Titan Uranium Inc.
TSX VENTURE : TUE
FRANKFURT : T4X
March 23, 2009 11:25 ET
Titan Uranium Inc. Announces Drilling on Sand Hill Lake Project
SASKATOON, SASKATCHEWAN--(Marketwire - March 23, 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 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).
Major Drilling Ltd. has mobilized the drilling crew and equipment to the site and the first hole was collared March 21, 2009. A minimum of 3,000 metres of drilling is planned on this phase of the project, which is operated by Titan. The Company has drilled 3,794 metres in 22 holes on the project to-date. Drilling has intersected significant alteration, anomalous pathfinder elements and elevated uranium values in the sandstone above a regional basement graphitic horizon. The sandstone and basement rocks show evidence of faulting, features that are typically seen in the vicinity of unconformity style uranium mineralization.
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 Cameco Corp.'s Virgin River property where significant unconformity-style uranium mineralization was found in the Centennial Zone with grades up to 12.68% 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 Vale Exploration Canada Inc.
VEC is a wholly-owned subsidiary of VALE, the world's second largest mining company by market capitalization with its headquarters in Brazil. VALE reported revenues of US$33.1 billion and net earnings of US$11.8 billion as of December 31, 2007. VALE is committed to the pursuit of sustainable growth by operating with respect for the natural environment and being an ethically and socially responsible company.
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, VEC 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 $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
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.