Target Exploration & Mining Corp.
TSX VENTURE : TEM
February 05, 2009 09:15 ET
Target Exploration & Mining Corp.: Initial Test Results Indicate Greater Than 90% Uranium Recovery
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5, 2009) -
NOT FOR DISSEMINATION IN THE UNITED STATES
Target Exploration and Mining Corp. (TSX VENTURE:TEM) ("Target") is pleased to announce that it has completed preliminary bottle roll leach tests on three samples from the Bootheel Project in southern Wyoming. Two of these samples indicated uranium extraction of greater than 90% after five days based on the calculated head grade. Another sample attained a total uranium extraction of 80%, under different leaching parameters. It is believed that the 90% extraction is more representative of the ultimate uranium recovery whereby fresh sodium bicarbonate (baking soda) lixiviant is regularly introduced into the solution.
"It is encouraging to verify recoveries of over 90%," says Stewart Wallis, President of Target. "Historical test work carried out in 1979 and in 1994 indicated recoveries of 87% or better using sodium bicarbonate and, in fact, a column test conducted in1994, indicated 98% recovery in only 16 days."
The preliminary results suggest that the mineralization has the potential to be recovered using in-situ recovery (ISR) techniques. ISR techniques are more environmentally friendly and less capital intensive than conventional mining methods. There are currently several ISR projects in Wyoming that are planning production, some with as little as 5 million pounds of uranium.
The samples consisted of core from three holes selected to be representative of the mineralization found in the Sundance Formation, which ranged in grade from 0.021% to 0.051% U3O8. The core was logged on site before being transported to the laboratory. There it was crushed to natural grain size, composited and placed in hard plastic bottles containing water and sodium bicarbonate. The bottles were rolled continuously with samples of the solution analyzed at one day intervals. Sample 3, which had a lower assay and a lower recovery rate, was leached for seven days before washing the tails, adding water and additional lixiviant for an additional two days of leaching. The other two samples described were leached for five days with 50% of the lixiviant replaced each day. Results from these samples indicate a uranium recovery of 92% and 94%, respectively. Hazen Research Inc. in Denver Colorado carried out the test work and is certified by various state agencies and the US EPA. This laboratory has been carrying out analyses and metallurgical research for over 40 years.
Target is also pleased to announce that it has received the loan from Crosshair Exploration & Mining ("Crosshair") as per the January 7, 2009 News Release titled "Crosshair & Target Agree to Combine to Create a Solid North American Uranium Asset Base". Crosshair loaned Target approximately CDN$784,000 in order to acquire the final data set for The Bootheel Project, LLC, as well as to complete a National Instrument 43-101 resource estimate in the second quarter of 2009. The data set is currently being compiled by Target's geological team and will be combined with the results from over 50,000 feet of drilling completed by Target at Bootheel in 2008.
The Bootheel Property, together with the Buck Point Property, is located within the Shirley Basin in southern Wyoming and makes up The Bootheel Project, LLC. Target and Ur-Energy Inc., through a wholly owned subsidiary, are the members of The Bootheel Project, LLC ("Project"). The Project holds 100% mineral interest on 6,684 gross acres and a 75% mineral interest in 2516 gross acres. Target is currently earning a 75% interest in the Project.
Target is a growing uranium resource company with projects located in the US. Its flagship Project, Bootheel, is located in uranium mining friendly Wyoming and, with its in-situ mining potential, Bootheel is designed for near-term production. The Project is ventured with Ur-Energy Inc., which brings additional management expertise to put Bootheel into production. The Target team is comprised of knowledgeable and experienced professionals with both exploration and mining backgrounds.
Stewart Wallis P. Geo., President of Target and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this news release.
For more information on Target and its properties, please visit the website at www.target-mining.com.
ON BEHALF OF THE BOARD
Stewart Wallis, President
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.
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