TNR Gold Corp. (TSXV:TNR) is pleased to announce that it has incorporated a wholly owned British Columbia subsidiary, Ameri Gold Corp. (“Ameri Gold”) which will focus on realizing the potential of its Shotgun Gold project in Alaska. It is another step in a process of maximizing assets’ value for the shareholders of TNR Gold by unlocking the value of the Shotgun project in times of historic high gold prices.
TNR has appointed five directors to the board of Ameri Gold including Gary Schellenberg, Kirill Klip and Jerry Bella. Joining them on the board will be Robert A. Biagioni, C.A. and Ken MacDonald, P. Geo. Mr. Biagioni has been appointed as the President, Pamela Egan as the Chief Financial Officer and Secretary, John Hiner as Vice President, Exploration and Jerry Huang as Vice President, Corporate Development.
This structure will allow TNR Gold to optimize development of different projects with dedicated management teams within its vast diversified portfolio of projects in Lithium, Gold, Copper and Rare Earth Elements throughout Argentina, Canada, USA and Ireland. Further details of this transaction will be announced once they are finalized.
Board and Management Biographies of Ameri Gold Corp.
Gary Schellenberg, B.Sc. (Geology)
Executive Chairman of the Board
Gary is President of TNR and has been managing and financing public and private resource based companies for the past 20 years. This experience provides the Company with leadership and well defined corporate goals.
Mr. Kirill Klip, MBA
Non-Executive Chairman of Board
Kirill is the non-executive Chairman of TNR. He graduated with a management degree from St. Petersburg State University of Railways and an external degree of Masters of Business Administration in finance from both the International Business School in Moscow and Guildhall University in London. He has an extensive expertise in banking, transportation, mining, telecommunication, and internet industries and his insight has brought many companies to the next level. In addition to years of entrepreneurial and investment endeavours, he is also currently managing a portfolio of global assets.
Jerry Bella, CGA
Jerry is CFO of TNR and a Certified General Accountant with over 20 years experience as a director and CFO of various companies trading on the TSX Venture Exchange. He oversees all the financial affairs of the Company on a day to day basis and works closely with other senior management members in meeting TNR’s goals and objectives.
Robert A. Biagioni, C.A.
President & Director
From 1986 to present, Bob has been the President and Chief Executive Officer of the Corus Financial Group, which provides financial and operational management consulting services and corporate finance and M&A advisory services in the United States and Canada, primarily in mineral exploration, real estate, technology and manufacturing. Bob has held or holds senior financial roles with the HTM Group, the First Merchant Group, CoreQuest Exploration Group, Canadian Bioenergy Corporation, Katie Gold Corp., MDU Communications International, Inc., TelSoft Mobile Data Inc. (now MDSI Mobile Data Solutions Inc.) and Sand River Resources Ltd. (now Fortune River Resource Corp.). Prior to forming the Corus Financial Group, Bob was a senior manager with Peat, Marwick, Mitchell & Co. (now KPMG) in the firm’s Vancouver office.
Bob received a B.Comm from the University of British Columbia in accounting and management information systems in 1979 and was admitted to the Institute of Chartered Accountants of British Columbia in 1981. Bob is also a member of the Institute of Corporate Directors, focusing on corporate governance education and issues.
Ken MacDonald, P. Geo
Ken is a registered professional geoscientist with over 20 years of experience in the mining sector, including work as a consulting exploration geologist, as a senior project manager for a mid-tier engineering company; and as a senior permitting official with the BC government. Ken is currently the principal of Ridgeview Resources, a geological consulting company based in Prince George, and is a Qualified Person under NI 43-101.
Pamela Egan, CMA
CFO & Secretary
Pam is experienced in the financial management and regulatory compliance of dynamic organizations across Canada, private and public, with extensive experience in building financial systems and controls. She has held financial roles with Protox Therapeutics Inc., RADARSAT International Inc., CUC Broadcasting Ltd. (now Shaw Communications) and is currently the CFO and Corporate Secretary for Amato Exploration Ltd. Pam is a graduate of the University of Waterloo where she received her Bachelor of Arts in Economics in 1987 and has held the designation of Certified Management Accountant since 1992.
John Hiner, P. Geo
Vice President, Exploration
Mr. Hiner has more than 30 years of experience in worldwide resource exploration and management. Mr. Hiner has managed projects from the conceptual exploration stage to positive feasibility and finance level studies on proven deposits in South America, North America, and Africa.
John Harrop, P.Geo
Mr. Harrop has been involved in many aspects of gold and base metal exploration for 24 years. He has international field experience in North, Central and South America. He also has substantial experience developing and implementing new technology, such as GIS and 3D geophysics, which can provide competitive advantages to exploration teams.
Jerry Huang, BBA
Vice President, Corporate Development
Jerry graduated with a Bachelor of Business Administration and has had a successful career in private and publicly traded companies in a marketing, service, and sales capacity. Prior to this appointment, he was a senior advisor with a major Canadian bank, generating over $40 million dollars of secured equity and investments in 2007. Jerry is currently completing his MBA at Sauder School of Business at University of British Columbia, specializing in Finance & Strategic Management.
The Shotgun project is located 175 kilometres south of Donlin Creek within the Kuskokwim Gold Belt in Southwestern Alaska, an area emerging as a world-class gold district hosting more than 40 million ounces of aggregated gold resources. The Shotgun project includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects in the Shotgun Project area and that of the Donlin Creek gold deposit as well as other intrusion associated deposits.
Previous work at Shotgun Ridge by NovaGold has estimated a historical resource of 980,000 ounces grading 0.93 gram per tonne (g/t) at a cut-off of 0.5 g/t*.
The Company built on NovaGold’s previous exploration work on Shotgun Ridge and a subsequent drill program in early 2006 reported a 210.5 metre intersection grading 1.29 g/t Au, which has led to the identification of two higher grade feeder zones and leaves the mineralization open at depth. This discovery intersection has yet to be followed up and an updated NI43-101 compliant resource has yet to be estimated. To date there has been 4,095 metres of drilling at Shotgun Ridge.
*(Not a NI43-101 compliant resource. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. This resource estimate is quoted from the Technical Report on the Shotgun-Winchester Project, SW Alaska. 7 March 2008 and available on www.sedar.com).
The Winchester zone is an underexplored intrusion-associated gold prospect situated approximately 16 km south of Shotgun Ridge. The full extent of mineralized sills and dykes at Winchester is unknown since only 1.5 kilometres out of the 8 kilometre long ridge, host to numerous unexplained gold geochemical anomalies, has been explored in detail. Drilling during 2005 and 2006 identified gold-bearing sills in the eastern end of the Winchester zone. To date there has been 1,653 metres of drilling at Winchester.
Although the style of gold mineralization in sills at Winchester is quite different from the quartz-breccia stockwork that hosts the gold at Shotgun Ridge, the two prospects are geochemically very similar and are considered to be part of the same overall system. TNR believes a major structural axis, encountered in several drill sections, is critical to the mineralization and runs parallel to the ridge at Winchester. The next phase of exploration at Winchester will extend into the untested area along the ridge to the west in the direction of the structural axis.
The other two prospects that make up the Shotgun property are Shot and King. Shot contains some of the strongest geochemical anomalies on the Property and needs to be tested for similar mineralization to that found at Winchester. King includes several unexplained geochemical anomalies as well as a drill ready breccia zone.
John Harrop, P.Geo, 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
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 TNR Gold news dated May 26, 2010, or visit International Lithium’s website at 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 combined companies’ commitments to generating projects, diversifying its markets, and building shareholder value.
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 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.