Amex: DEJ/TSX-V: DEJ
VANCOUVER, Feb. 12 /CNW/ - Robert L. Hodgkinson, Chairman & CEO, is very
pleased to announce that an associated company, Titan Uranium Inc.
(TSX-V:TUE), 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.
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
(greater than) 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
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.
For further information:
For further information: 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: