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

Operational Update

Target Resources plc (AIM: TGT), the alluvial diamond and gold mining company operating in Sierra Leone, makes the following operational update. 

Further to its announcement dated 11 March 2009, the Company has decided for the present not to invest further resources in a gold production operation on the Teye River, but instead to carry out a low cost programme of prospecting for gold in its Yele licence area as well as along rivers in the Bengua and Dias Chiefdoms.  This will ensure that the Company can operate on a greatly reduced operational budget, while collecting sampling data from a range of sites on a scale sufficient to enhance the chances of substantial production at a future date.

In addition, the Company is working to develop other sources of income from new projects and joint ventures utilizing its available plant and facilities.

The directors believe that the Company's current cash resources are sufficient to cover its anticipated costs and liabilities until the end of June 2009, at which time certain periodic payments fall due, the most significant being an interest payment to its principal lender.  In the absence of any significant increase in income, the Company will therefore need to secure further funding within this timeframe. 

- ENDS -

Enquiries:

Target Resources plc                      020 7258 2300

Dr Nissim Levy, Managing 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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