TNR Gold Proposes to Exercise Back-in Right for Los Azules Copper Project
P.O. Box 11604 620 - 650 West Georgia Street Vancouver, British Columbia V6B 4N9, Canada Stock Exchange: TSX Venture Exchange Voice: (604) 687-7551 Symbol: TNR Fax: (604) 687-4670 CUSIP: #87260X 109 1-800-667-4470 SEC 12g3-2(b): Exemption #82-4434 E-mail: [email protected] Website: http://www.tnrgoldcorp.com April 1, 2010
TNR GOLD PROPOSES TO EXERCISE BACK-IN RIGHT FOR LOS AZULES COPPER PROJECT
Vancouver B.C.: TNR Gold Corp. ("TNR" or the "Company") has informed Minera Andes Inc. that it proposes 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. Minera Andes is contesting TNR’s legal right to waive the production of a feasibility study and exercise its option, and has filed a statement of claim in British Columbia Supreme Court seeking a declaration nullifying any back-in notice delivered by TNR. TNR will be filing a statement of defence and will vigorously oppose any such declaration.
The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource. TNR has previously announced that Minera Andes has commenced a diamond drill program of approximately 8,800 metres at the Los Azules Project. Please refer to Minera Andes’ news release dated January 12, 2010 for further details on the exploration program and to their news release dated April 1, 2010 for details of their position with respect to TNR’s exercise of its back-in right.
The terms of TNR’s back-in right are currently the subject of a legal dispute with Xstrata. In that litigation, TNR is also seeking confirmation of its ownership of 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.
ABOUT TNR GOLD / INTERNATIONAL LITHIUM CORP
TNR and 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
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 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 raising the financing required to fund the exercise of its Los Azules back-in right or that it will be successful in the current litigation with Minera Andes and Xstrata with respect to the back-in right. 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