| Mon 4 Feb 2008, 15:05 | | TEL - TEAL - Extension And Definition Of High Grade Gold Zone At |
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TEL
TEL
TEL - TEAL - Extension And Definition Of High Grade Gold Zone At
Teal`s Otjikoto Gold Project
TEAL Exploration & Mining Inc.
Corporate Access Number: 31403
ISIN: CA8781511099
(Incorporated in Yukon, Canada on 1 June 2005)
SA Company Registration Number: 2006/003229/10
JSE share code: TEL
JSE short name: TEAL
Monday, February 4, 2008 TEAL
EXTENSION AND DEFINITION OF HIGH GRADE GOLD ZONE AT TEAL`S OTJIKOTO GOLD PROJECT
Further high grade zones defined at Otjikoto
A high grade zone identified in shallow area of deposit
Drilling is underway to convert portions of high grade zones from an inferred to
indicated category
Further resource estimation and pre-feasibility work advanced
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL") has
announced further high grade drilling results from its Otjikoto Gold Project in
Namibia.
The results include: OTR196 from 38 metres to 57 metres grading 3.33g/t gold
over a true thickness of 17.1 metres; and TC40 from 68 metres to 86 metres
grading 9.53g/t gold over a true thickness of 16.2 metres (refer to Table 1).
This `western high grade zone` has now been shown to extend some 700 metres `up
plunge` and along strike from its initial intersection in borehole OT88. The
zone is also known to continue down plunge from OT88, to the southwest, for a
further 250 metres strike extension.
The existing, compliant (National Instrument 43-101), Otjikoto resource
comprises 460,000 ounces of gold in the indicated category or 11.8 million
tonnes grading 1.21g/t and an additional 1.32 million ounces of gold in the
inferred category, or 32.1 million tonnes grading 1.28g/t. The total contained
gold estimate, as of the September 11, 2007 independent Technical Report
compiled by SRK Consulting (South Africa) (Pty) Limited, is 1.78 million ounces
of gold. TEAL anticipates completing updated resource estimations by mid-2008.
The Otjikoto Gold Project is situated within TEAL`s Otavi Exploration Area,
which totals some 3,800km2 in northern-central Namibia, where TEAL discovered
the vein-hosted, `free` and often coarse particulate gold mineralization. The
deposit is located close to well developed infrastructure.
Recent results, specifically boreholes OT180, TC43, TC40 and OTR196, indicate
the continuation of this zone of mineralization into the shallow oxide area of
the deposit.
Table 1: Borehole intersections with true widths and grades for the `Western
High Grade Zone`
TABLE 1
LOCATION BOREHOLE Depth from Depth to Corrected Gold
(m) (m) width (m) (g/t)
7100N/4675E OTR15 14 30 14.40 1.78
OTR15 60 77 15.30 1.12
7000N/4700E OTR196 38 57 17.10 3.33
OTR196 63 70 6.30 1.08
OTR196 99 103 3.60 1.12
6850N/4750E TC40 68 86 16.20 9.53
Including 75 81 5.40 25.01
TC40 109 121 10.80 2.66
6750N/4800E TC43 95 103 7.20 4.60
Including 98 101 2.70 9.57
TC43 135 147 10.80 1.49
6650N/4850E OT180 123 130 6.30 9.97
Including 125 127 1.80 31.10
OT180 170 175 4.50 1.45
6500N/4900E OT88* 149 166 15.30 9.55
OT88* 209 212 2.70 2.05
* Previously reported
The improved tenor of the gold mineralization associated with this western zone
is thought to be associated with the development of shallow plunging structures
within the West to East dipping (20-25 deg) sheeted vein system.
The current phase of exploration and infill drilling comprises some 16,000
metres of reverse circulation ("RC") drilling and 9,500 metres of diamond core
drilling. In total, 201 RC boreholes and 65 core boreholes have been completed
in the infill drilling area. This drilling is designed to increase the indicated
resources and to provide an area where mine planning and scheduling can be
undertaken. It is anticipated that the infill drilling campaign will be
completed shortly.
Additional drilling is ongoing to delineate the higher grade zones previously
intersected within the south-western area of the Otjikoto area. A number of
boreholes are also targeting the expansion of the existing resource base of the
deposit.
Claus Schlegel, Pr. Sci. Nat., TEAL`s Vice President: Exploration and Business
Development, is the "qualified person" for the content of this press release in
terms of National Instrument 43-101.
ends
NOTES:
TEAL is incorporated under the laws of the Yukon, Canada and its common shares
are listed on the Toronto Stock Exchange ("TSX") and the JSE Limited ("JSE").
The common shares of the Company trade under the symbol "TL" on the TSX and
"TEL" on the JSE.
TEAL is a mineral development and exploration company with development projects
and exploration areas in Namibia, Zambia and the DRC. TEAL has a portfolio of
base and precious metal development projects and complementary exploration
areas, and the Company continues to seek other opportunities, mainly in southern
and central Africa
TEAL has targeted specific core projects: the Konkola North Copper Project in
Zambia; the Otjikoto Gold Project in Namibia; and the Kalumines Copper-Cobalt
Project in the DRC. TEAL also has interests in various other mineral licence
areas in Zambia and in Namibia on which the Company continues drilling and other
exploration activities.
ADDITIONAL TEAL INFORMATION CAN BE FOUND AT: www.tealmining.com
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on +27 82 4524
389 (SA); or julian@tealmining.com,
or
Rick Menell (President and CEO) on +27 82 450 2301; or rick@tealmining.com.
Date: 04/02/2008 15:05:01 Produced by the JSE SENS Department.
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