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Showing posts with label Argentina. Show all posts
Showing posts with label Argentina. Show all posts
Monday, May 17, 2010
Los Azules: TNR Gold Files Full Response to Minera Andes' Statement of Claim TNR.v, MAI.to, CZX.v, NG.to, LUN.to, ABX, AUY, AEM, BVN, VALE, RTP, FCX,
0 comments Posted by andre at 9:23 AM
"In our quest for the new Bulls ignited by Peak Oil and new disruptive transformational technologies we can not avoid old solid Copper play. Electricity is the most convenient form of energy available to us, it could be generated by using different sources, it could be transported and it could be transformed in another form of energy or to power different devices from A/C to iPod. Now we have means to store it, game has been changed in Energy Business with development of lithium batteries powerful enough for mobility applications. Electric cars is the new game in town and we have defined our Lithium Bull on supply side for Energy Storage applications."
"More on Los Azules
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."
Interesting - it is the only comment we can make...now we can finally see the legal position of TNR Gold in this litigation process, history of relationship between Xstrata and Minera Andes and what has happened according to lawyers of TNR Gold behind the curtain. We guess that TNR Gold litigation team with George K. Macintosh, Q.C, from Farris, who signed the Statement of Defence, will not allow any baseless conclusions and they have discovered some evidence to the actions described in article 15. These actions give an interesting interpretation to the true intentions and motivations of the different parties involved in the case if provided statements will be proven to be true in the court. Logic of waiving feasibility study and 5 million dollars in trust account to exercise the back-in right are described in details as well. We will refer you to the legal disclosure in the News Release.
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 Monday May 17, 2010, 11:29 am
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2010) - TNR Gold Corp. (TSX VENTURE:TNR - News) and its wholly-owned subsidiary, Solitario Argentina S.A. (collectively, "TNR"), have filed an Amended Statement of Defence and Counterclaim in the Supreme Court of British Columbia responding in detail to the Statement of Claim filed by Minera Andes Inc. and certain related entities (together, "Minera Andes").
As disclosed in our April 23, 2010 press release, TNR notified Minera Andes that it was exercising its back-in right for 25% of certain of the properties constituting the Los Azules project in Argentina (the "Los Azules Project"). Minera Andes is contesting TNR's ability to exercise its back-in right.
The Amended Statement of Defence sets out, among other things, TNR's position as to why the back in clause in the May 2004 Exploration and Option Agreement should be rectified to remove reference to a feasibility study being completed within 36 months, and why the condition linking the timing of the back-in right to the production of a feasibility study was for the sole benefit of TNR and, therefore, could be waived by TNR. TNR has brought a Counterclaim which seeks a positive declaration from the court that TNR's April 23, 2010 back-in notice is valid and enforceable.
We encourage interested parties to review the Amended Statement of Defence and Counterclaim in their entirety on our website for a better understating of our position. The link for this information is as follows:
http://media3.marketwire.com/r/Counterclaim
ABOUT TNR GOLD
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 12, 2010 press 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 TNR expects, including the outcome of pending and current litigation, 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. In particular, there are no assurances that TNR will be successful in the current litigation with respect to the Los Azules Project and its back-in right. Accordingly, readers should not place undue reliance on forward-looking statements. This press 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.
In addition, it should be noted that the Statement of Defence and Counterclaim are not intended to be, and should not be interpreted as, sources of factual, business or operational information about TNR or any of its affiliates. The Statement of Defence and Counterclaim contain assertions that have been prepared solely for use in connection with the legal dispute with Minera Andres, have not been proven and should, therefore, not be relied upon.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release."
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2010) - TNR Gold Corp. (TSX VENTURE:TNR - News) and its wholly-owned subsidiary, Solitario Argentina S.A. (collectively, "TNR"), have filed an Amended Statement of Defence and Counterclaim in the Supreme Court of British Columbia responding in detail to the Statement of Claim filed by Minera Andes Inc. and certain related entities (together, "Minera Andes").
As disclosed in our April 23, 2010 press release, TNR notified Minera Andes that it was exercising its back-in right for 25% of certain of the properties constituting the Los Azules project in Argentina (the "Los Azules Project"). Minera Andes is contesting TNR's ability to exercise its back-in right.
