Titanium forms JV to explore centrifuge plant
Titanium Corp Inc TIC
Shares issued 34,873,480 Jun 9 close $3.05
Tue 10 Jun 2003 News Release
Mr. George Elliott reports
TITANIUM CORPORATION INC. ANNOUNCES 3-WAY EXCLUSIVITY AGREEMENT
Titanium Corporation has entered into a three-way two-year exclusivity
agreement between itself, Syncrude Canada Ltd. and a major TiO2 pigment
producer, to jointly explore and develop the potential for extracting and
producing titanium-bearing minerals and zircon from Syncrude's centrifuge
plant six tailing stream.
The occurrence of titanium- and zircon-bearing heavy minerals in the oil
sands of Alberta has been known for many years. A recent study by the
Alberta/federal government's mineral development agreement (McCosh1996),
demonstrates that while there is some variation in concentration of the
heavy minerals, they occur in virtually every geologic horizon within the
Athabasca oil sand deposit. Typical values are in the range of 0.25 per
cent to 0.50 per cent total heavy minerals. However, these minerals are
preferentially oil wet, so Syncrude's process of recovering the bitumen
from the oil sands also recovers the valuable heavy minerals. When these
solids are removed in the bitumen clean-up step, the tailings from the
centrifuge process are greatly enriched in titanium bearing heavy minerals
and zircon.
This agreement falls within Titanium Corporation's mandate of becoming the
first Canadian producer of titanium and zircon concentrates from sands. The
company is currently testing Syncrude tailings at its state of the art
bench scale facility located at Dalhousie University, N.S., Canada.
"We look forward to a successful venture in developing this unique resource
with Syncrude and a major TiO2 pigment producer," commented George Elliott,
chairman, Titanium Corporation. "Converting a current waste stream into a
valuable co-product is a win-win for all."
About Syncrude Canada Ltd.
The Syncrude project is a joint venture operated by Syncrude Canada Ltd.
and owned by AEC Oil Sands Limited Partnership, Canadian Oil Sands
Investments Inc., Conoco Oil Sands Partnership, Imperial Oil Resources,
Mocal Energy Ltd., Murphy Oil Company Ltd., Nexen Inc. and Petro-Canada.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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