Junior Tenke Mining (TNK-T) has wrapped up a private placement of 2 million units at 50 apiece for proceeds of $1 million.
Each unit comprises one share and half a share purchase warrant. One whole warrant is exercisable for one share at 55 each for the first year after closing, and at 60 a share for the second year.
Planning for the 2001-2002 exploration season is underway at Tenke’s Vicuna gold project in northwestern Argentina. A bulldozer has been mobilized to open up access roads to the project.
Tenke is seeking a partner for the project and is in discussions with several senior mining companies who have expressed an interest.
A total of 6,505 metres drilled in 40 holes on the property so far have indicated four key areas with potential for commercial copper mineralization in the Filo del Sol target area, and at least one exploration target for copper-silver mineralization at Gemelos to the north.
Earlier this summer, Rio Tinto (RTP-N) withdrew from Tenke’s Vicuna gold project. Rio had the right to earn a 51% interest in exchange for US$10 million in exploration funding. A recent first round of drilling cut wide swaths of copper-silver mineralization.
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