AJAX

Tenajon Resources 2007 drill program has increased the mineral resource estimate for the Ajax molybdenum deposit located 14 kilometres north of Alice Arm, British Colombia, Canada by over 75%. The upgraded resource estimate was prepared by Giroux Consultants Ltd., an independent consulting firm. Above a cut-off of 0.04 per cent molybdenum, Giroux estimates that the Ajax deposit contains an inferred resource of 483.1 million tonnes grading 0.061% Mo, representing 649.8 million pounds of molybdenum, and an indicated resource of 69 million tonnes grading 0.065% Mo, representing 98.9 million pounds of molybdenum. With the current resource base, Ajax is one of the largest undeveloped molybdenum deposits in North America and the deposit remains open laterally and at depth.

A new mineral resource estimate was reported. At a 0.04% molybdenum cut-off, the deposit contains an inferred resource of 483.1 Mt grading 0.061% molybdenum, representing 649.8 million pounds of molybdenum, and an indicated resource of 69 Mt grading 0.065% molybdenum, representing 98.9 million pounds of molybdenum. The current resource incorporates the results of 48 drill holes totalling 15,359 metres, including 13 holes that were drilled in 2007.

Received assay results for the final two holes drilled in 2007. Hole 2007-12 intersected a 143.26-metre intercept averaging 0.058 per cent molybdenum. Within the intercept are sections of 34.02 metres averaging 0.086 per cent molybdenum and 4.87 metres averaging 0.094 per cent molybdenum. Hole 2007-13 intersected a 38.52-metre section averaging 0.076 per cent molybdenum within a 130.01-metre intercept averaging 0.054 per cent molybdenum