Target Exploration & Mining Corp.

Target Exploration & Mining Corp.

June 08, 2007 08:30 ET

Target Enters Into Uranium Property Agreement; Appoints President and Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2007) -


TARGET EXPLORATION AND MINING CORP. (TSX VENTURE:TEM) (the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") with certain subsidiaries of Ur-Energy Inc. to acquire a 75% participating interest in two uranium properties located in Albany County, Wyoming. The Bootheel and Buck Point properties are located within the Shirley Basin and are comprised of 279 Federal Unpatented Mining Claims and two state leases totalling approximately 6,000 acres. Under the terms of the Agreement, the Company may earn its interest by completing expenditures totalling US$3,000,000 and issuing 125,000 shares of the company over a four year period. The Company will be the operator/manager under the Agreement. A finder's fee is payable with respect to the acquisition.

The transaction is subject to the approval of the TSX Venture Exchange.

Uranium mineralization was intersected on both properties during the late 1970's and the mineralization has the potential to be recovered by In-situ Leaching methods. Uranium was discovered in the Shirley Basin in 1955 and production continued until 1992. Although the majority of commercial production was carried out by conventional mining methods, In-situ Leaching was used on one property. Numerous other uranium exploration companies are currently active in the basin.

"We look forward to developing a flagship property with Ur-Energy for our shareholders, in a highly prospective region with known uranium mineralization. Our focus remains primarily on uranium in the United States," comments Mark Morabito, CEO of the Company.

Further details on the properties will be discussed in a forthcoming press release.

Appointment of Stewart Wallis as President and Director

Mr. Stewart Wallis, P.Geo. has been appointed to the Board of Directors of the Company and the position of President. Mr. Wallis began his career with Cominco Ltd. carrying out exploration for base and precious metals throughout eastern Canada. Projects also included exploration for uranium in the Elliot Lake District, Ontario and the Thelon Basin in the Northwest Territories. During the period from 2003 to 2006, Mr. Wallis was the General Manager, Vancouver office, for Roscoe Postle Associates Inc., an internationally recognized geological consulting firm. During this time, he carried out due diligence on numerous uranium properties located in Kazakhstan, Kyrgyzstan, Namibia, Finland and the western US. These projects included both producing and late-stage in-situ leach development projects in Kazakhstan and the Western US.

Mr. Wallis received his Bachelor of Science in Geology from McMaster University located in Hamilton, Ontario. His professional affiliations include: Association of Professional Engineers and Geoscientists of Saskatchewan; Association of Professional Engineers and Geoscientists of B.C.; Wyoming Professional Geologist; Certified Professional Geologist (AIPG); Fellow, Society of Economic Geologists; Member, and the Society of Mining Engineers.

Mr. Mark Morabito, CEO of the Company states "I am extremely pleased to announce Mr. Wallis' appointment to the position of President. Mr. Wallis geological acumen and broad familiarity with all types of uranium deposits gained from his experience travelling the world while evaluating uranium projects for the who's who of the mining world will prove invaluable to the Company. I have worked with Stewart Wallis very closely over the last 4 years at Crosshair and I know the incredible contribution he has made to the successful development of that company."

Private Placement Financing

The Company also announces that it intends to raise, subject to the approval of the TSX Venture Exchange, $2,500,000 by way of non-brokered private placement. The private placement will consist of 2,000,000 units (the "Units") and 500,000 flow-through units (the "FT Units"), with each Unit and FT Unit priced at $1.00. Each Unit will consist of one common share of the Company and one-half of one share purchase warrant with each whole warrant entitling the holder to purchase an additional common share of the Company for a period of one year at a price of $1.50. Each FT Unit will consist one flow-though common share of the Company and one-half of one share purchase warrant with each whole warrant entitling the holder to purchase a non-flow-through share of the Company for a period of one year at a price of $1.50. The proceeds of the private placement will fund the first year expenditures under the Joint Venture Agreement, additional exploration work on the Company's two British Columbia properties (the Bradshaw Gold Property and the Gunner Gold Property), a compilation and exploration program at the Company's Sinbad property and general working capital.

Stewart Wallis, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and is responsible for the technical information contained in this news release.


Mark J Morabito, Chief Executive Officer

This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

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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