Target Exploration & Mining Corp.

Target Exploration & Mining Corp.

September 09, 2008 09:15 ET

Target Drills 0.043% eU3O8 Over 28 Feet on Bootheel Uranium Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2008) -


TARGET EXPLORATION AND MINING CORP. (TSX VENTURE:TEM) (the "Company") is pleased to announce further results from the ongoing drill program on the Bootheel Property in southern Wyoming. All holes were drilled outside of the existing historic resources and results are highlighted by:

- 0.043% eU3O8(1) over 28.0 feet in hole 36-3055

- 0.039% eU3O8(1) over 10.5 feet in hole 36-3054

- 0.036% eU3O8(1) over 8.0 feet in hole 36-3058

- 0.034% eU3O8(1) over 10.5 feet in hole 01-3063

- 0.052% eU3O8(1) over 6.5 feet in hole 01-3065

The above holes were drilled in two separate areas of the Bootheel Property. The first three holes above are located in the northwest portion of the property and all eight holes recently drilled in this area intersected significant uranium mineralization in the lowermost sandstone host. Along with previously released holes 36-3031 (0.030% eU3O8(1) over 11.0 feet), and 36-3029, drilling extended the mineralized roll front trend between two historic resource zones for over 1,000 feet.

The other two holes were drilled in the north-central portion of the property and tested the same lower sandstone host. Along with previously released hole 01-3040 these holes have in-filled and extended two additional historic resource zones further northeast.

"We are very excited that the uranium mineralization continues to be more extensive than previously thought," says Stewart Wallis, President of the Company. "We anticipate the current program will be completed at the end of September with sufficient data to prepare an updated 43-101 Technical Report with a compliant resource statement."

The Company has now completed 34,883 feet of drilling in 65 holes, which includes 640 feet of coring in nine holes. Samples of the core have been sent to ALS Chemex for chemical assays and to Hazen Research Inc. for metallurgical testing. The planned program consists of 50,000 feet of drilling in 80 to 90 holes with the primary goal of confirming historical drill results and bringing the historic resources into National Instrument 43-101 compliance. Investors should note that the holes are not necessarily drilled in numerical order.

Probe highlights of all completed holes, including the exploration holes along with maps and sections showing the areas of drilling, can be found on the Company website at:

(1) 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 determination of the equilibrium status of the uranium in the samples, 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, through a wholly owned subsidiary, are the members of The Bootheel Project, LLC. The Company is currently earning a 75% interest in the Project.

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


Mark J Morabito, Chief Executive Officer

Cautionary Note Regarding Forward-Looking Information

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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