Vancouver, British Columbia, August 10, 2006 - Titan Uranium Inc. is pleased to announce that a diamond drill has been successfully mobilized to its Thelon properties in Nunavut, Canada to begin its scheduled summer 2006 campaign. Operated by Heath & Sherwood Drilling, a division of Cabo Drilling Inc., this portable drill has started a 26-hole program to test numerous highly prospective uranium anomalies within Titan's eight mineral leases. Titan's Thelon properties are 150 km northwest of Baker Lake and 80km North of Cogema's Kiggavik deposit. The expected 3000-meter drill program is directed at shallow targets to depths of approximately 80 meters.
Previous exploration on the Thelon project has located a range of "syngenetic" uranium mineralization between 0.05% to 2.7% U308 over narrow widths. Additionally several boulder trains of unconformity type uranium mineralization have been defined with boulder trains of uranium hosted mineralization of up to 38% U308.
Since mid-June, Titan has had a prospecting crew developing additional targets on the permit and staked claims contiguous with the Company's mineral leases. The Thelon Basin is interpreted as a northern analogue of the very prolific Athabasca Basin of Saskatchewan. Geologically the Thelon project area is located at the unconformity between the Paleoproterozoic Amer Lake Group of metasedimentary rocks and the overlying Mesoproterozoic sandstones of the Thelon Formation. Exploration in similar geological environments has resulted in the discovery of a significant number of high-grade unconformity-vein type uranium deposits in Saskatchewan.
Titan has also shifted its Athabasca drill from the Company's Castle South property to its Castle North property immediately south of the past producing Cluff Lake uranium mine. This drill is testing the northern extension of the Saskatoon Lake Megatem II conductor, the feature that hosts the Shea Creek deposits.
ON BEHALF OF TITAN URANIUM INC.
"Philip E. Olson", President and Chief Executive Officer
For further information contact:
Chris Holland (Investor Relations) info@u3o8.ca
Suite 202, 311 4th Ave. North Saskatoon, SK
Canada, S7K 2L8
Toll Free Telephone: 1-888-820-3888
info@titanuranium.com
www.titanuranium.com
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Forward-Looking Statements:
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Titan's periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Titan does not assume the obligation to update any forward-looking statement. |
