Titan Uranium Exploration Inc.

Titan Uranium Exploration Inc.

June 02, 2005 12:54 ET

Titan Uranium Exploration Begins Trading on TSX Venture Exchange

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 2, 2005) - Titan Uranium Explorations Inc. (TSX VENTURE:TUE) -

With a key presence in Nunavut's Thelon Basin, the company is well positioned for a discovery in the next frontier of uranium exploration in Canada

Titan Uranium Exploration, a well capitalized, Canadian based junior resource company began trading officially today on the Toronto Stock Exchange's Venture Exchange, under the ticker symbol TUE.

Highlights include:

- experienced management based in Saskatoon, the uranium capital of the world

- a drill-ready property that has had more than $5 million spent on it developing targets

- high grade boulder trains with samples up to 38% U3O8

- track etch and radon gas anomalies prevalent on properties

- $3 million cash, or roughly 27 cents a share cash after a 50 cent financing

- a strategic land position in Nunavut's Thelon Basin, which already hosts Cogema's Kiggavik uranium deposit

Previously, the company traded under the name Ceduna Capital Corporation (NEX BOARD:CUN.H). Its shares were halted in October 2004 while the company was restructured to focus on the opportunities in the uranium sector. The latest 50 cent financing, which was oversubscribed, helped Titan Uranium Exploration raise $3 million with approximately 11.7 million shares outstanding.

The creation of Titan Uranium Exploration comes at a critical time given the current opportunities that have been created in the uranium sector where record prices are being set on a weekly basis. Titan Uranium Exploration has positioned itself well by establishing a major presence in the Thelon Basin in Nunavut. This basin is considered to hold strong promise and potentially similar key findings as those in the nearby Athabasca Basin where companies such as Cameco Corporation have been successful in the exploration of uranium. An estimated $170 million was spent last year on mineral exploration in Nunavut, a figure that is expected to grow substantially in 2005.

"In exploration terms, we believe Nunavut's Thelon Basin is where the Athabasca basin was 30 years ago," says Chad Wasilenkoff, Titan Uranium's CEO.

Similar in geology to the Athabasca Basin and located 90 kilometres from Cogema Corporation's Kiggavik advanced uranium project, the Thelon Uranium Project comprises eight drill ready uranium properties covering approximately 4028 hectares with potential high grade uranium mineralization. Samples from past exploration programs have yielded assays ranging from 0.05% to 2.7% U3O8 over narrow widths. In addition, prospecting on one of Titan's properties, has uncovered more than 2800 mineralized phosphatic sandstone and breccia boulders that are interpreted to have multiple source areas and have one of the highest readings in the range of 38% (U3O8).

"There is strong potential for a significant high grade uranium find in the Thelon area," adds Wasilenkoff. "Exploration in similar geological environments in Saskatchewan and Australia has discovered a significant number of high grade uranium deposits such as the McArthur River Deposit with proven reserves of 893,000 tonnes of ore grading in the 23 per cent range."

With uranium demand far outstripping supply, the mineral has obtained new found respect, especially given its uses in nuclear reactors in rapidly growing countries such as China, Russia and India. This has put pressure on global uranium supplies, and has triggered interest in new mining operations. While current worldwide demand levels are at approximately 190 million pounds annually, close to only 135 million pounds are being produced. Coupled with the fact that the price of uranium has steadily increased over time, this makes Canadian companies such as Titan Uranium Exploration well positioned to respond, given that some of the world's richest uranium mines are potentially located in the Thelon Basin.

"The drill targets at Titan Uranium's Thelon Project are located at the apices of the boulder trains defined by numerous mineralized boulders that have anomalous levels of uranium," says Phil Olson, Titan Uranium Exploration's President. "This bodes well for the Titan Thelon Project because the Thelon Formation is an under-explored region with all the same geological features as the more highly explored, producing Mid-Proterozoic basins elsewhere in the world."

Titan Uranium Exploration has completed a detailed property report compliant with National Instrument 43-101. Past work on the site includes regional geological mapping, prospecting, 13,612 kilometres of airborne radiometric, magnetic and electromagnetic surveying, and detailed lake-bottom geological sampling. Detailed surveys that have been undertaken to date include ground, geological and scintillometer prospecting.

With more than four decades in the industry, Titan Uranium Exploration's management team has extensive experience in exploration, mining and in successfully taking junior resource companies to market. "We've assembled quite a talented team, each an expert with demonstrable experience in their own area," says Wasilenkoff. "Our intention is to establish Titan Uranium Exploration's presence in the Thelon Basin and take an active role in furthering the uranium exploration activity in the area."

Unconformity uranium deposits are typically associated with fault systems and are usually formed as a result of diagenetic and hydrothermal processes. In areas where the deposits are at or near the surface, glacial movement has stripped off parts of these deposits leaving behind easily identifiable boulder trains. Another common method of locating uranium deposits is through identifying radon gas emissions. As uranium depletes over the course of millions of years it releases radon gas which slowly works its way to the surface.

In the last forty years uranium has become one of the world's most important energy sources. However, finding a deposit that can economically be brought into production is rare. There are many uranium mines operating around the world in close to twenty countries, but more than two thirds of world production comes from just ten mines. The largest and highest grade deposits of uranium are found in unconformity-type deposits located in Canada, with Australia and Kazakhstan having lower-grade operations.

About Titan Uranium Exploration

Formed in January 2004 to respond to the opportunities in the uranium sector, Titan Uranium Exploration is a well capitalized, Canadian-based junior resource company. The company officially began trading on the TSX Venture Exchange on June 2, 2005 under the ticker symbol, TUE. The acquisition of the Thelon Uranium Project in Nunavut, positioned the company to profit from the current and continuing growth of this valuable commodity. To learn more about uranium and Titan's role in the industry, please visit http://www.u3o8.ca.

For more information, or to schedule an interview, please contact:

Shafiq Jamal
Hill & Knowlton Canada

Note to editors/reporters:

The following additional materials are available upon request:

- Backgrounder on Titan Uranium Exploration

- Bios on Chad Wasilenkoff (CEO) and Arni Johannson (Chairman)

- Jpeg site photos of the project in the Thelon Basin area

- Jpeg of maps identifying the Thelon Basin area

Forward looking statements

Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks.

Although TUE believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this release. TUE disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. United States investors are advised that while the term "inferred" resources is recognized and required by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.

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