NEWS: MAI rejects TNR back-in requestThis is going to be interesting, does this mean TNR got the $5 million raised to back in and RobM doesn't want to share the pie??
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Minera Andes files claim against TNR over back-in
2010-04-01 14:20 ET - News Release
Mr. Nils Engelstad reports
MINERA ANDES REJECTS TNR GOLD CORP.'S CLAIM OF BACK-IN RIGHT
Minera Andes Inc. has filed a statement of claim in the Supreme Courtof British Columbia against TNR Gold Corp. and its subsidiary,Solitario Argentina S.A.
In recent conversations and correspondence with Minera Andes, TNR hasasserted that it has an immediate right to back into the Los Azulesproject.
Minera Andes rejects the ability of TNR to back into any part of the Los Azules project.
By way of background, the project was, until the fall of 2009, subjectto an option agreement between Xstrata Copper and Minera Andes. In thefall of 2009, Xstrata elected not to exercise its option to back intothe project and subsequently transferred all properties then held byXstrata (and forming part of the project) to Minera Andes. Minera Andesnow owns 100 per cent of the project.
Certain of the Los Azules properties formerly held by Xstrataand transferred to Minera Andes following the termination of the optionagreement however remain subject to an underlying option agreementbetween Xstrata and TNR, whereby TNR has the right to back into up to25 per cent of the subject properties, exercisable by TNR upon thesatisfaction of certain conditions within 36 months of Xstrataexercising its option, including the completion of a feasibility study.It is important to note that the subject properties comprise thenorthern half of the project and do not represent 25 per cent of theLos Azules deposit by area or resources identified.