Mega Uranium Acquires Securities of Titan Uranium Inc.
SASKATOON, SASKATCHEWAN--(Marketwire - March 18, 2009) -
Titan Uranium Inc. -
("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a
North American generative explorer, is pleased to announce that
effective March 17, 2009 -
Dejour Enterprises Ltd. -
sold 13.5M shares it owned of Titan to
Mega Uranium Ltd. -
by way of a private agreement.
This block of shares represents approximately 25.5% of the issued and outstanding shares of Titan.
Philip E. Olson, Chairman and CEO, states, "We look forward to a strong association with Mega.
We have had a positive experience with our partnership on our Thelon Basin exploration project and see more opportunities to grow the relationship with this acquisition of Titan shares."
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 1.6 million acre land position and technical expertise. In 2008, Japan Oil, Gas and Metals National Corporation (JOGMEC) signed two letters of agreement with Titan to explore the Company's Virgin Trend and Border Block projects as an element of its mandate to seek a stable supply of natural resources for Japan. In April 2008, Vale Exploration Canada Inc. (VEC), a wholly-owned subsidiary of Companhia Vale do Rio Doce (Vale), the world's second largest mining company by market capitalization, signed an agreement with Titan on the Sand Hill Lake project. Titan also has a major joint venture project underway in the Thelon Basin with Mega Uranium Ltd. Additional partnerships are at the planning stage.
Partners of Titan have the option to expend Cdn $22.5 million
in exploration programs managed by Titan between 2009 and 2012.
The partners can earn a portion of Titan's interest in these
strategically located properties in the Athabasca and Thelon basins.
Optionees of Titan properties spent Cdn $6 million on
exploration programs managed by Titan in 2008 and will
contribute Cdn $6.8 million in 2009.
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.
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.
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