THE K2 PRINCIPAL FUND L.P. ACQUIRES COMMON SHARES OF Tigris Uranium Corp.

TORONTO, Jan. 28 /CNW/ - The K2 Principal Fund L.P. ("K2") announced that it has acquired an additional 1,000,000 shares and now holds 4,941,500 common shares and 1,800,000 common share purchase warrants (the "Warrants") to purchase up to 1,800,000 common shares of Tigris Uranium Corp. ("TU") at an exercise price of $0.65 per share. The Warrants expire on July 1st, 2012. As a result of the acquisition of such Shares and Warrants and assuming the exercise of the Warrants in full, the Partnership would own 6,741,500 common shares, representing approximately 14.218% of the issued and outstanding common shares of Tigris Uranium Corp (the "Common Shares").

K2 acquired the securities for investment purposes only and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, common shares or other securities of TU through market transactions, private agreements or otherwise.

%SEDAR: 00029787E

For further information:

Dan Gosselin The K2 Principal Fund L.P.

(416) 365-2155

CO: K2 Principal Fund L.P.

CNW 16:20e 28-JAN-11