The area is getting more interest and latest developments will bring new opportunities for all parties:
"Located in the San Juan province of Argentina, about 30 kilometers from the Chilean border in the Andes, the Los Azules copper project is evolving into a sizeable discovery. In November of 2007, Minera Andes put together the tentative option agreement with Xstrata Copper Americas. “This particular project had Xstrata owning the northern half of the target and we own the southern half,” said Ambrose, noting that the deal was constructed to consolidate both halves into one project. “Our deal with Xstrata is to bring it along and present them with a scoping study, which we hope to do by year-end. And then Xstrata will have to pay us back three times our expenditures if they exercise their option. And they have to complete a bankable feasibility study, and then they would earn a 51 percent interest and become the operator.”
July 02, 2008TNR Commences Legal Action to confirm Escorpio IV Ownership
"Vancouver B.C.: TNR Gold Corp. ("TNR" or the "Company") advises that on June 30, 2008 it commenced an action in the Supreme Court of British Columbia against MIM Argentina Exploraciones S.A. ("MIM") a subsidiary of Xstrata PLC. ("Xstrata"). In the action TNR is seeking:
a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement entered into between TNR's Argentina subsidiary, Compania Minera Solitario S.A. ("Solitario") and MIM governing the Los Azules Project (the "Option Agreement");
a declaration that the defendant MIM has no contractual right to assert an ownership interest in Escorpio IV;
such further declaratory relief as may be requested and is appropriate in the circumstances; and
judgment for damages against MIM. The Escorpio IV Property is registered in the name of Solitario and is adjacent to the western border of the Los Azules property, currently being drilled by Minera Andes Inc., under an Option from MIM. Los Azules is located near the Argentina/Chile border in San Juan province, Argentina.TNR asserts that on October 20, 2003, MIM assigned to Solitario all of its rights, including any and all rights it had or might be entitled to with respect to Escorpio IV and that Escorpio IV is not a property subject to the Option Agreement. MIM has taken the position that Escorpio IV is or was subject to the Option Agreement, and as such is part of the Los Azules Project earned into by MIM. In the face of MIM's assertion of its position, TNR has been forced to seek the Court's determination of the issue.ABOUT TNR GOLD CORP.TNR is a base and precious metals exploration company focused on aggressively identifying new prospective projects as well as fostering work on its large portfolio of 17 properties in Argentina and Alaska. The company's focus over the next 12 months is the exploration and development of its Eureka, El Salto, and El Tapau in Argentina and Shotgun project in Alaska.
On behalf of the board,Gary SchellenbergPresident"
"Thursday, 05 June 2008
Swiss mining giant Xstrata is in a dispute with the Canadian mining company TNR over the rights to “Escorpio IV,” a mining deposit on the border between Chile’s Region III and Argentina’s San Juan province.
TNR has already begun prospecting and the engineering process for its Los Azules project in the Argentine Andes, which includes parts of the Escorpio IV deposit. Xstrata, however, claims they own the rights to the deposit.
“Xstrata is certain that it holds the mining rights to Escorpio IV, and hopes to resolve this dispute through negotiations with TNR. However, legal action will be taken if necessary,” said offcials from Xstrata, whose current investment plans include a controversial hydroelectric dam project in Aisén.
According to TNR, however, “Escorpio IV is currently registered to Solidario Argentina S.A., an Argentine subsidiary [of TNR].”
The dispute and pending negotiations has led TNR to suspend its operations in the Escorpio IV area of its Los Azules project.
The high mineral content in the Andean border region between Region III and San Juan have attracted a number of mining companies, including the controversial Pascua Lama gold mine, owned by Canada’s Barrick Gold Corporation.
SOURCE: EL MERCURIOBy Carter Koppelman "
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