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Titan Announces Exploration Update on Fleming Project, and Option Cancellation

2008-07-23 09:39:00

Titan Announces Exploration Update on Fleming Project, and Option Cancellation

SASKATOON, SASKATCHEWAN–(EMWNews – July 23, 2008) – Titan Uranium Inc. (“Titan” or the “Company”) (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer focused on identifying high-value uranium exploration projects for joint venture with industry partners, is pleased to announce the results of the drilling program carried out on the Company’s Fleming uranium project in the south-central area of the Athabasca Basin of northern Saskatchewan.

Drilling to test ground-defined electromagnetic anomalies started on the property on March 5, 2008 and was completed on April 7, 2008. During that time 1,689 metres were drilled, including four holes completed to planned depth, two holes lost in overburden, and one hole lost in the sandstone before reaching the unconformity.

In all four holes completed, elevated amounts of uranium and the pathfinder element, boron, were intersected in the basal sandstone rocks near the unconformity, with assay results of 3.5 ppm U3O8 in hole FLM-08-01 and 191 ppm boron in hole FLM-08-2A being returned. Also of interest is a thick section of sandstone intersected in hole FLM-08-03. Results from a 39-metre interval (from 230 metres downhole to the unconformity at 269 metres) returned anomalous values (from 1.04 ppm to 1.83 ppm) as identified in composite samples.

Elevated levels of pathfinder elements typically occur as a halo around unconformity-type uranium deposits. The Company is encouraged by these results and plans to incorporate them into future exploration programs.

Titan also announces that certain option holders have agreed to the cancellation of an aggregate of 1,675,000 options to acquire common shares in the capital of Titan. The options that were cancelled had been held by various directors, officers and employees, pursuant to the Company’s stock option plan, had exercise prices ranging from $1.60 to $2.73 per share and were set to expire between February 12 and August 7, 2012.

J. Allan McNutt, P. Geo., M.A.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 Titan Uranium Inc.

Titan’s growth strategy is driven by advancing exploration projects to discovery in the proven Athabasca and prospective Thelon basins. Titan has gained market recognition for its ability to attract strategic partners to participate in exploration on its properties by virtue of its 1.5 million acre land position and technical expertise. Vale Exploration Canada Inc., a wholly-owned subsidiary of Companhia Vale do Rio Doce (VALE), the world’s second largest mining company by market capitalization, recently signed an agreement with Titan on its Sand Hill Lake/Rook II project. In May 2008, Japan Oil, Gas and Metals National Corporation (JOGMEC) signed a letter of agreement with Titan to explore the Company’s Virgin Trend project as an element of its mandate to seek a stable supply of natural resources for Japan. Titan also has a major joint venture project underway in the Thelon Basin with Mega Uranium Ltd. Additional partnerships are at the planning stage.

In 2007, optionees of Titan properties spent Cdn $5.5 million on exploration programs managed by Titan. Between 2008 and 2012, partners of Titan have the option to expend Cdn $22.5 million in exploration on approximately 900,000 acres of strategically located project areas in the Athabasca and Thelon basins to earn a portion of Titan’s interest in these areas.

Titan is well-financed and ideally positioned to emerge as a pre-eminent explorer in the uranium industry. Based in Saskatoon, Saskatchewan, Titan boasts proven senior leadership, a highly experienced technical team and a dominant land position in Canada’s world-class uranium districts.


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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact

Titan Uranium Inc.
Jessica Karalash
Investor Relations
(306) 651-2405
(306) 651-5105 (FAX)

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