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| | February 05, 2008
Acquisition Doubles Historic Uranium Resources (Target)
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| | TARGET EXPLORATION AND MINING CORP. (TSX.V: TEM) (the "Company") is pleased to announce that it has entered into a Mineral Lease and Surface Use Agreement (the "Agreement") with MJ Ranches Inc. ("MJ Ranches") on ten sections within the Shirley Basin, Wyoming. With this Agreement, the historical resources within the project area, which have the potential to be recovered by In-Situ Recovery mining methods, have increased by more than 130% from 4.71 million pounds to 10.98 million pounds.
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.
The historic resources as reported by Nuclear Assurance Corporation in 1982 total:
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Previous Historical Resources |
Present Historical Resources |
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Pounds of Uranium |
Average Grade |
Pounds of Uranium |
Average Grade |
Measured and
Indicated Reserves* |
1,060,000 |
0.04% eU 3O 8 |
2,625,000 |
0.037% eU 3O 8 |
Measured and
Indicated Resources* |
469,500 |
0.075% eU 3O 8 |
1,095,000 |
0.078% eU 3O 8 |
Inferred Resources*
|
1,080,000 |
0.046% eU 3O 8 |
2,801,000 |
0.044% eU 3O 8 |
| Geological Resources* |
2,100,000 |
not stated |
4,462,000 |
not stated |
The Agreement covers over 6,000 acres of surface land, including over 1,800 net acres of mineral rights. Uranium mineralization was intersected on these lands during the late 1970's and is contiguous with mineralization on the holdings of the Project, as previously announced. The historic resources for the original holdings were documented in the Technical Report dated July 8, 2007 and filed on Sedar. The geology and mineralization on the newly acquired lands is similar to that described in the Technical Report. Previous studies by Cameco and others have confirmed that the mineralization has the potential to be recovered by In-Situ Recovery methods.
"This Agreement will result in a significant increase in the planned 2008 drill program for confirming historic resources, producing a compliant resource and moving forward with additional engineering studies. We are very excited that an agreement with MJ Ranches has been reached and that we will be able to develop the newly acquired historic resources with those previously reported on the Bootheel property," says Stewart Wallis, President of the Company.
*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.
The Company is acquiring MJ Ranches' 75% mineral interest. Under the terms of the Agreement, the Lease Term is for 5 years, renewable for two 5 year terms with payments totalling US$252,651.00 payable in advance. A sliding scale Gross Production Royalty will be payable to MJ Ranches.
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 venture LLC 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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