Titanium Corporation to Build World's First Mineral Sand Processing Facility in Saskatchewan
Business Wire, Dec 10, 2003
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Business Editors
REGINA, Saskatchewan--(BUSINESS WIRE)--Dec. 10, 2003
New Pilot Plant a Major Step Toward Making Canada The World's
Premier Centre of Commercial Titanium, Zircon Production
Titanium Corporation Inc. (TSXV:TIC) ("TCI") today announced it is investing $5 million to build and operate the world's first mineral sand processing facility at the Regina Research Park in Saskatchewan. The pilot plant will demonstrate Titanium Corporation's proprietary technology to produce high-grade titanium bearing minerals and zircon from Syncrude Canada's centrifuge plant tailings in Fort McMurray, Alberta.
"Titanium's investment in Saskatchewan demonstrates that we are fostering the right climate to attract new investment to the province," says Eric Cline, the Minister responsible for the Saskatchewan Research Council and Saskatchewan Opportunities Corporation, developers of Regina Research Park. "Titanium's presence will bring new opportunities and new jobs which is good news for Saskatchewan."
"Titanium Corporation's partnership with the Saskatchewan Research Council and Regina Research Park to build this facility is a significant milestone for us - and for Canada," says Titanium Corporation Inc. Chairman and CEO, George Elliott. "This is a major step toward becoming the world's first major supplier of titanium bearing minerals and zircon concentrates from Alberta's oil sands. It's a real win for Canada."
Based on 2002 total global demand for titanium bearing minerals and zircon, the Syncrude tailings stream could contribute approximately 8 % and 5 % of those markets respectively. With the growing need for new titanium supplies and already tight zircon market, the extraction of minerals from Syncrude's tailings stream could become the premier North American mineral sand project.
According to independent industry sources, the average total heavy mineral content of mineral sand deposits worldwide is approximately 2-4 % Syncrude's titanium and zircon-bearing tailings, which average in excess of 30 %. Nearly 70% of the total heavy mineral fraction consists of valuable minerals. The potential to develop this mineral sand project is greatly enhanced by the fact that the minerals are already being mined, concentrated by Syncrude's bitumen recovery process and have an existing tailings disposal site to utilize.
"The pilot plant will confirm our research conducted at Dalhousie University in Halifax which blends existing Canadian oil-sand processing technology with conventional mineral sands processing technology," says Elliott. "This takes another major step closer to being able to recover one of the world's most valuable resources from a secure, long term source of supply that has so far been going to waste."
"Syncrude is very supportive of the on-going work by Titanium Corporation Inc. to recover heavy minerals from our Froth Treatment plant Tailings. Maximizing the overall value from the oil sands is a key to the long term growth of the industry and of benefit to all Canadians" said Tony Mankowski, Manager of Business Development at Syncrude Canada Limited.
Titanium Corporation will lease 2800 square feet in the Saskatchewan Research Council's existing pilot plant and construct a 4,250 square foot pilot plant building immediately to the east of the SRC pilot plant. The cost of the pilot plant will be approximately $5 million.
The pilot plant, which is expected to be in operation by Spring 2004, will process up to 5 tonnes per hour of titanium and zircon bearing sand from Syncrude's centrifuge plant tailings stream and will yield marketable titanium bearing mineral and zircon products (as described in press release of October 24, 2003). This new pilot plant is the culmination of over 3 years of dedicated research and development work by Titanium's world-class metallurgical team and will serve as the basis for the design of a commercial-scale mineral sand operation utilizing Titanium Corporation's patent-pending technology.
The Regina Research Park, immediately adjacent to the University of Regina, commenced operations in 2000, and has 25 tenant companies employing more than 800 people who contribute just under $195 million annually to the economy of Regina and Saskatchewan.
About Syncrude Canada Ltd.
The Syncrude Project is a joint venture operated by Syncrude Canada Ltd. and owned by, Canadian Oil Sands Limited Partnership, Canadian Oil Sands Limited, Conoco Phillips Oilsands Partnership II, Imperial Oil Resources, Mocal Energy Limited, Murphy Oil Company Limited, Nexen Inc. and Petro-Canada Oil and Gas.
Trading Symbols for Public Syncrude Joint Venture Owners:
Canadian Oil Sands Limited Partnership COS.UN -TSE
Canadian Oil Sands Limited
Conoco Phillips Oilsands Partnership II COC/NYSE
Imperial Oil Resources IMO-TSX
Mocal Energy Limited
Murphy Oil Company Limited MUR-NYSE
Nexen Inc. NXY-TSX/NYSE
Petro-Canada Oil and Gas PCA-TSX/PCZ-NYSE
About Titanium Corporation
Titanium Corporation Inc. is a Toronto-based mineral exploration and development company whose shares are listed on the TSX Venture Exchange under the symbol "TIC", U.S. clearing symbol "TITUF", CUSIP Number: 88833T104. The Corporation's mission is to become the first titanium and zircon sand producer in Canada. On June 4, 2003, the Company entered into a three-way two-year exclusivity agreement between itself, Syncrude Canada Ltd. and a major titanium dioxide pigment producer, to jointly explore and develop the potential for extracting and producing titanium-bearing minerals and zircon from Syncrude's centrifuge plant tailing stream. The Company also controls a well advanced 102 square kilometer mineral sand deposit located on the Shubenacadie River, Nova Scotia, Canada. For more information, please visit
www.titaniumcorporation.com.
Note: This press release contains projections and forward-looking statements regarding future events. Such forward-looking statements are not guarantees of future performance of the Corporation and are subject to risks and uncertainties that could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
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