VANCOUVER, British Columbia,
Nov. 12, 2012 /PRNewswire/
-- TNR Gold Corp. ("the Company") (TSXV: TNR) is
very pleased to announce that TNR Gold Corp. and its wholly owned
subsidiary, Solitario Argentina S.A. (together, "TNR") have reached
a settlement with McEwen Mining Inc. which resolves the outstanding
litigation with respect to the Los Azules Copper Project located in
San Juan Province, Argentina ("Los Azules").
The settlement restores a 25% back-in right to TNR which is
exercisable following the completion of a feasibility study.
The back-in right allows TNR to back-in for 25% of the northern
part of the Los Azules property, which McEwen Mining has said
contains the largest share of the known resource at Los Azules.
In addition, TNR receives an industry standard Net Smelter
Royalty of 0.6% and 1 million shares in McEwen Mining (information
about McEwen Mining can be found at http://www.mcewenmining.com and
on Sedar at http://www.sedar.com). The Net Smelter Royalty is
over the northern portion of the property and is triggered if TNR
chooses to back-in for 5% or less or is diluted below 5%. In
return, TNR will discontinue its claims and transfer to McEwen
Mining the mineral rights to a property called Escorpio IV.
Kirill Klip, Non-Executive
Chairman of TNR Gold, stated, "I welcome the positive resolution of
the Los Azules litigation in the out of court settlement between
TNR Gold and McEwen Mining. I would like personally to thank
Rob McEwen as this resolution is a
highly beneficial outcome for both our companies. Removing
the uncertainty over the rights to Los Azules will allow the
project to now achieve its full potential for the benefit of the
shareholders of both TNR Gold and McEwen Mining, and I consider our
stake in McEwen Mining as a strategic holding for TNR Gold."
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 – TNR Gold Corp.
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. In particular, there are no assurances
that the Company will receive other unsolicited proposals or decide
to commence a formal sale process or that, if commenced, such sale
process would result in an attractive offer and sale of the
Company. There are no assurances that the Company will achieve a
favourable outcome in the Los Azules litigation.
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.
Contacts
Gary Schellenberg
TNR Gold Corp.
President
(604) 687-7551 or 1-800-667-4470
(604) 687-4670 (FAX)
info@tnrgoldcorp.com
www.tnrgoldcorp.com
Symbol: TNR:TSXV
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
1-800-667-4470
E-mail: info@tnrgoldcorp.com
Website: http://www.tnrgoldcorp.com
SOURCE TNR Gold Corp.