Business & Finance
Business and Finance
Business and Finance
Thu, October 15, 2009
Wed, October 14, 2009 TNR Gold Corp.: TNR Gold Corp. Acquires Large Rare-Earth Elements Target in Ontario
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2009) - TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE:TNR) is pleased to announce the acquisition by staking of the Big Beaverhouse carbonatite complex located 450 kilometres north of Thunder Bay in northwestern Ontario.
Key point summary:
- The Big Beaverhouse is one of the largest carbonatites complexes in the province of Ontario measuring 6 kilometres in diameter and a surface area of approximately 16 square kilometres.
- It was explored from 1960-1977 for niobium (pyrochlore) and residual apatite (industrial fertilizer application).
- A 98 metre thick magnetite-apatite-rich unit intersected by a historical drill hole near the centre of the complex was sampled and analyzed in 1980 by the Ontario Geological Survey, confirming the presence of Rare-Earth Elements mineralization.
- Rock types encountered are similar to Rare-Earth Elements projects at the Mountain Pass Deposit of Molycorp in California and the Bear Lodge carbonate of Rare-Element Resources in Wyoming.
- Other historical data reveals high grade niobium up to 5.5 wt. % over 1.7 metres.
Gary Schellenberg, President and CEO of TNR comments "We are pleased to have diversified our exploration portfolio to include Rare-Earth Elements targets. Rare-Earth Elements along with Lithium and Rare Metals are in high demand as a result of the rapid advancement in technology, including green power generation, nanotechnologies, hybrid and electric cars. TNR is thriving to move into this new market of high value strategic commodities to help meet the needs of consumers resulting from unprecedented growth in high-tech industries."
ABOUT BIG BEAVERHOUSE RARE-EARTH ELEMENTS PROPERTY
The Big Beaverhouse property consists of 12 claims (180 units-460.8 hectares) located 450 kilometres north of Thunder Bay in northwestern Ontario. The property can be accessed by floatplane or boat in the summer and a winter road in the winter. An all weather road and infrastructure is located 40 kilometres southwest at Goldcorp Inc.'s producing Musselwhite gold mine.
Partial Rare-Earth Elements analyses conducted by the Ontario Geological Survey on historical drill holes on the property in the 1980's has reported up to 3,200 ppm La+Ce+Nd (Sage 1982). Of significance is the documentation of loparite ((Ce, Na, Ca)TiO3) in the complex (Platt 1994). Loparite may contain up to 34 wt.% total Rare-Earth Elements oxides (TREO) and is an important ore mineral for the Rare-Earth Elements in Russia. Other historical data reveals up to 5.5 wt.% Nb2O5 over 1.7 m and up to 18.9 wt.% P2O5. Drilling in the 1960's, carried out for niobium, intersected a 98 m thick magnetite-apatite-rich unit near the centre of the complex. Such units could contain elevated Rare-Earth Elements, which will be investigated. Apatite contains up to 3.3 wt.% total Rare-Earth Elements in carbonatite-alkalic complexes elsewhere.
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 GOLD CORP. / INTERNATIONAL LITHIUM CORP.
TNR is a diversified metals exploration company focused on identifying and exploring on existing properties and identifying new prospective projects globally. TNR has a total portfolio of 33 properties, 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 up to 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, rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the company's commitment to generating projects, diversifying its markets, 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.
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.
