Titanium Corporation Announces Signing of Project Coordination Agreement for the 2020 Engineering Phase of the CVW™ Horizon...
December 22 2020 - 5:30PM
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 2020 Project Coordination Agreement (“PCA”) which governs the
2020 engineering phase of the CVW™ Horizon Project (the “2020
Program”).
The PCA, effective January 1, 2020, sets out the
rights and responsibilities under which the parties have been
operating during the year with respect to the 2020 Program. Under
the PCA, the 2020 Program includes validation of the previously
completed front end engineering design study, optimization of the
overall plant design and the updating of the capital cost estimate
for the concentrator plant, tailings thickener and associated
utilities.
The PCA provides that Canadian Natural and
Titanium shall be responsible for 70% and 30%, respectively, of the
total cost of the 2020 Program and government grant proceeds
related to the 2020 Program shall be shared between the parties on
the same ratio. Titanium has incurred costs of $1.1 million under
the PCA for the nine months ended September 30, 2020 and the final
details of each party's contribution will be determined in the
first quarter of 2021. The PCA provides that ownership of the 2020
Program and 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 2020
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 of determination of the final
contributions from each party under the PCA; the condition of the
global economy, including trade, public health (including the
impact of the COVID-19 pandemic) and other geopolitical risks; the
stability of the economic and political environment in which the
Company operates; the success of the detailed engineering phase of
the Project; 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, 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 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
snelson@titaniumcorporation.com
Jennifer Kaufield
Vice President Finance & CFO
(403) 874-9498
jkaufield@titaniumcorporation.com
Titanium (TSXV:TIC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Titanium (TSXV:TIC)
Historical Stock Chart
From Apr 2023 to Apr 2024