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Titan Uranium signs of agreement with Japan oil, gas and metals national corporation

Titan Uranium signs of agreement with Japan oil, gas and metals national corporation

Global Industry Partner to Earn 50% Interest in Titan’s Virgin Trend Project by Spending Cdn$ 9 Million on Exploration for Uranium Over Three-Year Term

Saskatoon, Saskatchewan, Canada, May 23, 2008 – Titan Uranium Inc., (“Titan”) (TSX-V: TUE), a North American generative explorer focused on identifying high-value uranium exploration projects for joint venture with industry partners, is pleased to announce the signing of a Letter of Agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC). The Letter of Agreement supersedes the Letter of Intent between Titan and JOGMEC that was announced on February 11, 2008 (Titan PR February 11, 2008).

The Letter of Agreement confirms and summarizes the agreement governing the option whereby JOGMEC can acquire an undivided 50% working interest in Titan’s Virgin Trend Project by funding Cdn$ 9 million in exploration programs managed by Titan. The Letter of Agreement calls for annual funding of $3 million in each of the first three years. Vesting of a 50% working interest will be at JOGMEC’s election after funding a total of $9 million by the end of the third year of the agreement. Upon completion of the earn-in phase, JOGMEC and Titan will form a joint venture with each party holding a 50% participating interest in the Virgin Trend Project. Further, JOGMEC has the option to provide an additional $6 million to obtain the exclusive marketing rights of the mineral products of the joint venture for a 10-year period from first commercial production.

The Honourable Lyle Stewart, Saskatchewan Minister of Enterprise and Innovation, witnessed the formal signing ceremony which was held May 23 in Regina and attended by senior representatives from Titan Uranium, JOGMEC, Saskatchewan Ministry of Enterprise and Innovation and Saskatchewan Ministry of Energy and Resources. Mr. Stewart stated “The government fully supports collaboration between local and foreign investors to develop Saskatchewan’s abundant resources. Japan is a major trading partner with our province and we welcome this new investment in our uranium industry.”

JOGMEC is a prominent Japanese corporation, funded by Japan’s national and municipal governments as well as by private-sector corporations, with a global mandate to seek a stable supply of natural resources for Japan. JOGMEC reported assets of US$ 7.3 billion and ordinary revenues of +US$ 1 billion for the fiscal year ended March 31, 2007. Contributions in kind to be provided by JOGMEC for the Virgin Trend Project include technical assistance utilizing a highly innovative and extraordinarily sensitive deep-penetrating electromagnetic geophysical system developed by JOGMEC. This technology has been successfully applied in other geological environments.

About Titan Uranium

Titan’s growth strategy is driven by advancing exploration projects to discovery in the proven Athabasca and prospective Thelon basins. The Company 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. In addition to the Letter of Agreement with JOGMEC, Titan recently signed an agreement with Vale Exploration Canada, a wholly-owned subsidiary of Companhia Vale do Rio Doce (VALE) (NYSE: RIO). VALE is the world’s second largest mining company by market capitalization with its headquarters in Brazil. VALE reported revenues of US$ 33.1 billion and net earnings of US$ 11.8 billion for the year ended December 31, 2007. Titan also has a major joint venture project underway in the Thelon Basin with a Canadian company. Additional partnerships are at the planning stage.

In 2007, partners of Titan 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 360,000 hectares/890,000 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

For further information, please contact:

Jessica Karalash
Corporate Communications/Investor Relations
Titan Uranium Inc.

Phone: 306-651-2405
Facsimile: 306-651-5105

The TSX Venture Exchange has not reviewed and does not accept 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.