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Titanium Corporation reports 2009 second quarter results
TORONTO, April 22 /CNW/ - Titanium Corporation Inc. (the "Company") (TSX-V: TIC) today released i...
About this update from Cvw Sustainable Royalties Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, April 22 /CNW/ - Titanium Corporation Inc. (the "Company")\n(TSX-V: TIC) today released its financial results for the three and six month\nperiods ended February 28, 2009.\n\n\nHIGHLIGHTS:\n\nFor the second quarter of 2009:\n- The research and development ("R&D") programs made solid progress\n advancing laboratory solutions toward continuous bench scale testing\n which is scheduled to start in the fiscal third quarter.\n- All aspects of the Company's business model have been reviewed and\n measures are underway to reduce expenses and restructure operations\n to increase efficiency. Expenses decreased to $1.292 million from\n $1.376 million in the second quarter of fiscal 2008; and\n- The Company remains in a strong financial position with $17.786\n million in cash and short-term investments (including $3.580 million\n in restricted cash).\n\n\nScott Nelson, the Company's President and Chief Executive Officer stated\n"We are encouraged by our research and development program as laboratory work\nis resulting in prospective solutions for bench testing." He also commented\nthat "All costs are being controlled to focus our resources on core R&D\nprograms. As part of this initiative, the Company will move its head office to\nEdmonton, Alberta during May 2009. Not only will this consolidate functions\nand more efficiently support the progress of the R&D programs, it will also\nlead to cost savings."\n\n\nResearch & Development Update - The research and development program,\nmanaged by the Company's in-house experts, is comprised of multiple projects\nbeing executed by a number of leading research firms in Canada and the United\nStates. During the quarter, the technical programs continued to focus on the\nchallenges of removing residual bitumen from the heavy minerals and recovering\nbitumen from the tailings stream.\n\n\nBitumen Removal and Recovery - The bitumen removal program successfully\nreduced bitumen adhering to minerals below targeted levels in laboratory\ntesting and is now a prospective solution that warrants larger scale testing.\nThe bitumen recovery program conducted promising bench scale testing and\nproceeded with the design of a continuous testing project scheduled to start\nin the fiscal third quarter. In parallel with the core research programs,...