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TEL - TEAL Exploration & Mining Inc - TEAL AWARDED URANIUM LICENCES IN
MOZAMBIQUE
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
Wednesday, April 16, 2008
TEAL AWARDED URANIUM LICENCES IN MOZAMBIQUE
Six exclusive exploration licences for uranium awarded
Acquisition of airborne geophysical data
Uranium target generation study completed
Several priority uranium anomalies identified
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL") has
announced that the Company`s applications for a number of mineral exploration
licences in the Republic of Mozambique have been successful.
These applications have been made primarily for uranium, with associated metals.
Recent airborne geophysical surveys acquired by TEAL allowed for the
identification of a number of exciting targets. These include targets for
various styles of uranium mineralization, which are now held under exclusive
exploration and reconnaissance licences totalling some 1,297km2.
Mozambique has become a favoured destination for mineral exploration and
development projects due to the country`s prospective geology, limited
historical exploration and a stable investment climate.
The recognition that the country`s regional geology includes terrains that are
known to host significant mineral deposits in surrounding countries such as
Zambia, Zimbabwe and Tanzania, suggests that exploration potential within
Mozambique is high.
TEAL commissioned a geological review of uranium exploration potential of
southern Africa in 2007. The results of this study identified certain terrains
in Mozambique that possess considerable potential for uranium mineralization.
An airborne geophysical survey that was recently completed for the Government of
Mozambique, which covered large areas of the country, has also been acquired by
TEAL. Geophysical processing and geological interpretation identified a number
of highly anomalous uranium targets. These include targets for various styles of
uranium mineralization, which are now held under the following exclusive
exploration licences, totalling 161km2:
Licence 1739L targeting uranium enriched nepheline syenites in Cabo Delgado
Province;
Licence 1740L targeting a significant uranium radiometric anomaly, which is
hosted in upper Karoo sandstones; and
Licence 1741L targeting a number of uranium radiometric anomalies that are
underlain by alaskite intrusives in the Alto Ligonha area. The geology in this
region shares many similarities with the general geological setting of the
Rossing uranium deposit in Namibia.
Additionally, TEAL has been awarded various reconnaissance licences totalling
1,136km2 in the Tete Province. These licences, including 1743R, 1744R and 1745R,
are positioned to explore the Lupata Group, which forms a large arcuate belt of
sandstones, conglomerates, trachytes and felsic volcanic rocks in central
Mozambique. These units are recognized as having good potential to host uranium
deposits as known in other similar settings throughout the world.
No previous exploration for uranium of this area is recorded and little detail
is known of the constituent geology. Due to the large, terrain scale, area
initial exploration will utilize remote sensing techniques with reconnaissance
field work follow up.
A number of major mining companies have secured various mineral exploration
licences in Mozambique. Mineral business investment in the country has
historically largely been restricted to coking coal, heavy mineral sands and
gold. Mozambique has recently become a favoured destination for mineral
exploration and development projects due to the recognition of; limited
historical exploration, the country`s prospective geology, and a stable
investment climate.
TEAL intends to commence field reconnaissance of the exclusive exploration
licences within the next two months and initiate remote sensing studies of the
reconnaissance licences. TEAL has also established a new company, TEAL Mining
Mocambique, Limitada, to operate its exploration activities in the country.
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
Sponsor: Investec Bank
Date: 16/04/2008 15:20:01 Produced by the JSE SENS Department.
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