Titan Uranium Inc.
TSX VENTURE : TUE
FRANKFURT : T4X
July 10, 2009 12:23 ET
Titan Uranium Inc. Announces Sand Hill Lake Project Drill Results
SASKATOON, SASKATCHEWAN--(Marketwire - July 10, 2009) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer, is pleased to announce drill results from the Company's Sand Hill Lake project. The project is the subject of an agreement between Titan and Vale Exploration Canada Inc. ("VEC"), an affiliate of Vale Inco Limited, each a wholly-owned subsidiary of Companhia Vale do Rio Doce ("VALE") (NYSE: RIO). VEC can earn a 60% undivided interest in the project by funding Cdn $12 million in exploration over a five year period (Titan Uranium Inc. PR, April 11, 2008). Titan is the operator of the exploration programs.
The drilling program on the Sand Hill Lake project was carried out during March and April 2009. Eight diamond drill holes, SH-09-18 to SH-09-25 inclusive, were completed for a total of 1465 metres. Analytical results have been received for all holes. Trace element analysis in sandstone rocks identified weak to moderate uranium anomalies in 5 of the 8 drill holes, with values of 2 ppm uranium over a regional background of 0.38 ppm. The uranium anomalies are associated with the presence of pathfinder elements of boron (up to 1110 ppm over a regional background of 60 ppm), copper, zinc, or molybdenum, and are partially independent from thorium anomalies. In basement rocks, background uranium values were determined to be 0.74 ppm with anomalous values up to 4.84 ppm above a threshold of 1.83 ppm. Two holes, SH-09-23 and SH-09-25, returned anomalous uranium from both basement and basal sandstone rocks. Clay species alteration assemblages illite-sudoite were developed throughout the drill tested area. The nature of the clay species combined with the presence of pathfinder elements, which exhibit elevated values, and graphitic host rocks are typically found in the vicinity of unconformity-type uranium mineralization in the Athabasca Basin. Titan and VEC will review the drilling results and geophysical data in preparation for a summer drill program.
The Sand Hill Lake project includes the Sand Hill Lake and Rook II properties (20 claims totaling 84,224 hectares/208,122 acres) and is located in the southern central portion of the Athabasca Basin in north Saskatchewan. The project is adjacent to the Cameco Corp./Areva Resources Canada Inc./Formation Capital Corp. Virgin River property that hosts the Centennial deposit where the highest grade-thickness intervals reported to date are found in hole VR-031W1 which intersected 7.62% U3O8 over 17.8 metres (Formation Capital Corp. PR, March 26, 2009).
Rodney R. Koch, P. Geo., B.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 1.6 million acre land position and technical expertise. In 2008, Japan Oil, Gas and Metals National Corporation (JOGMEC) signed two letters of agreement with Titan to explore the Company's Virgin Trend and Sand Hill Lake projects as an element of its mandate to seek a stable supply of natural resources for Japan. In April 2008, Vale Exploration Canada Inc. (VEC), a wholly-owned subsidiary of Companhia Vale do Rio Doce (VALE), the world's second largest mining company by market capitalization, signed an agreement with Titan on the Sand Hill Lake project. Titan also has a major joint venture project underway in the Thelon Basin with Mega Uranium Ltd. Additional partnerships are at the planning stage.
Partners of Titan have the option to expend Cdn $22.5 million in exploration programs managed by Titan between 2009 and 2012. The partners can earn a portion of Titan's interest in these strategically located properties in the Athabasca and Thelon basins. Optionees of Titan properties spent Cdn $6 million on exploration programs managed by Titan in 2008 and will contribute Cdn $4.7 million in 2009.
Recently, Titan entered into a definitive agreement to acquire Uranium Power Corp. which has significant uranium assets in the western USA (Titan Uranium Inc. PR, May 8, 2009). Titan is well-financed and ideally positioned to emerge as a pre-eminent exploration and development company in the uranium industry. Based in Saskatoon, Saskatchewan, Titan boasts proven senior leadership and a highly experienced technical team.
ON BEHALF OF TITAN URANIUM INC.
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.
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.