Saskatoon, Sask., June 9, 2006 - Titan Uranium Incorporated. (TSXV: TUE, TUE.WT, TUE.WT.A) is pleased to announce that field work is starting on its Thelon Basin uranium project in Nunavut, now that the Company has secured DRILL and logistical support contracts.
Titan's contractor, HEATH & SHERWOOD DRILLING INC., will drill 3000 metres in 26 holes on Titan's eight mineral leases. These leases, collectively referred to as the Thelon project, are situated approximately 150 kilometres northwest of Baker Lake on the northeast margin of the Thelon Basin.
The proposed program will offer the first quantitative glimpse at the region's mineral potential.
The leases straddle the unconformable contact between the Thelon sandstones and the underlying Amer Group metasediments. Most of the targets are very shallow. On the five northeastern leases, Titan is targeting mineralization at or near surface where the overlying sandstones and unconformity have been eroded away.
Titan's management regards the Thelon Basin as an under-explored analogue of the Athabasca Basin. The basin is known to host considerable uranium mineralization, as exemplified by AREVA's Kiggavik-Sissons project that hosts a historic resource in excess of 100 million pounds of uranium at a grade of 0.4% U3O8 (non 43-101 compliant).
Titan's Thelon properties were intensively explored between 1976 and 1984. Numerous geochemical and geophysical anomalies were identified. They were brought to the drill-ready stage, but went untested in the face of a plummeting uranium price.
The starting date for the drilling component of Titan's 2006 field program is July 16th, coincident with the conclusion of the caribou calving season. Drilling should be completed by early fall.
To support its drilling, mapping and prospecting activities, Titan has secured the necessary camp, helicopter and expediting service contracts. Field work is expected to get underway in the first half of June.
Technical information provided in this press release has been reviewed by Philip E. Olson, P. Geo., a Qualified Person as prescribed by National Instrument 43-101.
ON BEHALF OF TITAN URANIUM INC.
"Philip 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
Email: info@titanuranium.com
www.titanuranium.com
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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. |
