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Gold/Mining/Energy : Tenke Mining Corp (TNK)

TNK 51.50

-3.6%

Jan 2 9:30 AM EST

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To: Tomas who wrote (198)	8/7/1998 12:25:00 PM
From: Tomas	of 486

Tenke's Congolese Subsidiary Not Affected by Dissolution of Another Canadian Mining Company's Congolese Subsidiary AUGUST 7, 1998 VANCOUVER, BRITISH COLUMBIA--Tenke Mining Corp. (the "Company") today reported that it is aware that the Congolese subsidiary of a Canadian mining company had been dissolved by decree. Commenting on these reports, Mr. Phil Wright, President of Tenke Mining Corp. said "Tenke Mining Corp.'s Congolese subsidiary is not affected by this development as our subsidiary is protected under national and international law. We are obviously however concerned at this development and trust that it will be resolved shortly." "We are at an important stage in the finalization of our financing and it remains to be seen what impact this and other events have on this", Mr. Wright said. The Company has previously announced that it is holding discussions with a number of major mining companies with respect to participation in the Tenke Fungurume copper/cobalt project in Katanga Province, Democratic Republic of Congo. The Company has also advised that its discussions regarding project debt finance are at an advanced stage with strong indications of a fully underwritten debt requirement on normal project finance terms. The Company advises that it remains quiet in Katanga Province in the areas associated with its project. The Tenke Fungurume copper/cobalt concessions are estimated to contain over 500 million tonnes of global resources grading 3.5 percent copper and 0.27 percent cobalt and significant further exploration potential exists. A draft feasibility study is nearing finalization. The Company will inform its shareholders should anything change. BY ORDER OF THE BOARD Philip J. Wright, President www2.cdn-news.com

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