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

To: Gunnar who wrote (147)	3/17/1998 1:03:00 PM
From: Gunnar	Read Replies (1) \| Respond to of 486

Monday Mar 16 1998 First Quarter Ended December 31 1997 The first quarter of the new fiscal year has seen the rapid advancement of Tenke's bankable feasibility study. A team of geologists, engineers, environmental specialists and support staff under the direction of the company's project managers have made great inroads towards completion of the study. The company's objective of completing the study prior to mid-year is on target. The feasibility study will provide capital and operating cost estimates for an initial annual production rate of 100,000 tonnes of copper and 8,O00 tonnes of cobalt and also provide cost estimates for a doubling of production in year five. Production is expected to commence late in the year 2000. The company was pleased to announce during the quarter the proving up of significant additional resources through an exploration program in a 15km long by 3km wide mineralized area called the Dipeta Syncline. This work resulted in 197 million tonnes of new drill-indicated resources at a grade of 4.37% copper and 0.22% cobalt. Combined with the recalculated estimates for Tenke Fungurume, the company's resource estimates now stand at 520 million tonnes at 3.6% copper and 0.28% cobalt containing 18.8 million tonnes of copper and 1.5 million tonnes of cobalt. Subsequent to the quarter under review, a long term power agreement was signed with La Societe Nationale D'Electrique for the supply of up to 250 Mw of power over a 20 year period. This contract is the first major commitment for power by a new mining development in the Democratic Republic of Congo and represented an important milestone for Tenke's feasibility study. Tenke will be using the latest SX/EW technology to produce copper and cobalt metal which has significant power requirements. A large substation is within Tenke's concessions and is already connected to major hydroelectric power generating facilities in the DRC. STATEMENT OF EARNINGS Three months ended December 31 (US$) 1997 1995 Revenues Interest $ 244,539 $ 851,186 Other income 165,869 4,386 ---------- ---------- 410,408 855,572 ---------- ---------- Expenses General and exploration admin (506,010) (503,731) Amortization (34,118) (10,431) Gain on foreign exchange 100,497 201,333 Interest (25,001) (68,726) ---------- ---------- (464,632) (381,555) ---------- ---------- Income (loss) before income taxes (54,224) 474,017 Income taxes Current (12,929) - ---------- ---------- Net earnings (loss) $ (67,153) $ 474,017 ========== ========== Earnings (loss) per share $(0.001) $0.022