• 2009 Resource Estimate of Moly Brook Zone includes an Indicated Resource of 86.8 million tonnes grading 0.065% Mo (124.6 million pounds) and an Inferred Resource of 31.2 million tonnes grading 0.056% Mo (38.6 million pounds) at a 0.04% cutoff grade (NI 43-101 compliant)
• 2009 Resource Estimate report outlines Indicated Resources of 120.0 million pounds of molybdenum and Inferred Resources of 32.1 million pounds of molybdenum are contained within a pit shell, which has an estimated strip ratio of 2.03:1, including the potential for a higher grade starter pit with an estimated strip ratio of 1.09:1 hosting Indicated Resources of 43.4 million pounds of molybdenum and Inferred Resources of 4.3 million pounds of molybdenum
• 2009 metallurgical work completed was successful in determining that in bench scale tests rougher stage molybdenum recoveries in excess of 90% can be achieved
• In 2008, a drill program totaling 11,640 metres and a trenching program successfully expanded the size, defined and confirmed the molybdenum mineralization, which projects to surface and is open at strike and at depth
• In 2007, an initial drill program totaling 3,633 metres successfully encountered consistent near surface, high grade molybdenum over significant widths
• Located in a mining friendly district on the southern coast of Newfoundland, less than 4 kilometres from a deep water, ice free, navigable fjord with access to electric power 80 kilometres to the north, a freshwater source and a favourable mining infrastructure
• Significant historical drill results (not 43-101 compliant) at Chimney Pond Zone on trend and approximately 2km to the south of the Moly Brook Zone highlights the size potential of this molybdenum deposit

The Moly Brook Property is located 2.5 km from the Hamlet of Grey River on the south coast of Newfoundland, less than 4 km from a deep water, ice free, navigable fjord. Molybdenum was first discovered at Moly Brook in 1995 by the now defunct Royal Oak Mines Inc. while exploring for gold. On the basis of just four drill holes, Royal Oak was satisfied that it had discovered a significant porphyry-style molybdenum deposit. However, due to extremely low molybdenum prices at the time and Royal Oak's deteriorating financial situation, they discontinued all exploration in Eastern Canada shortly after the discovery.

2009 Metallurgical Test Work

In 2009 results of the preliminary metallurgical test work determined that a series of rougher tests conducted on both composites indicated that over 90% of the molybdenum can be recovered into a rougher concentrate. Similar results were achieved when grinding the flotation feed to K80 148 and 225 microns. The cleaner tests for the high grade composite produced a concentrate averaging 53% molybdenum containing 85% of the molybdenum in the feed, while test work on the low grade composite produced results that were slightly lower compared to the high grade composite. On average about 82% of the molybdenum in the feed was recovered into a flotation concentrate assaying 52% molybdenum. The rougher concentrates were ground to a nominal K80 18 microns prior to two stages of cleaning. The metallurgical program was carried out by G&T Metallurgical Services of Kamloops, BC under the supervision of Peter Taggart, P.Eng. of Peter Taggart and Associates Ltd., a qualified person as defined by NI 43-101. Mr. Taggart has reviewed this news release and agreed to its contents.

2007 Exploration Program

In November 2007, Tenajon completed a phase one 12 hole drill program totaling 3,633 metres in length, testing the target zone over 750 metres of strike length. The program was designed to follow-up on the results of geochemical and geophysical surveys that expanded the area of potential molybdenum-copper mineralization previously defined by Royal Oak Mines Inc. Soil sample results, using the 25 ppm Mo in soil contour, outlined a 1,200 metre long and up to 700 metre wide anomaly. Coincidental with the soil anomaly was a 1,500 metre long and up to 800 metre wide zone of high chargeability, as defined by I.P. surveying. Results of the 2007 drill program defined consistent near surface, high grade molybdenum intercepts over significant widths, demonstrating that the Moly Brook deposit has the potential to host a significant bulk tonnage molybdenum deposit. In addition the Company has reviewed historical reports from the property which show two short holes located 1.8 kilometers on trend to the south from the Moly Brook Zone intersected molybdenum values, further highlighting the size potential of the deposit. Results included a 27.43 metre long hole averaging 0.057% Mo with the last 7.61 metres averaging 0.118% Mo (non 43-101 compliant). Hole MB 07-2 successfully tested the up dip extension of the mineralization in Royal Oak hole 95-01 and the along strike extension to that in Royal Oak hole 95-04. Results included a 373.08 metre intercept averaging 0.066% Mo. Within this intercept there is a 109.73 metre section averaging 0.097% Mo, corresponding with the western high grade portion of the Moly Brook Zone, and a 21.34 metre section averaging 0.133% Mo occurring in the eastern half. Hole MB 07-3 tested the eastern half of the Moly Brook Zone approximately 75 metres below Royal Oak hole 95-01. Due to the limited depth capacity of the drill, the western portion of the Moly Brook Zone as intersected in Hole MB 07-2 could not be tested at depth. Hole MB 07-3 intersected similar style mineralization with the intersections being wider and higher grade than those in holes MB 07-2 and Royal Oak hole 95-01. Hole MB 07-3 demonstrates that mineralization intersected in Royal Oak hole 95-01 can be traced from surface to in excess of 150 metres below surface with the zone being open in all directions. Holes MB 07-4 through 8 tested the Moly Brook Zone on strike from Holes MB 07-2 and 3. Hole MB 07-7 tested the northern extension of the eastern portion of the Moly Brook Zone north of the Moly Brook Fault. All of the holes intersected similar styles of mineralization over varying widths. In part due to capacity of the drill rigs, some of the holes ended while in significant molybdenum mineralization. Hole MB 07-7 intersected molybdenum values north of the Moly Brook Fault with anomalous values occurring throughout the last 200 metres. Hole MB 07-08 is the deepest test of the Moly Brook Zone to date. Incorporating the results of Hole MB 07-2 with those of Hole MB 07-8, the deposit shows high grade molybdenum values have been encountered at the Moly Brook Zone over 300 metres in vertical distance. Holes MB 07-09 to MB 07-11 were drilled to test the potential for molybdenum mineralization to the north of the Moly Brook Fault, which was previously thought to cut-off the Moly Brook Zone. Results determined that Holes MB 07-09 and 07-11 intersected sections hosting molybdenum mineralization similar to that to the south of the fault and successfully extending the Moly Brook Zone to the north of the fault. Hole MB 07-12 was drilled to test the zone 100 metres to the south of Hole MB 07-06 (64 metres of 0.057% Mo).

