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TARGET EXPLORATION AND MINING CORP. (TSX.V: TEM) (the "Company") is pleased to announce
that the ongoing activities on The Bootheel Project, LLC (the
"Project') located within the Shirley Basin in southern Wyoming have
discovered previously unreleased drill data which was not incorporated
into the historical resources. The Project, whose members are the Company
and UR-Energy Inc (TSX: URE), consists of two uranium properties, Buck
Point and Bootheel. The Company is currently earning a 75% participating
interest in the Project.
Further compilation of the extensive database, which contains more than
1,500 drill holes totalling in excess of 450,000 feet,
has allowed the Company to identify holes that indicate the potential for
additional resources on the Project. These include at least 206 holes
drilled by Cameco Corp. ("Cameco") and its subsidiary which had
acquired the Bootheel property in late 1993 and carried out 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 current uranium spot price
is US$90.00 per pound.
This previously unreleased Cameco data includes the following mineralized
intervals, which have not been incorporated into the historical
resources:
|
Hole ID
|
Depth
From (ft)
|
Depth
To (ft)
|
Grade
%eU3O8
|
Thickness (ft)
|
Grade X
thickness (ft)
|
|
36-BH1048
|
501.1
|
511.4
|
0.06
|
10.3
|
0.62
|
|
36-BH1055
|
402.9
|
443.5
|
0.05
|
40.6
|
2.03
|
|
- including
|
406.7
|
431.1
|
0.072
|
24.4
|
1.75
|
|
- including
|
412.0
|
421.0
|
0.14
|
9.0
|
1.27
|
|
36-BH1070
|
516.4
|
536.3
|
0.046
|
19.9
|
0.92
|
|
36-BH1071
|
478.1
|
515.6
|
0.042
|
37.5
|
1.58
|
|
and
|
534.3
|
548.1
|
0.043
|
13.8
|
0.59
|
|
36-BH1074
|
498.6
|
507.0
|
0.048
|
8.4
|
0.40
|
|
36-039
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~530
|
~544
|
0.042
|
14.0
|
0.59
|
"The significance of the recent compilation work is not only the
confirmation of uranium mineralization that has not been incorporated
into the historic resources but the intervals are at depths that have not
been extensively explored elsewhere on the six square mile
property," says Stewart Wallis, President of the Company. "It
is our intention to complete the compilation of the Cameco data and carry
out a confirmation drill program in order to complete an up to date
resource estimate in 2008."
The current historic resources as documented in the Technical Report
dated July 8, 2007, and filed on Sedar are:
- Measured and Indicated Reserves of 1,060,000 pounds
of uranium at an average grade of 0.04% eU3O8.
- Measured and Indicated Resources of 469,500 pounds
of uranium at an average grade of 0.075% eU3O8.
- Inferred Resources of 1,080,000 pounds
of uranium at an average grade of 0.046% eU3O8.
- Geological Resources of 2,010,000 pounds
of uranium -- (no grade stated).
These resources are historical in nature and the categories of
mineralization used are not those prescribed by the Canadian Institute of
Mining, Metallurgy and Petroleum and stipulated in National Instrument
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. The data are reported
using a minimum grade of 0.02% eU3O8 and a grade times thickness (GT) of
0.12. Investors are cautioned that the Company has not completed
sufficient exploration to verify the data and the historical estimates
should not be relied upon.
Maps and additional information are available on the Company website: www.target-mining.com.
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.
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, is a joint venture agreement with
Ur-Energy, and hosts a significant historical uranium resource. A drill
program on this property, to confirm the historical resources and test
for expansion of the uranium zone(s) will begin following the completion
of data compilation and 3D geological modeling. 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.
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: dan@target-mining.com
www.target-mining.com
NOT FOR DISSEMINATION IN THE UNITED STATES
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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