TNR Gold Corp. Advises of McEwen Mining's Updated Preliminary Economic Assessment for the Los Azules Copper Project
September 24 2013 - 2:12PM
Access Wire
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 at http://mcewenmining.com.
ABOUT TNR GOLD Corp
(www.tnrgoldcorp.com)
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,
Gary Schellenberg
President
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
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