12.02.2008 19:11:00
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Dejour Sees Leverage in Titan Uranium -- Japan Oil, Gas and Mining (JOGMEC) Joint Venture
Robert L. Hodgkinson, Chairman & CEO, is very pleased to announce that
an associated company, Titan Uranium Inc. (AMEX:DEJ)(TSX
VENTURE:DEJ)(FWB:D5R), has signed a letter of intent to joint venture a
significant Athabasca Basin uranium exploration project with Japan Oil,
Gas and Metals National Corporation (JOGMEC), a $7-billion international
mining and oil-and-gas company with the mission to secure a stable
supply of oil, natural gas and minerals for Japan. JOGMEC, under this
option, has the opportunity to earn 50% of the 400,000-acre Virgin Trend
Project, which is controlled by Titan, by spending $9 million in
exploration over three years.
Dejour owns 33.5% of the issued capital of Titan and, notably, retains a
10% carried interest and 1% NSR in almost one million acres of
prospective uranium properties in Canada’s
Athabasca Basin now owned by Titan, including the subject property of
this joint venture, one of 13 projects acquired from Dejour by Titan
early in 2007.
This is the third such externally funded joint venture that Titan has
concluded in the past 12 months, where Titan is the generator. Two of
these joint ventures cover project areas on which Dejour retains both
carried and royalty interests as previously noted. This provides Dejour
with dual upside leverage from a uranium discovery on any of these
properties, absent capital expenditure. It also provides a guide as to a
minimum imputed value attributable to each of these carried interests.
Dejour is very pleased with the reputation Titan is building as a
generator of prime Canadian uranium properties worthy of exploration by
sophisticated international mining companies. Dejour encourages a
continuation of this method of property exploitation, particularly
through this time of consolidating values in the uranium exploration
sector. For details of Titan’s press release,
please visit www.titanuranium.com.
About Dejour
Dejour Enterprises Ltd. is a micro cap energy company creating real
shareholder value through a balance of discovery, development and
monetization of strategic North American energy properties. The Company
recently announced > 10 million cubic per
day natural gas production to begin shortly on part of its 44,000 gross
acres of oil and gas landholdings in Canada’s
Peace River Arch. Additionally the Company expects to begin gas
production in Q2-08 from part of its 300,000 gross acres of natural gas
land holdings in Colorado’s Piceance Basin.
The Company is listed on the Amex (DEJ), TSX Venture Exchange (DEJ.V),
and Frankfurt (D5R). Dejour is a reporting issuer to the SEC. Refer to www.dejour.com
for company details or contact the Office of Investor Relations at investor@dejour.com Statements Regarding Forward-Looking Information: Some statements
contained in this news release are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that forward-looking statements are inherently
uncertain and involve risks and uncertainties that could cause actual
results to differ materially, including comments regarding the
expectation that the offering will be completed consistent with the
terms outlined above and use of proceeds from this transaction. Actual
results may differ materially from those presented. Factors that could
cause results to differ materially include fluctuations in oil, gas and
uranium prices, changes in U.S. and Canadian securities markets and
failure to receive regulatory approvals. Dejour assumes no obligation to
update this information. There can be no assurance that future
developments affecting the Company will be those anticipated by
management. Please refer to the discussion of risk factors in our Form
20-F for 2006, as amended.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
Robert L. Hodgkinson, Chairman & CEO DEJOUR ENTERPRISES LTD.
Suite 1100-808 West Hastings Street, Vancouver, BC Canada V6C 2X4
Phone: 604-638-5050 Facsimile: 604-638-5051 Email: investor@dejour.com
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