Copper in Argentina: TNR Gold Provides Update on Los Azules Copper Project TNR.v, CZX.v, MAI.to, AUY, BVN, ABX, LUN.to, RTP, BHP, RIO, CUU.v, FCX, FXI
Value of the prise in the ground at Los Azules is rising with every drill hole. It is very important to see that the best grade was in a step out hole 300m to the North - we have a very big chances of increasing size of the deposit at Los Azules. The step out hole 51 and majority of the High Grade Core of the deposit are located on Xstrata's part of the property, back in right into which is now the subject of legal dispute between TNR Gold, Xstrata and Minera Andes.
"The very important issue for development of Los Azules - ownership for Escorpio IV stays with TNR Gold until court decision in the Fall. Escorpio IV will accommodate part of the mining facilities according to Minera Andes Preliminary Economic Assessment of the Los Azules."
"TNR Gold has announced today (23rd of April, 2010) a very important milestone in the development of the company: management and, what is very important, investors behind this financing are not discouraged by any legal rhetoric from Xstrata and Minera Andes and methodically advancing their legal case in Los Azules back-in right case. Company reports that as part of its legal strategy TNR Gold secured the credit facility and have notified Minera Andes about an early back-in right into the Los Azules project.It looks like money will be used only in case of successful litigation progress and this bridge loan allows company to finance the back-in right without dilution of TNR Gold and International Lithium Corp. at these price levels, which do not reflect the possible success in litigation.You can review Los Azules project details in Minera Andes presentation. Recent news on developments at Los Azules can be found here and for further reference we will address you to the latest TNR Gold presentation. Every legal case brings uncertainty and you should address it in a legal statement below."
We are not legal experts, but legal tactic of TNR Gold with announced early back in waiving the condition of feasibility study looks very interesting in conjunction with Law and Equity Act:
54 If the performance of a contract is suspended until the fulfillment of a condition precedent, a party to the contract may waive the fulfillment of the condition precedent, even if the fulfillment of the condition precedent is dependent on the will or actions of a person who is not a party to the contract if
(a) the condition precedent benefits only that party to the contract,
(b) the contract is capable of being performed without fulfillment of the condition precedent, and
(c) where a time is stipulated for fulfillment of the condition precedent, the waiver is made before the time stipulated, and where a time is not stipulated for fulfillment of the condition precedent, the waiver is made within a reasonable time."
Feasibility study -- a detailed investigation and analysis of a proposed development project to determine whether it is viable technically and economically. It looks like that it will be clearly to the benefit of TNR Gold to know, whether Los Azules can be economically viable or not before back in and if they have decided to take the risk, put the money and step in before it - how it could be denied? We will monitor the situation.
We have a position in this company, please, do not consider anything as an investment advise, as usual, on this blog.
Press Release Source: TNR Gold Corp. On Friday May 7, 2010, 3:21 pm EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2010) - TNR Gold Corp. (TSX VENTURE: TNR - News; "TNR" or the "Company") is pleased to provide the following update on the status of its Los Azules project located in the San Juan province of Western Argentina.
Minera Andes Inc. ("MAI"), announced yesterday that they have received further positive results from their diamond drill program of approximately 10,007 metres at the Los Azules project. For further details on the exploration program, please refer to MAI's news on May 6th, 2010.
The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource. TNR's wholly owned subsidiary, Solitario Argentina S.A., has served notice of exercising its 25 per-cent back-in right to certain of the properties. Solitario's right to back into the properties is the subject of a lawsuit filed by Minera Andes, and the terms of the back in right are the subject of litigation between Solitario and Xstrata. A court date is set for the fall of 2010.
In the legal dispute with Xstrata, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Project, and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
ABOUT TNR GOLD / INTERNATIONAL LITHIUM CORP.
TNR and International Lithium Corp. ("ILC") are diversified metals exploration companies focused on exploring existing properties and identifying new prospective projects globally. TNR has a portfolio of 18 active projects, of which 9 will be included in the proposed spin-off of International Lithium Corp. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.com/.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements. In particular, there are no assurances that any transaction will result from the strategic review, or that if any transaction arises, that it will be completed. Nor are there any assurances that the Company will be successful in the current litigation with respect to the Project. This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration."
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2010) - TNR Gold Corp. (TSX VENTURE: TNR - News; "TNR" or the "Company") is pleased to provide the following update on the status of its Los Azules project located in the San Juan province of Western Argentina.
Minera Andes Inc. ("MAI"), announced yesterday that they have received further positive results from their diamond drill program of approximately 10,007 metres at the Los Azules project. For further details on the exploration program, please refer to MAI's news on May 6th, 2010.
The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource. TNR's wholly owned subsidiary, Solitario Argentina S.A., has served notice of exercising its 25 per-cent back-in right to certain of the properties. Solitario's right to back into the properties is the subject of a lawsuit filed by Minera Andes, and the terms of the back in right are the subject of litigation between Solitario and Xstrata. A court date is set for the fall of 2010.
In the legal dispute with Xstrata, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Project, and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
ABOUT TNR GOLD / INTERNATIONAL LITHIUM CORP.
TNR and International Lithium Corp. ("ILC") are diversified metals exploration companies focused on exploring existing properties and identifying new prospective projects globally. TNR has a portfolio of 18 active projects, of which 9 will be included in the proposed spin-off of International Lithium Corp. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.com/.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements. In particular, there are no assurances that any transaction will result from the strategic review, or that if any transaction arises, that it will be completed. Nor are there any assurances that the Company will be successful in the current litigation with respect to the Project. This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration."
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