SASKATOON, SASKATCHEWAN--(Marketwire - Oct. 15, 2009) - Titan Uranium Inc (TSX VENTURE:TUE)(FRANKFURT:T4X) is pleased to announce that it has commenced a prefeasibility study on the Sheep Mountain uranium deposit in Fremont County, Wyoming. Titan recently acquired 100% ownership of the mine (Titan Uranium Inc. PR: October 1, 2009).
The study, which is expected to take about six months to complete, will include:
- Completion of a uranium resource evaluation and modeling of the potential open pit and underground mining areas;
- Development of a preliminary underground mine and reclamation plan;
- Development of an open pit mine and reclamation plan;
- Development of a conceptual plan for heap leach extraction; and
- Completion of a NI 43-101 compliant resource report (update of underground resources and original estimate for open pit).
The Sheep Mountain project hosts an NI 43-101 compliant Inferred Resource of 15.6 million pounds of U3O8. The mine is a past-producer of uranium and the prefeasibility study will provide the necessary documentation required to amend the present mine permit.
BRS Inc. of Riverton, Wyoming has been contracted to conduct the study. BRS Inc. is a Professional Engineering Corporation, which has provided consulting services for more than twenty years in geology, civil engineering, water resources, mining, and mined land reclamation, including all aspects of environmental permitting, design and construction management. The president and principal engineer/geologist of BRS, Douglas Beahm, is a Qualified Person (QP) under TSX regulations and both a Professional Engineer and a Professional Geologist with 35 years of professional and managerial experience in the uranium industry.
About Titan Uranium Inc.
Titan has gained market recognition for its ability to attract strategic partners to participate in exploration on its properties in Canada by virtue of its 1.6 million acre land position and its technical expertise. The option agreement participants of Titan include: Japan Oil, Gas and Metals National Corporation (JOGMEC), Vale Exploration Canada Inc. (VEC), and Mega Uranium Ltd. These optionees are expected to contribute $4.7 million in exploration programs managed by Titan in 2009.
Titan recently completed a business combination with UPC (Titan Uranium Inc. PR: August 4, 2009) which adds a number of highly prospective properties, mainly in the United States, to Titan's portfolio.
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.