Titan Uranium Inc. (TSXV:TUE) reports that it had  purchased the Sheep Mountain property from Uranium One Inc.(TSX:UUU) on or about September 29, 2009.

The press release is quoted as saying:

The terms of the agreement included a payment by Titan to U1 of US$2,000,000 if the month-end spot uranium price reported by Ux Consulting Company exceeded US$65.00 per pound within three years of the closing date, payable within six months of such date. On January 31, 2011, the month-end spot uranium price as reported by Ux Consulting Company was US$73.00 per pound.

Click here to access the entire news release.

Click here to access Titan’s company profile.(TSXV:TUE)