Upgrade from the inferred to indicated mineral resource category and pre-feasibility study progress at TEAL's Otjikoto Gold Project



    
    -  Independent Qualified Person supports expanded resource at the
       Otjikoto Gold Project and verifies the conversion of 460,000 ounces of
       gold, contained in 11.82 million tonnes at 1.21g/t, into the indicated
       mineral resource category
    -  Total contained gold increased from 1.76 million ounces to 1.78
       million ounces
    -  Drilling is ongoing to define high grade gold zones and to further
       expand the indicated mineral resource base
    -  Third gold bearing zone - the Bottom Vein zone - extended and further
       defined by recent drilling results
    -  Good progress being made on a pre-feasibility study
    

    TORONTO, Nov. 9 /CNW/ - TEAL Exploration & Mining Incorporated (TSX-"TL")
(JSE-"TEL") ("TEAL") has filed an Independent Technical Report ("the report")
on the gold resources at the Otjikoto Gold Project in Namibia.

    The report, by SRK Consulting (South Africa) (Pty) Limited ("SRK") to the
National Instrument 43-101 ("NI 43-101") standard, supports the conversion of
a portion of the deposit into the indicated mineral resource category. SRK was
requested to review the mineral resource estimate for the Otjikoto Gold
Project ("Otjikoto") and to compile an Independent Technical Report, which
conforms to NI 43-101. TEAL completed and updated the mineral resource
estimate for Otjikoto in August 2007 for review by SRK during September 2007.
    The Otjikoto Gold Project is situated within TEAL's Otavi Exploration
Area in north-central Namibia, where TEAL has 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, electrical
power, and communications.
    The report, including the review findings by SRK as well as the mineral
resource and reserve classification, was prepared according to the guidelines
of the CIM Standing Committee on Reserve Definitions as adopted by the CIM
Council in November 2004 (the CIM Definition Standards).

    Grade estimation

    Following the recent geological modelling of the gold mineralization at
Otjikoto, three mineralized zones are defined: the Upper Zone, the Lower Zone
and the Bottom Vein Zone. The assay data are 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.

    
    Resource increase and upgrade to higher confidence category

    -  The increased drill density in the up-dip, shallow portions of the
       resource has upgraded this section of the resource into the indicated
       mineral resource category, amounting to 460,000 ounces of gold, at
       11.8 million tonnes, grading 1.21g/t;
    -  The additional drilling has resulted in an increase of total contained
       gold from 1.76 million ounces to 1.78 million ounces of gold; and
    -  The inferred mineral resources, excluding the indicated portion, now
       contain 1.32 million ounces of gold, or 32.1 million tonnes, grading
       1.28g/t.

    Table 1 below indicates the new indicated and inferred resource estimate:

    -------------------------------------------------------------------------
                                   TABLE 1
    -------------------------------------------------------------------------
    Weathering        Classification          Mt        Aug/t        koz Au
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Oxide             Indicated              2.1         1.32            88
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                      Inferred               0.6         1.33            25
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Fresh             Indicated              9.7         1.19           372
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                      Inferred              31.5         1.28         1,295
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    TOTAL             Indicated             11.8         1.21           460
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                      Inferred              32.1         1.28         1,320
    -------------------------------------------------------------------------

    Drilling work recently completed

    -  A total of 2,200 metres of drilling was completed to further target
       the high grade zones;
    -  A total of 5,600 metres of drilling was completed as part of the
       further resource infill drilling program; and
    -  A total of 34 large diameter diamond drill boreholes were completed to
       provide ten tonnes of ore material for applied metallurgical test
       work.
    

    Pre-feasibility Study Progress

    The pre-feasibility team is advancing the Otjikoto study and a number of
Namibian and international consultancies have been engaged for the project.
Current status of the study can be summarized as follows:

    Environment Studies: A Namibian based consultant, Alex Speiser
Environmental Consultants, is currently undertaking the Environmental Impact
Assessment. Work has advanced well and base line monitoring is ongoing.

    Social Studies: Work has progressed satisfactorily.

    Metallurgical Studies: The first phase of the metallurgical test work on
about 1 tonne of representative material, has been completed. The test work
comprised jigging tests, dense media separation, X-ray sorting, gravity
sorting, magnetic separation, flotation and cyanidation leach tests. The
purpose of the tests was to determine a suitable pre-concentration method
before feeding the concentrate into a conventional gold plant. Detailed
metallurgical test work on a 10 tonne sample material will commence shortly.

    Geotechnical: SRK is finalizing an assessment of the geotechnical aspects
of the geological formation hosting the gold deposit.

    Geohydrological: A consulting company, AGES, has been engaged to carry
out ground water investigations and modelling. Boreholes specifically for
water test work, including monitoring holes have been drilled and work is in
progress.

    Mining and Engineering Assessment: Consultants have been appointed to
carry out mining cost estimates, open pit design, pit optimization, production
scheduling and related engineering and infrastructure studies. Work is
advancing satisfactorily.

    TEAL anticipates the completion of the pre-feasibility study in the first
half of the 2008 calendar year and, following a positive conclusion, this will
be followed with the immediate initiation of a bankable feasibility study with
the goal of fast tracking Otjikoto to a mine development decision.

    The Independent Qualified Persons for the Independent Technical Report
are Mr Mark Wanless, Ms Carmen Winzar and Mr Andre van der Merwe (SRK
Consulting (South Africa) (Pty) Limited).
    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 and the Democratic Republic
of Congo ("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 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, or
Rick Menell (President and CEO) on +27 82 450 2301 or rick@tealmining.com

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