Titanium Corporation Announces Dr. Kevin Moran as ASTech Honouree
EDMONTON, ALBERTA -- (Marketwire) -- 11/01/11 -- Titanium Corporation Inc. (the 'Company') (TSX VENTURE: TIC) today announced that The Alberta Science and Technology Leadership Foundation (ASTech) has recognized Dr. Kevin Moran as one of its 2011 ASTech Honourees for his role in developing sustainable technologies related to oil sands tailings. The following excerpt from ASTech highlights the key aspects of the technology and its potential impact on the industry:
Oil sands technology good for environment and pays for itself
Dr. Kevin Moran has been a key player in developing a process that has the potential to reduce the environmental impact of oil sands tailings, while providing a positive economic benefit.
'The technology that we've developed makes the oil sands a more sustainable industry,' says Dr. Moran, Vice President of Process Development at Titanium Corporation Inc. (TIC). 'By reducing the losses of hydrocarbon solvent used in the process it offers important environmental benefits; and pays for itself by increasing the recovery of saleable bitumen and zircon from mineable oil sands. Traditionally, environmental technologies come at a cost; this one generates revenue.'
The environmental impact of lost bitumen and hydrocarbon in tailings is a significant issue for the oil sands industry. The TIC technologies will significantly reduce the volatile organic compounds (VOC) in tailings impoundments and residual bitumen. Reducing these and other toxins in process-affected water, and removing hydrocarbons will facilitate air quality improvements and large-scale water treatment for eventual release back into the environment. This will allow more prompt reclamation of disturbed lands and reduce the long-term liability of earth dam structures holding elevated water inventories.
A chemical engineer by training, Dr. Moran has been instrumental in turning conceptual laboratory observations into a commercial prototype pilot plant, from plant design through to taking samples and producing material balances quantifying process performance.
'It's very rewarding to have taken this project from end to end. I've guided it from test tubes and exploratory work to proof-of-concept piloting to a large demonstration plant,' Dr. Moran says.
Dr. Moran has pursued innovative options for separating components from froth treatment tailings built on solvent extraction and vapour-phase stripping. TIC has six patents or applications to protect the technologies, collectively known as Creating Value from Waste (CVW).
The CVW Process will recover over 70 per cent of the bitumen lost in tailings and up to 95 per cent of the contained solvent, leading to approximately 80-per cent reduction in VOC emissions. Under Dr. Moran's direction, TIC has invested over $30 million on the development of the process. This work has been supported by grants from Alberta's Department of Energy and federally from the Sustainable Development Technology Canada.
Dr. Moran is the first researcher to show that it is possible to recover the bitumen, solvent and valuable heavy minerals that are currently lost to tailings in a commercially viable process. TIC conservatively estimates that combined revenue from the sale of products that can be recovered from oil sands froth treatment tailings ranges from $400 million to $600 million.
Dr. Moran's technologies allow Alberta to emerge as a world-scale producer of zircon - Canada doesn't currently produce zircon - representing a great opportunity for growth and diversification of the Alberta economy.
TIC is wrapping up the development phase of the work and Dr. Moran intends to take a leadership role in rolling it out the multi-year, multi-million-dollar commercialization.
'This is my passion,' he says. 'It would be a personal accomplishment to see these technologies implemented commercially.'
- Dr. Kevin Moran VP Process Development, Titanium Corporation Inc.
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 May 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.
Contacts:
Titanium Corporation Inc.
Scott Nelson
President & CEO
(403) 561-0439
snelson@titaniumcorporation.com
Titanium Corporation Inc.
Andreas Curkovic
Investor Relations
(416) 577-9927
acurkovic@titaniumcorporation.com
www.titaniumcorporation.com