CALGARY, ALBERTA -- (Marketwired) -- 04/17/13 -- Titanium Corporation Inc. (TSX VENTURE: TIC) (the "Company") has been awarded a U.S. patent for its innovative technology that will increase the recovery of bitumen currently being lost in tailings streams. Currently, oil sands mining and froth treatment processes leave two to eight per cent of the mined bitumen in the waste stream that goes to tailings ponds. Titanium's technology has been demonstrated to recover 80 per cent of this lost bitumen. At a large oil sands mine, this innovative technology would recover up to 7,000 barrels per day of additional bitumen.
"This latest patent award solidifies Titanium's position as the leading value creation technology opportunity for oil sands tailings," said Scott Nelson, the Company's President and Chief Executive.
"Titanium Corporation has developed and demonstrated an integrated set of technologies that profitably recover oil, solvents and valuable heavy minerals before they enter tailings ponds and the atmosphere. This patented process is ready for implementation at oil sands production sites. It will significantly reduce the environmental impacts of oil sands development, which are serious concerns of industry, government and the Canadian public," Nelson said.
The Canadian and Alberta governments and the oil sands industry have supported Titanium's efforts during the many years required to develop this important new technology. Titanium is now actively seeking an oil sands industry partner to move forward toward commercial implementation.
The patent, which is U.S. Patent No. 8,382,976 (Moran et al), was developed over a five year program by Titanium Vice President Dr. Kevin Moran, who led the research team which collaborated with the oil sands industry and the Alberta and federal governments. The Company's has received grant funding from Sustainable Development Technology Canada ("SDTC"), the Government of Alberta Energy Innovation Fund and the National Research Council.
About Titanium Corporation Inc.
Titanium Corporation Inc. is developing technology to recover heavy minerals and bitumen contained in the waste tailings streams from oil sands mining operations near Fort McMurray, Alberta. The potential benefits from this "Creating Value from Waste " proposition are twofold. First, the recovered bitumen and minerals will have intrinsic value and will provide shareholders with a source of revenue. Second, by using an integrated approach to recovering minerals and bitumen, there is potential for industry-wide environmental benefit. The Company's shares trade on the TSX-V under the symbol "TIC". For more information visit the Company's website at www.titaniumcorporation.com.
Disclosure regarding forward-looking statements
Certain statements contained herein regarding the Company and its plans constitute "forward-looking statements" within the meaning of Canadian securities laws. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions, projections, and other forward-looking statements will not prove to be accurate. We direct you to our statement of risks and uncertainties more particularly described and updated in the Company's Management Discussion and Analysis filed for the period ended August 31, 2011 on SEDAR (www.sedar.com). Most notably these risks include, but are not limited to risks associated with the advancement of research programs including operational or technical difficulties in connection with research activities; development timeline delays and problems, including unforeseen development costs; reliance on a small number of people, access to and cost of tailings, competition and intellectual property protection and changes to environmental laws and regulations.
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.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here