Titanium Announces Receipt of Payment From Natural Resources Canada’s Clean Growth Program for the First Engineering Phase Milestone of the CVW™ Horizon Project
CALGARY, March 31, 2021 - Titanium Corporation Inc. ("Titanium" or the "Company") (TSXV: TIC) today announced the completion and payment of the first milestone of $353,000 ($392,000 less a 10% holdback) from Natural Resources Canada's ("NRCan") Clean Growth Program, for the engineering phase of the CVW™ Horizon Project. The NRCan payment is the first under the $1.96 million NRCan Non-Repayable Contribution Agreement previously announced on January 19, 2021 and is with respect to the period April 1, 2020 to December 31, 2020. The 2020 engineering phase was conducted jointly by Titanium and Canadian Natural Resources Ltd. under the 2020 Project Coordination Agreement previously announced on December 22, 2020.
The Clean Growth Program is a Government of Canada collaborative approach to advance clean technologies toward commercial readiness so that natural resources operations can better reduce their impacts on air, land, and water, while enhancing competitiveness and creating jobs.
Titanium has also been awarded funding for the CVW™ Horizon Project by Sustainable Development Technology Canada, Emissions Reduction Alberta and Environment and Climate Change Canada's Low Carbon Economy Fund.
About Titanium Corporation Inc.
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 tailings while economically recovering valuable products that would otherwise be lost. CVW™ recovers bitumen, solvents and minerals 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 remediated more readily. A new minerals industry will be created commencing with the production and export of zircon (an essential ingredient in ceramics) and other titanium based minerals. The Company's shares trade on the TSX Venture Exchange under the symbol "TIC". For more information, please visit the Company's website at www.titaniumcorporation.com.
About Natural Resources Canada's Clean Growth Program
Natural Resources Canada's Clean Growth Program is a $155-million investment fund for clean technology research, development and demonstration in Canada's energy, mining and forest sectors. The program helps advance emerging clean technologies toward commercial readiness so that natural resource operations can further reduce their environmental impacts such as GHG emissions while enhancing competitiveness and creating jobs.
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.
For further information, please contact: Scott Nelson President & CEO Tel: (403) 561-0439 Email: snelson@titaniumcorporation.com Jennifer Kaufield Vice President Finance & CFO Tel: 403-874-9498 Email: jkaufield@titaniumcorporation.com