Athabasca & Thelon basins
Junior Explorer of Choice for Uranium in Canada.
Message: Update on Thelon Uranium Project
| vember 26, 2008 |
| Titan Uranium Inc., in Conjunction With Project Partner Mega, Provides Update on Thelon Uranium Project |
| SASKATOON, SASKATCHEWAN--(Marketwire - Nov. 26, 2008) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer, and Mega Uranium Ltd. ("Mega") (TSX:MGA) are pleased to announce the results of the 2008 summer field program on the Company's Thelon uranium project in Nunavut, Canada. Titan's Thelon property is the subject of an option agreement with Mega, with Titan as operator. With its contribution of Cdn $5 million in exploration expenditures in 2007 and 2008, Mega has fulfilled its earn-in obligations for a 51% working interest in the property. In the 2008 summer field program, a total of 1,244 metres of diamond drilling was completed in 12 holes. Drilling tested 6 targets, representing the interpreted bedrock sources of glacially dispersed uranium-bearing boulders which form linear boulder trains. Grab samples from boulders discovered in the 2007 exploration program yielded grades ranging from 0.006% to 6.00% U3O8 (52 samples), with the highest sample from the RAD 8 claim. As previously reported, three grab samples on the RAD 9 claim gave results of 1.47% U3O8, 1.99% U3O8 and 3.95% U3O8. See January 18, 2008 Titan press release for complete information on 2007 results. Drill hole R22-08-01 intersected a 10.70 metre interval of radioactivity associated with a fracture zone developed in mudstone adjacent to quartzite. The best analytical result was 0.19% U3O8 over 0.40 metres. No anomalous radioactivity was noted in the other drill holes. The 2008 drill program was augmented by prospecting which focused on claims acquired in 2007 as well as on boulder fields identified by prior exploration programs. Numerous boulders with anomalous radioactivity were identified, 62 were sent for analysis. The best results were from the RAD113 claim where 4 boulders were analyzed returning a high value of 0.24% U3O8. Till samples were collected from 25 locations found down ice of magnetic features identified from Titan's high resolution magnetic survey flown in 2007. The features were picked as possible kimberlites and occur in areas with no outcrop. Analysis of the samples showed no kimberlite indicator minerals. Data from the 2008 and prior exploration programs is being compiled and interpreted in order to plan future work. Titan's Thelon property totals 988 km2 (or 244,322 acres) and is situated in the Thelon Basin in Nunavut which is regarded as an analogue to the prolific Athabasca Basin. The property is located approximately 100 km NNW of AREVA's Kiggavik uranium project, which hosts a reported resource estimate of 148 million lbs U3O8 at an average grade of approximately 0.24% U3O8 (AREVA press release, December 3, 2007). Nunavut adopted a uranium policy in September 2007 which is supportive of uranium exploration and mining. Sampling was done under the supervision of John Dixon, P. Geo. All samples were analyzed at SRC laboratory in Saskatoon, Saskatchewan. Sampling methods include the use of standards and blanks for QA/QC control. 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 Titan Uranium Inc. Titan's growth strategy is driven by advancing exploration projects to discovery in the proven Athabasca and prospective Thelon basins. Titan 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. In 2008, Japan Oil, Gas and Metals National Corporation (JOGMEC) signed two letters of agreement with Titan to explore the Company's Virgin Trend and Border Block projects as an element of its mandate to seek a stable supply of natural resources for Japan. In April 2008, Vale Exploration Canada Inc. (VEC), a wholly-owned subsidiary of Companhia Vale do Rio Doce (Vale), the world's second largest mining company by market capitalization, signed an agreement with Titan on the Sand Hill Lake/Rook II project. Titan also has a major joint venture project underway in the Thelon Basin with Mega Uranium Ltd., as per above. Additional partnerships are at the planning stage. Partners of Titan have the option to expend Cdn $28.5 million in exploration programs managed by Titan between 2008 and 2012. The partners can earn a portion of Titan's interest in these strategically located properties in the Athabasca and Thelon basins. Optionees of Titan properties spent Cdn $5.5 million on exploration programs managed by Titan in 2007. 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 |
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