Tenajon Resources Corp.
TSX VENTURE : TJS

Tenajon Resources Corp.

August 31, 2007 08:30 ET

Tenajon Acquires Additional Ground near its Ajax and Moly Brook Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2007) - Tenajon Resources Corp. (TSX VENTURE:TJS) (the "Company" or "Tenajon") today announced that it has optioned two properties near its Ajax Property in northwestern British Columbia and purchased one adjacent to its Moly Brook Property in south central Newfoundland. All three properties are considered prospective for hosting economic deposits of molybdenum. Preliminary evaluations have been proposed for all three properties.

The Hoan North and South Properties were optioned from Dr. Nicholas Carter, one of Canada's foremost authorities on molybdenum. The properties are respectively located 9 km east southeast and 13.9 km southeast of the formerly producing Kitsault Molybdenum Mine. Government mapping shows both properties to be underlain by sedimentary rocks that have been intruded by Alice Arm Intrusions similar to those hosting significant molybdenum elsewhere in the area. Although it is known that molybdenum was located in the 1960's on the Hoan North Property there has been no assessment work filed and neither is there any work recorded for the Hoan South Property. Under the terms of the option agreement, Tenajon can earn a 100% interest in the claims which are subject to a 2% NSR, of which half can be purchased back by Tenajon for C$1,000,000, through the issuing of 250,000 shares and cash payments of $90,000 over a four year period.

The Grey River West Property is located immediately to the west of Tenajon's Moly Brook Property. The Moly Brook Property hosts a 450m x 1150m zone of molybdenum mineralization in bedrock. Limited drilling has returned encouraging values including sections of 44 and 46 metres respectively averaging 0.111 and 0.082% Mo. Presently, Tenajon is completing an extensive exploration program consisting of geochemical and geophysical surveying. A follow-up drill program totaling approximately 3,000 metres of core drilling is to commence shortly. The Grey River West Property is underlain by rocks similar to those at Moly Brook. In addition, if the Moly Brook property is proven to host an economic deposit, the Grey River West Property provides access to the ocean through Dog Cove Bay. Under the terms of the agreement Tenajon can purchase a 100% interest in the property subject to a $5,000 cash payment and by issuing 75,000 shares to the vendors. The property will be subject to a 2% NSR, of which half can be purchased back by Tenajon for C$1,500,000. A finders fee of $500 and 7,500 shares will be issued in respect to the Greg River West acquisition.

Both property agreements are subject to the approval of the TSX Venture Exchange. Any securities issued in respect of the agreements will be subject to a four-month hold period.

Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101, will supervise the exploration program to be completed on the properties.

On Behalf of the Board of Directors

TENAJON RESOURCES CORP.

D. Bruce McLeod, President

This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See the Company's filings for a more detailed discussion of factors that may impact expected results.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Tenajon Resources Corp.
    D. Bruce McLeod
    President
    (604) 687-7545 or Toll Free: 1-888-338-2200
    (604) 689-5041 (FAX)
    Email: info@northair.com
    Website: www.tenajon.com