TEAL finalizes funding of US$20 million


    TORONTO, June 14 /CNW/ - TEAL Exploration & Mining Incorporated
(TSX-"TL") (JSE-"TEL") ("TEAL" or the "Company") has announced that Standard
Chartered Bank has made available a one-year 'bridging' facility of US$20
million to the Company. This facility is being guaranteed by African Rainbow
Minerals Limited ("ARM"), TEAL's major shareholder.
    The facility is unsecured, matures on June 4, 2008, and each advance will
be a minimum amount of US$5 million. The rate of interest is LIBOR plus 0.50%
(50 basis points).
    The proceeds of the facility will be used to:

    -  Advance mining operations to a full production level of 5,000 tonnes
       of copper a year on the Lupoto deposit at TEAL's Kalumines Copper-
       Cobalt Project in the Democratic Republic of Congo ("DRC");
    -  Fully commission TEAL's 5,000 tonnes per annum copper furnace, during
       July 2007, in the DRC;
    -  Finalize the feasibility study on the Konkola North Copper Project in
    -  Continue the exploration drilling campaign that is underway on Area
       "A" and Area "A" Extension on the Konkola North property;
    -  Provide the necessary funding to maintain the 12,000 to 15,000 tonnes
       per annum Mwambashi Copper Project in Zambia prior to a formal
       release, which is dependent on an acceptable off-take agreement; and
    -  Continue the exploration drilling program on the Otjikoto Gold Project
       in Namibia where TEAL is aiming for an increased gold resource.

    Capital expenditure requirements, and funding options, for possible new
mining operations at Konkola North and Mwambashi are expected to be disclosed
during the second half of this calendar year.

    Forward-Looking Information: Statements contained in this news release
that are not historical facts are forward-looking statements that involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking statements. Although TEAL
believes that the assumptions inherent in the forward-looking statements are
reasonable, undue reliance should not be placed on these statements, which
only apply as of the date of this press release. TEAL disclaims any intention
or obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy
securities of TEAL in any jurisdiction.

For further information:

For further information: Julian Gwillim, VP: Investor Relations and
Corporate Development, on +27 (0) 82 4524 389, or julian@tealmining.com or
Rick Menell, President and CEO, on +27 82 450 2301, or rick@tealmining.com

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