SASKATOON, SASKATCHEWAN--(Marketwire - May 6, 2010) - Titan Uranium Inc. (TSX VENTURE:TUE)(FRANKFURT:T4X) is pleased to announce that it has commenced drilling at its 100% owned Sheep Mountain uranium project in Fremont County, Wyoming. Three contract drill rigs will be used to complete approximately 100 delineation drill holes (approximately 12,000 metres/40,000 feet) and also five water monitoring wells.
The purpose of the drilling is to fully define the ultimate limits of the proposed Congo Pit, to allow completion of a detailed mine plan. In addition, five monitor wells will be installed in the same area to replace wells decommissioned in the early 2000's.
Lou's Drilling of Riverton WY and Eagle Drilling of Glendo, WY will each provide one rig for the delineation drilling. Eagle Drilling will also provide the rig to drill and complete the monitor wells. Downhole logging services will be contracted to CBM Logging of Cody, WY.
Chris M. Healey, a Professional Geologist licensed in the State of Wyoming and Chief Operating Officer for Titan, is the Qualified Person responsible for the technical content of this release.
About Titan Uranium Inc.
Titan Uranium's vision is to be a leading mid-tier North-American uranium exploration, development and mining company. Our mission is to create shareholder value by advancing quality projects to production.
Our growth strategy is driven by three elements:
• Development: A pre-feasibility study has been completed at the Sheep Mountain Uranium Project, Wyoming. The deposit contains a NI 43-101 compliant probable reserve of 14.2M lbs. of U3O8 (6,393,000 tons at 0.111% e U3O8) (see April 12, 2010 release).
• Exploration: The goal is to discover world class uranium deposits by exploring over 1.5M acres of land in the proven Athabasca and prospective Thelon Basins. Exploration programs are also active in Utah and Wyoming.
• Consolidation: The Company is actively pursuing M & A opportunities and focused on uranium-friendly jurisdictions such as Saskatchewan and Wyoming.
Titan has gained market recognition for its ability to attract strategic partners to participate in the exploration of its properties. Japan Oil, Gas and Metals National Corporation and Mega Uranium Ltd. are partners in current exploration programs managed by Titan.
Titan is well-financed and ideally positioned to emerge as a pre-eminent player in the uranium industry.
ON BEHALF OF TITAN URANIUM INC.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.