Titanium Corporation Announces Signing of Project Coordination Agreement for the 2021 Engineering Phase of the CVW™ Horizon...
April 15 2021 - 4:00PM
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
snelson@titaniumcorporation.com
Jennifer Kaufield
Vice President Finance & CFO
(403) 874-9498
jkaufield@titaniumcorporation.com
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