Tenajon Resources Corp.
TSX VENTURE : TJS

Tenajon Resources Corp.

May 16, 2008 08:30 ET

Tenajon Significantly Expands Land Position at the Moly Brook Molybdenum Property

Acquires 69 Claims North and Nine Claims East of the Moly Brook Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - 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.

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

Contact Information

  • Tenajon Resources Corp.
    Bruce McLeod
    Investor Contact
    (604) 687-7545
    or
    Tenajon Resources Corp.
    Brad Kopp
    Investor Contact
    (604) 687-7545
    (604) 689-5041 (FAX)
    Website: www.tenajon.com