Titan Uranium Inc.

Titan Uranium Inc.

May 02, 2008 15:58 ET

Titan Commences Drilling on Sand Hill Lake/Rook II Project

SASKATOON, SASKATCHEWAN--(Marketwire - May 2, 2008) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE) is pleased to announce that drilling has commenced on the Sand Hill Lake/Rook II properties which were recently optioned to Vale Exploration Canada. River Valley Energy Services Ltd of Grimshaw, AB completed the mobilization of the drilling crew and equipment to the site on April 28th and the first hole was collared the same day.

The Sand Hill/Rook II Project includes the Sand Hill Lake property (18 claims totaling 74,312 hectares/183,629 acres) and Rook II property (5 claims totaling 25,092 hectares/62,004 acres). The claims are located in the southern portion of the Athabasca Basin in northern Saskatchewan. Cameco's Centennial Deposit is located 5 kilometres to the east of the Sand Hill/Rook II Project where drilling there has intersected up to 12.68% U3O8 over 10.3 metres (Formation Capital Corp. PR, March 7, 2008). Ongoing exploration by Cameco continues to expand the area of mineralization.

Under the agreement between Titan and Vale Exploration Canada, Vale Exploration Canada has committed to funding Cdn$ 2 million in exploration programs managed by Titan in the first year and may elect to fund a further Cdn$ 10 million over the subsequent four years of the agreement to acquire an undivided 60% ownership interest in Titan's Sand Hill/Rook II Project.

A total of 4,000 metres of drilling is planned in 12 to 15 holes for the 2008 program. The best result from previous exploration was observed in hole FH-07 in 1975 whereby 0.139% U3O8 was intersected over a narrow interval (Saskatchewan Mineral Deposits Index #2057). Follow-up drilling is required to test the extent of uranium mineralization. Other targets were identified by recent drilling, including coincident structure, alteration and anomalous pathfinder geochemical results in the sandstone rocks in two areas underlain by basement graphitic horizons. These features are commonly associated with uranium mineralization. A number of interesting anomalies defined by ground and airborne geophysical surveys will also be drilled.

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 Vale Exploration Canada

Vale Exploration Canada is a wholly-owned subsidiary of Companhia Vale do Rio Doce (VALE) (NYSE:RIO), the world's second largest mining company by market capitalization with its headquarters in Brazil. VALE reported revenues of US$ 33.1 billion and net earnings of US$ 11.8 billion for the year ended December 31, 2007. VALE is committed to the pursuit of sustainable growth by operating with respect for the natural environment and being an ethically and socially responsible company.

About Titan Uranium

Titan's growth strategy is driven by advancing exploration projects to discovery in the proven Athabasca and prospective Thelon basins. The Company 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. In addition to the agreement with Vale Exploration Canada, Titan recently signed a letter of intent with Japan Oil, Gas and Metals National Corporation (JOGMEC) in February 2008. JOGMEC's mandate is to seek a stable supply of natural resources for Japan. Titan also has a major joint venture project underway in the Thelon Basin with a Canadian company. Additional partnerships are at the planning stage.

In 2007, partners of Titan 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 360,000 hectares/890,000 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

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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