Tenajon Resources Corp. - Ajax Moly Project

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Ajax Property -- Technical Report April 18, 2007

Ajax Property

Tenajon has a 100% interest in the 15.76 kilometre Ajax Molybdenum Property located 13 km north of Alice Arm, BC. The Ajax Property is a world class primary Molybdenum property in the advanced stage of exploration.

Highlights

Inferred Resource of 448.78 million tones grading 0.063% Mo (NI 43-101 compliant)
Indicated Resource of 38.8 million tonnes grading 0.064% Mo (NI 43-101 compliant)
One of North America's largest undeveloped primary molybdenum deposits - the deposit covers a surface area approximately 650m by 600m
Infrastructure is very good with both tidewater access and hydro electric power situated at Kitsault 16 km to the south
A 2,639 metre (13 hole) drill program was completed in October 2007 -- the program targeted near surface higher grade mineralized zones within a potential starter pit -- initial results include a 109.49 metre intercept averaging 0.126% Mo
2007 metallurgical work completed was successful in determining that in bench scale tests rougher stage molybdenum recoveries in excess of 86.5% can be achieved
In 2006, a 3,800 metre drill program successfully extended the depth of the mineralized zone from surface to depths of over 1km
A 2005 drill program determined historical grades could be increased using modern drilling techniques and that the deposit is open at depth
Drill highlights include 106.68 metres grading 0.111% molybdenum and 33.53 metres grading 0.203% molybdenum
Alteration and size increasing at depth
Drilling suggest the deposit is open in three directions and at depth

Project History

Tenajon has a 100% interest in the 1,718 hectare Ajax Property. The property hosts the Ajax Porphyry Molybdenum Deposit. Molybdenite was discovered at Ajax in 1965 by Newmont Mining Corp. Between 1965 and 1967 Newmont completed limited mapping, sampling, and trenching and drilled 26 holes totaling 8,100 metres in length. Based on the results, Newmont concluded the property hosted a sizeable molybdenum resource.

Due to low molybdenum prices, Newmont allowed the claims to lapse in 1996. Believing in its potential, Tenajon immediately staked the property and held it in inventory until 2005 when exploration programs commenced. Since then, Tenajon has completed 4,546 metres of diamond drilling in 9 drill holes and has significantly increased the size of the historic mineral resource completed by Newmont.

The Ajax deposit, occupying a surface area of approximately 600 by 650 metres, is one of North America's largest undeveloped molybdenum deposits. At a 0.040% Mo cut-off the deposit hosts a 43-101 compliant inferred resource of 448.8 million tonnes grading 0.063% Mo (623.4 million pounds) and an indicated mineral resource of 38.8 million tonnes averaging 0.064% Mo (56.4 million pounds).

2007 Exploration Program

In November 2007, Tenajon completed 13 drill holes totaling 2,639 metres of diamond drilling on the Ajax deposit. The purpose of the program was to:

Improve confidence in near surface high-grade mineralized zones within a potential starter pit that could host approximately 37 million tonnes of the deposit at a 2.33:1 stripping ratio;
Convert resources from the inferred to the measured and indicated category;
Test a proposal put forth by Dr. Nicholas Carter, P. Eng., one of Canada's foremost experts on porphyry molybdenum deposits, which suggests that the grade of the deposit may have been underreported due to the orientation of most of the drill holes completed during previous drilling campaigns.

To date, results for the first eleven diamond drill holes have been reported. Drilling has intersected extensive sections hosting near surface and higher grade molybdenum values along a 580 metre strike length, and the deposit has demonstrated excellent down dip continuity.

The results are summarized below.

Hole	Length (m)	From (m)	To (m)	Interval (m)	Mo (%)	MoS2 %
2007-1	313.64	109.42	287.14	177.72	0.056	0.093
	Incl.	149.35	283.16	131.24	0.064	0.107
2007-2	294.14	103.99	217.44	113.45	0.050	0.083
	Incl.	153.93	187.45	33.52	0.067	0.112
2007-3	260.61	3.05	239.27	236.22	0.091	0.152
	Incl.	21.29	44.20	22.91	0.098	0.163
	and	129.78	239.27	109.49	0.126	0.210
2007-4	197.21	34.33	166.73	132.4	0.026	0.043
	Incl.	104.73	166.73	62.00	0.032	0.053
2007-5	79.25	Abandoned due to ground conditions
2007-6	244.76	0	244.76	244.76	0.049	0.081
	Incl.	26.96	74.58	47.72	0.060	0.100
	And	134.91	187.45	52.54	0.076	0.127
2007-7	222.81	0	222.81	228.81	0.039	0.069
	Incl.	162.16	204.83	42.67	0.069	0.115
	And	212.14	222.81	10.67	0.069	0.115
2007-8	222.70	14.63	70.17	55.54	0.065	0.108
	Inc.	14.63	41.04	26.41	0.071	0.118
	And	58.00	70.17	12.17	0.071	0.118
2007-9	190.81	0	190.81	190.81	0.077	0.128
	Inc.	44.45	142.04	97.59	0.097	0.162
	or	104.86	151.18	46.32	0.144	0.240
	Incl.	114.61	142.04	27.43	0.194	0.323
2007-10	186.84	5.59	127.10	121.51	0.075	0.125
	Incl.	12.8	82.18	69.38	0.099	0.165
	or	12.8	64.11	51.31	0.118	0.196
	or	15.01	56.67	41.66	0.126	0.210
2007-11	118.57	20.76	58.97	38.21	0.019	0.032
		75.78	88.09	12.31	0.015	0.025

