Titan Uranium Inc.
TSX VENTURE : TUE
FRANKFURT : T4X
February 05, 2009 12:12 ET
Titan Uranium Inc. Announces Border Block Project Drilling and Exploration Update
SASKATOON, SASKATCHEWAN--(Marketwire - Feb. 5, 2009) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer, is pleased to announce that the Company's 2009 drilling program is underway on the Border Block project. The Border Block project is the subject of a Letter of Agreement between Titan and Japan Oil, Gas and Metals National Corporation (JOGMEC) wherein JOGMEC can earn a 50% undivided interest in the project by funding Cdn $6 million in exploration over four years (Titan Uranium Inc. PR, November 12, 2008). JOGMEC accelerated funding on the project by providing an additional $500,000 for a total of $1.5 million during the first earn-in period ending March 31, 2009.
Aggressive Drilling Inc. completed mobilization of the drilling crew and equipment to the Border Block project site and phase two drilling commenced on February 4, 2009. A minimum of 1,000 metres of diamond drilling is planned on the project, along with additional ground geophysical surveys to be completed in the first quarter of 2009.
The first phase of drilling was carried out in November and December of 2008 whereby Titan completed 1,103 metres of drilling in four holes. Two of these holes have yet to be completed. Drill hole GL-08-01 was drilled to its target depth of 215 metres and encountered bleached sandstone and basement rocks. Anomalous values of the pathfinder element boron (103 to 232 ppm) were exhibited in the basement rocks from 103 to 180 metres. A narrow fracture located at 141 metres had values of 2.62 ppm uranium and 939 ppm boron. Subsequent drill holes encountered poor ground conditions. Hole GL-08-02 was drilled to 305 metres but did not reach the targeted depth. This hole was recollared and is currently being drilled as hole GL-08-02A. Hole GL-08-03 was stopped at 443 metres in bleached and fractured sandstone rocks. Anomalous boron values (173 to 412 ppm) from composite samples were recorded over the bottom 43 metres of the hole. Phase one drilling was suspended at the Christmas break and phase two drilling will commence with the completion of drill holes GL-08-02A and GL-08-03.
The Border Block project is located in the southwest area of the Athabasca Basin, near the Alberta border and comprises the Maybelle River, Gartner Lake, King and Castle South Extension properties. The project (76,354 hectares/188,675 acres) covers an area where historic exploration data identified favourable basement rocks capable of hosting uranium mineralization. The basement rocks are thought to be correlative with those found on the adjacent AREVA/UEX Corp.'s Shea Creek project which hosts significant uranium mineralization in the Anne, Collette and Kianna deposits.
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 1.6 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 Border Block 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/Rook II 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 $6.8 million in 2009.
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.