TITANIUM CORPORATION PROVIDES BUSINESS UPDATE

CALGARY, Alberta, April 07, 2020 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. (the “Company” or “Titanium”) (TSX-V: TIC) today provided an update on its current business activities and actions the Company is taking in light of the unprecedented global pandemic and other events that are affecting all sectors of Canada’s economy and its citizens.

The occurrence and timing of future steps with respect to the CVW Horizon Project are uncertain and will depend on several factors beyond our control including, but not limited to: the duration of the COVID-19 pandemic and the unknown short and long-term economic impacts resulting from it; the duration of the Saudi Arabia / Russia oil price war which is seriously impacting Canada and Alberta’s oil industry; any improvement in oil demand and prices as well as the demand and prices for mineral sands products; measures that governments are taking to support Canadian workers, companies and, in particular, Alberta’s energy industry in light of the COVID-19 pandemic; and the continued support of funding programs available for sustainable technology projects, including the potential extension of such programs and flexibility from the funding agencies in contracting the funding that has been awarded to Titanium for the next phase of the post-FEED activities for the CVW Horizon Project.       

Our team is working remotely with our business partners and the government funding agencies supporting our project. Titanium and Canadian Natural’s joint project team continues to effectively collaborate on the post-FEED project engineering reviews and planning related to next steps for the CVW Horizon Project.

The Company believes that its CVW technology will provide important environmental and economic benefits that will assist with the recovery of a resilient and sustainable energy industry in Alberta and Canada.

The Company has taken measures to protect its balance sheet, reduce costs and conserve cash over the months ahead including reducing all salaries. Titanium’s President and Chief Executive Officer has voluntarily reduced his salary by 20% and the other members of the management team have voluntarily reduced their salaries by 15%.  At April 1, 2020, the Company’s cash position was $4.2 million and the Company has minimal outstanding payables and financial obligations.