Thursday, March 11, 2010

Copper in Argentina: TNR Provides Update on Los Azules Copper Project TNR.v,, AUY,, FCX, GDX, FXI, RTP, BHP, BVN, GG, ABX, CZX.v,,

There are money and there are people with these money who are ready to secure supply of raw materials and reduce their stockpiles of IOU. Have you ever heard about "State Grid Corp of China" - we all better get used to it. While the west will be burred under stockpile of debt Asian players are accumulating real assets from Copper and Gold to Lithium and REE.
"TORONTO, March 8 (Reuters) - Quadra Mining (QUA.TO) said on Monday it agreed to form a joint venture with China's largest utility company to develop its huge Sierra Gorda project in Chile, expected to cost over $2 billion.
The Canadian miner signed a memorandum of understanding with State Grid International Development Ltd, a wholly owned subsidiary of State Grid Corp of China. The joint venture will develop and operate Quadra's Sierra Gorda project and Franke Mine in northern Chile..."

More on the Canaccord valuation of Los Azules:Gold and Copper in Argentina: Rob McEwen, Los Azules and TNR Gold."

Rob McEwen CEO of Minera Andes was marketing Los Azules in San Francisco with the following:"Los Azules Copper Discovery Inferred resource containing over 11 billion pounds of copper.
Larger than 83% of the world's copper deposit.
Open at depth and to the north for over 2 miles.
High Grade Core: Approximately 105 million tons of 1% copper near-surface!
Los Azules Preliminary Assessment
NPV (USD 3.0/lb, 8% discount rate) - $4 Billion
IRR - 25%Initial Capital Expenditure - 2.7 Billion
Mine Life - 23.6 years."

"TNR Gold is pushing its case with Los Azules further and the key for us in this NR are the new people involved and: "The Company fully intends on exercising its back-in right to the properties at the appropriate time." Looks like company is taking a serious approach to finance its back in right execution. Time is to check all story.
Background on Los Azules, TNR Gold involvement, Xstrata and MInera Andes:

We have another confirmation of High Grade Core of this deposit shaping up on the Northern part of the property, which is under dispute between TNR Gold and Xstrata. This development will help economics of the project - it will allow to start operations with a high grade material and shorten the period of a Capital paid back time.

Tue Mar 9, 4:28 PM

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE: TNR.V) is pleased to provide the following update on the status of its Los Azules copper project located in the San Juan province of Western Argentina. Minera Andes Inc. ("MAI"), announced yesterday that they have received positive results from their diamond drill program of approximately 8,800 metres at the Los Azules project. For further details on the exploration program, please refer to MAI's news release of March 8, 2010.
The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource. TNR retains a 25 per-cent back-in right to certain of the properties, the terms of which are currently the subject of a legal dispute with Xstrata, which assigned its interest to MAI. A court date is set for the fall of 2010. The Company fully intends on exercising its back-in right to the properties at the appropriate time. In the legal dispute with Xstrata, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Los Azules project, and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
TNR and International Lithium Corp. ("ILC") are diversified metals exploration companies focused on exploring existing properties and identifying new prospective projects globally. TNR has a portfolio of 18 active projects, of which 9 will be included in the proposed spin-off of International Lithium Corp. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President"

We are holding a position in the company and, please, do not consider anything as an investment advise on this Blog, as usual."

We can not agree more with this statement:

(from the map all four best holes are located on the Northen part of the property - S.)

Monday March 8, 11:26 am ET

TORONTO, ONTARIO--(Marketwire - 03/08/10) - Minera Andes Inc. (the "Corporation" or "Minera Andes") (TSX:MAI - News)(OTC.BB:MNEAF - News) is pleased to announce exploration results from our 100% owned copper project, Los Azules, in San Juan province (Argentina). Exploration commenced in mid-December 2009 and four diamond drills are currently operating on the project.
Highlights include:

1.08% cu over 145 meters (Hole 46); 0.92% cu over 76.8 meters (Hole 47);

1.01% cu over 216 meters (Hole 48);

and 1.05% over 236 meters (Hole 49).

