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Tuesday, July 22, 2008
Target Commences Drilling on Bradshaw Gold Project
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TARGET EXPLORATION AND MINING CORP. (TSX.V: TEM) (the "Company") is pleased to announce that drilling has commenced on the Bradshaw Gold Project, located 10 kilometres (km) southeast of the former Nickel Plate-Headley Mascot Gold Mine, British Columbia's third largest gold producer.
The program will consist of approximately 1,000 metres (m) in 9 holes and is designed to test for extensions of the mineralized zones associated with silicified and brecciated chert as intersected in the historic trenches, adits and the few holes drilled in the mid 1980s by previous operators. The Property has demonstrated the ability to host both high-grade multi-ounce vein mineralization (94.97 grams per tonne (g/t) gold over 0.76 m), as well as broad widths of supportive lower grade material (0.78 gpt gold over 62.2m). The drill program will also target coincident gold-in-soil and induced polarization (IP) anomalies identified through the 2007 summer program, which included geological mapping, soil geochemical surveys, IP and magnetometer surveys.
Maps and sections showing the proposed drill hole locations can be found on the Company website at: http://www.target-mining.com/s/Bradshaw.asp.
The Company also announces that the TSX Venture Exchange has consented to the reduction in the exercise price of 1,902,750 warrants, as well as the extension of the expiry date of these warrants. The exercise price of the warrants will be re-priced from $1.50 to $0.60 and the new expiry date of the warrants will be July 31, 2009. A forced exercise provision will be implemented if the closing price for the Company's shares is $0.72 or greater for a period of 10 consecutive trading days. These warrants were issued pursuant to a private placement of 3,805,500 shares with 1,902,750 share purchase warrants attached, which was accepted for filing by the Exchange effective July 30, 2007.
About Target
Target is a growing exploration and development company with uranium projects in the US and gold/copper projects in Canada. Its flagship property in the Shirley Basin, Wyoming hosts a significant historical uranium resource. A drill program on this property, to confirm the historical resources and test for expansion of the uranium zones, is currently underway. The Company is comprised of a team of professionals with a strong track record of working together to create shareholder value through the identification and advancement of uranium and mineral exploration projects.
Stewart Wallis, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and is responsible for the technical information contained in this news release.
For more information on the Company and its properties, please visit the website at www.target-mining.com.
ON BEHALF OF THE BOARD
"Mark J Morabito"
Chief Executive Officer
Target Exploration & Mining Corp. - Vancouver
T: 604-681-8030 F: 604-681-8039
E: investor@target-mining.com
www.target-mining.com
NOT FOR DISSEMINATION IN THE UNITED STATES
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward looking information" that is based on the Company's current expectations, estimates, forecasts and predictions. This forward looking information includes, among other things, statements with respect to exploration, mineralization, business plans, outlook and intended use of proceeds. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward looking information.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the content of this News Release. |
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