Mariana Lithium Brine Project UpdateMariana Lithium Brine Project Not Affected Salta Province, Argentina
03/12/2011 [ACCESSWIRE]
Vancouver B.C.: TNR Gold Corp. ("TNR") and wholly-owned International Lithium Corp.("ILC") (jointly the "Company") would like to state that the 160 squarekilometre Mariana lithium brine project located in the Argentineanprovince of Salta is unaffected by the recent provincial decree in theprovince of Jujuy.
Key Highlights:
-Mariana lithium brine project is located in the Province of Salta;
-Decree 7592/11 is restricted to the Province of Jujuy;
-Mariana exploration and potential development remains unaffected; and
-Salta Province considered favorable mining jurisdiction.
Jujuy Provincial Decree
Last week, the governor of the Argentinean Province of Jujuyannounced Decree 7592/11 declaring lithium a strategic mineral andproclaiming that all present and future lithium projects must bereviewed by a special expert commission before being approved by localand national authorities.
Mariana Project Unaffected
In the Company’s understanding, Argentinean Provinces and theirrespective governments operate as relatively independent entities informing attitudes towards and enacting legislation revolving aroundexploration and mining activities. Readily observable from province toprovince is a marked variation in mining regulations as well the actionsof one province will not necessitate any reciprocal or conjointmeasures in another province.
To this degree, the Company is informing all investors andstakeholders that the Mariana lithium brine project is not locatedwithin Jujuy Province and is therefore wholly situated outside of thejurisdiction affected by the decree.
“In the Company’s 20 year experience of supporting a full timeexploration office in Argentina and looking back even further, theProvince of Salta, in which the Mariana project is situated, has been anexample of and is consistently considered a stable mining friendlyjurisdiction.” states TNR CEO Gary Schellenberg “I view the Jujuy decreeas having no impact on the current exploration as well as the potentialfuture development of the Mariana project.”
ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM CORP
The Company is a diversified international metals exploration companyfocusing on the continued advancement of existing properties andidentifying and acquiring new prospective projects. The Company has aportfolio of 18 active projects, of which 9 rare metals projects,including Mariana, will be held or optioned to the Company's whollyowned subsidiary International Lithium Corp upon completion of aproposed plan of arrangement.
The objective of the proposed plan of arrangement is to spin out theCompany's rare metals property interests into a separate public company,International Lithium Corp. This proposed plan of arrangement has beenapproved by the Company's shareholders and the courts of BritishColumbia. The Company will now proceed with the spin out and willprovide updates on the progress of the spinout in further news releases.For further details of the spinout, please visit InternationalLithium's website.
The recent acquisition of lithium, other rare metals and rare-earthelements projects in Argentina, Canada, USA and Ireland confirms thecombined companies' commitments to generating projects, diversifying itsmarkets, and building shareholder value.
On behalf of the board,
Gary Schellenberg
President