Titan Uranium Announces Acquisition Of Sheep North Property
(via Thenewswire.ca)
Vancouver, British Columbia - Titan Uranium Inc (TSX-V:TUE, FSE:T4X) is pleased to announce that it has acquired the Sheep North property, immediately adjacent to its Sheep Mountain mine project, by staking 33 lode mining claims. The property contains an historical resource estimate of 1,650,000 lbs eU3O8 (1,520,000 tons averaging 0.054% eU3O8).
"This addition to our Sheep Mountain project continues our objective of adding to the value of the property," Titan's President Chris Healey commented. "We intend to include this area in our summer drill program at Sheep Mountain, with the ultimate objective of upgrading the historical estimate to a fully compliant resource in a timely manner."
The historical resource estimate was completed by Kerr-McGee in the mid-1970's, prior to the implementation of NI 43-101 and is not compliant with current accepted reserve and resource classifications as set forth by the Canadian Institute of Mining, Metallurgy and Petroleum. Given the quality of the historic work completed on the property, Titan believes the resource estimate to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources or mineral reserves as defined in NI 43-101, and Titan is not treating the historic resources as current. Therefore, the historical resource estimate should not be relied upon.
Most of the uranium mineralization located on these claims lies at shallow depths, less than 250 feet below surface. The host formations for the mineralization are the Buck Springs formation of Cambrian age and the Madison limestone of Mississippian age.
Chris Healey, P.G., Titan's President, 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 indicated resource of 30.4 million lbs eU3O8 (13,841,000 tons averaging 0.110% eU3O8) (see Titan press release January 20, 2011).
• Exploration: The goal is to discover world class uranium deposits by exploring over 1.0M 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 is well-financed and ideally positioned to emerge as a pre-eminent player in the uranium industry.
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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