Tenke Acquires New Gold Project In Argentina
VANCOUVER, BRITISH COLUMBIA--Tenke Mining Corp. (the "Company") is pleased to announce that is has signed a Letter of Intent with TNR Resources Ltd. to acquire a 75% interest in the Batidero Gold Project located in northern San Juan province in Argentina. The property lies between the prolific El Indio and Maricunga gold belts, covering an area of 4,900 hectares. This belt system hosts numerous world class gold deposits including Veladero/Pascua/Lama (26 million ounces), considered the largest undeveloped gold deposit in the world today. The Batidero Project is highly prospective hosting a similar geologic sequence and environment as Veladero and other major deposits in the Andean Cordillera. Please see attached map.
The most relevant features of this property include:
* Series of high and low sulphidation targets with strong silicification and brecciation with correlative gold anomalies.
* Favourable host rock sequences.
* Silicified vein swarms with gold-silver mineralization.
* Breccia lenticular systems (low to high sulfidation), with associated gold-silver anomalies.
* Intrusives and alteration are focused along regional linears.
* Potential exists for a bulk, disseminated, and vein swarms mineralized systems.
A work program planned for the fall will include: detailed mapping, talus, rock chip and stream sediment sampling and a CSAMT (or IP-Res) geophysical survey. A drill program will then be designed to test identified targets.
Pursuant to the terms of the agreement with TNR Resources, Tenke can earn a 75% interest in the Batidero property through expenditures totaling Cdn$1.5 million over 4 years. In addition, Tenke will issue to TNR 25,000 shares of Tenke each year that the earn-in agreement is in effect, to a maximum of 100,000 shares. The foregoing is subject to all requisite regulatory approvals and execution of a formal earn-in agreement within the next 30 days.
The Company is assembling a comprehensive portfolio of the most exciting and promising properties in Argentina. The Company intends to build a large land package covering the key prospective areas in the country.
ON BEHALF OF THE BOARD
Adolf H. Lundin, President
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