Holes 2007-1 to 3, 6, 8 and 9 tested for higher grade molybdenum mineralization along a 580 metre long section of the deposit with Hole 2007-08 being the most westerly hole drilled for which assay results have been received. All of the holes have intersected extensive sections hosting molybdenum mineralization adjacent to fault zones and the results show the zone continues to be open along strike and dip.

Hole 8 began in resource grade mineralization and is located approximately 80 metres west of Hole 2007-03. Hole 2007-9 also began in resource grade mineralization and was drilled approximately 45 metres up dip along section from Hole 2007-03. Drilling has now shown that there is continuity between the high grade molybdenum drilled in Holes 2007-03 and 2007-9. Holes 07-4 and 7 respectively tested the deposit along the north and south walls of a potential open pit.

Hole 2007-10, is located in the southwest corner of a possible open pit. The hole was drilled to test a northwest trending zone of molybdenum mineralization previously intersected in Hole 07-07, which was drilled 50 metres to the southeast and intersected 60.65 metres averaging 0.065% Mo, and in historic drill Hole 66-31, which is located 170 metres to the southeast and intersected 82.3 metres averaging 0.063% Mo (not 43-101 compliant). The results show the northwest trend has the potential to host near surface high grade molybdenum mineralization amenable to open pit mining.

The work at Ajax is being completed by Apex Geoscience under the supervision of Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101.

At Ajax, drill core is sawn into halves with one half being sent for analysis the other kept for future reference. All samples are prepared and analyzed at Acme Analytical Labs using a four acid digestion with analysis by Induced Couple Polarization. A stringent program of check, blank and duplicate sampling is employed throughout with duplicates standards and blanks being entered into the sample stream at regular intervals In addition a limited amount of samples were sent to ALS Chemex to determine the reproducibility of the results between labs.

2007 Mineral Resource Estimate (NI 43-101 compliant)

The Ajax deposit contains and Inferred Resource of 448.8 million tonnes grading 0.063% molybdenum and an Indicated Resource of 38.8 million tonnes grading 0.064% molybdenum above a cut-off grade of 0.04 per cent molybdenum. A summary of the Inferred and Indicated Mineral Resources at the Ajax deposit at various cut-off grades is tabulated below:

AJAX PROJECT - INFERRED MINERAL RESOURCE

Cutoff Grade Mo (%)	Tonnes > Cutoff	Mo (%)	MoS2 (%)	Million lbs Mo
0.04	448,780,000	0.063	0.105	623.4
0.05	396,200,000	0.066	0.110	576.6
0.06	277,160,000	0.070	0.117	427.8
0.08	41,900,000	0.088	0.147	81.3

AJAX PROJECT -- INDICATED MINERAL RESOURCE

Cutoff Grade Mo (%)	Tonnes > Cutoff	Mo (%)	MoS2 (%)	Million lbs Mo
0.04	38,760,000	0.064	0.105	56.4
0.05	33,240,000	0.070	0.117	51.3
0.06	26,100,000	0.073	0.122	42.0
0.08	5,470,000	0.094	0.157	11.3

The Resource estimate was completed under the direction of Gary Giroux, P.Eng., an independent qualified person as defined by National Instrument 43-101.

Click here for resource disclosure.

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Preliminary Metallurgical Test Work

In 2007 preliminary metallurgical test work was conducted by Westcoast Mineral Testing Inc. of North Vancouver, BC. It was successful in determining that in bench scale test rougher stage molybdenum recoveries in excess of 86.5% can be achieved. While testing to date is very preliminary in nature, Westcoast Mineral Testing was confident that rougher stage molybdenum recovery of greater than 90% can be achieved at a coarse grind and with uncomplicated reagent additions. In addition, tests indicate that the Ajax deposit contains a very low content of minerals that could potentially impact molybdenite flotation.

Hole 2007-03 has been quartered and will be used for additional metallurgical testwork. Larger scale bench tests will assist in further optimization of molybdenum recovery and concentrate grades.

