Titan Uranium Announces Major Advance In Permitting For Sheep Mountain Mine
(via Thenewswire.ca)
July 6, 2011
Vancouver, British Columbia - Titan Uranium Inc (TSX-V:TUE, FSE:T4X) is pleased to announce that it has achieved another critical milestone in the permitting and licensing of its Sheep Mountain Project in Fremont County, Wyoming. Titan has submitted a revised Plan of Operations (POO) to the US Bureau of Land Management (BLM), a key step in the permitting process. This submittal allows the BLM Lander Field Office to develop an Environmental Impact Statement (EIS) for this project. It is anticipated that the EIS will take between 12 and 18 months to complete.
Titan's Sheep Mountain Project includes redevelopment of the existing underground Sheep Mountain uranium mine, as well as development of an open pit mine and operation of a proposed uranium heap leach and processing facility, which will be capable of producing of up to 2 million pounds of yellowcake per year.
The POO and the requisite environmental baseline data were concurrently submitted to the Wyoming Department of Environmental Quality (WDEQ). Titan will be submitting to WDEQ a revision to its existing Mine Permit 381C by the end of July, 2011. The permit revision will address improvements to the mine plan, including the proposed uranium recovery facility.
Submission of an application to the US Nuclear Regulatory Commission (NRC) for a combined Source Material and Byproduct Material License to construct and operate the uranium recovery facility is planned for October, 2011. This license will allow Titan to process the uranium ore and produce yellowcake at the Sheep Mountain Project site. The review and approval process for this license by NRC is anticipated to take approximately 24 months.
Chris M. Healey, P.Geo, President and CEO of Titan commented; "This is a major step forward in the permitting process and keeps the project on track for production commencing around the end of 2013, a time at which many industry experts believe the selling price for uranium will be substantially higher than it is today."
ON BEHALF OF TITAN URANIUM INC.
Chris M. Healey, President & CEO
For further information, please contact:
Investor Relations
Titan Uranium Inc.
Phone: 604-925-1810
Facsimile: 604-921-1898
Email: ir@titanuranium.com
www.titanuranium.com
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.
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.
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