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Tenajon Resources Corp.

Publié le 29 juin 2009

Creston Moly Signs Definitive Agreement to Acquire Tenajon Resources

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                                                                                                                                     A NORTHAIR GROUP COMPANY


SUITE #408-1199 WEST PENDER STREET                                                    SUITE 860 - 625 HOWE STREET

VANCOUVER, BC V6E 2R1 CANADA                                                              VANCOUVER, BC V6C 2T6  CANADA

TEL: (604) 694-0005 FAX: (604) 684-9365                                                             TEL: (604) 687-7545 FAX: (604) 689-5041

www.crestonmoly.com                                                                 www.tenajon.com




June 29, 2009                                                                                                 News Release #09-07


Creston Moly Signs Definitive Agreement to Acquire Tenajon Resources

Combined Company to Create the Largest Molybdenum Explorer in North America


Vancouver, British Columbia  Creston Moly Corp. (Creston) (CMS: TSX-V) and Tenajon Resources Corp. (Tenajon) (TJS: TSX-V) announce that they have completed their due diligence and have signed a definitive agreement under which Creston Moly will acquire all of the issued and outstanding shares of Tenajon in consideration for the issue of Creston shares on the basis of 0.84 share of Creston for each share of Tenajon. The boards of directors of Creston and Tenajon have unanimously approved the terms of the Transaction. 


Highlights of the Transaction:

(All amounts are in US$ unless otherwise stated.)


  • Creation of a platform for the combined company to become a leading molybdenum development company via organic growth and acquisition opportunities;
  • Consolidation of a large reserve and resource base consisting of three projects in favourable geographic locations (Mexico and Canada);

         100% ownership of  the Creston Molybdenum Deposit which has a pre-tax NPV8% of US$503 million at $15/lb Moly and $1.75/lb Cu under an owner mining scenario. Direct cash costs are estimated at $5.74/lb of Mo equivalent under an owner mining scenario;

  • 100% ownership of two Canadian development molybdenum deposits, including the Ajax deposit and the Moly Brook deposit, both of which possess significant 43-101 Resource estimates;
  • Excellent exploration potential on all three resource projects;
  • Strengthened management team with extensive development experience;
  • Upon completion of the transaction, the combined company will have approximately 175 million shares outstanding.


A presentation of the business combination is available for viewing at www.crestonmoly.com and www.tenajon.com


Board & Management


Following completion of the Transaction, Bruce McLeod will be appointed as President and CEO, Colin K. Benner will continue to serve as Chairman and Wayne Johnstone will continue serving as CFO. Upon completion of the Transaction, Jonathan George will continue with Creston serving as an advisor to the Board.


The Board of the Directors of Creston following completion of the Transaction will consist of Colin K. Benner, Bruce McLeod, Richard Godfrey, John McCleery, John Robins and Michael Gunning.




Creston and Tenajon anticipate that the Transaction will be carried out by way of a statutory plan of arrangement whereby Creston will acquire all of the issued shares of Tenajon and Tenajon will become a wholly owned subsidiary of Creston. The Transaction would be subject to certain conditions including: the approval of the Supreme Court of BC and the affirmative vote of not less than 66 2/3% of the common shares of Tenajon represented at a special meeting of the shareholders of Tenajon. However, the parties may consider an alternative form of transaction, such as an amalgamation or other form of business combination, as mutually determined by Creston and Tenajon. There is no certainty that the Transaction will be completed as presently contemplated, or at all.


Full details of the proposed transaction will be included in the definitive arrangement agreement and Management Information Circular to be prepared and filed with the regulatory authorities and mailed to Tenajon shareholders in accordance with applicable securities laws. Under the terms of the Transaction, each Tenajon shareholder will be entitled to 0.84 share of Creston for each share of Tenajon. Tenajon's outstanding options and warrants will be adjusted in accordance with their terms so that the number of Creston shares to be received upon exercise and the exercise price of the warrants are adjusted proportionately to reflect the exchange ratio described above. Based on the current Tenajon shares outstanding, the Transaction will involve the issuance of approximately 53.2 million Creston shares, which will equate to 30.4% of Creston’s post-Transaction shares outstanding.


The Transaction is expected to be completed early in the third quarter of 2009 and is subject to certain customary conditions, including receipt of all necessary court and shareholder approvals and dissent rights to the Transaction shall not have been exercised prior to the effective date of the Transaction by holders of Tenajon shares representing in the aggregate 5% or more of outstanding Tenajon shares at such time. It is anticipated that a special meeting of shareholders of Tenajon will be held at a time yet to be determined to approve the Transaction.


Creston has engaged Haywood Securities Inc. as its financial advisor and Miller Thomson LLP as its legal advisor in respect of this transaction. Tenajon has engaged Canaccord Capital Corporation as its financial advisor and DuMoulin Black LLP as its legal advisor in respect of this transaction.


About Creston


Creston owns 100% of the Creston Molybdenum Deposit (Creston Project) located in Sonora, Mexico. An independent Pre-Feasibility Study, prepared by M3 Engineering & Technology Corporation of Tucson, Arizona ("M3"), estimated production, capital and operating cost parameters along with project economics, and considers both owner and contract mining scenarios.


