Tenajon Significantly Expands Land Position at the Moly Brook Molybdenum Property
May 16 2008 - 8:30AM
Marketwired Canada
Tenajon Resources Corp. (TSX VENTURE:TJS) (the "Company") today announced that
it has entered into two separate agreements to acquire the Moly Brook North and
Grey River Gold Properties located 2.5 km from the hamlet of Grey River on the
south coast of Newfoundland. Both properties adjoin the Company's Moly Brook
molybdenum property where a 6,100 metre drill program is currently underway.
Moly Brook North consists of 18 claims which border on the northern side of the
Moly Brook Property, while Grey River Gold Property consists of nine claims and
borders the Moly Brook Property to the east. In addition the Company has
acquired through staking 51 claims immediately to the north of the Moly Brook
North claim block.
"With the addition of these new claims, Tenajon now controls 149 claims totaling
3,725 hectares in and around the Moly Brook Property," said Bruce McLeod,
President & CEO of Tenajon. "The Moly Brook Property has excellent potential to
host a bulk tonnage, high grade and open pittable molybdenum deposit, and we are
pleased to have secured a large land position that is in close proximity to and
along strike of the Moly Brook Zone. Expanding our claim package around the Moly
Brook Deposit also gives Tenajon the flexibility to allow for potential future
infrastructure, such as tailings disposal sites, to be located within our
mineral claim holdings."
The Moly Brook North Property covers the along strike projection of the Moly
Brook Zone, where 2007 drilling encountered consistent, near surface, higher
grade molybdenum intercepts over significant widths. There is no record of any
work being completed on the Moly Brook North Property. The Grey River Gold
Property, which borders the Moly Brook Property to the east, hosts several
showings of gold bearing quartz veins. At the Galena #1 Showing, historic
exploration found gold bearing veins traced for 8 metres with the along strike
extensions being overburden covered. Channel sample results include 13.8 g/t
gold over 0.4 metres and 8.97 g/t gold over 1.8 metres. Historic exploration
data was collected before the introduction of NI 43-101, and is presented for
information purposes only. The Company has no way of verifying the results and
the historical data should not be relied upon.
Moly Brook North Property Acquisition
Tenajon has entered into a binding, arms length agreement with the property
vendors for the acquisition of 100% of the Moly Brook North Property for the sum
of $5,000 and 75,000 shares. The Property will be subject to a 2% NSR of which
1.0% can be purchased by Tenajon for C$1,500,000. The agreement is subject to
the approval of the TSX Venture Exchange.
Grey River Gold Property Acquisition
Tenajon has entered into a binding, arms length agreement with the property
vendors for the acquisition of 100% of the Grey River Gold Property for the sum
of $3,000 and 50,000 shares. The property will be subject to a 2% NSR of which
1.0% can be purchased by Tenajon for C$1,500,000. The agreement is subject to
the approval of the TSX Venture Exchange.
A total of $800 in cash consideration and 12,500 shares will be issued as
finders fees for the property acquisitions.
On Behalf of the Board of Directors
TENAJON RESOURCES CORP.
D. Bruce McLeod, President
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press
release relative to markets about anticipated future events or results
constitute forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur or be achieved
and other similar expressions. Forward-looking statements are subject to
business and economic risks and uncertainties and other factors that could cause
actual results of operations to differ materially from those contained in the
forward-looking statements. Forward-looking statements are based on estimates
and opinions of management at the date the statements are made. The Company does
not undertake any obligation to update forward-looking statements even if
circumstances or management's estimates or opinions should change. Investors
should not place undue reliance on forward-looking statements.
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