|May 15, 2018|
Titanium Achieves First CVM™ Horizon Project Milestone
|Calgary, Alberta -- May 15, 2018 -- Titanium Corporation Inc. ("Titanium" or the "Company") (TSXV: TIC) is pleased to announce the achievement of Milestone 1 of the front end engineering design ("FEED") phase of its CVW™ Horizon Project. The FEED project is being supported by Emissions Reduction Alberta ("ERA") through the award of grant funding of up to the lesser of $5.0 million or 50% of engineering design. Titanium and Canadian Natural are funding $1.5 million and up to $3.7 million, respectively.
ERA funding provided under the ERA Methane Challenge is provided in stages during the project as the Company meets and reports against predetermined milestones established under the ERA Contribution Agreement.
"The project team is working closely with engineering firms Stantec and IHC Robbins and engineering design is progressing very well, on time and on budget," commented Scott Nelson, President and Chief Executive Officer of Titanium. "ERA's funding support has been instrumental in accelerating this phase of the project."
The project has incurred $1.1 million of costs to the end of March 2018, the Milestone 1 period. Project activities have included identifying locations and tie-ins for the new facilities, preparing detailed scopes of work for requests for proposals and selection of the engineering contractors.
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