Target Exploration and Mining Corp. (TSX.V:TEM) ("Target") is pleased to announce that it has acquired on behalf of the Bootheel Project LLC, the final historic drill data set from Cameco Corp. ("Cameco") for the Bootheel Project in Southern Wyoming. The data acquired from Cameco includes not only geological logs but also gamma logs containing equivalent uranium (eU3O8), values. This industry standard method of using eU3O8, indicates the amount of uranium present as determined by measuring gamma radiation using a down-hole probe. The data set is currently being compiled by Target's geological team and will be combined with the results from over 50,000 feet of drilling completed by Target at Bootheel in 2008. This compilation will allow Target to complete a National Instrument (NI) 43-101 resource estimate on the Bootheel Project in the second quarter of 2009.
Cameco acquired the Bootheel property in 1995 and carried out limited drilling and leach tests before abandoning the property in 1998 due to poor market conditions for uranium, which at that time had a spot price of approximately US$10.00 per pound. The drilling by Cameco confirmed the presence of significant uranium mineralization that had the potential to be recovered by in-situ recovery (ISR) mining methods. The data set covers approximately 290,000 feet of drilling carried out by Cameco, Kerr McGee and Uradco.
"We are very excited to have acquired the final piece of information needed to complete a compliant resource estimate," says Stewart Wallis, President of Target. "We will now be able to demonstrate to the investment community the potential of this property and show that we have the pounds necessary to move the Bootheel Project forward to production."
As previously disclosed, the historic resources in the area total 10.98 million pounds of uranium (1). Based on the recently completed confirmation drilling, the potential for the area drilled is 4 to 6 million pounds contained in 5 to 8 million tons at an average grade of 0.04% to 0.05% eU3O8. The potential quantity and grade is conceptual in nature and there has been insufficient work to define a mineral resource. It is uncertain if the current work will result in a mineral resource.
Although the potential is approximately half the historic resources, less than 60% of the historic resource area was drilled by Target and the remainder of the historical resource remains open to capture after additional drilling. Based on similar development projects in Wyoming, this potential is still above the minimum threshold required for in-situ recovery (ISR) mining in Wyoming. A feasibility study has not been completed and there is no certainty the proposed operations will be economically viable. Historical metallurgical test work has indicated that the uranium at Bootheel has the potential to be mined using ISR methods, which are more environmentally friendly and less capital intensive than conventional mining methods.
(1) These historical resources for Target were reported by Nuclear Assurance Corporation in 1982 and are historical in nature. The categories of mineralization used are not those prescribed by the Canadian Institute of Mining, Metallurgy and Petroleum and stipulated in NI 43-101 but would correspond to indicated and inferred resources under those guidelines. As was industry standard for reporting in the 1980s, tonnages are not provided in the original data. Average grades range from 0.037% eU3O8 to 0.078% eU3O8. The data are reported using a minimum grade of 0.02% eU3O8 and a grade times thickness (GT) of 0.12. For further details, please refer to Target News Release dated February 5, 2008 and the Technical Report filed on SEDAR on July 27, 2007. Investors are cautioned that Target has not completed sufficient exploration to verify the data and the historical estimates should not be relied upon. A 50,000 m drill program was completed in 2008 and a NI 43-101 resource estimation is slated for completion during the first quarter of 2009.
About TargetTarget is a growing uranium resource company with projects located in the US. Its flagship Project, Bootheel, is located in uranium mining friendly Wyoming and with its in-situ mining potential; Bootheel is designed for near term production. The Project is ventured with Ur-Energy Inc., which bring with them additional management expertise to put Bootheel into production. The Target team is comprised of knowledgeable and experienced professionals with both exploration and mining backgrounds.
Stewart Wallis P. Geo., President of Target and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this news release.
For more information on Target and its properties, please visit the website at
www.target-mining.com.
ON BEHALF OF THE BOARD
"Stewart Wallis"
PresidentTarget Exploration & Mining Corp. - Vancouver
T: 604-681-8030
F: 604-681-8039
E:
investor@target-mining.com www.target-mining.comNOT FOR DISSEMINATION IN THE UNITED STATES
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