| Wed 9 Apr 2008, 7:29 | | TEL - TEAL Exploration & Mining Inc.- Teal And Ant |
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TEL - TEAL Exploration & Mining Inc.- Teal And Antofagasta Enter Into
Zambian Copper Exploration Joint Venture
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
Tuesday, April 8, 2008
TEAL AND ANTOFAGASTA ENTER INTO ZAMBIAN COPPER EXPLORATION JOINT VENTURE
Antofagasta Minerals has acquired an initial 30% interest in two of TEAL`s
exploration properties in Zambia
Antofagasta Minerals pays US$5m for the 30% interest and has the right to earn-
in up to a maximum of 50%
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL" or the
"Company") has signed a joint venture agreement with Antofagasta Minerals SA
("Antofagasta Minerals") for an initial 30% interest in two of TEAL`s
exploration licences in Zambia.
Antofagasta Minerals, which has paid TEAL US$5 million for its 30% interest, has
agreed to expenditure of US$4.5 million, of which US$2 million is committed
expenditure, to acquire an additional 20% interest in the two exploration areas.
Subject to certain conditions precedent, TEAL and Antofagasta Minerals will
create an incorporated joint venture to hold the two licence areas - PLLS 73
(TEAL`s Area 2) and PLLS 100 (TEAL`s Area 4) - as well as all previous
geological data and information.
TEAL (Zambia) Limited, a wholly-owned TEAL subsidiary, is the current licence
holder. The two licence areas cover approximately 2,067 km2 of strategically
positioned geological terrains adjacent to large operating mines on the Zambian
Copperbelt.
Korea Zinc Company, Limited ("KZC") was TEAL`s previous partner in these
exploration areas. TEAL has acquired KZC`s 30% interest and the joint venture
agreement has been terminated.
The two large scale prospecting licences incorporated in the new joint venture
are adjacent to TEAL`s mining licences in Zambia:
Large scale mining licence 61, which is TEAL`s Mwambashi Copper Project, and
Large scale mining licence 20, which is TEAL`s Konkola North Copper Project.
Over the past years, TEAL (Zambia) Limited has undertaken extensive geological
investigations that has defined and outlined copper mineralized areas as well as
additional anomalies for immediate drill follow-up. The higher-priority drilling
areas include:
Area 4 - the Kabula, Chipopo, Katembula and CFA3 copper prospects, and
Area 2 - the Kawiri copper prospect, adjacent to Konkola North, as well as
various other prospects, which are drill-ready exploration targets.
Antofagasta plc is one of the largest international copper producing companies
in the world. Its activities are mainly concentrated in Chile where it owns and
operates three copper mines, Los Pelambres, El Tesoro and Michilla, with a total
production of 466 thousand tonnes in 2006, at an average cash cost of 40.2 c/lb.
The Group`s mining division, Antofagasta Minerals, is also actively involved in
exploration particularly in Chile, Ecuador, Colombia, Pakistan, and now Zambia.
Mr. Claus Schlegel, Pr. Sci. Nat. (No. 400149/90), 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.co.za
Date: 09/04/2008 07:29:50 Produced by the JSE SENS Department.
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