Vancouver B.C.: TNR Gold Corp. (“TNR” or the “Company) advises that the litigation in the Supreme Court of British Columbia related to the Los Azules project in Argentina, involving TNR, Minera Andes Inc., MIM Argentina Exploraciones S.A. (“Xstrata”) and related entities, has been joined for hearing and scheduled for a new trial date of June 20 — July 15, 2011. The trial will be held in Vancouver.
As disclosed in our May 17, 2010 press release, the subject of the legal actions is TNR’s right to back-in to 25% of certain properties constituting the Los Azules project. The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource. MAI and Xstrata are contesting TNR’s ability to exercise its back-in right. TNR is vigorously pursuing its claim and opposing MAI’s efforts to deny the back-in right.
We encourage interested parties to review the Amended Statement of Defence and Counterclaim in their entirety on our website for a better understating of our position. The link for this information is as follows:
It should be noted that the Statement of Defence and Counterclaim are not intended to be, and should not be interpreted as, sources of factual, business or operational information about TNR or any of its affiliates. The Statement of Defence and Counterclaim contain assertions that have been prepared solely for use in connection with the legal dispute with MAI and Xstrata, have not been proven and should, therefore, not be relied upon.
ABOUT TNR GOLD CORP.
The Company is a diversified international metals exploration company focusing on the continued advancement of existing properties and identifying and acquiring new prospective projects. The Company has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be transferred to the wholly owned subsidiary International Lithium Corp. upon completion of a proposed plan of arrangement.
The objective of the proposed plan of arrangement is to spin out the Company’s rare metals property interests into a separate public company, International Lithium Corp. This proposed plan of arrangement has been approved by the Company’s shareholders and the courts of British Columbia. The Company will now proceed with the spin out and will provide updates on the progress of the spinout in further news releases. For further details of the spinout, please refer to Stockwatch news dated May 26, 2010, or visit International Lithium’s website.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the combined companies’ commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
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 TNR expects, including the outcome of pending and current litigation, 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. In particular, there are no assurances that TNR will be successful in the current litigation with respect to the Los Azules Project and its back-in right. Accordingly, readers should not place undue reliance on forward-looking statements. This press 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.