Vancouver B.C.: TNR Gold Corp. ("TNR") and wholly-owned International Lithium Corp. ("ILC") (jointly the "Company") would like to state that the 160 square kilometre Mariana lithium brine project located in the Argentinean province of Salta is unaffected by the recent provincial decree in the province of Jujuy.
-Mariana lithium brine project is located in the Province of Salta;
-Decree 7592/11 is restricted to the Province of Jujuy;
-Mariana exploration and potential development remains unaffected; and
-Salta Province considered favorable mining jurisdiction.
Jujuy Provincial Decree
Last week, the governor of the Argentinean Province of Jujuy announced Decree 7592/11 declaring lithium a strategic mineral and proclaiming that all present and future lithium projects must be reviewed by a special expert commission before being approved by local and national authorities.
Mariana Project Unaffected
In the Company’s understanding, Argentinean Provinces and their respective governments operate as relatively independent entities in forming attitudes towards and enacting legislation revolving around exploration and mining activities. Readily observable from province to province is a marked variation in mining regulations as well the actions of one province will not necessitate any reciprocal or conjoint measures in another province.
To this degree, the Company is informing all investors and stakeholders that the Mariana lithium brine project is not located within Jujuy Province and is therefore wholly situated outside of the jurisdiction affected by the decree.
“In the Company’s 20 year experience of supporting a full time exploration office in Argentina and looking back even further, the Province of Salta, in which the Mariana project is situated, has been an example of and is consistently considered a stable mining friendly jurisdiction.” states TNR CEO Gary Schellenberg “I view the Jujuy decree as having no impact on the current exploration as well as the potential future development of the Mariana project.”
The Company is a diversified international metals exploration company focusing on the continued advancement of existing properties and identifying and acquiring new prospective projects. The Company has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to 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 the Company'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. The Company 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 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,