NEWS OUTTTT!!!!https://www.marketwire.com/press-release/Tnr-Gold-Corp-TSX-VENTURE-TNR-1054119.html
Oct 02, 2009 13:06 ET
TNR Gold Corp. Provides Update on Los Azules Copper Property
VANCOUVER, BRITISHCOLUMBIA--(Marketwire - Oct. 2, 2009) - TNR Gold Corp. ("TNR" or the"Company") (TSX VENTURE:TNR) is pleased to provide the following updateon the status of its Los Azules property located in the San JuanProvince of western central Argentina.
Minera Andes Inc. ("MAI") has today announced that Xstrata PLC hasnot given notice of exercise of its right to back-in to its Los AzulesCopper Project (the "Project") for a 51% interest prior to the expiryof the time period for giving such notice under the terms of itsback-in.
Gary Schellenberg, President of TNR, commented that, "Xstrata'sdecision does not affect TNR's own back-in right with respect tocertain of the properties located in the Project. We are confident inthe viability of the project therefore fully intend to exercise ourback-in at the appropriate time and look forward to a mutuallybeneficial working relationship with MAI."
TNR retains a conditional 25% back-in right to certain of theproperties within the Project through its wholly-owned subsidiary,Solitario Argentina S.A. ("Solitario") under an exploration and optionagreement (the "Exploration and Option Agreement") between MIMArgentina Explorationes S.A. ("MIM"), a subsidiary of Xstrata PLC, andSolitario dated May 15, 2004, which is one of the underlying agreementsto which MAI's interest is subject. TNR's back-in option is currentlythe subject of a legal dispute, with a court date set for the fall of2010.
In the legal proceedings, TNR is seeking rectification of theExploration and Option Agreement to the extent that it purports toterminate Solitario's back-in rights if a feasibility study is notcompleted within three years of MIM exercising its option. TNR'sposition is that the true intent of the parties is reflected in aletter of understanding which provided that Solitario's back-in rightsubsists until 120 days after completion of a feasibility study. TNR isalso seeking confirmation of ownership of its Escorpio IV claim, whichis located adjacent to the Project; and a declaration that the EscorpioIV property is excluded from the Exploration and Option Agreement.
There can be no assurances as to the outcome of this litigation orof any related claim that TNR may have with respect to the Explorationand Option Agreement. At this time, the likelihood of the outcome isnot determinable and no recoverability or liability has been recordedin connection with these legal actions.
ABOUT TNR GOLD CORP.
TNR is a diversified metals exploration company focused onidentifying and exploring existing properties and new prospectiveprojects globally. TNR has a total portfolio of 32 projects, of which16 will be included in the proposed spin-off of International LithiumCorp.
The recent acquisition of lithium projects in Argentina, Canada,USA and Ireland confirms the company's commitment to projectgeneration, market diversity, and building shareholder value.
ABOUT THE LOS AZULES PROJECT
Information concerning the resources and pre-economics of the LosAzules Project can be obtained by reference to MAI's press releasesdated October 2, 2009 and February 5, 2009 and to the technical reportentitled "Canadian National Instrument 43-101 Technical Report inSupport of the Preliminary Assessment on the Development of the LosAzules Project, San Juan Province, Argentina" dated March 19, 2009.Each of these documents is available at www.sedar.com.
On behalf of the board,
Gary Schellenberg, President
CAUTIONARY LANGUAGE
Statements in this press release other than purely historicalinformation and historical estimates are forward-looking statements andshould not be relied upon. Such forward-looking statements includestatements relating to the Company's future plans and objectives orexpected results and any statements or inferences as to the outcome oflitigation pertaining to its Los Azures properties. This news releasecontains certain "Forward-Looking Statements" within the meaning ofSection 21E of the United States Securities Exchange Act of 1934, asamended. Forward-looking statements are based on numerous assumptionsand are subject to all of the risks and uncertainties inherent in theCompany's business, including risks inherent in resource explorationand development and the risks inherent in litigation. As a result,actual results and outcomes may vary materially from those described inthe forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
The TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) does not acceptresponsibility for the adequacy or accuracy of this news release.