Target Exploration & Mining Corp.

Target Exploration & Mining Corp.

February 27, 2008 09:15 ET

Target Exploration and Mining Corp.: Uranium Acquisition & Development in the US


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2008) -


TARGET EXPLORATION AND MINING CORP. (TSX VENTURE:TEM) (the "Company") is pleased to announce previously unreleased historic drill data on the newly acquired land from MJ Ranches located within the Shirley Basin in southern Wyoming. The leased lands are contiguous with the Bootheel property, which makes up part of The Bootheel Project, LLC (the "Project"), whose members are the Company and UR-Energy Inc. The Company is currently earning a 75% participating interest in the Project.

As reported February 5, 2008, the Company has acquired additional ground in the Shirley Basin, which resulted in a historic resource increase of 130% in the Project area. 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 uranium resources on the newly acquired ground. Previous drilling by Cameco and others has confirmed the presence of significant uranium mineralization in the Project area that has the potential to be recovered by in-situ recovery (ISR) mining methods.

"We are very excited that significant uranium mineralization has been confirmed on the recently acquired ground. We have increased the proposed 2008 drill program in the area to further explore the potential for stacked beds of uranium mineralization as demonstrated by the multiple intercepts in holes 07-380 and 31-317," says Stewart Wallis, President of the Company.

This previously unreleased data includes the following mineralized intervals:

Depth From Depth To Grade Thickness Grade X
Hole ID (ft) (ft) %eU3O8 (ft) thickness (ft)
01-BH-0221 408.5 429.5 0.058 21 1.22
01-BH-0027 435.5 448.5 0.076 13 0.99
01-312 425.7 436.7 0.068 11 0.75
07-315 280.7 312.7 0.056 32 1.79
07-380 395 402 0.053 7 0.37
408.2 414.7 0.163 6.5 1.06
31-317 139.5 148 0.046 8.5 0.39
163 167.5 0.054 4.5 0.24

As previously disclosed, the current historic resources in the area as reported by Nuclear Assurance Corporation in 1982 total 10.98 million pounds:

- Measured and Indicated Reserves of 2,625,000 pounds of uranium at an average grade of 0.037% eU3O8.

- Measured and Indicated Resources of 1,095,000 pounds of uranium at an average grade of 0.078% eU3O8.

- Inferred Resources of 2,801,000 pounds of uranium at an average grade of 0.044% eU3O8.

- Geological Resources of 4,462,000 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 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. The uranium content has been determined by radiometric methods and may be affected by disequilibrium which may vary within the deposit. Limited analysis completed in the 1970s indicated that the radiometric analyses represent 99.8% of the uranium as determined by chemical analysis. 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 hosts a significant historical uranium resource. The property makes up part of The Bootheel Project, LLC (the "Project"), whose members are the Company and UR-Energy Inc. 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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