CALGARY, March 14, 2019 /CNW/ - Titanium Corporation
Inc. (the "Company" or "Titanium") (TSX-V: TIC) is
pleased to announce that the Company has been selected as a
successful applicant under the Government of Canada's Low Carbon Economy Fund Challenge
("LCEF") and NRCan's Clean Growth Program ("CGP") and Emission
Reduction Alberta's ("ERA's") Partnership Intake Program for a
total of $50 million toward the next
phase of the Company's Creating Value from Waste™ ("CVW™")
Horizon project. LCEF, CGP and ERA's clean technology
programs are aimed at improving environmental performance in
Alberta's oil and gas sector.
"This significant funding commitment from the Governments of
Canada and Alberta is a critical step in advancing the
first implementation of our Creating Value from Waste™ clean
technology" commented Scott Nelson,
Titanium's President and Chief Executive Officer. "Government and
industry support and collaboration has been invaluable in moving
our project forward and developing this made-in-Canada solution for the benefit of all
stakeholders."
Environment and Climate Change Canada, through its LCEF has
committed to investing $40 million
and NRCan's CGP has committed to investing $5 million in Titanium's first of a kind
sustainable technology designed to remediate oil sands froth
treatment tailings. ERA have also committed an additional
$5 million through its Partnership
Intake Program bringing its total investment to $10 million for the project. The proposed
project would be jointly conducted with Canadian Natural Resources
Limited at its Horizon oil sands site and has the potential to
create a new high-value minerals industry for Canada through tailings recovery of up to
100,000 tonnes per year of valuable minerals.
"Canadians across the country are coming up with innovative and
affordable solutions to increase energy efficiency and reduce
emissions, saving people money and creating good jobs along the
way. By investing in these projects, from coast to coast to coast,
the Government of Canada is making
sure we are positioned to succeed in the $26
trillion global market for clean solutions and to create
good middle-class jobs today and for the future" commented The
Honourable Catherine McKenna, Canada's Minister of Environment and Climate
Change.
"These projects provide Alberta's oil and gas sector with solutions
that will help reduce pollution, drive clean innovation, and create
good jobs. Accelerating clean technology development is a key
component of our government's approach to promoting sustainable
economic growth and as Canada
moves toward a low-carbon economy" commented The Honourable
Amarjeet Sohi, Canada's Minister
of Natural Resources.
Funding from the LCEF and CGP programs are subject to finalizing
funding agreements which will outline the conditions under which
federal funding would be provided, including securing the remaining
funding necessary to complete the project and defining the scope of
the project costs eligible for program funding. Funding from ERA is
subject to the same conditions outlined above in addition to the
successful close-out of the current $5
million program awarded under the Methane Challenge
Program.
About Titanium Company Inc.
Titanium
Company'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 titanium products, 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.
About Emissions Reduction Alberta (Era):
The
Alberta government provides grants
to ERA from the Climate Change and Emissions Management Fund. ERA
takes action on reducing emissions and supporting economic growth
and diversification by investing the carbon levy paid by large
industrial emitters directly into later-stage clean technology
solutions that reduce GHGs, attract investment, and create jobs in
Alberta. To date, ERA has
committed more than $572 million in
funding to 164 projects with a total value of approximately
$4.3 billion. These projects are
estimated to deliver cumulative GHG reductions of 43 million tonnes
by 2030.
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 proposed project and the creation of a
mineral sands industry.
Forward-looking information is presented in this news release
for the purpose of assisting investors and others in understanding
certain key elements of our commercialization progress and business
plan, as well as 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 this news release, assumptions have been made regarding, among
other things: the success of the current FEED study project
activities and post-FEED study project activities; Canadian
Natural's support for the Company's current optimization plans and
potential refinements of the project scope; the economic viability
of the Company's current optimization plans and potential
refinements to the project scope; the ability of the Company to
enter into commercial contracts with oil sands producers and
funding arrangements with the Government of Canada funding agencies and other investors
and to achieve financing for and commercialization of the CVW™
technology; the ability of the Company to retain qualified staff;
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 project
activities, post-FEED project activities and related studies and
commercialization efforts. The Company has not commercially
demonstrated its technologies and there can be no assurance that
such research, pilot programs, FEED project activities, post-FEED
project activities and related studies will prove to be accurate
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 statements. 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 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 March 14, 2019 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.
SOURCE Titanium Corporation Inc.