Sheep Mountain

Titan owns 100% of the Sheep Mountain uranium deposit in Fremont County, Wyoming. Titan recently acquired 100% ownership of the mine which is at the development stage.

The property consists of 105 lode mining claims (approximately 2160 acres/875 ha) and one State of Wyoming mineral lease for an additional 640 acres/259 ha.

The Sheep Mountain mine hosts a NI 43-101 compliant Indicated Resource of 16 million pounds U3O8 (4,560,000 tons at an average grade of 0.131% eU3O8). The mine is a past-producer of uranium and the prefeasibility study will provide the necessary documentation required to amend the present mine permit.

On October 1, 2009 the company commenced a prefeasibility study on the project. The study, which is expected to take about six months to complete, will include:

• Completion of a uranium resource evaluation and modeling of the potential open pit and underground mining areas;

• Development of a preliminary underground mine and reclamation plan;

• Development of an open pit mine and reclamation plan;

• Development of a conceptual plan for heap leach extraction; and

• Completion of a NI 43-101 compliant resource report (update of underground resources and original estimate for open pit).

BRS Inc. of Riverton, Wyoming has been contracted to conduct the study. BRS Inc. is a Professional Engineering Corporation, which has provided consulting services for more than twenty years in geology, civil engineering, water resources, mining, and mined land reclamation, including all aspects of environmental permitting, design and construction management.  The president and principal engineer/geologist of BRS, Douglas Beahm, is a Qualified Person (QP) under TSX regulations and both a Professional Engineer and a Professional Geologist with 35 years of professional and managerial experience in the uranium industry.

Additional historical resources have been identified on the Sheep Mountain property, which total 6.5 million pounds U3O8, and are located in the North Gap area of the property. (See note below).

Uranium was first found in the Crooks Gap district, which includes the Sheep Mountain area, in 1955. There are numerous former open pit and underground mines in the area of property. Substantial distances of drifts still exist to access the old workings, and to provide headings for new development.  It should be noted, however, that only a small portion of the mineralization on the actual Sheep Mountain mines was ever mined.

Production reports for the period from 1976 to 1982 vary from 13.8 million lbs to 17.4 million lbs of uranium. Production ceased in 1982 and U.S. Energy Corp. acquired the properties from Western Nuclear in 1988. During May to October 1988, the U. S. Energy mined 23,000 tons from Sheep Mountain 1, recovering 100,000 lbs of uranium for a mill head grade of 0.216% U3O8.

Uranium Power Corp (which recently merged into Titan) acquired a 50% interest in the project in 2004.  U. S. Energy subsequently sold all of their uranium assets, including their 50% interest in Sheep Mountain, to Uranium One.  On October 1, 2009 Titan acquired Uranium One’s interest and now holds 100% of the property.

Note: These historical resources were prepared before implementation of National Instrument 43-101. Recent independent verification of the data has not been performed and USECC/UPC have not completed sufficient exploration work to verify the historical estimate. The historical resources were prepared to industry standards at the time and are considered relevant today. USECC/UPC are not treating the historical estimates as NI 43-101 defined resources verified by a qualified person and they should not be relied upon. The potential quantity is conceptual in nature, there has been insufficient interpretive work to define a mineral resource and it is uncertain if further work on will result in the zone being delineated as a mineral resource.