Titan Uranium Completes Successful Drill Program at Sheep Mountain Project, Wyoming
SASKATOON, SASKATCHEWAN -- (Marketwire) -- 07/15/10 -- Titan Uranium Inc. (TSX VENTURE: TUE)(FRANKFURT: T4X) is pleased to announce that it has completed a 62 hole definition drill program at its 100% owned Sheep Mountain uranium project in Fremont County, Wyoming. The drilling was conducted to better define the limits of the planned Congo Open Pit. Of the 62 holes completed, all but 8 exceeded the grade-thickness cut-off used in the recently completed Preliminary Feasibility Study (see Titan press release April 12, 2010). In addition, 5 monitor wells were drilled and completed.
The drill program was completed using up to four rigs contracted from Eagle Drilling of Glendo, WY and Lou's Drilling of Riverton, WY. Downhole logging services were provided by Hawkins CBM Logging of Cody, WY.
Twenty-one of the drill holes intersected mineralization in excess of 1.0 ft% eU3O8. A further 33 holes intersected mineralization with grade x thickness (GT) between 0.10 and 1.0 ft% eU3O8. The cut-off for inclusion in the Probable Reserves for the open pit in the Preliminary Feasibility Study was 0.10 ft% eU3O8. Equivalent uranium grades (eU3O8) were estimated by the logging contractor using industry standard equipment which was regularly calibrated in the US Department of Energy test pits in Grand Junction, CO.
Highlights of the drill results are shown in the following table:
--------------------------------------------------------------------------
Best single intersection plus sum total GT for drill holes
--------------------------------------------------------------------------
Total
Depth
Hole # (ft) From To Thickness %eU3O8 GT sum GT
--------------------------------------------------------------------------
Congo 6 390 106.0 112.0 6.0 0.112 0.672 1.765
--------------------------------------------------------------------------
Congo 8 400 43.5 44.5 1.0 0.519 0.519 1.063
--------------------------------------------------------------------------
Congo 13 600 548.5 554.0 5.5 0.097 0.531 1.035
--------------------------------------------------------------------------
Congo 20 540 145.0 149.5 4.5 0.091 0.410 1.215
--------------------------------------------------------------------------
Congo 22 540 400.0 406.5 6.5 0.092 0.598 1.200
--------------------------------------------------------------------------
Congo 27 400 72.0 78.0 6.0 0.197 1.182 1.182
--------------------------------------------------------------------------
Congo 33 400 189.5 193.0 3.5 0.109 0.382 1.328
--------------------------------------------------------------------------
Congo 37 500 192.5 196.0 3.5 0.218 0.763 3.029
--------------------------------------------------------------------------
Congo 38 500 100.0 103.5 3.5 0.203 0.711 2.724
--------------------------------------------------------------------------
Congo 40 500 112.5 121.5 9.0 0.116 1.044 2.535
--------------------------------------------------------------------------
Congo 41 400 311.0 318.0 7.0 0.125 0.875 2.105
--------------------------------------------------------------------------
Congo 42 400 256.0 259.5 3.5 0.173 0.606 1.257
--------------------------------------------------------------------------
Congo 45 360 341.5 348.5 7.0 0.086 0.602 1.989
--------------------------------------------------------------------------
Congo 47 340 192.5 197.0 4.5 0.063 0.284 2.121
--------------------------------------------------------------------------
Congo 48 160 63.0 73.5 10.5 0.234 2.457 2.457
--------------------------------------------------------------------------
Congo 49 360 308.0 313.0 5.0 0.193 0.965 3.561
--------------------------------------------------------------------------
Congo 53 200 156.0 165.0 9.0 0.640 5.760 7.235
--------------------------------------------------------------------------
Congo 55 200 99.0 102.5 3.5 0.288 1.008 1.008
--------------------------------------------------------------------------
Congo 61 200 61.5 66.5 5.0 0.478 2.390 5.786
--------------------------------------------------------------------------
Congo 62 120 103.5 114.0 10.5 0.150 1.575 1.575
--------------------------------------------------------------------------
Congo 66 260 227.5 231.5 4.0 0.177 0.708 1.431
--------------------------------------------------------------------------
Additional mineralization was discovered approximately 175 feet to the north of the Congo Pit in Monitor Well MW-9. MW-9 intersected 9.0 ft grading 0.300% eU3O8 and is found in the same stratigraphic horizon as drill hole Congo 53 which intersected 9.0 ft grading 0.640% eU3O8. This illustrates the potential to increase the size of the reserves. Further work is planned to explore the full potential of the ore body.
Brian Reilly, President and CEO of Titan commented, 'The drilling has both confirmed previously defined mineralized zones and also extended the zones in several areas. We are now in a position to finalize the design and engineering of the pit as part of the Nuclear Regulatory Commission license application.'
Chris M. Healey, a Professional Geologist licensed in the State of Wyoming and Chief Operating Officer for Titan, is the Qualified Person responsible for the technical content of this release.
About Titan Uranium Inc.
Titan Uranium's vision is to be a leading mid-tier North-American uranium exploration, development and mining company. Our mission is to create shareholder value by advancing quality projects to production.
Our growth strategy is driven by three elements:
- Development: A pre-feasibility study has been completed at the Sheep Mountain Uranium Project, Wyoming. The deposit contains a NI 43-101 compliant probable reserve of 14.2M lbs. of U3O8 (6,393,000 tons at 0.111% e U3O8) (see Titan press release April 12, 2010).
- Exploration: The goal is to discover world class uranium deposits by exploring over 1.5M acres of land in the proven Athabasca and prospective Thelon Basins. Exploration programs are also active in Utah and Wyoming.
- Consolidation: The Company is actively pursuing M & A opportunities and focused on uranium-friendly jurisdictions such as Saskatchewan and Wyoming.
Titan has gained market recognition for its ability to attract strategic partners to participate in the exploration of its properties. Japan Oil, Gas and Metals National Corporation and Mega Uranium Ltd. are partners in current exploration programs managed by Titan.
Titan is well-financed and ideally positioned to emerge as a pre-eminent player in the uranium industry.
ON BEHALF OF TITAN URANIUM INC.
Brian A. Reilly, President
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Titan Uranium Inc.
Investor Relations
306-651-2405 or 604-925-1810
306-651-5105 (FAX)
ir@titanuranium.com
www.titanuranium.com