Investec Bank Limited of South Africa to Arrange U.S. $127 Million Debt Financing for Tenke Fungurume Copper/Cobalt Project

Business Wire, May 20, 1997

VANCOUVER, B.C.--(BUSINESS WIRE)--May 20, 1997--(TSE, VSE TNK.) Tenke Mining Corp. (the "Company") is pleased to announce that it has mandated Investec Bank Limited of South Africa to arrange a procurement debt facility of U.S. $127 million on a project finance basis as part of an overall debt financing package for the first phase development of the Tenke Fungurume copper/cobalt deposits.

Total financing for Phase 1 development is estimated to be U.S. $390 million. This will involve both new equity financing and debt financing which the Company anticipates finalizing by June, 1998. A debt to equity ratio of 40:60 is expected to be maintained.

Phase 1 of project development targets first copper production early in the year 2000. On completion of the feasibility study, the Company will mobilize the engineering, procurement and construction of the mine.

This will involve the Company tendering the engineering/procurement/construction management contract in early 1998.

Construction of the mine is expected to be completed in the first quarter of the year 2000 with commissioning and first copper shortly thereafter. Initial production is anticipated at 100,000 tonnes of copper and 8,000 tonnes of cobalt per year.

The Tenke Fungurume concessions cover over 1,437 square kilometres and contain exceptionally high-grade copper/cobalt deposits.

Geological resources total over 222 million tonnes of 4.42% copper and 0.33% cobalt using a cutoff grade of 1% copper equivalent.

The Company concluded binding contractual arrangements for a 55% interest in these concessions with Gecamines and the Government of Zaire on November 30, 1996 and has had the Alliance of Democratic Forces for the Liberation of Congo-Zaire ratify these arrangements on May 2, 1997.

The fully-funded feasibility study commenced on January 6, 1997 and to date U.S. $12.3 million worth of contracts have been awarded to various contractors with the primary contract being awarded to Kilborn SNC Lavalin (Europe) Ltd. A U.S. $6 million exploration program has been mobilized with drilling commencing on May 2, 1997.

Twenty tonnes of oxide ore have been recovered from 3 adits at the Kwatebala deposit and air freighted to Svedala in York, Pennsylvania for grinding tests and Lakefield, Ontario for leaching tests. -0- ON BEHALF OF THE BOARD "Edward H. Webb" President

CONTACT: Tenke Mining Corp.

Sophia Shane, 604/689-7842