TENKE MINING CORP ("TNK-T") - Force Majeure Declared - 2/23/99
Tenke Mining Corp. (the "Company") reported that it has declared force majeure in respect of its agreements with Gecamines and the Democratic Republic of Congo ("DRC") relating to the Tenke Fungurume Project.
The Company has advised that the continuing military turmoil and political events in the DRC, which commenced on or around 2 August 1998, materially affect the Company's ability to carry out the Tenke Fungurume Project. These events entail and continue to entail material changes as to the conditions of development and operation of the Project (including power supply, transportation and construction resources) and thereby undermine the existing draft feasibility study and make it presently impossible to produce a final bankable feasibility study.
Commenting on this, Mr. Adolf H. Lundin, President of the Company, said, "We are dedicated to bringing this project to fruition and this declaration of force majeure does not change this."
"We have, however, been prevented from completing feasibility studies and accordingly we had no alternative"
Commenting further, Mr. Lundin said, "We intend to take whatever action is necessary to ensure our eventual success with this project".
Notice has been given in accordance with the Company's agreements and has the effect of adjusting all time periods and dates under these agreements by taking into account the extension and delay arising out of these events of force majeure.
The recently entered into option agreement, as reported in December, 1998, is unaffected by this declaration. TEL: (604) 689-7842 Sophia Shane, Corporate Development FAX: (604) 689-4250
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