Titanium Corporation Announces Signing of Project Coordination Agreement for the 2020 Engineering Phase of the CVW Horizon Project

CALGARY, Alberta, Dec. 22, 2020 (GLOBE NEWSWIRE) -- 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.