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TARGET EXPLORATION AND
MINING CORP. (TSX.V: TEM)
(the "Company") is pleased to announce previously unreleased
historic drill data on the newly acquired land from MJ Ranches located
within the Shirley Basin in southern Wyoming. The leased lands are
contiguous with the Bootheel property, which
makes up part of The Bootheel Project, LLC (the
"Project"), whose members are the Company and UR-Energy Inc
(TSX: URE). The Company is currently earning a 75% participating interest
in the Project.
As reported February 5, 2008, the Company has acquired additional ground
in the Shirley
Basin, which
resulted in a historic resource increase of 130% in the Project area. 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 uranium resources on the newly acquired ground. Previous
drilling by Cameco and others has confirmed the
presence of significant uranium mineralization in the Project area that
has the potential to be recovered by in-situ recovery (ISR) mining
methods.
"We are very excited that significant uranium mineralization has
been confirmed on the recently acquired ground. We have increased the
proposed 2008 drill program in the area to further explore the potential
for stacked beds of uranium mineralization as demonstrated by the
multiple intercepts in holes 07-380 and 31-317," says Stewart
Wallis, President of the Company.
This previously unreleased data includes the following mineralized
intervals:
|
Hole ID
|
Depth From (ft)
|
Depth To (ft)
|
Grade
%eU3O8
|
Thickness (ft)
|
Grade X thickness (ft)
|
|
01-BH-0221
|
408.5
|
429.5
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0.058
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21
|
1.22
|
|
01-BH-0027
|
435.5
|
448.5
|
0.076
|
13
|
0.99
|
|
01-312
|
425.7
|
436.7
|
0.068
|
11
|
0.75
|
|
07-315
|
280.7
|
312.7
|
0.056
|
32
|
1.79
|
|
07-380
|
395
|
402
|
0.053
|
7
|
0.37
|
|
|
408.2
|
414.7
|
0.163
|
6.5
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1.06
|
|
31-317
|
139.5
|
148
|
0.046
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8.5
|
0.39
|
|
|
163
|
167.5
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0.054
|
4.5
|
0.24
|
As previously disclosed, the current historic resources in the area as
reported by Nuclear Assurance Corporation in 1982 total 10.98 million
pounds:
- Measured and Indicated Reserves of 2,625,000 pounds
of uranium at an average grade of 0.037% eU3O8.
- Measured and Indicated Resources of 1,095,000 pounds
of uranium at an average grade of 0.078% eU3O8.
- Inferred Resources of 2,801,000 pounds
of uranium at an average grade of 0.044% eU3O8.
- Geological Resources of 4,462,000 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 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. The
uranium content has been determined by radiometric methods and may be
affected by disequilibrium which may vary within the deposit. Limited
analysis completed in the 1970s indicated that the radiometric analyses
represent 99.8% of the uranium as determined by chemical analysis. 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 hosts a significant
historical uranium resource. The property makes up part of The Bootheel Project, LLC (the "Project"),
whose members are the Company and UR-Energy Inc. 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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