The Amended Statement of Defence sets out, among other things, TNR's position as to why the back in clause in the May 2004 Exploration and Option Agreement should be rectified to remove reference to a feasibility study being completed within 36 months, and why the condition linking the timing of the back-in right to the production of a feasibility study was for the sole benefit of TNR and, therefore, could be waived by TNR. TNR has brought a Counterclaim which seeks a positive declaration from the court that TNR's April 23, 2010 back-in notice is valid and enforceable.
We encourage interested parties to review the Amended Statement of Defence and Counterclaim in their entirety on our website for a better understating of our position. The link for this information is as follows:
http://media3.marketwire.com/r/Counterclaim
ABOUT TNR GOLD
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 12, 2010 press 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 TNR expects, including the outcome of pending and current litigation, 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. In particular, there are no assurances that TNR will be successful in the current litigation with respect to the Los Azules Project and its back-in right. Accordingly, readers should not place undue reliance on forward-looking statements. This press 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.
In addition, it should be noted that the Statement of Defence and Counterclaim are not intended to be, and should not be interpreted as, sources of factual, business or operational information about TNR or any of its affiliates. The Statement of Defence and Counterclaim contain assertions that have been prepared solely for use in connection with the legal dispute with Minera Andres, have not been proven and should, therefore, not be relied upon.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release."
Saturday, May 8, 2010
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
0 comments Posted by andre at 12:14 PM
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."
Thursday, May 6, 2010
Copper in Argentina: Minera Andes drills 62.5 m of 1.12% Cu at Los Azules TNR.v, CZX.v, MAI.to, AUY, GG, FCX, BVN, ABX, LUN.to, RTP, BHP, RIO, FCX
0 comments Posted by andre at 4:54 PM
Value of the prise in the ground at Los Azules is rising with every drill hole. 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.
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:
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.
"TNR Gold has announced today 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."
TORONTO, ONTARIO, May 06, 2010 (MARKETWIRE via COMTEX) -- Minera Andes Inc. (the "Corporation" or "Minera Andes") (CA:MAI 0.98, +0.03, +3.16%)(MNEA.F 0.91, -0.02, -2.37%) is pleased to announce 12 additional, and very encouraging, drill holes from our 100% owned Los Azules copper project in San Juan Province in Argentina. Highlights include a step-out hole 300 meters to the north of any previous drilling which contains 1.12% Cu over 62.5 meters (Hole 51). The other intercepts are from in-fill drilling and confirm the presence of an important high-grade secondary enrichment zone: 1.03% Cu over 101 meters (Hole 53A); 0.84% Cu over 52 meters and 0.83% Cu over 38 meters (Hole 57); 0.99% Cu over 84 meters (Hole 58); 0.90% Cu over 74 meters (Hole 59); and, 1.04% Cu over 168.2 meters (Hole 61A).
Exploration commenced in mid-December 2009, and four diamond drills have been operating on the project. A total of 22 diamond drill holes were completed this season for a total of 10,007 meters. Most of the drilling is infill drilling, although step-out holes drilled at the north end of the existing deposit extend the mineralization further north. The deposit remains open to the north, to the west, and at depth. In addition, we completed 615 meters of RC drilling in three holes that were drilled for geotechnical testing.
The objective of this field season's drilling program was to expand the known limits of mineralization, delineate the high-grade secondary enrichment zone and to increase the confidence level of the existing Los Azules resource. This resource contains 922 million tonnes grading 0.55 percent copper, equivalent to 11.2 billion pounds of copper, based on drilling completed through 2008. Also included in this resource is a high-grade core of 161 million tonnes grading 0.87 percent copper, which is equivalent to 3.1 billion pounds of copper. The known resource covers an area approximately 4 kilometers by 1 kilometer, and is open at depth and laterally. Please refer to figure 2 for a drill hole map.
Rob McEwen, Executive Chairman and CEO of Minera Andes commented:
"The continued success of the drilling is accomplishing our objective of increasing the confidence level of the resource at this world class deposit. The drilling is also continuing to define the extent of the high-grade secondary enrichment zone. Once all drill results have been received we will update and announce a new resource estimate. We are extremely pleased by the results of the drilling this season, and the project continues to look better and better as we gain additional information."
