Titan Uranium Inc. (TSX VENTURE: TUE)(FRANKFURT: T4X) is pleased to
announce that it has completed a revision to the mineral resource
estimate for its 100% owned Sheep Mountain uranium project in
Fremont County, Wyoming. The new estimate totals 16.0 million
pounds eU3O8 (6.1M tons at an average grade of 0.131% eU3O8) in the
Indicated Resource category. This estimate complies with the
standards for disclosure of mineral resources required by National
Instrument 43-101. The company has previously reported a NI 43-101
compliant estimate of 15.6 million pounds U3O8 (4,560,000 tons at
an average grade of 0.17% eU3O8) in the Inferred Resource category.
Brian A. Reilly, President Titan Uranium Inc., commented; "The
revised estimate upgrades the mineral resource from an Inferred
Resource category to an Indicated Resource category with an
increase in the total resource. We feel that the 16.0 million pound
total resource is a conservative number given the cut-off grades
used in the calculation. This is an important element of the
preliminary feasibility study which is soon to be completed."
The resource estimate is summarized as follows:
-- Sheep 1 and 2 UG, indicated resource of 9.0M lbs (2.8M tons at 0.162%
eU3O8)
-- Congo Pit, indicated resource of 7.0M lbs (3.3M tons at 0.104% eU3O8)
The Sheep Mountain Project comprises several uranium ore zones
which are amenable to conventional underground and open pit mining
methods. Details of the mineral resource estimates for the
underground, open pit and total resource at each cut-off interval
are presented in the tables below.
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Sheep 1 and 2 Underground
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Indicated Resource
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GT Cut-off (ft x %) greater than 0.30 greater than 0.60 greater than 0.90
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Pounds eU3O8 13,245,000 9,040,000 6,065,000
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Tons 5,640,000 2,790,000 1,515,000
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Average eU3O8 0.117 0.162 0.200
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Average thickness (ft) 6.7 7.5 8.7
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----------------------------------------------------------------------------
Congo Pit
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Indicated Resource
----------------------------------------------------------------------------
GT Cut-off (ft x %) greater than 0.10 greater than 0.25 greater than 0.50
----------------------------------------------------------------------------
Pounds eU3O8 7,480,000 6,966,000 5,677,000
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Tons 4,032,000 3,341,000 2,337,000
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Average eU3O8 0.093 0.104 0.121
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Average thickness (ft) 6.5 7.5 8.9
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----------------------------------------------------------------------------
Total all zones
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Indicated Resource
----------------------------------------------------------------------------
Pounds eU3O8 20,725,000 16,006,000 11,742,000
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Tons 9,672,000 6,131,000 3,852,000
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Average eU3O8 0.107 0.131 0.152
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Mineral resources were estimated at three GT cut-offs for the
Sheep 1 and 2 underground portion of the deposit: 0.30, 0.60 and
0.90 ft% eU3O8. For the Congo Pit, the three cut-offs were 0.10,
0.25 and 0.50 ft% eU3O8. The mid-range cut-offs of 0.60 ft% and
0.25 ft% eU3O8 were applied to the underground and open pit
portions respectively to establish a reasonable mineral resource
estimate. These cut-offs best represent anticipated grades for
mining operations.
In the underground portion of the deposit, mineralized
intercepts were diluted to a minimum 6 feet thickness (vertical)
for compatibility with planned mining methods. For the open pit,
the diluted thickness was 2 feet. Current mine design and
methodologies incorporate conventional approaches that were
employed successfully at this site in the past and are compatible
with the current State of Wyoming mine permit.
The new estimate was completed using the GT (grade x thickness)
contour method on individual mineralized zones as defined in a full
3D geological model of the deposit. A total of 16 separate
mineralized zones have been identified and evaluated in the Sheep 1
and 2 underground areas, as well as 17 zones in the Congo Pit area.
The database for the estimate included 2000 rotary drill holes
(1515 in the area of the proposed pit, 485 in the area of the
underground mine) drilled from surface. Underground mine
development and production records from previous mine workings, as
well as records of underground mapping and sampling were also
applied to the estimate.
The uranium quantities and grades are reported as equivalent
U3O8 (eU3O8), as measured by downhole gamma logging. This industry
standard protocol for reporting uranium in sandstone hosted
deposits in the USA has been validated for the Sheep Mountain
project by test drilling at the deposit, as well as by correlation
with previous mining activities. In the fall of 2009, five rotary
percussion holes were drilled on the property to study
disequilibrium. Downhole logging of the drill holes was completed
using standard gamma technology as well as a uranium spectral
analysis tool (USAT), both supplied by Century Wireline of Tulsa
OK. The USAT tool gives a direct measurement of uranium content and
therefore allows determination of the equilibrium state of the
uranium mineralization intersected in the hole. A total of 34
intervals were measured, which show an overall moderate positive
disequilibrium (thus the true chemical grade of the mineralization
is slightly higher than the equivalent grade determined by the
gamma tool). The results of the resource estimates were not
adjusted to account for this positive disequilibrium, and can
therefore be considered conservative.
The revised mineral resource estimate will be used as the prime
input for a preliminary feasibility study which is expected to be
completed in April 2010. BRS Inc. of Riverton, Wyoming completed
the mineral resource estimate as part of its contract to conduct
the preliminary feasibility study. BRS Inc. is a Professional
Engineering Corporation, which has provided consulting services for
more than twenty years in geology, civil engineering, water
resources, mining, and mined land reclamation, including all
aspects of environmental permitting, design and construction
management. The president and principal engineer/geologist of BRS,
Douglas Beahm, is a Qualified Person (QP) under TSX regulations and
both a Professional Engineer and a Professional Geologist with 35
years of professional and managerial experience in the uranium
industry.
The project has an active Mine Permit issued by the Wyoming
Department of Environmental Quality, which is currently being
revised to update the mining and reclamation plans.
Chris M. Healey, P. Geo, COO 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 indicated resource of 16.0M lbs of eU3O8
(6,100,000 tons at 0.131% 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
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.
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.
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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