Indicated resource and gold grade at TEAL's Otjikoto Gold Project increase by 128% and 13.6%, respectively



    
    -  Otjikoto's indicated gold resource increased to 1.05 million ounces at
       a grade of 1.40g/t, from 460,000 ounces at a grade of 1.21g/t
    -  An additional 877,000 ounces contained in the inferred category also
       at a grade of 1.41g/t
    -  Overall resource increased from 1.780 million oz gold to 1.925 million
       oz gold
    -  Further high grade zones of gold mineralization are being intersected
    -  Infill drilling continues
    

    TORONTO, July 17 /CNW/ - TEAL Exploration & Mining Incorporated
(TSX-"TL") (JSE-"TEL") ("TEAL") has announced an increase in the Otjikoto Gold
Project indicated gold resource from 460,000 ounces to 1.05 million ounces of
gold, equating to 23.3 million tonnes grading 1.40g/t.
    This addition of 588,000 ounces of gold is principally related to the
assay results now available from the 50 metres by 25 metres drilling pattern
in the northern portion of the deposit.
    This 128% increase in the indicated gold resource category represents an
interim phase of geological modelling and resource estimation until all assay
results have been received. Specifically targeted drilling of the deposit is
ongoing and management believes the exploration drilling will target further
increases of the Otjikoto resource over the short-term.
    The Otjikoto Gold Project is situated within TEAL's 92% owned Otavi
Exploration Area, which totals 3,800km(2) in north-central Namibia, where TEAL
discovered, vein-hosted, gold mineralization.
    The gold occurs as 'free' and often coarse gold within predominantly
pyrrhotite-magnetite-pyrite-carbonate veins. The project is located close to
well developed infrastructure of road, rail and electrical power.
    At Otjikoto, various mineralized zones are defined: the Upper Zone, the
Lower Zone, the Bottom Vein Zone, the Hanging Wall Zone, and the Footwall
Zone. The assay data is composited to one metre lengths and the data indicated
a log-normal distribution. Values exceeding 15g/t gold were reduced to 15g/t
for the resource estimation grade calculation.
    The current phase of exploration and infill drilling comprises some
16,000 metres of reverse circulation drilling and 9,500 metres of diamond core
drilling. This drilling was designed to increase the indicated resources and
to provide an area where mine planning and scheduling can be undertaken. Assay
results of 408 boreholes drilled were used in this interim geological model.
The boreholes were drilled at 50 metre spacing along strike, and at 25 metres
spacing down-dip, in the north-eastern portion of the orebody. The drill grid
opens up to 100 metres on strike and 50 metres on dip towards the south and in
the south-western area of the deposit.
    Of the 408 boreholes that constitute the resource estimation: 275 are
within the Upper Zone; 357 boreholes are in the Lower Zone; 251 boreholes fall
within the Bottom Zone wire-frame; 55 boreholes fall within the Hanging Wall
Zone; and 27 boreholes fall within the Footwall Zone. No softening of
boundaries was undertaken.

    
    A break-down of the mineral resources, per zone and by oxidation state, is
as follows:

    -------------------------------------------------------------------------
                                              Tonnes      Au g/t         Moz
    -------------------------------------------------------------------------
    OXIDE
    -------------------------------------------------------------------------
    Upper Zone 1                             631,293        1.48        0.03
    -------------------------------------------------------------------------
    Upper Zone 2                             446,070        1.43      0.0205
    -------------------------------------------------------------------------
    Lower Zone 1                           1,338,609        1.31      0.0564
    -------------------------------------------------------------------------
    Lower Zone 2                              59,268        1.37      0.0026
    -------------------------------------------------------------------------
    Bottom Zone 1                             11,390        1.05      0.0004
    -------------------------------------------------------------------------
    Bottom Zone 2                              5,334        0.69      0.0001
    -------------------------------------------------------------------------
    Hanging Wall Zone                        155,164        1.19      0.0060
    -------------------------------------------------------------------------
    Footwall Zone                                  -           -           -
    -------------------------------------------------------------------------
    Total                                  2,647,128        1.36       0.116
    -------------------------------------------------------------------------
    SULPHIDE
    -------------------------------------------------------------------------
    Upper Zone 1                           6,914,485       2.076      0.4615
    -------------------------------------------------------------------------
    Upper Zone 2                             778,941       1.468      0.0368
    -------------------------------------------------------------------------
    Lower Zone 1                          22,527,000       1.262       0.914
    -------------------------------------------------------------------------
    Lower Zone 2                             398,481       1.145      0.0147
    -------------------------------------------------------------------------
    Bottom Zone 1                          7,952,205       1.278      0.3267
    -------------------------------------------------------------------------
    Bottom Zone 2                            576,482       1.123      0.0203
    -------------------------------------------------------------------------
    Hanging Wall Zone                        627,283       1.374      0.0277
    -------------------------------------------------------------------------
    Footwall Zone                            248,732       0.982      0.0079
    -------------------------------------------------------------------------
    Total                                 40,023,609        1.41        1.81
    -------------------------------------------------------------------------
    Total Oxides + Sulphides              42,671,149       1.403       1.925
    -------------------------------------------------------------------------

    The latest mineral resource estimate (at a 0.4g/t cut-off) is as follows:

    -------------------------------------------------------------------------
                                           Tonnes Mt      Au g/t         Moz
    -------------------------------------------------------------------------
    MEASURED                                       -           -           -
    -------------------------------------------------------------------------
    INDICATED                                  23.27       1.401       1.048
    -------------------------------------------------------------------------
    INFERRED                                   19.40       1.406       0.877
    -------------------------------------------------------------------------
    

    Additional drilling is ongoing to further evaluate the higher-grade gold
zones, and to further delineate these zones previously intersected within the
south-western area of the Otjikoto area.
    Mr. Paul van der Merwe, Pr. Sci. Nat., Mineral Resources Manager at
African Rainbow Minerals Limited, TEAL's major shareholder, is the "qualified
person" as defined by the Canadian National Instrument 43-101 responsible for
preparing and verifying this resource estimation. Mr. 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.

    NOTE:

    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, the Democratic Republic of
Congo ("DRC"), and Mozambique. 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 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 information:

For further information: Julian Gwillim (VP: Investor Relations and
Corporate Development) on +27 82 4524 389 (SA), or julian@tealmining.com

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