During this field season additional geological mapping was carried out and a state-of-the-art geophysical survey is nearly completed. The information gained from the geological mapping and geophysical survey will be utilized to target step-out drilling for the next field season's drilling. Engineering work and environmental base line studies to support a preliminary feasibility study are underway.
About Los Azules
Los Azules is a large copper porphyry system located in western San Juan Province in a belt of porphyry copper deposits that straddles the Chilean/Argentine border. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachon project, among others.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, which owns the San Jose Mine, a large primary silver producer that produced 4,998,000 million oz silver and 77,070 oz gold in 2009; 100% ownership of the Los Azules copper deposit; and, a portfolio of exploration properties in the highly prospective Deseado Massif region of Santa Cruz Province in southern Argentina. Minera Andes continues to be well funded and have no bank debt. The Corporation had $18.9 million USD in cash as at December 31, 2009.
This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation.
For further information, please contact: Jim Duff or visit our Web site:http://www.minandes.com/.
Scientific and Technical Information:
This news release has been reviewed and approved by Nivaldo Rojas, President of Rojas & Asociados Mining Consultants, a mining engineer and independent consultant to the Corporation, who is a Qualified Person as defined by National Instrument 43-101, and is responsible for oversight and review of the exploration program at the Los Azules Project, and Bruce Davis, PhD, FAusIMM, who is a Qualified Person as defined by National Instrument 43-101 and responsible for the quality control for the assaying of the Los Azules drill core. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to the ACME sample preparation laboratory in Mendoza, Argentina, and then transferred to ACME's laboratory in Santiago, Chile for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.
For further information in respect of the Los Azules project please refer to the technical report entitled "Canadian National Instrument 43-101 Technical Report in Support of the Preliminary Assessment on the Development of the Los Azules Project, San Juan Province, Argentina" dated March 19, 2009, the "Los Azules Report" prepared by Randolph P. Schneider, Robert Sim, Bruce Davis, William L. Rose, and Scott Elfen, each of whom is "independent" of the Corporation and a "qualified person" for the purposes of National Instrument 43-101 - "Standards of Disclosure for Mineral Projects . This report is available on SEDAR (http://www.sedar.com/). The results of the preliminary assessment referenced in this news release are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the project as described in the preliminary assessment will be realized. The basis for the preliminary assessment and the qualifications and assumptions made are set out in the Los Azules Report.
Cautionary Note to U.S. Investors:
All resource estimates reported by the Corporation were calculated in accordance with Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Caution Concerning Forward-Looking Statements:
This press release contains certain forward-looking statements and information. The forward-looking statements and information express, as at the date of this press release, the Corporation's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results and management's understanding of proposed legislative changes. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, risks related to on-going or pending litigation, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks.
Readers should not place undue reliance on forward-looking statements or information. The Corporation undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See the Corporation's annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
Figure 1 - Summary of Drill Hole Results
Wednesday, April 28, 2010
Argentina & Mining 101: Los Azules mining plan. TNR.v, CZX.v, MAI.to, ABX, FCX, RTP, BHP, LUN.to, AUY, BVN, FXI, HUI, XAU,
0 comments Posted by andre at 10:18 AM
"TNR Gold Corp. has entered into a letter agreement with Cricket Capital Corp. on the Company's 100% owned Forgan Lake property located 125km northeast of Thunder Bay, OntarioIn addition, the Company has commenced drilling at the Mariana Lithium brine project in Argentina, and it has increased its land position in Nevada to 5,285 hectares through staking and has commenced a geophysical program on its Mud Lake project, Nye County, Nevada. The Company proposed to waive the production of a feasibility study and exercise its right to acquire 25% of the northern half of the properties for Minera Andes' Los Azules Project in Argentina.
TNR established June 8, 2010 as a date of the meeting date for shareholder approval of the previously announced spin-out of TNR's lithium and rare metals assets into its wholly-owned subsidiary, International Lithium Corp. TNR shareholders of record on the date of the spinout, planned for late June or early July, will receive one share and one fully tradable warrant of International Lithium Corp. for every 4 shares of TNR."
We have a position in this company, please, do not consider anything as an investment advise, as usual, on this blog.
Argentina & Mining 101:
With a grass roots projects developing into a resource, and advancing to pre-feasibility reports and eventual production, it's a good idea to understand what's involved in a mining project.
