Saskatoon, Saskatchewan, Canada,
September 8, 2008 � Titan Uranium
Inc. (�Titan� or the �Company�)(TSX-V:TUE,
FSE: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
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.