Titan Uranium Inc.

Titan Uranium Inc.

July 17, 2008 13:34 ET

Titan Mobilizes Drill Rig to Thelon Project and Announces Options Grant

SASKATOON, SASKATCHEWAN--(Marketwire - July 17, 2008) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer focused on identifying high-value uranium exploration projects for joint venture with industry partners, and Mega Uranium Ltd. ("Mega") (TSX:MGA) are pleased to announce the mobilization of a drill rig and field crew to the Thelon uranium project in Nunavut, Canada. Titan's Thelon property is under option to Mega, where Mega can earn a 51% interest in the property by spending Cdn $5 million by December 2008. Titan is the operator.

A minimum of 1,200 metres of drilling (nominally 12 holes) is planned to test the five highest ranked targets. The targets are projected bedrock sources of glacially dispersed uranium-bearing boulders. Grab samples from boulders discovered in the 2007 exploration program had grades ranging from 50 ppm to 6.00% U3O8 (52 samples), with the highest sample from the RAD 3 claim. As previously reported, three grab samples on the RAD 9 claim gave results of 1.47% U3O8, 1.99% U3O8 and 3.95% U3O8. See January 18, 2008 Titan press release for complete information on 2007 results.

The 2008 summer field program will also include prospecting in areas defined by radiometric and magnetic anomalies outlined from a high resolution survey flown by Goldak Surveys Inc. in 2007 with the aim of defining additional drill targets.

Titan's Thelon property totals 988 km2 (or 244,322 acres) and is situated in the Thelon Basin in Nunavut which is regarded as an analogue to the prolific Athabasca Basin. The property is located approximately 100 km NNW of AREVA's Kiggavik uranium project, which hosts a reported resource estimate of 148 million lbs U3O8 at an average grade of approximately 0.24% U3O8. (AREVA PR December 3, 2007). Nunavut adopted a uranium policy in September 2007 which is supportive of uranium exploration and mining.

Titan also announces that the Company has granted a total of 1,468,333 options to acquire common shares in the capital of Titan to certain directors, officers and employees of the Company, pursuant to the Company's stock option plan. The options are exercisable into common shares of Titan at a price of $0.44 per share for periods ranging from one to three years from the date of grant.

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., per above. 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

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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