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Stock Exchange Announcement

Date:                   15 December 2008

On behalf of:        Target Resources plc 

Target Resources plc ('Target' or the 'Company')

Laurelton makes further commitment to Target

Target Resources plc (AIM:TGT), the alluvial diamond and gold mining company operating in Sierra Leone, is pleased to announce that following promising initial results from its significantly enhanced mining capability,  Laurelton Diamonds, Inc, a subsidiary of Tiffany & Co (NYSE: TIF) ('Laurelton'),  has agreed to offer further financing as follows:-

 

1.    Laurelton will provide an additional debt facility of US$ 1.5 million. The funds will be mostly used   

       to repay capital and interest on part of the $3,500,000 existing short term facility with Laurelton 

       announced in April and July 2008, and for ongoing working capital purposes. The additional debt 

       facility is repayable after one year.

2.    The remaining $1,500,000 plus interest owed to Laurelton from the existing short term facility has 

       been extended and is now repayable in equal instalments in August, September and October 2009

3.    Laurelton has also been granted an option over 3,000,000 shares in the Company at an exercise price 

       of 25p per share, exercisable over a three year period.

With mining operations and volumes now set to proceed apace, including full operations of the new up to 200 ton per hour scrubber and the dredge, the board looks forward to giving investors a fuller operational update early in the new year

- ENDS -

Enquiries:

Target Resources plc	020 7258 2300
Yair Ziv, Finance Director	www.target-resources.co.uk
Nominated Adviser and Broker
Arbuthnot Securities	020 7012 2000
John Prior
Ed Burbidge

About Target 

• Target is an alluvial diamond mining and exploration company operating in Sierra Leone.

• Target is among the first large scale mining ventures to be established in Sierra Leone since the end of the civil war in 2002.

• The Company has 4,263 acres (17.25 Sq km) under mining leases in the rich diamond and gold area of Kono, which is recognised as the most productive area for diamond mining in Sierra Leone.

• The Company has Exclusive Prospecting Licences for Gold, covering 520 sq km in the Alluvial Gold area in the Tonkolili district and for Diamonds, covering 254 sq km in Kenema District, known for its 'fancy' diamonds..

  

Target Resources Plc 

16th Floor,  Marble Arch Tower, 55 Bryanston Street London, W1H 7AA 

Tel +44 (0)20 7258 2300, Fax +44 (0)20 7258 2321 

Email:  info@target-resources.co.uk

Web: www.target-resources.co.uk

Registered in England and Wales, Company No 5566717

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