Titan Uranium Inc.
TSX VENTURE : TUE
FRANKFURT : T4X
February 09, 2009 11:04 ET
Titan Uranium Inc. Announces Drilling on Virgin Trend Project
SASKATOON, SASKATCHEWAN--(Marketwire - Feb. 9, 2009) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer, is pleased to announce that drilling has commenced on the Company's Virgin Trend project. Japan Oil, Gas and Metals National Corporation (JOGMEC), a prominent Japanese crown corporation, has the option to earn a 50% interest in the Virgin Trend project by funding Cdn $9 million in exploration over three years. In May 2008, JOGMEC signed a letter of agreement with Titan to explore the project as an element of its mandate to seek a stable supply of natural resources for Japan.
Quest Canada Drilling Ltd. completed the mobilization of the drilling crew and equipment to the site and the first hole was collared February 5, 2009. A minimum of 1,600 metres of drilling is planned for phase one on the southern portion of the project area. The first hole is anticipated to exceed 1,000 metres in depth and will represent one of the deepest holes drilled to date in the Athabasca Basin.
In 2008, Titan completed an airborne gravity gradiometer survey on the properties. The results of the airborne gravity gradient survey were integrated with those from prior Megatem and ground Magneto-Telluric surveys to provide targets for ground follow-up using JOGMEC's state-of-the-art, deep-penetrating Squitem electromagnetic (EM) system. Geophysical data from all surveys were compiled, reviewed and interpreted and are being used in conjunction with boulder sampling surveys, which identified coincident zones of elevated boron values, to choose locations for the 2009 drill program. Anomalous boron values are often observed in the vicinity of uranium mineralization. Historical drilling on the project is restricted to a small area at the very north end of the project.
The Virgin Trend project includes the Virgin Trend and Knight properties. The project (44 claims totaling 161,985 hectares/400,273 acres) is located in the central portion of the Athabasca Basin in northern Saskatchewan. The project area covers the trace of the Virgin River Shear Zone/Dufferin Lake/Black Lake Fault, an extensive regional fault system with repeated movement during the period of uranium mineralization in the Athabasca Basin. The southern portion of the Virgin Trend project neighbours Cameco Corp./Formation Capital Corp.'s Virgin River property that hosts the Centennial deposit where hole VR-27W2 intersected 12.76% U3O8 over 10.3 metres (Formation Capital Corp. PR, March 7, 2008).
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.