Vancouver B.C.: TNR Gold Corp. (“TNR” or the “Company”) is pleased to provide an update on the Eureka project, a copper-gold prospect located in the province of Jujuy, Argentina.
On April 15, 2009 the Company accepted an irrevocable offer from Antonio Giulianotti (“property optionor”) and Soltera Mining Corp (“Soltera”) to amend the terms of the option agreement dated March 21, 2007. TNR was originally granted a right to acquire a 75% interest in the Eureka property by expending US$2,650,000 in exploration by April 30,2010 and making option payments of US$350,000 (US$200,000 paid) by December 19, 2008.
The amended agreement suspends the US$150,000 payment due from December 19, 2008 to December 19,2009 provided TNR pays the property optionor US$20,000 upon acceptance of the offer and four payments of US$10,000 on or before the 19th day of May, July, September and November of 2009. The Company must also pay the expenses needed to keep the property in good standing .The property optionor and Soltera will continue to be bound by the original agreement until December 18, 2009 at which time TNR will have the sole option to return the property and terminate the original agreement or renegotiate the terms of the original agreement. All payments made by TNR pursuant to the amended agreement will be applied to the option payments in any renegotiated agreement.
THE EUREKA PROJECT
The 10,192.34 hectare Eureka property is located in the northwest corner of Jujuy Province in northern Argentina, near the border with Bolivia. The property is accessible from the provincial capital of San Salvador de Jujuy, approximately 4 hours to the south, and easy access within the property by a series of gravel roads.
ABOUT TNR
TNR is a diversified metals exploration company focused on identifying new prospective projects globally with 19 properties currently in its portfolio.
The recent acquisition of Lithium projects in Canada confirms the company’s commitment to project generation, market diversity, and building shareholder value.
On behalf of the board,
Gary Schellenberg
President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. 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.