Business & Finance
Business and Finance
Business and Finance
Wed, August 12, 2009
Tue, August 11, 2009 TNR Gold Corp.: TNR Gold Corp. Acquires More Ground in NWT and Commissions; 43-101 Report on Expanded Lithium & Rare Metals Pro
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2009) - TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE:TNR) is pleased to announce the signing of a letter of intent to acquire up to a 100% interest in the Maximoose 1 and 2 claims located 115 kilometres east-southeast of Yellowknife, Northwest Territories. The 4,086 acre Maximoose property surrounds TNR's 100% owned 551 acre Moose 2 property, and lies in an area known for lithium, tantalum, niobium with minor tin and beryllium mineralization associated with zoned pegmatite dykes.
Now that TNR has successfully acquired this key land package it has contracted Aurora Geosciences of Yellowknife to prepare a National Instrument 43-101 compliant report on the project. A key component to the work program to be performed will be the re-sampling of known showings and the confirmation of historic grades. Compilation of all the historic data combined with the grade confirmation will enable the Company to formulate a plan to further develop the project.
The Company expects to be in receipt of the completed report by mid September 2009. This report will be required as part of the Company's planned submission to publicly list its 100% owned subsidiary, International Lithium Corp.
To earn a 75% interest, TNR has agreed to make payments totaling CDN$205,000, issue 225,000 common shares of TNR and commit to work expenditures totaling CDN$500,000 over a four-year period. The Company will have an exclusive option to acquire the remaining 25% undivided interest in the property by making a payment of CDN$1,000,000 payable in cash or in common shares, at the sole discretion of TNR, within 5 years from the date of earning the 75% interest. TNR has agreed to pay a Royalty of 2% to the vendor if the vendor's interest is diluted to 10% or less and has the right to purchase 1% (1/2) of the royalty for CDN$1,000,000 at anytime prior to commercial production.
The agreement is subject to regulatory approval.
ABOUT THE MOOSE PROJECT
The 4,637 acre Moose project is located only 115 kilometres east-southeast of Yellowknife in the Northwest Territories, on the shores of Great Slave Lake, which allows relatively easy access to the property by barge in the summer and on ice roads in winter. Within 8 kilometers of the Moose project are four other significant occurrences of Lithium and/or Rare Earth Elements: Best Bet, the Moose 1, Big Hill #2 and Blatchford Lake while within 25 kilometres is Avalon Rare Metals Thor Lake deposit. The zonation of the Moose project pegmatite could allow for the mining and processing of 3 separate concentrates: a spodumene concentrate, an amblygonite concentrate, and a columbite-tantalite-cassiterite concentrate (Groves 1978). The property was a minor producer between 1947 and 1954, has seen a very limited amount of drilling with the deposit remaining open at depth and along strike.
For more information about Lithium and Rare Metals - deposits, production, markets and news please refer to TNR's "About Lithium" page at: [ http://www.tnrgoldcorp.com/s/AboutLithium.asp ].
Ike Osmani, P.Geo, is the company's qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this press release.
ABOUT TNR
TNR is a diversified metals exploration company focused on identifying and exploring existing properties in Argentina and Alaska and new prospective projects globally. Upon approval of pending licences in Ireland, TNR will have a total portfolio of 32 projects, of which 16 will be included in the proposed spin-off of International Lithium Corp.
It is anticipated that TNR shareholders of record will receive one share and one full tradable warrant of International Lithium Corp. for every 4 shares of TNR held as of the yet determined record date. This will result in TNR shareholders owning shares in both TNR and International Lithium. 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 projects in Argentina, Canada, USA and Ireland confirms the Company's commitment to project generation, market diversity and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
