Titan Uranium Inc. Announces 2nd Phase of 2009 Drill Campaign on Sand Hill Lake Project
21 August 2009 - 2:54AM
Marketwired
Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:
TUE)(FRANKFURT: T4X), a North American generative explorer, is
pleased to announce that drilling has commenced on the Company's
Sand Hill Lake project. The project is the subject of an agreement
between Titan and Vale Exploration Canada Inc. ("VEC"), an
affiliate of Vale Inco Limited, each a wholly-owned subsidiary of
Vale S.A. ("VALE") (NYSE: VALE). VEC can earn a 60% undivided
interest in the project by funding Cdn $12 million in exploration
over a five year period (Titan Uranium Inc. PR, April 11, 2008).
Major Drilling Ltd. has mobilized the drilling crew and
equipment to the site and the first hole of this program was
collared August 14, 2009. About 835 metres of drilling is planned
on this phase of the project, which is operated by Titan. Previous
drilling has intersected significant alteration, anomalous
pathfinder elements and elevated uranium values in the sandstone
rocks above a regional basement graphitic horizon. The sandstone
and basement rocks show evidence of faulting, features that are
typically seen in the vicinity of unconformity style uranium
mineralization.
The Sand Hill Lake project includes the Sand Hill Lake and Rook
II properties (20 claims totaling 84,224 hectares/208,122 acres)
and is located in the southern central portion of the Athabasca
Basin in north Saskatchewan. The project is adjacent to the Cameco
Corp./Areva Resources Canada Inc./Formation Capital Corp. Virgin
River property that hosts the Centennial deposit where the highest
grade-thickness intervals reported to date are found in hole
VR-031W1 which intersected 7.62% U3O8 over 17.8 metres (Formation
Capital Corp. PR, March 26, 2009). Cameco has advised its partners
that a conceptual study is planned for the summer of 2009 to assist
in determining the potential economic viability of a uranium
deposit in this region (Formation Capital Corp. PR, June 25,
2009).
Rodney R. Koch, P. Geo., B.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 Vale Exploration Canada Inc.
VEC is a wholly-owned subsidiary of Vale, the world's second
largest mining company by market capitalization with its
headquarters in Brazil. Vale reported revenues of US$38.5 billion
and net earnings of US$13.2 billion as of December 31, 2008. 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 Inc.
Titan has gained market recognition for its ability to attract
strategic partners to participate in exploration on its properties
in Canada by virtue of its 1.6 million acre land position and its
technical expertise. The option agreement participants of Titan
include: Japan Oil, Gas and Metals National Corporation (JOGMEC),
Vale Exploration Canada Inc. (VEC), and Mega Uranium Ltd. These
optionees are expected to contribute $4.7 million in exploration
programs managed by Titan in 2009.
Titan recently announced a business combination with UPC (Titan
Uranium Inc. PR, August 04, 2009) which adds a number of highly
prospective properties, mainly in the United States, to Titan's
portfolio. Prime among these is a 50% interest in the Sheep
Mountain deposit which has an NI 43-101 compliant Inferred Resource
(on a 100% basis) of:
4,560,000 tons, average grade of 0.17% eU3O8, (15.6 million lbs
contained U3O8).
This resource estimate was reported in a technical report on the
Sheep Mountain uranium project, prepared for UPC by Scott Wilson
Roscoe Postle Associates Inc. and authored by C. Stewart Wallis, P.
Geo. dated October 10, 2006. Additional information including the
estimation method and cut-off grade may be found in the report
which was filed on SEDAR www.sedar.com on October 12, 2006. The
Sheep Mountain deposit has a current Mine Permit issued by the
Wyoming Department of Environmental Quality. Several minor
amendments to this permit will be required to reopen the mine.
ON BEHALF OF TITAN URANIUM INC.
Brian A. Reilly, President
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. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
Contacts: Titan Uranium Inc. Investor Relations 306-651-2405
306-651-5105 (FAX) ir@titanuranium.com www.titanuranium.com
Titan Uranium Inc. (TSXV:TUE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Titan Uranium Inc. (TSXV:TUE)
Historical Stock Chart
From Sep 2023 to Sep 2024