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Gold/Mining/Energy : Tenke Mining Corp (TNK) -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (450)	4/24/2001 4:19:55 PM
From: Greywolf	Respond to of 486

Tenke Fungurume Project Update VANCOUVER, BRITISH COLUMBIA--Tenke Mining Corp. (the ``Company'') is pleased to provide an update on Tenke Fungurume, the Company's world class copper/cobalt project in the Democratic Republic of Congo. The Tenke Fungurume concessions are located in Katanga Province in the southernmost part of the country. The concessions host large, high-grade copper/cobalt deposits that are world renowned and considered as one of the largest and richest undeveloped copper/cobalt deposits. Prior to Tenke's involvement, there had been approximately 176,000 metres of drilling, 12 kilometres of underground workings and 125 kilometres of surface trenches and pits carried out on the property. Considerable sums have been expended on the property on exploration, various studies, equipment and infrastructure. Substantial infrastructure exists on-site, including a 1,700 metre sealed airstrip, several rail sidings and spurs, a camp, electrical substation, a quarry, water wells and storage, building and crusher foundations and partially completed steel framed buildings. A main highway, rail line and power line pass through the property. Tenke has subsequently invested significantly on exploration and pre-development studies. The Company has carried out additional diamond drilling as well as resource calculations, mine planning, process design and testwork, environmental baseline studies, infrastructure design and layout, and tailings management studies. A bankable feasibility study was nearing completion when Force Majeure conditions were invoked in February, 1999. Continuously improving conditions in the DRC since mid-January this year, have given Tenke confidence that the investment climate in the country is rapidly changing for the better. The new government installed by President Joseph Kabila in mid-April is expected to further enable sustained improved conditions. UN peace keeping troops have been deployed to various parts of the country, international involvement in support of the new government is strong, and Katanga Province is expected to be one of the first regions of the DRC to return to a stable business environment, allowing development of the Tenke Fungurume deposits to proceed. The Company has initiated meetings with Gecamines, the DRC State mining company, to discuss plans for the proposed development of Tenke Fungurume. These discussions are expected to progress over the next few months and the Company is optimistic about the prospects of advancing the Tenke Fungurume project in the near future.