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Saskatoon, Saskatchewan, Canada � Titan Uranium Inc. (�Titan� or the �Company�)(TSX-V:TUE,
FSE:T4X), a North American generative explorer, is pleased to report that
Bell Aerospace has commenced the airborne gravity gradiometer survey on
the Company�s Virgin Trend uranium 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 during the next 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.
The south Virgin Trend project is
adjacent to Cameco Corp.�s Virgin River project which hosts the
Centennial uranium deposit. The north part of the project area is adjacent
to UEX Corp.�s Riou and Black Lake projects which host the mineralized
Platt Creek structure that trends onto Titan�s ground.
The airborne gravity gradient is
the fourth extensive regional survey carried out on the project since the
property was acquired. In 2005, a boulder sampling program was undertaken
over the property. Results identified the southern part of the property
as having anomalous boron and clays in the sandstone boulders, features
typically seen in the vicinity of unconformity type uranium
mineralization. In 2006, EMpulse Geophysics and Quantec Geosciences
completed deep penetrating magneto-telluric (MT) surveys with lines
spaced at ten kilometer intervals. These surveys detected probable
basement conductors, and in the southern part of the project area,
outlined deep sandstone conductors interpreted to be due to clay
alteration. In 2007, Fugro Airborne Surveys carried out a Megatem survey
over the entire project that detected conductivity deep in the sandstone
section that again, was interpreted to be a reflection of clay
alteration.
The gravity gradient survey is being flown to detect if
there are any significant alteration systems in the sandstone, features
typically associated with uranium mineralization. Additionally, it should
also detect and trace the position of any significant faults. The
regional tectonic zone underlying the project area is interpreted to have
vertical offset in excess of 150 meters.
The results of the airborne gravity gradient survey will
be integrated with those from the Megatem and MT surveys to provide
targets for ground follow up using state of the art deep penetrating
electromagnetic systems. The JOGMEC proprietary SQUITEM system is being
mobilized to the property and test profiles will be run in August 2008.
Results from all the surveys will be used to determine hole location(s)
for drilling planned in Q1, 2009.
Titan also announces that the Company has granted a total
of 300,000 options to acquire common shares in the capital of Titan to
George Duggan, principal of National Media Associates, pursuant to the
Company�s stock option plan. The options are exercisable into common
shares of Titan at a price of $0.225 per share upon vesting on a
quarterly basis from the date of the grant. On a 12 month contract with
fees for service totaling US$7,000 per month, National Media Associates
will provide Titan with editorial and investor relations services, with
an emphasis on the United States marketplace.
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.
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, recently signed an agreement with Titan on its Sand Hill
Lake/Rook II project. In addition to the Company�s joint venture project
with Japan Oil, Gas and Metals National Corporation (JOGMEC), as per
above, Titan also has a major joint venture project underway in the
Thelon Basin with Mega Uranium Ltd. Additional partnerships are at the
planning stage.
In 2007, optionees of Titan properties spent Cdn $5.5
million on exploration programs managed by Titan. Between 2008 and 2012,
partners of Titan have the option to expend Cdn $22.5 million in
exploration on approximately 900,000 acres of strategically located
project areas in the Athabasca and Thelon basins to earn a portion of
Titan�s interest in these areas.
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 significant land position in Canada�s world-class
uranium districts.
ON BEHALF OF TITAN URANIUM INC.
Brian A. Reilly, President
For further information, please contact:
Jessica Karalash
Investor Relations
Titan Uranium Inc.
Phone: 306-651-2405
Facsimile: 306-651-5105
Email: jkaralash@titanuranium.com
www.titanuranium.com
The TSX Venture Exchange has not reviewed and does not
accept 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. 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.
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