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TEAL - TEAL Receives Zambian Mining Licence Approval
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
For release immediately:
Thursday, October 26, 2006
TEAL RECEIVES ZAMBIAN MINING LICENCE APPROVAL
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL")
announces that it has received an approval from Minister Kalombo Mwansa,
the Zambian Minister of Mines and Minerals Development, for a Large Scale
Mining Licence over its property in the Musenga area of the Kalulushi
District of the Copperbelt Province in Zambia.
TEAL"s Mwambashi Copper Project is situated within the Musenga area, 12
km east of the main Chingola-Kitwe road. The newly-acquired mining
licence, covering an area of 330 km2, includes Mwambashi and also
incorporates three other exploration targets held by TEAL known as the
Samba, Pitanda and Mwambashi "A" copper prospects. These prospects were
explored in the past and historical inferred resources have been defined.
TEAL is currently drilling the three areas further to expand the
resources and to bring these resources into compliance with National
Instrument 43-101.
These areas all form a part of TEAL"s Copperbelt Joint Venture that is
70% owned by TEAL with Korea Zinc Company, Limited holding the balance.
The technical section of the feasibility study for the 12,000 tonnes per
annum Mwambashi Copper Project has been completed. The TEAL Board of
Directors will consider the release of the project for development once a
satisfactory off-take agreement is reached with a local processing
partner, and once all permitting and an optimal financing plan have been
concluded.
The Mwambashi Copper Project resource is estimated at 11 million tonnes
at a grade of 2.03% copper in the measured, indicated and inferred
categories.
Rick Menell, TEAL"s President and CEO said, "We are exceptionally pleased
with the granting of the mining licence for the Mwambashi Copper Project
and surrounding areas. In order to proceed with developing a mine at
Mwambashi, we must still conclude a successful off-take agreement.
Negotiations with off-take partners are advanced. We will also select
one of the funding proposals received from several financial institutions
to finance a portion of the capital expenditure required for the
project".
Menell concluded, "Our new mining licence was granted within three months
after we lodged our application despite a general election in Zambia
during that time. This is a real credit to the efficiency of the
Government of the Republic of Zambia and its commitment to attracting
foreign investment in developing the country"s great mineral endowment to
the benefit of all".
This most recent grant of a mining licence means that all three of TEAL"s
copper projects, namely Mwambashi, Konkola North (Zambia) and Kalumines
(DRC) have now secured long-term mining licences.
ends
Additional TEAL information is available at www.sedar.com as well as at
www.tealmining.com
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on
+1 416 828 1422 (Canada); or +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: 26/10/2006 08:49:12 AM Produced by the JSE SENS Department
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