Saskatoon, Saskatchewan, Canada February 15, 2008 - Titan Uranium Inc. (“Titan” or the “Company”) (TSX-V: TUE) is pleased to report that the Company’s 2008 exploration program is underway. Titan has signed agreements with two drill contractors to provide a minimum of 9,000 metres of core drilling during 2008 on the Company’s Athabasca uranium projects. These contracts are elements of Titan’s overall exploration program that includes more than 15,000 metres of diamond drilling.
The first contract has a 6,000-metre minimum with River Valley Energy Services of Grimshaw, Alberta. Drilling will begin shortly on Titan’s Fleming project in the Cree Lake region of northern Saskatchewan, where 3,000 metres in 8 to 12 holes are planned to test extensive basement conductors. No record exists of these targets having been drilled by previous operators over the last 30 years and prior drilling on the property was concentrated on testing in the vicinity of uranium mineralization in outcrop on Fleming Island. Permits have been issued by Saskatchewan Environment and mobilization of the drill, supplies and crews is underway.
Upon completion of drilling on the Fleming project, Titan plans to continue drilling on several other properties, following up on results from the 2007 drilling programs. On Titan’s Sand Hill Lake property, drilling in 2007 intersected anomalous uranium and pathfinder elements associated with altered and structurally disturbed sandstone and basement rocks, features typically seen in the vicinity of uranium mineralization. The Sand Hill Lake property is adjacent to Cameco’s Virgin River project which hosts the Centennial uranium deposit. Drilling is also being planned for the Castle project to follow up on anomalous geochemistry intersected in the 2006 and 2007 exploration programs. The Castle project is adjacent to the AREVA/UEX Shea Creek project.
The second contract, with Bryson Drilling of Archerwill, SK, is for a minimum of 3,000 metres of core drilling planned for the Company’s Carlson Creek, Keefe Lake, Thorburn Lake and Hoppy North properties in the eastern Athabasca. All necessary permits have been received from Saskatchewan Environment and drilling is scheduled to start in April.
Drilling on Carlson Creek will follow up on anomalous pathfinder geochemistry recorded from samples taken from the 2007 drilling program. For the other three properties, the proposed programs constitute first drill holes on these properties.
At Keefe Lake, drilling will test for the extension of the stratigraphy and structure that host uranium mineralization at the Harrigan Zone on the adjacent Cameco property. At Thorburn Lake, drilling will test a conductor that has seen extensive drilling on the adjacent Cameco property. At the Hoppy North property, 20 km along strike from the Cigar Lake deposit, drilling will test a conductor target adjacent to Pitchstone’s Darby Candle project where a recent hole, CD-14 intersected 0.31% U3O8 over 3.2 metres (see Pitchstone press release January 15, 2008).
In addition to the planned drilling, Titan’s 2008 exploration program includes airborne and ground geophysical surveys on some of the Company’s properties in earlier stages of exploration.
Titan also announces that the Company has granted a total of 867,500 options to acquire common shares in the capital of Titan to certain directors, officers, consultants and employees of the Company, pursuant to the Company’s stock option plan. The options are exercisable into common shares of Titan at a price of $0.73 per share for a period of one year from the date of grant.
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 the Company
As a major landholder in the Athabasca Basin of Saskatchewan, the world’s foremost uranium-producing region, Titan is distinguishing itself as one of the few companies in the world with the properties, management and technical depth required to succeed in uranium exploration. Based in Saskatoon, Saskatchewan, Titan boasts proven senior leadership, an experienced technical team and over 1.5-million acres of claims in Canada’s world-class uranium districts, the proven Athabasca Basin as well as the highly prospective Thelon Basin.
In addition to the Company’s own exploration of prospective project areas in the Athabasca Basin, Titan has gained market recognition as a generator of high-value uranium exploration projects. Between 2007 and 2010, partners of Titan have committed to expend Cdn $ 23 million in exploration on approximately 300,000 hectares (750,000 acres) of prospective uranium-bearing project areas in the Athabasca and Thelon Basins to earn a portion of Titan’s interest in these areas. Additional partnerships are at the planning stage.
ON BEHALF OF TITAN URANIUM INC.
Brian A. Reilly, President
For further information, please contact:
Jessica Karalash
Investor Relations
Titan Uranium Inc.
Direct: 1-888-651-2405
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.
