Tenke Mining Corp.
TSX : TNK

Tenke Mining Corp.

March 23, 2006 17:29 ET

Tenke Announces Cdn $103 Million Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) -

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Tenke Mining Corp. ("Tenke" or the "Company") (TSX:TNK) is pleased to announce that the private placement announced on March 7, 2006 has closed. The Company sold on a non-brokered, private placement basis an aggregate of 8 million common shares of the Company at a price of Cdn $12.90 per share for gross proceeds of Cdn $103.2 million. A 5% finder's fee is payable on a portion of the private placement. The shares issued pursuant to the private placement will be subject to a four month hold period expiring on July 24, 2006. The private placement has received regulatory approval and the shares have been issued to the investors. The net proceeds of the private placement will be used towards the development of the Tenke Fungurume copper/cobalt project in the DRC as well as for general working capital purposes.

On Behalf of the Board

Paul K. Conibear, President

Forward Looking Statements

Certain information regarding the Company set forth in this press release, including the Company's future plans contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of mineral estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievements could differ materially from those expressed in or implied by, these forward looking statements and accordingly, no assurance can be given that any of the events anticipated to occur or transpire from the forward looking statements will provide any benefits to the Company.

Contact Information

  • Tenke Mining Corp.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    www.tenke.com