Titan Uranium Inc. Begins 2010 Winter Drilling Program on Border Block Project
09 February 2010 - 6:05AM
Marketwired
Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:
TUE)(FRANKFURT: T4X) is pleased to announce that the Company's
Winter 2010 drilling program is underway on the Border Block
project. The Border Block project is the subject of a Letter of
Agreement between Titan and Japan Oil, Gas and Metals National
Corporation (JOGMEC) wherein JOGMEC can earn a 50% undivided
interest in the project by funding Cdn $6 million in exploration
over four years (Titan Uranium Inc. PR, November 12, 2008). JOGMEC
has elected to accelerate funding by providing an additional
$500,000 during the second earn-in period which ends March 31,
2010.
Hy-Tech Drilling Ltd. completed mobilization of the drilling
crew and equipment to the site and drilling commenced on February
05, 2010. The planned program of 1,300 metres of diamond drilling
will continue to test prospective targets identified by recent time
domain electromagnetic (TDEM) surveys.
A drill program consisting of seven holes and 1604.4 metres was
completed on the Border Block property during the summer of 2009.
This program was designed to test favourable uranium targets at or
near the unconformity between the Athabasca sandstone rocks and the
underlying basement rocks. Weak hydrothermal alteration was
developed in the basement rocks, generally along fractures. Two
areas of anomalous U were encountered in the basement rocks: a 3
metre interval of 7.7-15.6ppm U at a depth of 95.8-98.8 metres in
DDH KNG09-2 and a 20 metre interval of 6.1-7.7ppm U at a depth of
190.0-210.0 metres in DDH GL09-4.
The Border Block project is located in the southwest area of the
Athabasca Basin, near the Alberta border and comprises the Maybelle
River, Gartner Lake, King and Castle South Extension properties.
The project (76,354 hectares/188,675 acres) covers an area where
historic exploration data identified favourable basement rocks
capable of hosting uranium mineralization. The basement rocks are
thought to be correlative with those found on the adjacent
AREVA/UEX Corp.'s Shea Creek project which hosts significant
uranium mineralization in the Anne, Collette and Kianna
deposits.
Rodney Koch, P. Geo, Vice-President Exploration Canada for
Titan, is the qualified person responsible for the technical
information contained in 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 launched at the
Sheep Mountain Uranium Project, Wyoming. The deposit contains a NI
43-101 compliant inferred resource of 15.6M lbs. of U3O8 (4,560,000
tons at 0.17% eU3O8).
- 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
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 or
604-925-1810 306-651-5105 (FAX) ir@titanuranium.com
www.titanuranium.com
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