The intercepts are from in-fill drilling that is confirming the presence of an important high-grade secondary enrichment zone.
To date, eight holes have been completed and four are in progress. A total of 5,032 meters (of a current program of 8800 meters) has been drilled to date, with all holes reaching minimum targets depths of 400 meters. Hole 45 is a step- out hole drilled approximately 200 meters west of any previous drilling, and it contains 0.35% Cu over 194.9 meters from 456 meters to the bottom of the hole at 650.9 meters. It is the deepest hole that has been drilled on the project.
The objective of this field season's drilling program is to expand the known limits of mineralization, delineate the high- grade secondary enrichment zone and to increase the confidence level of the existing Los Azules resource of 922 million tonnes grading 0.55 percent copper and containing 11.2 billion pounds of copper.
Rob McEwen, Executive Chairman and CEO of Minera Andes commented:
"The initial drilling is progressing as planned, and, in contrast to previous drilling campaigns, we have successfully completed all of the drill holes so far this season to their target depths and beyond. We are excited by the excellent results obtained so far, especially in the high grades and good thickness of the secondary enrichment zone. In addition, the drilling this season is proving that the mineralization extends to greater depths than had been previously drilled, and results to date of the step-out drilling are also very positive."
A summary of the available assay results and a drill hole location map are attached.
Suspected extensions of the mineralization will be targeted for the next field season's drilling by detailed geological mapping in progress and a geophysical survey planned for the latter part of this field season. Engineering work and environmental base line studies to support a preliminary feasibility study are also underway.
About Los Azules
Los Azules is a large copper porphyry system located in western San Juan province in a belt of porphyry copper deposits that straddles the border between Chile and Argentina. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachon project, among others. The San Juan province is one of the most mining- friendly regions in Argentina.
Los Azules has an inferred mineral resource of 922 million tonnes grading 0.55 percent copper and containing 11.2 billion pounds of copper at a cut off grade of 0.35 percent copper. There is high-grade, near-surface core of 161 million tonnes grading 0.87 percent copper and containing 3.1 billion pounds of copper at a cut off grade of 0.70 percent copper. The known resource covers an area approximately 3.7 kilometers by 1 kilometer in size and is open at depth and laterally.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA who owns the San Jose Mine which is a large primary silver producer, which produced 4,998,000 million oz silver and 77,070 oz gold in 2009; 100% ownership of the Los Azules copper deposit; and, a portfolio of exploration properties in the highly prospective Deseado Massif region of Santa Cruz Province in southern Argentina. Minera Andes continues to be well funded and have no bank debt. The Corporation had $20.9 Million USD in cash as at September 30, 2009.
This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation.
Scientific and Technical Information:
This news release has been reviewed and approved by Nivaldo Rojas, a geologist and independent consultant to the Corporation, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Corporation at its Los Azules Project. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to the ACME sample preparation laboratory in Mendoza, Argentina, and then transferred to ACME's laboratory in Santiago, Chile for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.
For further information in respect of the Los Azules project please refer to the technical report entitled "Canadian National Instrument 43-101 Technical Report in Support of the Preliminary Assessment on the Development of the Los Azules Project, San Juan Province, Argentina" dated March 19, 2009, the "Los Azules Report" prepared by Randolph P. Schneider, Robert Sim, Bruce Davis, William L. Rose, and Scott Elfen, each of whom is "independent" of the Corporation and a "qualified person" for the purposes of National Instrument 43-101 - "Standards of Disclosure for Mineral Projects . This report is available on SEDAR ( The results of the foregoing preliminary assessment contained in this news release is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the project as described in the preliminary assessment will be realized. The basis for the preliminary assessment and the qualifications and assumptions made are set out in the Los Azules Report."
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