensive research, including the construction and operation of pilot processing facilities, the Company has developed proprietary processes and technology to recover valuable titanium-bearing minerals and zircon from oil sands tailings. Titanium Corporation’s technology could be applied to existing and planned mined oil sands projects with the objective of creating a new sustainable minerals industry for Canada. Titanium Corporation Inc. shares trade on the Toronto Venture Exchange (TSX.V) under the symbol TIC. For more information, please visit our website www.titaniumcorporation.com.
Disclosure regarding forward-looking information
Note: This press release does not contain forward-looking information. However, we do direct you to our risks and uncertainties statements more particularly described and updated in Titanium Corporation’s Quarterly Management’s Discussion and Analysis filed for the three months ended November 30, 2006, on SEDAR (www.sedar.com). Most notably these risks and assumptions include, but are not limited to: changes in the worldwide price of zircon and titanium; risks associated with future plans and objectives; operating or technical difficulties in connection with development activities; development time lines and priorities; legislative, political or economic developments including changes to relevant legislation in Canada; and requirement for additional funding. All subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
For further information:
Scott Nelson, President & CEO Carolyn Muir, Investor Relations
Titanium Corporation Inc. Titanium Corporation Inc.
403-561-0439 416-955-0715 X 224