1. The pit (ore body open pit)(see left image)Congrats, you found high grade % copper, now what?The ideal scenario involves digging a humongous hole in the ground, via a systematic earth removal process such that you create the leftover open pit as shown on the left.
2. Transport the Ore (heavy rocks)Ore, unprocessed, is worth very little. Naturally, you'd have your precious gold or copper mixed with ordinary rocks and other byproducts. The idea here is to minimize the distance you have to transport these to your processing belt or factory, so you can start crushing and filtering out the valuable bits!As you can see driving heavy duty 500 tonne trucks up these large pits can be quite costly on gas!
3. Start refining your ore Once you have the ore at your factory it's time to fire up the conveyor belt. Crushing, refining, leaching, are all typical ways to separate your high grade minerals from the low-grade rocks. Do this well enough and you should be able to retain 90%+ of your estimated resource from raw ore - that is to say you don't waste too much in the way of getting rid of minerals within the ore during the separation process! From there it goes through several steps of refinement until you reach a sellable end product for your customers - usually in forms of molly, raw mineral products, and in some cases finished pellets for melting into final products.
4. Disposal of waste and tailingsWait, you think the government and environmental agencies will let you leave a big hole with waste rocks lying around after you extract the valuable minerals? Not quite! Tailings (also known as slimes, tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction (gangue) of an ore. To properly dispose of these tailings (often still riddled with chemicals from acid leaching and chemical separation processes), significant efforts are put in to make sure environmental impacts are minimized. Some would argue, tailings and waste process facilities are the single biggest economic barriers to a mine being successful. Further, you'd want to have a site nearby (ideally downhill) where you can, for a low cost, get rid of your tailings and pile them up for isolation processing later..."
Tuesday, April 27, 2010
Jay Taylor Watch List "In Our Sights": TNR Gold corp.: TNR.v, CZX.v, MAI.to, ABX, NG.to, WLC.v, CLQ.v, RM.v, SQM, FMC, ROC, GOOG, AAPL, FCX, RIMM, F
0 comments Posted by andre at 5:10 AM
"TNR Gold Corp. is employing the project generator model. For those of you who may not know what a project generator model is, a word of explanation is in order. “Project generators” are companies that pick up early stage exploration ground when there are historical or scientific reasons to believe a property is prospective for a given mineral. Because these properties are obtained at an early stage of development, the cost of obtaining them is very low.As a project generator, TNR then uses its intellectual capital rather than hard currency capital to add value to its shareholders. By carrying out relatively low cost early exploration work, it demonstrates with greater confidence, the potential for a given property to host an economically viable mineral deposit. At that point in time, TNR hopes to bring in other companies that are willing and able to spend considerably more money to explore and advance those prospects toward production. TNR will generally retain a carried interest in those prospects into the future or at least a Net Smelter Return on any future production from the property. The prospect generator model is in theory a less risky model because, if other companies are spending considerable amounts of money, they can reduce the number of shares issued to raise capital."
Jay's Watch List March 30th Show featured TNR Gold Corp.
Company update:
TNR Gold Corp. has entered into a letter agreement with Cricket Capital Corp. on the Company's 100% owned Forgan Lake property located 125km northeast of Thunder Bay, OntarioIn addition, the Company has commenced drilling at the Mariana Lithium brine project in Argentina, and it has increased its land position in Nevada to 5,285 hectares through staking and has commenced a geophysical program on its Mud Lake project, Nye County, Nevada. The Company proposed to waive the production of a feasibility study and exercise its right to acquire 25% of the northern half of the properties for Minera Andes' Los Azules Project in Argentina.
TNR established June 8, 2010 as a date of the meeting date for shareholder approval of the previously announced spin-out of TNR's lithium and rare metals assets into its wholly-owned subsidiary, International Lithium Corp. TNR shareholders of record on the date of the spinout, planned for late June or early July, will receive one share and one fully tradable warrant of International Lithium Corp. for every 4 shares of TNR."
We have a position in this company, please, do not consider anything as an investment advise, as usual, on this blog.
