ALBERTA – Titanium Corp. and Syncrude Canada, both of Calgary, have arranged co-ownership of one of Titanium’s patents and the first right for Titanium to propose commercial recovery of heavy minerals at Syncrude site.
Under the patent 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. Titanium retains 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 the proposal agreement, Titanium will 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.
Titanium is continuing to work with Syncrude and the other oil sands industry operators toward commercial deployment of its Creating Value from WasteTM suite of technologies.
More information is available at TitaniumCorporation.com.
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