Titanium Corporation Issues Q2 Financial Statements

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[{"type":"text","content":"\n\n\n\nConference call scheduled for 10:00am EST on Thursday, May 1, 2008\n\n\nTORONTO, April 30 /CNW/ - Titanium Corporation Inc. ("the Company")\n(TSX-V: TIC) announces that its quarterly financial statements for the three\nand six month period ended February 29, 2008 have been filed.\n\n\nSince the Company's first quarter report, a number of significant\noperational milestones have been achieved:\n\n\n- Titanium Corporation was awarded a $3.5 million Energy Innovation Fund\n Grant from the Province of Alberta (see news releases dated March 28,\n 2008 and March 31, 2008). This significant funding and support from\n the Government is directed at the Company's research programs into the\n value-added opportunities and environmental benefits of recovering\n hydrocarbons and heavy minerals from oil sands tailings streams. Under\n the terms of the Grant, the Company has established an Advisory\n Committee comprised of individuals drawn from the research community,\n government agencies and industry.\n\n- The Company expanded its bitumen recovery research programs to include\n additional expert research firms in the United States. Detailed\n planning was completed for this new work, which is underway in the\n third quarter.\n\n- The Company completed its strategic business plan, which reviewed\n technical progress, outcomes, markets and business conditions. The\n plan confirmed the Company's enhanced focus on programs aimed at the\n integrated recovery of bitumen and minerals.\n\n\nThe Company has an Exclusivity Agreement with Syncrude Canada Ltd. which\nis scheduled to expire on May 16, 2008. In conducting the next phase of its\nresearch and development programs, the Company will be collaborating with\nindependent research organizations, government agencies and the oil sands\nindustry with a view to developing an industry-wide solution. Accordingly, the\nCompany will not seek to renew the Exclusivity Agreement. The Company intends\nto continue testing of tailings and associated research programs in\ncooperation with its research partners and the industry.\n\n\nExpenses incurred in the second quarter ($1,375,656) and in the first six\nmonths of fiscal 2008 ($2,334,112) increased, compared with the comparable\n2007 periods ($1,107,369 and $1,987,719 respectively) due to increased\nprofessional fees and research and develop...

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