TARGET EXPLORATION AND MINING
CORP. (TSX.V: TEM) (the
"Company") is pleased to release further results from the
ongoing drill program on the Bootheel Property in southern Wyoming. All
five twin-holes drilled in the southeastern most area of the historical
resource have intersected uranium mineralization.
- 0.037% eU3O8* over 27.0 feet in hole
06-3007
- 0.055% eU3O8* over 51.0 feet in hole
06-3008**
- 0.06% eU3O8* over 19.0 feet in hole
06-3009
- 0.132% eU3O8* over 4.0 feet and
0.068% eU3O8* over 14.5 feet in hole 06-3010
- 0.057% eU3O8* over 16.5 feet in hole
06-3011
** previously
released
Uranium mineralization in this
area of the Bootheel Property has been known to be hosted primarily
within the Sundance Formation, but the upper intersection in hole 06-3010
confirms that uranium is also hosted within the Wind River Formation in
this area.
"It is very exciting to see
that uranium has been intersected in multiple stratigraphic horizons in
this area of the property," says Stewart Wallis, President of the
Company. "In addition, these drill results continue to show similar
thicknesses and grades of mineralization to the historical results."
The 50,000 foot, 80 to 90 hole,
drill program is aimed at confirming historical drill results and
bringing the historical resources into National Instrument 43-101
compliance. In addition, the program is designed to use the extensive
database of historical information to expand the areas of previous
mineralization through exploration drilling. Uranium mineralization in
the area is hosted in sandstone units, which have the potential to be
mined using in-situ recovery techniques (ISR). ISR is an environmentally
friendly, economical method of recovering uranium. A National
Instrument 43-101 compliant resource calculation will be completed
following the drill program.
*These
grades are reported as equivalent uranium (eU3O8)
as determined by downhole radiometric logging equipment. The logging is
being carried out by an independent contractor, Century Geophysical Corp.
of Tulsa, Oklahoma using an S-3000 probe calibrated at the U.S.
Department of Energy test facility in Casper Wyoming on June 3, 2008.
Core samples from the mineralized zones in the twinned holes will be
assayed by standard chemical analysis at an independent registered
laboratory. This will allow the equilibrium status of the uranium in the
samples to be determined, and thus refine future resource estimates. A
comparison of the historical chemical assays and gamma logs concluded
that the historical results are likely to be a reliable guide to the
mineralization (Technical Report July 8, 2007, filed on Sedar). Previous
operators reported that based on six core holes, the eU3O8
values were 99.8 % of the chemical assays. Based on current knowledge,
the mineralized intersections are considered to represent true widths.
The
Bootheel Property, together with the Buck Point Property, covers 10,500
acres within the Shirley Basin in southern Wyoming and makes up The
Bootheel Project, LLC. The Company and Ur-Energy Inc (TSX: URE), through
a wholly owned subsidiary, are the members of The Bootheel Project, LLC
and the Company is currently earning a 75% interest in the Project.
Probe
results of all completed holes to date along with maps and sections
showing the areas of drilling and historical resources can be found on
the Company website at: http://www.target-mining.com/s/ShirleyBasin.asp.
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 venture LLC with Ur-Energy, Inc. and hosts a
significant historical uranium resource. 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
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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