Titanium Corporation Reports First Quarter Ended March 31, 2020 and Provides Project Update

CALGARY, Alberta, May 28, 2020 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. (the “Company” or “Titanium”) (TSX-V: TIC) today released its results for the three-month period ended March 31, 2020.

In the first quarter of 2020, the COVID-19 pandemic and the collapse of oil demand and prices introduced unprecedented uncertainties for industries and economies globally. These include sectors directly related to the Company’s Creating Value from Waste technology (“CVW”) at the Canadian Natural Resources Limited (“Canadian Natural”) Horizon site (the “Project”), including Canada’s oil sands industry, the global mineral sands industry and the Canadian economy. The duration and the extent of the impact of these events is not known but could adversely affect the progress and timing of the Project. In response, the Company has taken measures to protect its balance sheet by reducing costs and conserving cash over the months ahead.

During the first quarter of 2020, the Company and Canadian Natural joint project team has continued work on the Project, performing post-Front End Engineering Design (“FEED”) reviews and optimization of the Project as well as continuing the on-going minerals analysis programs. In parallel, the Company has been providing updates to the Alberta and Federal government agencies who have awarded grant funding to the Project and are working with them toward funding contracts for the detailed engineering phase of the Project.

“During this very challenging period, our team is continuing to work with our industry partner and the government funding agencies to advance our Project,” commented Scott Nelson, Titanium’s President and Chief Executive Officer. “As governments plan next steps and new programs to spur economic recovery, we believe our CVW technology can provide important environmental and economic benefits that will assist with the recovery of a resilient and sustainable energy industry in Alberta and Canada.”  

Certain highlights for the three-month period ended March 31, 2020 are set out in more detail below:

• The Company has been conducting technical marketing and testing programs including meeting with potential minerals processors and customers, visiting their facilities and providing minerals samples for customer testing. These activities have been largely suspended due to the COVID-19 pandemic and will be resumed when the relevant countries and businesses reopen and resume normal operations.