Target Exploration & Mining Corp.

Target Exploration & Mining Corp.

January 15, 2008 09:15 ET

Target Exploration and Mining Corp.: 0.05% eU3O8 Over 40 Feet at the Shirley Basin Uranium Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) -


TARGET EXPLORATION AND MINING CORP. (TSX VENTURE: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, 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:

Depth Depth Grade Thickness Grade X
Hole ID From (ft) To (ft) %eU3O8 (ft) 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 approx. 530 approx. 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:

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.


Mark J Morabito, Chief Executive Officer

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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