Tenke releases updated resource estimates for Tenke Fungurume

Vancouver – Updated resource estimates have been released by Tenke Mining (TNK-T) for the Tenke Fungurume copper-cobalt deposit in the Democratic Republic of Congo (DRC). The company holds a 24.75% interest in the large deposit being advanced to production by senior partner Phelps Dodge (PD-N).

Tenke released new estimates prepared by Nilsson Mine Services and Mintec in accordance with National Instrument 43-101 reporting standards. Phelps Dodge did not participate in the calculation, and is subject to U.S. disclosure requirements. Tenke notes that its partner’s disclosure “may contain different or additional information.”

Based on Tenke’s latest estimates, Tenke Fungurume hosts measured and indicated resources totaling 235.1 million tonnes grading 3.01% copper, or 2.19% acid-soluble copper and 0.31% cobalt, or 0.22% acid-soluble cobalt. These estimates include oxide, mixed and sulphide resources. Oxide resources accounted for 92.26 million tonnes of the total, with 138.79 million tonnes classified as mixed.

Tenke Fungurume contains additional inferred resources (oxide, mixed and sulphide) totaling 263.75 million tonnes grading 2.6% copper, or 1.73% acid-soluble copper, and 0.19% cobalt, or 0.13% acid-soluble cobalt. Again, mixed (oxide and sulphide) material accounted for the bulk of resources, at 176 million tonnes, with oxides accounting for 70.15 million tonnes.

Tenke states that the updated resource estimates are based on all available drill-hole data, exclusive of recent infill, condemnation and step-out drilling recently conducted by Phelps Dodge. The company notes that a total of 1,090 holes comprising about 160,000 metres of core drilling have been completed within the main deposit areas, along with extensive adit and channel samples.

Condemnation drilling is now complete, and Phelps Dodge has established locations for its proposed solvent extraction-electrowinning plant, waste dumps and tailings disposal areas. Results from ongoing infill drilling will be included in the final feasibility study, scheduled for completion in late July. The company intends to begin mine construction at Tenke Fungurume late this year, with a view to producing the first copper in late 2008.