Saskatoon, Sask., March 1, 2006 -- Titan Uranium Inc. (TSX.V: TUE, TUE.WT, TUE.WT.A) is pleased to announce that a diamond drill has been mobilized to the Company's Castle North and Castle South properties in northern Saskatchewan. On the southwest portion of the Athabasca Basin, the Castle North property sits 5 kilometers south of past-producing Cluff Lake Mine and 2 kilometers north of the Shea Creek deposit consisting of the Anne, Collette and 63B zones of COGEMA/UEX'S Shea Creek property. The Castle South property lies to the South of the Shea Creek property. Both of Titan's properties contain the aeromagnetic trend that hosts the Shea Creek discovery.
Heath & Sherwood Drilling (1986) Inc. has been contracted for this 8,000-metre, first phase drill program that comprises six vertical pilot holes and an additional 18 daughter holes that will be wedged-off the pilots. This program will be undertaken over a period of 3 months.
"Heath & Sherwood is putting experienced drillers on this project to handle the deep hole, wedging complexities." states Phil Olson, Titan's President. "We are exploring for high-grade uranium deposits at vertical depths in excess of 700 metres. No aspect of this program is easy, but the potential rewards may far outweigh the risks. The Shea Creek zones have returned spectacularly high grade intervals, including 27.4% U3O8 over 8.8 metres. The geological model of the Athabasca Basin is evolving in which the western portion appears to contain a highly mineralized corridor. Titan's property hosts 5 kilometers of this trend" he adds.
With in excess of C$7 million in its treasury, Titan is well funded for its 2006 exploration programs that will see C$5 million in exploration expenditures. The Company's exploration emphasis is on its Athabasca Basin properties. However, the Company is committed to spending C$1.5 million in the summer of 2006 on its Thelon project in Nunavut - a region with the geological potential to become the next major uranium 'camp'.
ON BEHALF OF TITAN URANIUM INC.
"Arni Johannson"
Chairman
For further information contact: Arni Johannson
Second Floor, 157 Chadwick Court, North Vancouver, British Columbia
Canada V7M 3K2
Telephone: (604) 988-4824 Facsimile: (604) 988-5327
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. |