Friday, April 23, 2010
TNR Gold Subsidiary Serves Notice of Back In Into Los Azules to Minera Andes and Secures Standby Credit Facility TNR.v, CZX.v, MAI.to, ABX, NG.to, FCX
0 comments Posted by andre at 5:13 PM
"If it was a joke - it can become the bad one. As we understood from Minera Andes NR, which came out first on 1st of April: TNR Gold approached Minera Andes in negotiations in order to exercise its back-in right in Los Azules project. Rob McEwen CEO of Minera Andes decided to reject TNR Gold's claim of back-in right and sided with Xstrata, his response to TNR Gold discussion was a writ against TNR Gold filed to court on Fools' Day. We are not talking about manners here, but move is a very symbolic: he has welcomed before the lawsuit from his another partner, which he calls "partner from hell" and now attempts to block TNR Gold back-in right even before the deadline in agreement with Xstrata which is on 23rd of April according to Minera Andes NR. Our take from here is that maybe TNR Gold was able to finance its backing in and produced a proposition strong enough for Minera Andes to rush to court on such an unusual day. Looks like junior has received another chance to challenge the legal situation with an early back-in attempt, way before the major legal battle with Xstrata scheduled this Fall. 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. We have been expecting that Rob McEwen will be more flexible in apparent discussions with TNR Gold and can secure 100% property including Escorpio IV in a deal with TNR Gold, now this question will be in the legal space. We think that we do understand his motivation: it is very difficult to announce that Los Azules does not belong to him 100% until the court decision in TNR Gold case with Xstrata after so many NRs stating just that. Legally Minera Andes has disclosed lawsuit between TNR Gold and Xstrata in its filings, but for some of the Minera Andes shareholders relying on company's presentations and NR's this news, that ownership of Los Azules is challenged by TNR Gold in lawsuit pending resolution was out of the blue."
TNR Gold has announced today 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.
TNR Gold Subsidiary Serves Notice of Back In Into Los Azules to Minera Andes and Secures Standby Credit Facility
04/23/2010 [ACCESSWIRE]
Vancouver, B.C.: Compañía Minera Solitario Argentina S.A.(“Solitario”), a wholly owned subsidiary of TNR Gold Corp. ("TNR"), has served notice to Minera Andes Inc. exercising its back-in right for 25% of certain of the properties (the “Properties”) constituting the Los Azules project in Argentina (the “Los Azules Project”). TNR also entered into a standby credit facility in the aggregate principal amount of CAD$5 million (the “Facility”) for a term of one-year. The proceeds from the Facility have been placed in a trust account to be released on closing of the exercise of the back-in right.
TNR has issued 2,272,727 common shares to the lender as partial consideration for the Facility and has agreed to issue another CAD$500,000 of common shares with a deemed price equal to the 10-day volume weighted average trading price as of the day prior to the court’s decision in certain circumstances where TNR is successful in its litigation with respect to the back-in right. In addition, TNR has paid a corporate finance fee of CAD$305,000.
The right of TNR and Solitario to exercise the back-in right for the Los Azules Project is subject to a legal action commenced by Minera Andes Inc., Minera Andes S.A., Los Azules Mining Inc. and Andes Corporacion Minera S.A. (the “MAI Group”) against TNR and Solitaro in which the MAI Group is disputing Solitario’s ability to waive the production of a feasibility study and issue a back-in notice at this time. The action seeks declaratory relief that any back-in notice is invalid, void or of no force and effect, and advances a claim for costs. TNR is also in a legal dispute with MIM Argentina Exploraciones S.A. ("MIM") a subsidiary of Xstrata PLC, over the language of the back-in clause of the Exploration and Option Agreement entered into between Solitario and MIM. In the action, TNR is also seeking confirmation of its ownership in the Escorpio IV property, which is located adjacent to the Los Azules Project and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement. A court date has been set for the fall of 2010.
ABOUT TNR GOLD
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 12, 2010 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
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. 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 TNR 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. In particular, there are no assurances that TNR will be successful in the current litigation with respect to the Los Azules Project and its back-in right and there are no assurances that TNR will be able to refinance the Facility in the event that the closing with respect to the Properties is delayed beyond the term of the Facility. Accordingly, readers should not place undue reliance on forward-looking statements. 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.
We have a position in this company, please, do not consider anything as an investment advise, as usual, on this blog.
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