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Titanium Corporation reports 2009 third quarter results
EDMONTON, July 29 /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\nEDMONTON, July 29 /CNW/ - Titanium Corporation Inc. (the "Company")\n(TSX-V: TIC) today released its financial results for the three and nine month\nperiods ended May 31, 2009. The Company carried out a high level of R&D\nactivity and spending during the period. Programs are advancing on track with\nsolid progress in bitumen removal and recovery.\n\n\nHIGHLIGHTS:\n\nFor the third fiscal quarter of 2009:\n\n- In May, 2009, bench scale continuous testing was conducted to verify\n a flow sheet for bitumen recovery. The results were encouraging and\n are still being evaluated. Key data will assist in the design of a\n larger scale pilot planned for 2010;\n\n- The Company completed the move of its head office and functions to\n Edmonton from Toronto during the quarter and continued to reduce G&A\n overhead costs.\n\n- The Company's cash position at May 31, 2009 is $16.6 million\n (including short-term investments and $3.6 million in restricted cash\n relating to the Alberta Government grant).\n\n\nScott Nelson, the Company's President and Chief Executive Officer stated,\n"We are very pleased with our progress this past quarter and are well\npositioned with Government support for our programs." He also commented that\n"In addition to the progress with R&D, we continue to focus our attention on\nreducing our G&A overhead costs. The Company moved its head office to\nEdmonton, Alberta and hired a new CFO located in Edmonton in May 2009. The\nmove will consolidate functions and more efficiently support the progress of\nour Alberta based Oil Sands Project."\n\n\nR&D - During the quarter, the technical programs continued to focus on\nthe challenges of removing residual bitumen from the heavy minerals and\nrecovering bitumen from the tailings stream. R&D expenses, net of the\ngovernment grant, increased significantly in the quarter to $738 thousand from\n$205 thousand in the comparable quarter of fiscal 2008 and reflect a higher\nnumber of research projects and increased research activity.\n\n\nBitumen Removal and Recovery - During the current quarter, the Company\ncompleted a 4 week continuous pilot program which was aimed at testing a flow\nsheet for bitumen recovery. The preliminary results are encouraging and will\nassist in the design of a larger-scale demonstration pilot pla...