Vancouver B.C., September 24, 2013: TNR Gold Corp. (the “Company” or “TNR”) advises that McEwen Mining Inc. (NYSE:MUX, TSX:MUX) (“McEwen Mining”) has issued a news release dated 23 September, 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 an updated preliminary economic assessment (“PEA”) completed on the property. In their press release McEwen Mining states, “The results from the PEA demonstrate that Los Azules has the potential to become one of the largest, lowest cost copper mines in the world. In addition, there remains excellent exploration potential to further expand the size of the existing mineral resource.” The news release is available at SEDAR http://www.sedar.com and on the McEwen Mining website http://www.mcewenmining.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.
“The new PEA includes plans for producing copper cathode at site, which will greatly reduce export taxes and project risk by eliminating the need for a slurry pipeline,” stated Rob McEwen, Chief Owner of McEwen Mining Inc.
McEwen Mining’s press release appears to be prepared by Qualified Persons 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 other news, as the Company continues to cut costs and focus on its core mineral properties, the Company has relinquished the mineral rights and titles to the Iliamna project in Alaska and the Soule’s Bay project in Ontario. The Company thanks its partners on these projects for sharing the opportunity and wishes them well in their future endeavours.
ABOUT LOS AZULES
The Company has a 25% back-in right in the Northern Portion of the Los Azules property which is exercisable following the completion of a feasibility study. 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% from the Northern Portion.
The Los Azules copper deposit is located in the San Juan province of Argentina. McEwen Mining Inc. is the current operator on the Los Azules copper deposit and the Company has previously advised that on May 15, March 28, and March 13, 2013, McEwen Mining Inc. issued press releases in relation to the deposit, which are accessible on Sedar at http://www.sedar.com and on McEwen Mining Inc’s website athttp://mcewenmining.com.
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 Gold recently reported an inferred mineral resource at the Shotgun Gold project in Alaska containing 20,734,313 tonnes at 1.06 grams per tonne (“g/t”) gold for a total of 705,960 ounces gold (“Au”) using a 0.5 g/t Au cut-off (see news release dated 22 April 2013).
TNR is also a major shareholder of International Lithium Corp. (TSX:ILC.V) (“ILC”), a company created by TNR to advance its internationally acquired lithium prospects. TNR currently holds about 25.5% of the outstanding shares of ILC.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina and is committed to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
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.
For further details please see our website at http://www.tnrgoldcorp.com/s/NewsReleases.asp
On behalf of the board,
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 Q&A. Statements in this Q&A 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. Q&A may contain 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.
*Source Geoscience Reporting Guidelines, National Library of Canada Cataloguing in Publication Data Grant, Brian PGeo, 2003