| Fri 11 Apr 2008, 7:59 | | TEL - Teal Exploration & Mining Inc. - Measured an |
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TEL
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TEL - Teal Exploration & Mining Inc. - Measured and indicated resources
increased by 105% at Konkola North`s South and East limb areas
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
MEASURED AND INDICATED RESOURCES INCREASED BY 105% AT KONKOLA NORTH`S SOUTH AND
EAST LIMB AREAS
Independent Technical Report increases measured and indicated resources from
24.9 million tonnes at 2.36% copper to 51 million tonnes at 2.35% copper - an
increase of 105%
* Inferred resources now 26.9 million tonnes from the 47.6 million tonnes
announced previously
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL" or the
"Company") has received the Independent Technical Report, signed-off by SRK
Consulting South Africa (Pty) Limited ("SRK"), for the resource estimation of
the Konkola North Copper Project`s South and East limb areas in Zambia.
The Konkola North property consists of a single large-scale mining licence
covering an area of 44 square kilometres. The Konkola North copper resource is
the second-largest known copper resource on the Zambian Copperbelt. TEAL
currently has 100% ownership of the Konkola North Copper Project with ZCCM
Investment Holdings plc, a company controlled by the Zambian government,
retaining the option of buying a stake of up to 20%, of which 5% is a `free-
carry`.
The updated measured and indicated resource estimation statements for the South
and East Limb areas are now:
* Combined: 51.0 million tonnes at a grade of 2.35% copper;
* South Limb: 32.3 million tonnes at a grade of 2.16% copper; and
* East Limb: 18.8 million tonnes at a grade of 2.67% copper.
In addition to the measured and indicated resources at the South and East Limbs,
a total inferred resource of 246.4 million tonnes at 2.62% copper is now
estimated within the total Konkola North property, when including Area `A`. All
resource categories were estimated at a 1% total copper cut-off.
Table 1: Previous Resource Statement
Area Resource Tonnes Total Cu (%) Contained
Category (million) copper
(Mlb)
South and East Total Measured 24.9 2.36 1,295
Limbs and Indicated
Total Inferred 47.6 1.98 2,078
Table 2: Updated Resource Statement
Area Resource Tonnes Total Cu (%) Contained
Category (million) copper
(Mlb)
South and East Total Measured 51.0 2.35 2,642
Limbs and Indicated
Total Inferred 26.9 2.46 1,459
Area Resource Tonnes Total Cu (%) Contained
Category (million) copper
(Mlb)
Area `A` Total Inferred 219.5 2.64 12,775
The latest, updated resource estimation by SRK, shows that the resources
estimated in the measured and indicated categories in the South and East Limbs
have increased by 105% to 51 million tonnes at similar grades. Correspondingly,
the resources defined in the inferred category has decreased to 26.9 million
tonnes from 47.6 million tonnes, however the copper grade has increased by 24%
from 1.98% total copper to 2.46% total copper.
The complete SRK Independent Technical Report is available at www.tealmining.com
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
11 April 2008
Sponsor:
Investec Bank Limited
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: 11/04/2008 07:59:49 Produced by the JSE SENS Department.
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