Tenajon focuses in on molybdenum (May 15, 2008)

Vancouver – With a 13-hole drill program Tenajon Resources (TJS-V) has boosted the indicated molybdenum resources at its Ajax deposit in northern B.C. by 74%.

Indicated resources came in at 69 million tonnes grading 0.065% molybdenum, with inferred resources adding 483.1 million tonnes grading 0.061% molybdenum. Combined, indicated and inferred resources host 748.7 million lbs. molybdenum. The deposit remains open laterally and at depth.

A previous resource estimate from March 2007 calculated only 38.8 million indicated tonnes grading 0.064% molybdenum and 623.4 million inferred tonnes grading 0.063% molybdenum for 679.8 million lbs. of contained metal.

Tenajon holds a 100% interest in the Ajax project, which sits 13 km north of Alice Arm. Newmont Mining (NEM-T, NMC-N) discovered molybdenite at Ajax in 1965. Despite completing a promising drilling program during the following two years the major let the claims lapse in 1996 due to depressed molybdenum prices.

Tenajon immediately staked the property, then waited for the price of molybdenum to rebound. From 2005 to 2007 the company drilled 22 holes at Ajax. With the release of this resource estimate the company is formulating plans for exploration in 2008.

The company has already started its 2008 exploration program at its other molybdenum project: the Moly Brook property in southern Newfoundland. A 6,100-metre drill program will follow up on the success of a 12-hole drill program in 2007 that encountered consistent, near-surface molybdenum intercepts over considerable widths.

At Moly Brook molybdenite occurs primarily along the rims of a series of north-trending, sub-vertical, sheeted quartz veins and fracture faces along a two-km long trend. At the north end of the trend drilling has traced the main zone for 750 metres along strike, still open along strike and dip.

And Tenajon recently confirmed its focus on the specialty metal, selling its interest in two B.C. gold properties to joint-venture partner Pinnacle Mines (PNL-V). Pinnacle is buying a Tenajon wholly-owned subsidiary that holds a 40% interest in the Kansas claim, which is part of the Silver Coin property, and a 100% interest in the Summit Lake property, both located near Stewart.

In other Tenajon news: the junior closed a over-subscribed private placement in mid-May, issuing 7.5 million chares at 55 a piece for gross proceeds of $4.1 million. The company, currently trading around 47, has a 52-week trading range of 38 to $1.08 and has 55.8 million shares issued.