Vancouver B.C.: TNR Gold Corp. (“TNR” or the “Company”) and wholly-owned International Lithium Corp. (“ILC”) are pleased to announce the signing of a letter agreement to acquire up to a 100% interest in the 1,076 hectare Sarcobatus Flats lithium brine property located 109 kms south of Tonopah, Nye County, Nevada, from Tonogold Resources Inc. (PINK OTC: TNGL.PK ) of La Jolla, California.
Key point summary:
• Acquires 1,076 hectare Sarcobatus Flats property;
• An under-explored analogue to the producing lithium brines at Clayton Valley; and
• TNR will focus on advancing its highly prospective Nevada projects.
Gary Schellenberg, President of TNR Gold Corp. states “Our objective is to become one of the foremost companies in the Nevada lithium exploration and development sector. The acquisition of the Sarcobatus Flats property is a definitive step towards achieving our goal.”
Sarcobatus Flats Acquisition
Sarcobatus Flats is a desert playa lake located in Nye County, western Nevada along state route 95 approximately 109 kilometres south of Tonopah and 72 kilometres southeast of Clayton Valley, the location of the producing Silver Peak world-class lithium brine deposit. The Sarcobatus Flats project consists of 105 placer claims totaling 1,076 hectares.
The acquisition of the new claims was prompted due to the highly anomalous concentrations of lithium, ranging between 210 and 340ppm Li, encountered from a preliminary surface sediment sampling program conducted on the Sarcobatus Flats claim group. As additional encouragement, there are several important similarities between the settings of Sarcobatus Flats and a Clayton Valley type lithium brine deposit. The property is located in a closed structural basin, contains similar stratigraphy and occupies a lacustrine environment similar regional hydrogeography and geochemistry to Clayton Valley. In essence, Sarcobatus Flats represents an under-explored early stage analogue to Clayton Valley.
To earn a 100% interest, TNR has agreed to make payments totaling USD$130,000 and issue 675,000 common shares of TNR over a four-year period. The vendor will retain a 2.5% royalty of which the Company has the right to purchase up to 2% of the Royalty, by paying Tonogold USD$1 million per 1% purchased, for a total of USD$2 million, thereby reducing Tonogold’s NSR to 0.5%. The agreement is subject to regulatory approval.
The Company intends to explore its Nevada properties and determine if lithium evaporates and brine deposits have formed similar to those found at Clayton Valley. TNR is developing an integrated regional lithium exploration approach using geochemical and basin modeling with gravity, electromagnetic, hydrogeological, and geochemical fieldwork to identify drill targets. The TNR exploration team has extensive geochemical, GIS modeling and targeting experience across four continents with specific expertise in lithium and other rare metals.
John Harrop, PGeo, is the Company’s qualified person on the project as required under NI 43 101 and has reviewed the technical information contained in this press release.
About TNR Gold Corp. / International Lithium Corp.
TNR is a diversified metals exploration company focused on exploring existing properties and identifying new prospective projects globally. TNR has a total portfolio of 33 properties, of which 16 will be included in the proposed spin-off of International Lithium Corp.
It is anticipated that TNR shareholders of record will receive up to one share and one full tradable warrant of International Lithium Corp. for every 4 shares of TNR held as of the yet determined record date. This will result in TNR shareholders owning shares in both TNR and International Lithium. 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 element projects in Argentina, Canada, USA and Ireland confirms the company’s commitment to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,