Titanium Corporation, Syncrude Canada Sign Agreement For Heavy Minerals Recovery From Oil Sands

Titanium Corporation Inc. (TSXV:TIC) signed an agreement with Syncrude Canada Ltd. for one of Titanium’s patents and the first right for Titanium to propose commercial recovery of heavy minerals at Syncrude sites.
As quoted in the press release:

“We are very pleased to have reached these agreements with Syncrude Canada,” commented Scott Nelson, Titanium’s President and Chief Executive Officer. “Titanium and Syncrude have been discussing for some time now the possibility of overlapping technology interests. Through constructive dialogue, the parties have reached agreements that provide clarity on these interests and a framework for implementation of our technologies, with Syncrude focused on bitumen recovery and our company on minerals recovery.”
Under a Patent Assignment and Co-ownership Agreement, Titanium assigned a 50% interest in Canadian Patent No. 2,662.346 entitled “Recovery of Bitumen from Froth Treatment Tailings” to Syncrude. Syncrude (and its joint venture participants) have the exclusive right to practice the patent at Syncrude’s oil sands project sites and Titanium has the exclusive right to practice the patent at all other oil sands sites. As co-owners, Titanium and Syncrude will not be paying fees to each other for use of the patent.
Under a Right of First Proposal Agreement, Titanium shall have the “first right” to propose and negotiate arrangements for the recovery of heavy minerals, when Syncrude proceeds with the commercial recovery of bitumen and minerals using the assigned patent. The agreement provides timeframes for the notice, proposal and negotiation periods.