Saturday, March 20, 2010

TNR Gold/International Lithium Enters Into Option Agreement on the Company's Rare Metals Forgan Lake Project, ON TNR.v, CZX.v, LMR.v, WLC.v,, F

We have a very important news for this ambitious Junior involved in Lithium and REE exploration and development play. Now it confirms its project generator model and its ability to advance its extensive portfolio of properties by J/V deals. Looks like International Lithium will concentrate its resources on its lithium brine project in Argentina and its Nevada lithium brine early stage exploration targets. This first J/V deal on one of the smaller Lithium hard rock exploration targets in Ontario provides a new valuation matrix to the whole portfolio of this junior just before International Lithium Corp. to be spin out.

Company has posted new presentations for TNR Gold and International Lithium from PDAC in Toronto in March 2010. Interesting to note here is that REE Big Beaverhouse property is presented in TNR Gold portfolio - can we expect company activities to be centered around REE after lithium assets spin out?

"TNR Gold Corp. is employing the project generator model. For those of you who may not know what a project generator model is, a word of explanation is in order. “Project generators” are companies that pick up early stage exploration ground when there are historical or scientific reasons to believe a property is prospective for a given mineral. Because these properties are obtained at an early stage of development, the cost of obtaining them is very low.As a project generator, TNR then uses its intellectual capital rather than hard currency capital to add value to its shareholders. By carrying out relatively low cost early exploration work, it demonstrates with greater confidence, the potential for a given property to host an economically viable mineral deposit. At that point in time, TNR hopes to bring in other companies that are willing and able to spend considerably more money to explore and advance those prospects toward production. TNR will generally retain a carried interest in those prospects into the future or at least a Net Smelter Return on any future production from the property. The prospect generator model is in theory a less risky model because, if other companies are spending considerable amounts of money, they can reduce the number of shares issued to raise capital."

We have a position in this company, please, do not consider anything as an investment advise as usual on this blog.

TNR Gold/International Lithium Enters Into Option Agreement on the Company's Rare Metals Forgan Lake Project, ON

Press Release Source: TNR Gold Corp. On Monday March 15, 2010, 4:47 pm EDT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 15, 2010) - TNR Gold Corp. (TSX VENTURE:TNR -News; "TNR" or the "Company") and wholly-owned International Lithium Corp. ("ILC") are pleased to announce the Company has entered into a letter agreement dated March 11, 2010 (the "Agreement") with Cricket Capital Corp. ("Cricket"), a capital pool company ("CPC"), on the Company's 100% owned Forgan Lake property ("Property") located 125 km northeast of Thunder Bay, Ontario.

Transaction Key Point Summary:

- Cricket can acquire an undivided 60% interest in the Property;

- By incurring a total of $1,000,000 in exploration expenditures on the Property over four years;

- By making cash payments to TNR totalling $300,000 by the third year anniversary; and

- By providing share issuances to TNR totalling 600,000 shares by the third year anniversary.

Property Key Point Summary:

- 6 pegmatite dikes identified through exploration carried out by Lun-Echo Gold Mines in the 1950s;

- 4.23% Li2O over 7.5 m in channel sample reported by Lun-Echo at Pegmatite No. 1; and

- 2.57 wt% Li2O over 4 m in channel sample reported by TNR at Pegmatite No. 1.

"The Forgan Lake property has the potential to develop into a stand-alone rare metals project based on observations from our 2009 field season in conjunction with historical work performed by Lun-Echo," states Gary Schellenberg, President and CEO of TNR Gold, and continues, "The entering into a joint venture arrangement with Cricket to further explore TNR's Forgan Lake property is a successful application of our core business model and we welcome them as a joint venture partner."

Proposed Joint Venture Transaction

Under the terms of the Agreement, Cricket can acquire an undivided 60% interest in the Property by incurring a total of $1,000,000 in exploration expenditures on the Property as follows: a minimum $250,000 in expenditures on the Property to be incurred by the first year following the date of execution of the Agreement, a minimum $250,000 in expenditures by the second year, a minimum $250,000 in expenditures by the third year, and a minimum $250,000 in expenditures by the fourth year. In addition, Cricket must make cash payments to TNR of $25,000 on the date of Exchange acceptance ("Exchange Acceptance") of the Agreement, $50,000 on the first year following the date of execution of the Agreement, $75,000 on the second year and $150,000 on the third year as well as issue to TNR 50,000 shares of Cricket on Exchange Acceptance, 100,000 shares by the first year following the date of execution of the Agreement, 150,000 shares by the second year following the date of execution of the Agreement and 300,000 shares by the third year following the date of execution of the Agreement.

The Property is subject to a 2% net smelter returns royalty ("NSR"), of which one-half of the NSR (1%) may be purchased for $1,000,000 by Cricket.

Completion of any and all transactions contemplated by the Agreement is subject to, among other things, acceptance by the Exchange and all other necessary regulatory approvals.

Forgan Lake Property

The Forgan Lake Property, which is comprised of a 256 hectare claim block (16 units), is located 125 km northeast of Thunder Bay, Ontario. The Property, which hosts six known rare-metal pegmatites, is part of the Georgia Lake pegmatite field, an area of considerable lithium and other rare-metals (e.g., tantalum, cesium, rubidium etc) exploration since its discovery in the mid-1950s.

Of the six-pegmatite dikes (1 through 6) on the Property, four (1-4) were part of a drilling campaign carried out in 1955 by Lun-Echo Gold Mines Limited ("Lun-Echo"). Of the 39 diamond drill holes drilled by Lun-Echo in the Forgan Lake area, 33 holes were bored on the Property.

The No. 1 Pegmatite dike has been traced on surface for about 274.3 m at an average width of 9.1 m. It contains 30% medium to coarse-grained spodumene (lithium mineral) and sporadic black tantalite-columbite crystals (tantalum-niobium minerals) up to 3.8 cm long. Historical channel sampling averaged 2.57% Li2O (lithium oxide) over 6.4 m, 4.23% Li2O over 7.5 m, and 1.98% Li2O over 7.6 m. A composite of channel sample taken across an old trench from this pegmatite during TNR's 2009 field program, returned 2.57 wt% Li2O over 4 metres in a range of 1.69 to 3.4 wt% Li2O supporting the values reported from the historical work (Company News Release - October 5th 2009).

The No. 2 Pegmatite, which is similar in composition to No. 1, has been traced in outcrop for 45.7 m with an exposed width of 13.7 m.

The No. 3 Pegmatite, located northwest of the No. 1 pegmatite, has been traced for 320.0 m with an averaged exposed width of 6.1 m. The No. 3 Pegmatite contains approximately 25% spodumene. Lun-Echo explored this pegmatite with 10 diamond holes, totaling 832.1 m, at intervals of 30.5 to 61.0 m. The best intersection averaged 1.78% Li2O over 1.52 metres.

The No. 4 Pegmatite has been traced on surface for approximately 243.8 m with an average surface width of 4.6 m. The pegmatite contains 10-15% fine to medium-grained spodumene.

Ike Osmani, 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. To help understand the technical aspects of Lithium and other Rare Metals please visit TNR's website at


TNR and 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

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