Wednesday, July 14, 2010

Lithium: TNR/ILC Joint Venture Partner Cricket Resources Inc. Completes Forgan Lake Qualifying Transaction TNR.v, CZX.v, RM.v, LI.v, WLC.v, CLQ.v, GM

TNR Gold moves Forgan Lake property with its partners into further exploration stage according to its project generator model. Now Cricket Resources will spend money to advance the property further and earn into its option for part of J/V. Cricket has received financing according to its filing and we can see some results this Fall after this Summer exploration season.

More on Forgan Lake.

Latest headlines suggest that there is life in lithium sector apart from Hot Brines Hunting season by Asian conglomerates.

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

"TNR/ILC Joint Venture Partner Cricket Resources Inc. Completes Forgan Lake Qualifying Transaction

Vancouver B.C.: TNR Gold Corp. (“TNR” or the “Company”) and International Lithium Corp. (“ILC”) are pleased to announce that the TSX Venture Exchange has accepted the Forgan Lake option agreement (“Option”) as Cricket Resources Inc’s (“CKC”) Qualifying Transaction as described in CKC’s filing statement dated May 12, 2010. TNR looks forward to jointly developing the Forgan Lake property with CKC.

Pursuant to the Option, CKC can earn a 60-per-cent undivided interest in the Forgan Lake property by incurring $1 million in exploration expenditures, making cash payments to TNR/ILC of $300,000 and issuing 600,000 shares to TNR/ILC over a four year period. For further details please refer to the Companies news release on March 15, 2010

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.


TNR is a diversified international metals exploration company focusing on the continued advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 18 active projects, of which 9 rare metals projects, including Forgan Lake, will be held in the Company’s 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 TNR'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. TNR 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 Stockwatch news dated May 26, 2010, or visit International Lithium's website.

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,

Gary Schellenberg

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