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Titanium Corporation reports 2009 first quarter results
TORONTO, Jan. 27 /CNW/ - Titanium Corporation Inc. (the "Company") (TSX-V: TIC) today released it...
About this update from Cvw Sustainable Royalties Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Jan. 27 /CNW/ - Titanium Corporation Inc. (the "Company")\n(TSX-V: TIC) today released its financial results for the three month period\nended November 30, 2008.\n\n\nHIGHLIGHTS:\n\n- Based on encouraging progress from a number of laboratory based test\n results, the Company proceeded with scoping and contracting a number\n of further R&D programs with external research firms.\n- A comprehensive review and update of the strategic business plan\n reconfirmed the research and development approach being undertaken by\n the Company is appropriate.\n- Expenses increased to $1.271 million from $0.958 million in the first\n quarter of fiscal 2008 due to higher R&D activities and\n administrative costs; and\n- The Company remains in a strong financial position with\n $19.298 million in cash and short-term investments (including\n $3.552 million in restricted cash).\n\n\nScott Nelson, the Company's President and Chief Executive Officer stated\n"We continue to make steady progress. During the quarter, management and the\nBoard of Directors conducted a comprehensive review and update of our\nstrategic business plan reviewing technical progress, outcomes, markets and\nbusiness conditions. The review reconfirmed that the research and development\napproach we are undertaking is appropriate." He also commented that "Our\nbitumen research and development program has provided encouraging results\nallowing us to move forward to the next phase which is continuous bench scale\ntesting."\n\n\nResearch & Development Update - The research and development ("R&D")\nprogram is being managed by the Company's in-house experts in minerals and oil\nsands research in conjunction with leading independent research firms. During\nthe quarter, the technical programs were focused on the challenges of removing\nresidual bitumen from the heavy minerals and recovering bitumen from the\ntailings stream.\n\n\nBitumen Removal and Recovery - Based on encouraging progress from a\nnumber of laboratory based test results, the Company proceeded with scoping\nand contracting a number of further R&D programs with external research firms.\nA continuous bench scale testing process has been designed, equipment\nrequisitioned and work is expected to commence in early 2009. In parallel with\nthe core resea...