Titanium Corporation Reports Second Quarter Ended June 30, 2020 and Provides Project Update

CALGARY, Alberta, Aug. 26, 2020 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. (the “Company” or “Titanium”) (TSX-V: TIC) today released its results for the three and six-month periods ended June 30, 2020.

In 2020, the COVID-19 pandemic and the collapse of oil demand and prices has introduced unprecedented uncertainties for 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 six months of 2020, the Company and Canadian Natural’s joint project engineering team has continued work on the Project using internal resources, performing post-FEED engineering reviews and optimization of the Project as well as continuing on-going minerals analysis programs. The focus of the Project team in 2020 is the optimization of the concentrator facility and the design and engineering of a tailings thickener and associated facilities. In parallel, the Company has been providing updates to the Alberta and Federal government agencies who have awarded grant funding for the Project and are working with them toward funding contracts for the detailed engineering phase of the Project in 2020. The internal optimization of the concentrator facility, including updating cost estimates, is expected to be completed by the end of 2020. Optimization of the minerals facility is expected to start in early 2021.

“Our staffs have been successfully continuing project activities under the constraints imposed by the COVID-19 pandemic and uncertain economic conditions. Using internal engineering resources, work ramped up in the quarter with the joint project team making very good progress optimizing the design of the concentrator facility,” commented Scott Nelson, Titanium’s President and Chief Executive Officer. “In parallel, our minerals team has identified enhancements to the minerals facility including the addition of circuits to produce a new L72 titanium product while continuing testing and evaluation of the minerals content in tailings.”