Project Infrastructure

The Ajax Property is situated on the eastern flank of Mount McGuire and is approximately 16 km north of Kitsault in the Alice Arm area and near the past producing BC Moly Mine. There is good road access between Kitsault and the city of Terrace, B.C. located 100 km to the south. Terrace is a city that supports a population of approximately 20,000 and has an airport with daily flights to Vancouver, BC. Local infrastructure is very good with both tidewater access and hydroelectric power situated at Kitsault. In addition, with the start-up of the Kitsault power plant, power lines will pass to within 8 km of the property's western boundary.

2006 Exploration Program

A 3,800m drill program tested the deposit at depth. Drilling extended the deposit 500m below pre-2006 drilling and up to 1km below surface. The mineralized system includes several areas of higher grade mineralization.

Results from the 2006 drill program are summarized below:

Hole	From (m)	To (m)	Length (m)	Mo%

DDH06-01*	312.42	364.24	51.82	0.062
including	333.4	352.04	18.64	0.081

DDH06-03*	340.77	352.96	12.19	0.068
AND	418.7	511.67	92.97	0.065
including	465.73	480.97	15.24	0.083
AND	523.40	669.95	146.55	0.073
including	523.40	562.80	39.4	0.095

DDH06-04	349.00	443.90	94.90	0.065
including	373.38	385.57	12.19	0.086
also including	422.15	443.90	21.75	0.086

DDH06-05	346.86	583.69	236.83	0.057
including	558.78	562.95	4.17	0.119
also including	575.31	583.69	8.38	0.100
AND	702.09	780.22	78.13	0.057
including	758.34	765.53	7.19	0.089

DDH06-06	614.04	759.87	145.83	0.064
including	629.95	642.52	12.57	0.107
also including	676.05	685.19	9.14	0.082
also including	706.53	719.42	12.89	0.072
also including	752.25	759.87	7.62	0.099

Ali Shahkar, P. Eng., who is a Qualified Person as defined by NI 43-101, supervised the Ajax Property exploration program. Drill core was sawn in half by company personnel and delivered to Acme Analytical Labs (in Vancouver) for assaying, using their 7TD package (4-acid digestion followed by analysis by ICP-ES). A check sampling program using standards, blanks and duplicates is utilized by the Company.

2005 Exploration Results

During the summer of 2005, three drill holes totaling 1,165 metres of core drilling was completed on the Ajax Property. The program was designed to twin two of the historic drill holes and a third hole was drilled to confirm historic grades. The two twinned drill holes showed an overall increase in grade of 14% and all three drill holes bottomed in significant mineralization (the last 38m of the third drill hole graded 0.106% Mo). Drilling remains open in three directions and at depth.

Highlights from the 2005 drill program include:

106.68 metres grading 0.111% Mo
33.53 metres grading 0.203% Mo
38.41 metres grading 0.106% Mo

Previous Exploration

The property was previously explored by a Newmont/Inco joint venture, primarily during the 1960's. Their evaluation included the drilling of 26 holes totaling 26,578 feet in length, between 1965 and 1967, largely using small diameter sized core. The work showed a large body of quartz vein stockwork and fracture hosted molybdenite mineralization occurring within intrusive and sedimentary rocks. At the conclusion of the 1967 drill program the joint venture estimated that the property hosted a mineral inventory of 192 million tons grading 0.123% MoS2 with the deposit being open to the north, southeast and at depth. This calculation was completed prior to the implementation of National Instrument 43-101 and is listed only for reference purposes.

Limited exploration completed on the property has identified a large historical (non 43-101 compliant) reserve of molybdenum. Some of the better holes included:

Hole	From	To	Int (ft)	MoS2
2	245	418	173	0.244
	507	779	272	0.17
19	0	140	140	0.183
	480	1090	590	0.133
3	0	100	100	0.164
29	500	850	350	0.151
6	391	805	414	0.141

Past drilling at Ajax was hampered in part by poor drilling conditions that resulted in several holes being stopped short of the targeted depth. Examples of this are Holes 2 and 19 where the final 272 and 430 feet respectively average 0.170% and 0.147% MoS2. Overall, core recoveries were acceptable although several holes experienced significant core loss in sections grading >0.100% MoS2 over 100 feet. This may have resulted in the grade being understated.

* Mineral Resources for the Ajax Deposit were estimated based on 35 drill holes, including 5 holes drilled in 2006. A 3-D model of the mineralization at Ajax was created using GEMS(r) software. This mineralized domain was largely based on the historical interpretations (by Newmont) resolved in the third dimension and incorporation of the most recent drilling. The resulting solid, represents an approximately 0.05% Mo grade-shell. Assays were then composited for 12m intervals and statistical analysis and variography completed for the mineralized domain. Ordinary kriging was then used to interpolate the molybdenum grades into the block model, with individual blocks 50m by 50m by 24m high. Due to the density of the drilling as compared to the size of the deposit, most of the Mineral Resource has been classified as Inferred.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resource estimates do not account for mineability, selectivity, mining loss and dilution. Inferred Mineral Resources are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred Mineral Resources will be converted to Measured and Indicated categories through further drilling, or into Mineral Reserves once economic considerations are applied.