World Class Gold/Copper Exploration Portfolio Assembled in Argentina
Monday February 3, 1:28 pm ET
VANCOUVER, BRITISH COLUMBIA--Tenke Mining Corp. (the "Company") has acquired a large, diversified portfolio of quality exploration properties in Argentina. The total land package encompasses over 958,000 hectares and covers key prospective gold and base metal regions in the country.
There has never been a better time to explore in Argentina. Many prime prospective areas remain virtually unexplored. Good contract terms are available with low initial investments and the country has a capable and trained workforce.
Over the past year, Tenke researched and compiled a comprehensive digital database containing detailed landsat imagery, geology and field data covering the entire country. From this information, Tenke assembled its extensive land package. Tenke was able to take advantage of a lull in exploration activity by other mining companies and, in many cases, had first choice on the best properties. Now other companies, both senior and junior, are actively staking ground and starting exploration.
Argentina is rich in mineral resources with ample opportunity for the discovery of new world class precious metal and base metal deposits. Tenke has dozens of targets and, to begin with, will focus on three of them over the next few months: Batidero, Rio Grande and Alto Rico. The Company will advance other projects as exploration progresses. With the geographical diversity of its land holdings, exploration throughout the Company's project areas will be year round.
There are 3 main types of mineralization targeted:
* High/low sulphidation bulk tonnage ("Veladero-like") disseminated gold mineralization (Batidero Project in the Cuyo region).
* Low sulphidation gold vein ("Esquel/Vanguardia-like") systems (Alto Rico Project in Patagonia).
* Porphyry copper/gold (Rio Grande Project in the Puna region) - complex model exhibiting "Candeleria-style" hydrothermal alteration.
Sampling (rock and talus), mapping and trenching will be carried out, followed by geophysics over the next three months. Data from these programs will be used to define drill targets and form the basis of drilling programs at these projects. Drilling at the Batidero project is anticipated to commence by the end of March.
The Company recently added some strategic land claims to its property position, namely:
* Vicuna West, adjoining the Batidero project. Pursuant to an option agreement, Tenke, over an earn-in period of 5 years, has the option to acquire a 60% interest in the project through overall expenditures of US$650,000. Tenke will be operator of the project. Upon earn-in, Tenke will have the option to earn an additional 15% for US$250,000 plus a further option to acquire the remaining 25% for an additional $750,000. If a mine is developed under a 100% Tenke earn-in, then a final payment of US$1.1 million is due within 2 years after plant start-up.
* The Mendoza Project, located in a copper/gold porphyry district in Mendoza province. Pursuant to an option agreement, Tenke, over an earn-in period of 6 years, has the option to acquire a 75% interest in the project through overall expenditures of US$350,000. Tenke will be operator of the project. Upon earn-in, Tenke will have the option to earn the remaining 25% for an additional US$750,000. If a mine is developed under a 100% Tenke earn-in, then a final payment of US$250,000 is due within 2 years after plant start-up.
ON BEHALF OF THE BOARD
Paul C. Conibear, President
NOTE: Location map available from the company at the number listed below.
Contact:
Tenke Mining Corp.
Sophia Shane
Corporate Development
Phone: (604) 689-7842
Fax: (604) 689-4250
Website: tenke.com |