Click here to view the results of the 2007 drill program

Click here to view the drill hole location map.

The work at Moly Brook was completed by GeoScott Exploration Consultants under the supervision of Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101.

At Moly Brook, drill core is sawn into halves with one half being sent for analysis and the other kept for future reference. All samples are prepared at Eastern Analytical using a 600 gram split with the resultant pulp being analyzed at Acme Analytical Labs using a 4 acid digestion with analysis by Inductively Coupled Plasma Mass Spectrometry (ICP-MS). 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. All of the soil and rock samples were prepared and analyzed by Eastern Analytical Labs, located in Springdale, Newfoundland. Rock samples are crushed with a jaw crusher to 75% passing 10 mesh and split with a riffle splitter to approximately 250 grams. The samples are then pulverized to 95% passing 150 mesh and then analyzed for gold using fire assay with an A.A. finish using a half assay ton. Assay standards are entered into the sequence to maintain accuracy.

Moly Brook Geology

At the Moly Brook Property molybdenite occurs primarily along the rims of a series of north trending, subvertical sheeted veins and fracture faces over a 450 x 1,100 metre area. On occasion quartz vein stockwork is formed with molybdenite occurring in all of the vein orientations. Molybdenite also occurs as disseminations within the intrusion. The style of mineralization appears to be similar to that at Thompson Creek Metal's Endako Mine in British Columbia where the majority of molybdenite occurs within a sheeted vein and fracture system. Molybdenum mineralization was first discovered on the property in 1995; outcropping mineralization was sampled over nearly 550m of section along an unnamed stream, subsequently named Moly Brook. The outcrop in the stream bed and adjacent walls exhibits typical porphyry textures, strong alteration and porphyry style molybdenum mineralization over the entire section. Coarse molybdenite is found in quartz veinlets and fractures cutting a hornblende and feldspar porphyritic quartz monzonite. It is associated with minor chalcopyrite, fluorite, gypsum and pyrite. Follow-up prospecting and mapping located similar mineralization in outcrops south of the stream and outlined an area approximately 1,100m long (north-south) by 450m wide (east-west) where these outcrops were noted. Geologists reportedly mapped hydrothermal alteration over an area approximately 2 square kms surrounding the molybdenum rich core of the porphyry. Ground based total field magnetics and a detailed soil geochemistry program show coincident anomalies over the porphyry stock and mineralized area.

Moly Brook Acquisition

In 2007, Tenajon entered into a binding agreement for the acquisition of 100% of the 675 ha Moly Brook property with an arms length syndicate of holders for the sum of $20,000 and 350,000 shares. The Moly Brook property is subject to a 2% NSR, of which 1.5% can be purchased by Tenajon for C$1,500,000. A finders fee of $2,000 and 35,000 shares were issued in respect to the Moly Brook acquisition. In 2008, the Company entered into two separate agreements to acquire the Moly Brook North and Grey River Gold Properties. The Moly Brook North Property consists of 18 claims which borders the northern side of the Moly Brook Property, while Grey River Gold Property consists of nine claims and borders the Moly Brook Property to the east. In addition, the Company acquired an addition 51 claims through staking immediately to the north of the Moly Brook North claim block. With the addition of the 2008 claims, Tenajon now controls 149 claims totaling 3,725 hectares in and around the Moly Brook Property. The Moly Brook North Property (100%) can be acquired for the sum of $5,000 and 75,000 shares and will be subject to a 2% NSR, of which 1.0% can be purchased by Tenajon for C$1,500,000. The Grey River Gold Property (100%) can be acquired for the sum of $3,000 and 50,000 shares, and will be subject to a 2% NSR of which 1.0% can be purchased by Tenajon for C$1,500,000.