Target Exploration & Mining Corp.

Target Exploration & Mining Corp.

January 08, 2008 09:15 ET

Target Provides Details on the Shirley Basin Uranium Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2008) -


TARGET EXPLORATION AND MINING CORP. (TSX VENTURE:TEM) (the "Company") is pleased to announce that ongoing compilation activities on The Bootheel Project, LLC (the "Project") located within the Shirley Basin in southern Wyoming have confirmed the presence of multiple uranium bearing beds. 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.

As Manager of the Project, the Company has use of an extensive database on the project which contains more than 1,500 drill holes totalling in excess of 450,000 feet, including down-hole radiometric logs and other associated maps and reports on the properties. Data compilation, digitizing, and 3D geological modelling have been ongoing and have confirmed the potential for the property to host additional uranium resources. Holes within the historical resource outline include the following range of intercepts:

Hole From To Grade Thickness Grade X
ID (ft) (ft) %eU3O8 (ft) thickness
06-405 170.2 175.7 0.201 5.5 1.11
06-346 266.7 308.7 0.082 42.0 3.44
06-023 88.0 92.5 0.079 4.5 0.36
12-230 99.0 104.0 0.080 5.0 0.40
12-237 92.0 97.5 0.065 5.5 0.36
12-236 94.0 97.5 0.095 3.5 0.33
32-201 152.4 154.4 0.332 2.0 0.66
32-256 151.5 159.5 0.149 8.0 1.19
32-215 141.5 147.5 0.060 6.0 0.36

"The recent compilation work confirms the presence of uranium mineralization in multiple sandstone beds ranging in depth from 60 feet to in excess of 300 feet" says Stewart Wallis, President of Target. "The intervals in the lower formations tend to include above average thicknesses of mineralization and historical work indicates they are potentially mineable by In-situ Recovery methods. We see great potential to quickly add pounds to the Project within the under-explored 11 square mile Project area.

The current historic resources as documented in the Technical Report dated July 8, 2007 and filed on Sedar are listed below and are based on only a portion of the drill data included in the Project database.

- Measured and Indicated Reserves of 1,060,000 pounds uranium at an average grade of 0.04% eU3O8.

- Measured and Indicated Resources of 469,500 pounds uranium at an average grade of 0.075% eU3O8.

- Inferred Resources of 1,080,000 pounds uranium at an average grade of 0.046% eU3O8.

- Geological Resources of 2,010,000 pounds uranium - (no grade stated).

Mineralized drill intervals from holes not previously included in the historic resource are currently being compiled from the database and will be released shortly. The 2008 drill program is designed to confirm these results with the goal of expanding and updating the current historic resource.

These resources referenced 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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