September 08, 2008 11:45 ET
SASKATOON, SASKATCHEWAN--(Marketwire - Sept. 8, 2008) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer, is pleased to announce the results of the 2008 exploration and drilling program on the Sand Hill Lake/Rook II project. These properties are subject to an option agreement with Vale Exploration Canada Inc., a wholly-owned subsidiary of Companhia Vale do Rio Doce (Vale) (NYSE:RIO). The Sand Hill Lake property is adjacent to Cameco Corp.'s Virgin River property where significant unconformity-style uranium mineralization is found in the Centennial Zone with grades up to 12.68% U3O8 over 10.3 metres (Formation Capital Corp. PR, March 7, 2008).
Drilling on the project was carried out from May 22 to June 11, 2008. Seven holes (1,285 metres) were completed on the Sand Hill Lake property and two holes (714 metres) were completed on the Rook II property. The drill holes were designed to test locations where prior drilling had intersected alteration and anomalous levels of pathfinder elements such as uranium, lead and boron. These indicate the presence of hydrothermal activity typically seen in the vicinity of unconformity-type uranium mineralization.
Five of the seven drill holes returned anomalous results on the Sand Hill Lake property. Holes SH-08-11, -12 and -13 intersected extensive clay alteration in the sandstone rocks adjacent to 2006 holes SH-06-06 and -07. Elevated uranium and boron values were found near the unconformity in hole SH-08-13. Holes SH-08-14 and -15 were drilled several kilometers along strike of hole SH-08-13 to test a strong EM conductor in the vicinity of two holes drilled in 2006. Both holes showed weak clay alteration and hole SH-08-14 displayed several samples with elevated uranium up to 2.03 ppm U. No significant radioactivity was intersected in the two holes drilled on the Rook II property.
The partners have agreed to accelerate expenditures and increase the 2008 budget to continue exploration on the project. Vale will provide the additional funds which will be used to carry out geochemical sampling and ground geophysics in order to better define drill targets to be tested in 2009.
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 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 1.5 million acre land position and technical expertise. In April 2008, Vale Exploration Canada Inc., 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/Rook II project. More recently, Japan Oil, Gas and Metals National Corporation (JOGMEC) signed a letter of agreement with Titan to explore the Company's Virgin Trend project as an element of its mandate to seek a stable supply of natural resources for Japan. 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 between 2008 and 2012 on exploration programs managed by Titan. The partners earn a portion of Titan's interest in these strategically located properties in the Athabasca and Thelon basins. Optionees of Titan properties spent Cdn $5.5 million on exploration programs operated by Titan in 2007.
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Titan Uranium Inc.Jessica KaralashInvestor Relations(306) 651-2405(306) 651-5105 (FAX)Email: email@example.comWebsite: www.titanuranium.com
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