VANCOUVER, June 12 /PRNewswire-FirstCall/ - Pinnacle Mines Ltd. ("Pinnacle") and Tenajon Resources Corp (TSX-V:TJS - News; "Tenajon") are pleased to announce that they have closed the transaction announced on April 21, 2008 and Pinnacle has now purchased Tenajon's wholly owned subsidiary, 0781639 B.C. Ltd. (the "Corporation"). The Corporation holds an undivided 40% ownership interest in and to the Kansas Claim and a 100% ownership interest in and to the Summit Lake property. Pinnacle purchased the Corporation for an aggregate deemed purchase price of approximately $3,015,000 (the "Acquisition"). The Kansas Claim and the Summit Lake property are both located near Stewart, British Columbia. Pinnacle now owns a 70.6% interest in and to the Kansas Claim and 100% of the Summit Lake Property. The remaining 29.4% undivided interest in the Kansas Claim is owned by Mountain Boy Minerals Ltd.Based on a NI 43-101 compliant Technical Report on the Silver Coin Property (which encompasses the Kansas Claim) prepared by Minefill Services, Inc. of Seattle, WA in April 2007, upon completion of the purchase, Pinnacle will have control over 70.6% of 364,307 ounces of gold resources in the measured and indicated category (7,597,054 tonnes grading 1.492 g/t gold) plus 719,599 ounces of gold resources in the inferred category (10,776,659 tonnes grading 2.077 g/t gold) on the Kansas Claim and now own 100% of the past producing Summit Lake gold property. On the entire Silver Coin property, Pinnacle controls approximately 67.8% of 423,003 ounces of gold resources in the measured and indicated category (9,707,497 tonnes grading 1.355 g/t gold) plus approximately 65.8% of 947,988 ounces of gold resources in the inferred category (15,947,629 tonnes grading 1.849 g/t gold).
D. Bruce McLeod, President and CEO of Tenajon stated "We are pleased to complete this transaction which has successfully consolidated the ownership of two highly prospective gold assets within the Stewart camp, and will allow Tenajon shareholders to directly benefit from further success in exploring and developing the Silver Coin and Summit Lake properties."
"We are very happy to complete the acquisition and excited about advancing the further potential of both projects. As announced by Pinnacle on May 15th, a $2.5 Million exploration program is currently underway on Silver Coin including Kansas which is aimed at expanding the known resource" said Paul Saxton, President and CEO of Pinnacle Mines Ltd.
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