Titan Uranium Inc.

Titan Uranium Inc.

August 07, 2008 11:47 ET

Titan Announces Drill Results on Thorburn Lake and Carlson Creek Uranium Projects

SASKATOON, SASKATCHEWAN--(Marketwire - Aug. 7, 2008) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer, is pleased to provide the significant results from drill programs carried out this spring on the Company's Thorburn Lake and Carlson Creek projects in northern Saskatchewan.

Thorburn Lake Project

Titan's Thorburn Lake project is 10 km south of Cameco Corp.'s Cigar Lake uranium deposit and is accessible year round by an all-weather mine access road.

Three planned holes (1,183 metres) were completed on the property between April 23 and May 3, 2008. Holes TBN-08-01 and TBN-08-03 intersected no significant radioactivity, but did encounter sections of fractured, poorly consolidated clay-altered sandstone. Hole TBN-08-02 showed similar but stronger clay alteration and fracturing and had anomalous radioactivity near the unconformity; samples had anomalous uranium (2.87 to 20.9 ppm) in the last 12 metres of sandstone above the unconformity.

To follow up the anomalous radioactivity, hole TBN-08-04 was drilled 40 metres to the southeast of TBN-08-02. The hole intersected a thicker section of clay alteration in the sandstone rocks just above the unconformity and intense bleaching and clay alteration in the first three metres of the basement.

The 15 metre basal sandstone section in hole TBN-08-04 returned 1.1 to 90.4 ppm uranium, and at the unconformity the sample assayed 487 ppm uranium (0.057% U3O8) over a 0.60 metre interval.

The alteration in the basal sandstone, bleaching and clay alteration in the basement rocks, the thick section of sandstone with anomalous uranium values and the low grade uranium mineralization at the unconformity all indicate a mineralizing hydrothermal system.

Due to thawing conditions additional drilling could not be carried out in the spring of 2008. A program of ground geophysics and more extensive drilling is planned for the first quarter of 2009 to follow up on these encouraging results.

Carlson Creek Project

Titan's Carlson Creek project is 20 km northeast of Cameco Corp.'s McArthur River Mine, the world's highest grade uranium deposit, and is adjacent to JCU (Canada) Exploration Co. Ltd.'s Christie Lake project where the Paul Bay deposit hosts 16 million pounds U3O8 (Saskatchewan Mineral Deposit Index #2654, quoted as 212,941 tonnes grading 3.53% U3O8). The drilling program was carried out on the property in the spring of 2008.

Three holes (1,631 metres) were completed on the property from April 17 to May 2, 2008 to follow up on interesting results recorded during the 2007 drill program. Two of the 2008 holes intersected graphitic pelitic schist, the probable cause of the conductor identified in the 2006 VTEM survey. None of the holes intersected any significant radioactivity.

One hole, CC-08-04 intersected fractured and bleached zones in the sandstone, 350 and 400 metres above the unconformity with uranium values in 10 metre composite chip samples of 2.22 and 1.87 ppm uranium respectively, values 4 to 5 times higher than normal background for the sandstone and values often obtained in altered zones above unconformity type uranium mineralization.

Plans for further exploration to follow up on these results are in progress.

J. Allan McNutt, P. Geo., M.A.Sc., is Titan's Qualified Person (as defined by National Instrument 43-101) for uranium projects and is responsible for the technical information contained in this release.

About Titan Uranium Inc.

Titan's growth strategy is driven by advancing exploration projects to discovery in the proven Athabasca and prospective Thelon basins. Titan has gained market recognition for its ability to attract strategic partners to participate in exploration on its properties by virtue of its 1.5 million acre land position and technical expertise. Vale Exploration Canada Inc., a wholly-owned subsidiary of Companhia Vale do Rio Doce (VALE), the world's second largest mining company by market capitalization, recently signed an agreement with Titan on its Sand Hill Lake/Rook II project. In May 2008, Japan Oil, Gas and Metals National Corporation (JOGMEC) signed a letter of agreement with Titan to explore the Company's Virgin Trend project as an element of its mandate to seek a stable supply of natural resources for Japan. Titan also has a major joint venture project underway in the Thelon Basin with Mega Uranium Ltd. Additional partnerships are at the planning stage.

In 2007, optionees of Titan properties spent Cdn $5.5 million on exploration programs managed by Titan. Between 2008 and 2012, partners of Titan have the option to expend Cdn $22.5 million in exploration on approximately 900,000 acres of strategically located project areas in the Athabasca and Thelon basins to earn a portion of Titan's interest in these areas.

Titan is well-financed and ideally positioned to emerge as a pre-eminent explorer in the uranium industry. Based in Saskatoon, Saskatchewan, Titan boasts proven senior leadership, a highly experienced technical team and a dominant land position in Canada's world-class uranium districts.


Brian A. Reilly, President

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Titan Uranium, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Titan Uranium's expectations are exploration risks detailed herein and from time to time in the filings made by Titan Uranium with securities regulators.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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