Titan Uranium Inc.

Titan Uranium Inc.

March 03, 2008 12:06 ET

Titan Uranium Inc.: Exploration Update on Athabasca Projects and Corporate Update

SASKATOON, SASKATCHEWAN--(Marketwire - March 3, 2008) - Titan Uranium Inc., ("Titan" or the "Company") (TSX VENTURE:TUE) announces it has received the final assays from its 2007 Athabasca Basin drill programs, principally the Company's R-Seven/Rook II and Sand Hill/Rook I projects. Additionally, Titan is pleased to report that its 2008 exploration program is underway with the first drill turning on the Fleming Project on Cree Lake. Further, as part of the Company's succession plan, the duties of the Corporate Secretary have been relocated to the Company's Head Office in Saskatoon, Saskatchewan.

Fleming Project

Drilling has commenced on the Fleming Project as of March 3. The drill program will include eight to ten drill holes for a total of 3,000 metres. The first drill hole is collared to test one of eight conductors defined by airborne and ground geophysical surveys. No record exists of these targets having been drilled by previous operators over the last 30 years and prior drilling on the property was concentrated on testing conductors in the vicinity of uranium mineralization in outcrop located at the very south end of the property.

R-Seven/Rook I Project

During the period July 27 to October 21, 2007, 14 holes (3,213.4 metres) were drilled to continue the evaluation of several conductive corridors on the R-Seven/Rook I Project, which is subject to an option agreement with Ur-Energy Inc. Previous drilling showed anomalous levels of pathfinder elements, structural disruption and alteration in the sandstone rocks and favourable graphitic basement rocks. These characteristics are typically found associated with uranium mineralization.

The best drill results were found in hole RS-07-14A which was drilled to test an interpreted fault offset in the main conductor on the property. The hole intersected variably bleached, friable and fractured sandstone rocks. The basal sandstone rocks exhibited anomalous values of uranium (to 2.65 ppm U308 over a background of 0.5 ppm U308) and anomalous values of boron. The unconformity was intersected at 233.7m and the basement rocks displayed strong chlorite and pyrite alteration as well as elevated uranium values (2 ppm U308 to 32 ppm U308) from 284.0m to the end of the hole at 298.5m with a maximum of 105 ppm U308 from 288m to 289m. Titan considers the results very encouraging and is planning a drill program in 2008 to continue exploration on this prospective trend.

Six of the fourteen holes were not drilled to completion because of poor ground conditions in the sandstone rocks. The sandstone rocks comprised extensive zones of unconsolidated, bleached and, in part, desilicified sands.

Follow-up ground geophysical surveys were completed in 2007 and additional claims were staked in 2008 to advance this property. In the fall of 2007, Patterson Geophysics completed a resistivity survey to evaluate a portion of an extensive conductive system. The survey successfully defined the basement conductor(s) and also showed areas with low resistivity in the sandstone rocks which may reflect clay alteration zones, a feature commonly associated with uranium mineralization. Additional resistivity surveys are planned for 2008.

In February of 2008, Titan staked four claims (13,894 hectares) along the southern boundary of the Rook I property to cover the potential for basement style uranium mineralization.

Sand Hill/Rook II Project

Exploration in the fall of 2007 on the Sand Hill/Rook II Project consisted of a MaxMin EM survey designed to evaluate the southern extent of the complex Monck Lake or "A" conductor on the Rook II claims, a magneto-telluric survey (MT) in the NW part of the Sand Hill Lake claims and diamond drilling to test several conductive targets.

The MaxMin survey defined the "A" conductor as a broad 200m wide conductive zone that exhibited thinner, more conductive horizons. These are interpreted to be sheared graphitic rocks that are a prime target for uranium mineralization. The MT survey detected a deep, weak basement conductor that appears to extend to the north and connect with a conductor defined by a 2006 MT survey. Both the "A" and AMT conductors are targets being considered for drilling in 2008.

Drilling was conducted on the Sand Hill/Rook II Project between October 22 and November 12, 2007. Three drill holes (293.6m) tested the "A" conductor on the Rook II property. The completed holes intersected pelitic schists which were locally sheared, graphitic and pyritic. One hole was not completed due to poor ground conditions in the overburden material. Composite chip samples of core showed normal, or background values of pathfinder elements. Two holes (179.8m) were drilled to assess a weak airborne conductor on the Sand Hill Lake claims. One intersected a siliceous quartzofeldspathic gneiss with background geochemical values. The second hole was not completed due to poor ground conditions in the overburden material.

Corporate Update

Titan would like to announce the appointment of John Povhe as Corporate Secretary. The duties of the Corporate Secretary have been relocated to the Company's Head Office in Saskatoon, Saskatchewan as part of the Company's succession plan. Presently, Mr. Povhe serves as Titan's Chief Financial Officer. Mr. Povhe replaces Darren Devine who has served as Corporate Secretary since the creation of the Company. Titan would like to thank Mr. Devine for his contributions to the Company as Corporate Secretary. Mr. Devine remains a Director of the Company.

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

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. Japan Oil, Gas and Metals National Corporation (JOGMEC) recently signed a letter of intent with Titan to explore the Virgin Trend Project in the Athabasca Basin. 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


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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