Saskatoon, Saskatchewan, Canada April 11, 2008 - Titan Uranium Inc. (“Titan” or the “Company”) (TSX-V: TUE), a North American generative explorer focused on identifying high-value uranium exploration projects for joint venture with industry partners, is pleased to announce the signing of an agreement with Vale Exploration Canada, a wholly-owned subsidiary of Companhia Vale do Rio Doce (VALE).
Under the agreement, Vale Exploration Canada has committed to funding Cdn $2 million in exploration programs managed by Titan in the first year and may elect to fund a further Cdn $10 million over the subsequent four years of the agreement to acquire an undivided 60% ownership interest in Titan’s Sand Hill/Rook II Project, located in the south-central portion of the uranium-rich Athabasca Basin.
The Athabasca Basin is the world’s largest producing region of high-grade uranium, and Titan is one of the largest holders of prospective uranium properties in the region. The Company’s Sand Hill/Rook II Project includes the Sand Hill Property (18 mineral claims totaling 74,312 hectares/183,629 acres) and Rook II Property (5 mineral claims totaling 25,092 hectares/62,004 acres). The claims are located in the southern portion of the Athabasca Basin in northern Saskatchewan. They cover the trace of the Virgin River Shear Zone/Dufferin Lake Fault which hosts Cameco/Formation Capital Corporation’s Centennial
Deposit. Drilling at the Centennial Deposit, which is located 5 kilometres to the east of the Sand Hill/Rook II Project, has intersected significant uranium mineralization in multiple drill holes, including 5.83% U3O8 over 6.4 metres (Formation Capital Corp. PR, Oct 14, 2005).
“This agreement represents Vale’s entry into the search for high-grade unconformity-type uranium deposits in the Athabasca Basin,” said Phil Olson, Chairman and CEO of Titan Uranium Inc., “The Athabasca Basin is a world-class producer of uranium, and the cooperation of the two companies on the strategic and high-priority Sand Hill/Rook II Project is a significant event. Titan’s expertise in the uranium sector and Vale’s technical and financial strength, as a world-class company in the global mining industry, will prove to be beneficial to the shareholders of both companies.”
About Vale Exploration Canada
Vale Exploration Canada is a wholly-owned subsidiary of Companhia Vale do Rio Doce (VALE) (NYSE: RIO), the world’s second largest mining company by market capitalization with its headquarters in Brazil. VALE reported revenues of US$ 33.1 billion and net earnings of US$ 11.8 billion as of December 31, 2007. VALE is committed to the pursuit of sustainable growth by operating with respect for the natural environment and being an ethically and socially responsible company.
About Titan Uranium
Titan’s growth strategy is driven by advancing exploration projects to discovery in the proven Athabasca and prospective Thelon basins. The Company 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. Japan Oil, Gas and Metals National Corporation (JOGMEC) recently signed a letter of intent with Titan to explore another significant uranium project, the Virgin Trend, in the Athabasca Basin. Titan also has a major joint venture project underway in the Thelon Basin with a Canadian company. Additional partnerships are at the planning stage.
In 2007, partners of Titan spent Cdn $ 5.5 million on exploration programs managed by Titan. Between 2008 and 2012, partners of Titan have the option to expend Cdn $ 22.5 million in exploration on approximately 360,000 hectares/890,000 acres of strategically located project areas in the Athabasca and Thelon Basins to earn a portion of Titan’s interest in these areas.
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.
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. |
