TNR Gold Corp. Advises of Mcewen Mining's Drill Results at the Los Azules Copper Project
02.04.2013 | The Newswire
Vancouver, British Columbia - April 02, 2013 -- TNR Gold Corp. ("TNR", "TNR Gold" or the "Company") advises that McEwen Mining Inc. (NYSE:MUX, TSX:MUX) ("McEwen Mining") has issued a news release dated 28 March, 2013 in relation to the Los Azules Copper Project in San Juan Province, Argentina. TNR holds a 25% back-in right, exercisable upon the completion of a feasibility study, on the northern part of the Los Azules property.The news release issued by McEwen Mining summarizes recent results from nine new drill holes completed on the property. In their press release McEwen Mining states, "drilling continues to intersect significant intercepts of high to medium grade copper mineralization over long intervals west of the original deposit." The news release is available at www.mcewenmining.com and on SEDAR at www.sedar.com. TNR encourages its shareholders to read the press release issued by McEwen Mining to gain a better understanding of the work performed and the potential impacts this will have on the project. McEwen Mining's press release appears to be prepared by a qualified person and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no Qualified Person engaged by TNR Gold Corp. has done sufficient work to analyze, interpret, classify or verify McEwen Mining's information to determine the current mineral reserve or resource or other information referred to in the press release. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.
In their news release, McEwen Mining announced assay results from nine new drill holes. Highlights from the news release include the following reported intervals from two drill holes that are located on the Escorpio II mineral claim, which forms a part of the land package included in TNR Gold's back-in right.
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|Hole ID|From (m)|To (m)|Thickness (m)|Copper Grade (%)|
|------------------------------------------------------|
|12106 |106 222 |222 |116 206 68 |1.01 0.55 1.18 |
| |428 |428 | | |
| | |496 | | |
|------------------------------------------------------|
|12114 |224 |374 |150 |0.70 |
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In addition, McEwen Mining announced that they have completed 15,800 meters drilling this season with the results to be incorporated into an updated resource estimate to be released by the end of May. The resource will subsequently form the basis of a new Preliminary Economic Assessment (PEA) expected in the third quarter 2013.
Kirill Klip, Non-Executive Chairman of TNR, stated, "McEwen Mining continues to prove up the potential of the Los Azules project. The latest drill results reported in the McEwen Mining press release show mineralization occurring to the west of the original deposit and at deeper depths. I especially welcome the discovery of higher grade material and look forward to reading more as the project evolves over time. This project has the potential to become an important value driver for TNR Gold and our shareholders."
John Harrop, PGeo, FGS, is a "Qualified Person" as defined under NI 43-101 and has reviewed and approved the technical content of this news release.
About Los Azules
The Los Azules copper project is located in San Juan, Argentina. It is one of the largest undeveloped copper projects in the world. The Los Azules porphyry system occurs within a belt of porphyry copper deposits known as the Andean Porphyry Belt that straddles the Chilean/Argentine border and contains some of the world's largest copper deposits.
TNR Gold retains a "back-in" right on the Los Azules project, currently 100% owned by McEwen Mining. The back-in right is for up to 25% of the equity in certain claims comprising the northern portions of Los Azules. The right is exercisable upon the completion of a feasibility study. TNR must pay two (2) times the expenses attributable to the back in percentage (ie. Paying 2 x 25% all of the costs attributable to the claims comprising the northern portion of the property). If the Company elects to back-in for 5% or less or has its interest diluted to 5% or less, TNR will receive a net smelter royalty of 0.6%.
TNR Gold's back-in right applies to those properties subject to an Exploration and Option Agreement originally signed by Solitario Argentina S.A. (a subsidiary of TNR Gold) and M.I.M. Argentina Exploraciones S.A. on May 15, 2004 (as amended) (the "Property").
About TNR Gold Corp.
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR's recently listed subsidiary, International Lithium Corp. (TSX:ILC.V), demonstrated the successful application of TNR's business model in which TNR shareholders benefited from a unit distribution upon spin-out of TNR's lithium and rare metals projects. TNR remains a large shareholder in ILC at 25.5% of outstanding shares.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina; and teamed with the recent acquisitions of rare-earth elements and iron ore projects in Canada confirm TNR's commitment to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
On behalf of the board,
Gary Schellenberg
President
The press release issued by McEwen Mining includes [resource estimate, drilling results, etc.]. McEwen's press release appears to be prepared by a qualified person and [the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no independent qualified person engaged by TNR Gold Corp. has done sufficient work to analyze, interpret, classify or verify McEwen's information to determine any current mineral reserve or resource or other information referred to in the press release. Accordingly, the reader is cautioned in placing any reliance on the above estimates.
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. 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.