Highlights of Creston’s Pre-Feasibility Study and Base Case Mine Plan include:

(All amounts are in US$ unless otherwise stated.)


         A pre-tax Net Present Value (NPV) at an 8% discount rate of $465.3 million with contract mining and $502.9 million with owner mining ($15/lb Mo and $1.75/lb Cu);

         A pre-tax Internal Rate of Return (IRR) of 28.2% with contract mining and 27.2% with owner mining;

         Annual molybdenum and copper production of approximately 20 million pounds and 12 million pounds respectively from processing of 40k tonnes per day (ktpd) of ore;

         Direct cash costs of $6.57 per lb of Mo equivalent with contract mining and  $5.74 per lb with owner mining;

         An estimated initial capital expenditure of $511.6 million utilizing contract mining and $576.2 million with owner mining.


The Creston Molybdenum Deposit contains the following mineral reserves and In-pit inferred resources at a 0.037% Mo equivalent* cut-off grade:








lbs Mo




lbs Cu








Proven Reserves






Probable Reserves












Proven and Probable Reserves












In-pit Inferred Resources






*Mo equivalent:  Mo% + (Cu%/7.5)


1.        The mineral resources referred to herein have been estimated in a NI 43-101 technical report (the ?MDA Report?) prepared for Creston in December 2008 by Mine Development Associates (MDA). The person responsible for the resource estimate on behalf of MDA is Michael Gustin, P.Geo, and a Qualified Person for the purposes of National Instrument 43-101.The MDA Report is available at www.sedar.com.

2.       Proven and probable reserves are included in the statement of resources.


About Tenajon


Tenajon has a 100% interest in the Moly Brook Molybdenum Property, located 2.5 km from the Hamlet of Grey River on the southern coast of Newfoundland. Tenajon also has a 100% interest in the 1,718 hectare Ajax Molybdenum Property located 13 km north of Alice Arm, BC.


The Moly Brook and Ajax Molybdenum Projects contain the following mineral resources at a 0.04% Mo cut-off grade:










lbs Mo




lbs Cu









Moly Brook (1)





















Ajax (2)















1.       The Resource estimate for the Moly Brook Molybdenum Property was completed by Kirkham Geosystems Ltd under the direction of Garth Kirkham, an independent qualified person as defined by National Instrument 43-101. The Moly Brook Report is available at www.sedar.com.

2.       The Resource estimate for the Ajax Molybdenum Property was completed under the direction of Gary Giroux, P.Eng., an independent qualified person as defined by National Instrument 43-101. The Ajax Report is available at www.sedar.com.


Moly Brook Project Highlights


                     2009 Resource Estimate of Moly Brook Zone includes an Indicated Resource of 86.8 million tonnes grading 0.065% Mo (124.6 million pounds Mo contained) and an Inferred Resource of 31.2 million tonnes grading 0.056% Mo (38.6 million pounds Mo contained) at a 0.04% cut-off 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 totalling 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;


The Resource estimate for the Moly Brook Molybdenum Property was completed by Kirkham Geosystems Ltd under the direction of Garth Kirkham, an independent qualified person as defined by National Instrument 43-101.


Ajax Project Highlights


                     2008 Mineral Resource Estimate includes  an indicated mineral resource of 69.0 million tonnes averaging 0.065% Mo (98.9 million pounds Mo contained) and an inferred resource of 483.120 million tonnes grading 0.061% Mo (649.8 million pounds Mo contained) at a 0.04% cut-off grade (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;


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

For further information about Creston                                         For further information about Tenajon

Please contact:                                                                          please contact

Mr. C.K. Benner, Chairman                                                       Mr. Bruce McLeod, President

604-694-0005 (TEL)                                                                  604-687-7545 (TEL)
604-684-9365 (FAX)                                                                 1-888-338-2200 (TOLL FREE)
Website: www.crestonmoly.com                                                604-689-5041 (FAX)

Website: www.tenajon.com


Tenajon Resources Corp.

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Tenajon Res. est une société d’exploration minière d'or et d'argent basée au Canada.

Tenajon Res. détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont SUMMIT LAKE MINE, KANSAS CLAIMS, SILVER COIN, AJAX, MOLY BROOK, SUMMIT LAKE, STAR (LUPIN JV) et KANSAS au Canada.

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Projets de Tenajon Resources Corp.
15/09/2008(Moly Brook)Announces High Grade Drill Results from Moly Brook, Newfound...
08/07/2008(Moly Brook)Announces High grade Near Surface Results From Moly Brook, N...
26/03/2008(Burn) Intersects Anomalous Molybdenum Values Over 150m Strike Len...
29/02/2008(Moly Brook)Commences Mobilization of 2008 Drilling Program for the Moly...
21/02/2008(Moly Brook) Intersects 36.6 metres averaging 0.087% Molybdenum at Moly ...
05/02/2008(Ajax) Announces Drilling On Ajax Continues to Intersect Near Sur...
Communiqués de Presse de Tenajon Resources Corp.
26/08/2009Closing of Business Combination
29/06/2009Creston Moly Signs Definitive Agreement to Acquire Tenajon R...
27/05/2009Business Combination with Tenajon Resources Corp.
12/06/2008Closes Gold Asset Sale to Kansas PartnerThread-Topic: Tenajo...
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