Titanium Corporation Reports Fiscal Year 2013 First Quarter and Operational Update

Titanium Corporation Inc. (the "Company") (TSX VENTURE:TIC) today released
financial results for the first quarter ended November 30, 2012.


The first quarter marked a number of significant and necessary steps advancing
the Company toward commercialization. The Company continues to make progress
with all stakeholders despite challenging conditions in the oil sands industry.
The Canadian and Alberta Governments are acutely aware of the importance of
advancing sustainable technologies and are highly supportive of the Company's
initiatives with grant funding and fiscal regime development for commodities
recovered from tailings.


The Company continued its focus on commercial development of its mineral process
with the successful commissioning of pilot operations to produce larger volume
bulk mineral samples for customer testing. The Company's portfolio of
intellectual property was expanded in the quarter with the award of two key
patents. The Company is confident that with Government support and the
heightened focus on the social license to operate, the substantial environmental
benefits that its technology offers will be attractive to both the industry and
Government. 


HIGHLIGHTS:



--  The Company successfully commissioned pilot operations at CanmetENERGY
    to produce a larger sample of cleaned heavy mineral concentrate ("HMC")
    for minerals separation processing into final zircon sample products.
    The program, which will run until February 2013, will produce
    approximately 2 tonnes of HMC which will be shipped to Australia for
    further testing. In parallel, a paraffinic pilot program is also
    underway at CanmetENERGY to further refine this technology which is at
    an earlier stage of development. 
--  In support of the current pre-commercial program at CanmetENERGY, the
    Company was awarded a further $1.4 million Canadian Government SDTC
    Grant to fund a portion of the program costs. Both the Alberta and
    Canadian Governments have been highly supportive of the Company's
    programs with grants to date of approximately $10 million. 
--  The Company announced that two key patents have been issued in support
    of its proprietary solution for environmental remediation of froth
    treatment tailings and recovery of bitumen, solvents, valuable heavy
    minerals and water currently lost in tailings ponds. The first patent
    relating to the removal of bitumen from HMC and the second, for solvent
    recovery from oil sands tailings. 
--  The Alberta Government is at an advanced stage of developing a fiscal
    regime for minerals and bitumen recovered from oil sands tailings. When
    completed, this framework will be reviewed with industry and the Company
    with the aim of advancing the first project. 
--  During the quarter, the Company appeared before the Canadian House of
    Commons Standing Committee on Natural Resources which is hearing
    testimony on innovation in the energy sector. The Company's detailed
    submission and November 29, 2012 hearing testimony are available on
    Company and Canadian Government websites. 
--  The Company continues to develop relationships with strategic partners
    who bring operational, marketing and financing resources. The size,
    complexity and risks associated with the proposed projects warrants the
    Company aligning with strategic partners. 



Scott Nelson, the Company's President and Chief Executive Officer said, "After
the completion of our fiscal 2013 quarter, we are in a stronger position to
reach our commercialization goals. Patent awards, Government funding and fiscal
structures are all-important measures. We are encouraged that Government is now
playing an active role." 


FINANCIAL OVERVIEW 

Net Loss - remained unchanged at $1.3 million for the three month period ended
November 30, 2012 as compared to the three month period ended November 30, 2011.
While General and Administrative ("G&A") expense was lower by $0.4 million in
the current quarter compared to the three month period ended November 30, 2011,
Research and Development ("R&D") spending, net of government grant recoveries
was $0.4 million higher compared to the three month period ended November 30,
2011. G&A expense was lower in the current quarter primarily related to lower
stock based compensation in the current quarter. R&D expense, net of government
grant recoveries, was higher in the current quarter as the Company commenced
pilot operations at the CanmetENERGY facility for the HMC bulk sample program
and technical work related to the larger volume paraffinic program. 


Research & Development - R&D expenditures, before government grant recovery, was
$1.6 million as compared to $0.3 million in the quarter ended November 30, 2011.
The increase in R&D spending relates to pilot work currently being conducted at
CanmetENERGY on larger volume paraffinic tailings and pre-commercialization
minerals development. These R&D expenses have been partially offset in the
quarter by $0.8 million in SDTC government grant recoveries. 


General & Administrative - G&A expense was $0.5 million for the three month
period ended November 30, 2012 compared to $0.9 million for the same period
ended November 30, 2011. The reduction in G&A expenditures in the current
quarter is mainly attributed to lower stock based compensation expense of $0.3
million, and $0.1 million in investor relations and regulatory expense compared
to the same three month period ended November 30, 2011.


Cash Position - The Company's cash position at November 30, 2012 was $8.3
million compared to $8.4 million at August 31, 2012. The cash balance did not
change significantly even with the increase in R&D expenditures due to
additional receipt of 90% ($1.3 million) of SDTC grant funding received in the
quarter.  


To view the Company's Management Discussion and Analysis and Financial
Statements for the quarter ended November 30, 2012, please visit our website at
www.titaniumcorporation.com or SEDAR at www.sedar.com. 


The Company announced that Mr. Kelsey Clark of Burnet, Duckworth & Palmer LLP
has been appointed Secretary of the Company. Mr. Clark's appointment is subject
to the approval of the TSX Venture Exchange. 


The Company also announced that a copy of the presentation made available the
Company's annual general and special meeting held on January 23, 2012 is now
available on the Company's website.


About Titanium Corporation Inc.

Titanium Corporation Inc. has developed innovative technologies to recover
bitumen, solvent, valuable heavy minerals and water from oil sands waste
tailings. The benefits are twofold: the recovered bitumen, solvent and minerals
will have economic value; and green benefits which will significantly reduce
environmental impacts of the oil sands industry. The Company's shares trade on
the TSX-V under the symbol "TIC". For more information visit the Company's
website at www.titaniumcorporation.com.


Disclosure regarding forward-looking statements

Certain statements contained herein regarding the Company and its plans
constitute "forward-looking statements" within the meaning of Canadian
securities laws. By their nature, forward-looking statements require the Company
to make assumptions and are subject to inherent risks and uncertainties. There
is a significant risk that predictions, forecasts, conclusions, projections, and
other forward-looking statements will not prove to be accurate. We direct you to
our statement of risks and uncertainties more particularly described and updated
in the Company's Management Discussion and Analysis filed for the period ended
November 30, 2012 on SEDAR (www.sedar.com). Most notably these risks include,
but are not limited to risks associated with the commercialization of the
Project on the timetable anticipated or at all; access to capital on acceptable
terms to fund our commercialization plan, operational or technical difficulties
in connection with research activities and building and operating the Project;
uncertainty related to the cost to build and operate CVW(TM) facilities;
reliance on a small number of people, access to and cost of oil sands tailings
necessary to carry out the project, competition and intellectual property
protection and changes to environmental laws and regulation. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Titanium Corporation Inc.
Scott Nelson
President & CEO
(403) 561-0439
snelson@titaniumcorporation.com


Titanium Corporation Inc.
Andreas Curkovic
Investor Relations
(416) 577-9927
acurkovic@titaniumcorporation.com
www.titaniumcorporation.com
Titanium (TSXV:TIC)
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