TEAL EXPLORATION & MINING INCORPORATED

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 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 has targeted specific projects: the Konkola North Copper Project in Zambia; the Otjikoto Gold Project in Namibia; and the Kasonta-Lupoto Mines s.p.r.l. ("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.

Project and Development Details

TEAL has started copper mining on the Lupoto deposit at TEAL's 60%-owned Kalumines Copper-Cobalt Project ("Kalumines") in the Democratic Republic of the Congo ("DRC").

The new mine, which is being contractor-operated, is expected to mine at a rate of 110,000 m³ per month and is expected to produce nearly 40,000 tonnes of greater than 25% copper in concentrate. The Company intends to sell the concentrate to existing smelter operators in the DRC and later to feed TEAL's 100%-owned electric arc furnace that will be operational in Lubumbashi by October 2007. This furnace has a capacity to produce approximately 5,000 tonnes per annum of 'black copper' ingots grading 85% to 95% copper.

An assessment study on a larger mine has also been completed and it now remains essential to conclude the verification and in-fill resource drilling that is currently underway. This, together with metallurgical test-work, will enable TEAL to conclude the feasibility study for a larger open-pit mining operation and processing plant at Kalumines. TEAL has an existing mining licence at Kalumines. Capital expenditure to commission the mine is US$2 million, while the furnace will cost US$6 million. Both mine and furnace are being funded using TEAL's existing cash resources and from a 'bridge' loan facility that TEAL has secured with a commercial bank.

At the Konkola North Copper Project, where TEAL had previously reported inferred mineral resources of 78.8 million tonnes at 2.14% copper at Konkola North for the South and East Limb areas, the Company has issued an updated Measured and Indicated ("M&I") resource statement. These are now:

• M&I - combined East and South Limbs: 24.9 million tonnes at a grade of 2.36% copper;
• M&I - South Limb: 11.3 million tonnes at a grade of 2.35% copper; and
• M&I - East Limb: 13.5 million tonnes at a grade of 2.37% copper.

In addition, total Inferred resources of 47.7 million tonnes at 1.98% copper are estimated within these areas.

Previously reported resources relating to the southern portion of the Konkola North property indicate an inferred mineral resource of approximately 107 million tonnes (in Area 'A') and 63 million tonnes (in Area 'A' Extension) at copper grades of 2.30% and 3.88%, respectively. Additional exploration drilling work is required to increase the geological confidence of these resources. TEAL has issued tenders to four drilling companies to undertake an 18,000 metre drilling program in Area ‘A' Extension and drilling is scheduled to commence in May 2007.

Existing infrastructure at the Konkola North South Limb deposit includes a 423-metre deep, vertical and concrete lined shaft, with head-frame, two ventilation shafts and three main access haulage levels, interlinked with several production sub-levels. The Konkola North Copper Project feasibility study, based on an operation to exploit the South and East Limb ore bodies, remains on-track and the completed study is expected by mid-2007. The study for this mine will also include an assessment of the viability of initial mining from the South Limb's existing shaft and accessible workings and possibly, initially toll-processing the ore produced.

At the Otjikoto Gold Project in Namibia, the expansion drilling program concluded has resulted in an overall gold resource of 44 million tonnes, which equates to 1.76 million ounces, at a grade of 1.25g/t gold.

TEAL commenced with a Phase 2 exploration plan in August 2006, which includes (i) further resource expansion drilling to the south-west along strike and down-plunge, and (ii) drilling on a 25m X 50m centre in the shallow parts of the known resource. This phase is aimed at expanding the total resource further and drill results from the Phase 2 resource expansion drilling, which were announced in February 2007 and April 2007, have provided further evidence for the continuation of higher grade zones.

As a result, TEAL has completed an assessment study related to the viability of a mining operation at Otjikoto. The conclusion of this study was positive and the company initiated a pre-feasibility study of the deposit. Pending a positive result from the pre-feasibility study, this would form the basis of a bankable feasibility study to commence in the third quarter of 2007.

The technical work for the feasibility study for the Mwambashi Copper Project was completed in August 2006. Development remains subject to a favourable off-take arrangement, and TEAL is also assessing various alternatives.

MINERAL RESOURCES TABLE

Share info:

TEAL completed its Initial Public Offering on the Toronto Stock Exchange in November 2005. TEAL has 53.9 million shares in issue, and African Rainbow Minerals Limited (ARM) is TEAL's largest shareholder at 65%.