TEAL finalizes funding of additional US$35 million

TORONTO, July 15 /CNW/ - TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL" or the "Group") has announced that a consortium of two lenders, Standard Chartered Bank and Standard Finance (Isle of Man) Limited, part of the Standard Bank Group, has made available a loan facility to the Group that totals US$85 million.

This unsecured US$85 million facility replaces the previous US$50 million loan. The facility is available from July 18, 2008 to August 31, 2009. The loan is guaranteed by African Rainbow Minerals Limited, TEAL's major shareholder.

The facility will be used to settle the existing US$50 million loan, and to continue funding exploration work, general corporate expenditure and working capital requirements, inter alia:

    
    -   TEAL's Lupoto Copper Project in the Democratic Republic of Congo
        ("DRC"), where small scale mining is underway;

    -   Continuing exploration drilling to expand the current resource base
        at the Lupoto Copper Project, which will ultimately be used in the
        feasibility study aimed at assessing a mining operation capable of
        producing around 40,000 tonnes a year of copper;

    -   Finalizing the feasibility study on the Konkola North Copper Project
        in Zambia, where TEAL intends using an existing shaft and other
        infrastructure to produce 25,000 tonnes a year of copper;

    -   Continuing the large exploration drilling campaign that is underway
        within Area "A" on the Konkola North property; and

    -   Progressing various other exploration and evaluation projects on
        TEAL's properties in the DRC, Namibia, Zambia and Mozambique.
    

NOTES:

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, Mozambique, and the 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

Contacts

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