Shareholders are strongly behind TNR Gold - Insiders are buying shares without selling for years and now bridge financing is extended way beyond the date of Los Azules court trial, which will commence in November of this year.
Third party Merger Offer proposal has put TNR Gold into the M&A Play now - this summer will be interesting for all parties involved.
TNR Gold: McEwen Mining considers divestiture, JV of Los Azules, executive says by Matt Whittaker in New York TNR.v, MUX
"Now we have some valuations for Los Azules from McEwen Mining to digest - we think, that suggested USD 300 million will be the lowest valuation now, provided in order not to increase TNR Gold appetite. "However, he cited other recent sales of copper porphyry assets similar to Los Azules that were completed for USD 5 cents per pound." - This benchmark will put valuation for Los Azules at USD 625 million."
TNR Gold Receives Third Party Proposal and Provides Los Azules Project Update TNR.v
"Kirill Klip, Chairman of TNR commented that: "The Los Azules project is considered to represent one of the largest undeveloped copper projects in the world but the current legal uncertainty over its legal ownership is detracting from the value of the project for shareholders of both TNR and McEwen Mining. The third party proposal which we have received to purchase TNR, together with the fact that McEwen Mining has decided to limit its drilling activity to non-disputed mineral claims only are further validation of the value of TNR, its title claims and its prospects for success in the upcoming Los Azules litigation."
VANCOUVER, BRITISH COLUMBIA, May 17, 2012 (MARKETWIRE via COMTEX) -- TNR Gold Corp. (the "Company") CA:TNR +7.69% has arranged to extend the $1-million bridge loan, from one of its current shareholders, from November 30, 2012 to July 1, 2013. The loan bears interest at 8 percent per year and is secured by a promissory note, general security agreement and deed of trust over the Company's mining claims located in Alaska.
ABOUT TNR GOLD CORP.
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR's recently listed subsidiary, International Lithium Corp. (tsx venture:ILC), demonstrated the successful application of TNR's business model in which TNR shareholders benefited from a unit distribution upon spin-out of TNR's lithium and rare metals projects. TNR remains a large shareholder in ILC at 25.5% of outstanding shares.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina; and teamed with the recent acquisitions of rare-earth elements and iron ore projects in Canada confirm TNR's commitment to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
On behalf of the board,
Gary Schellenberg, President - TNR Gold Corp.
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: TNR Gold Corp. Gary Schellenberg President (604) 687-7551 or 1-800-667-4470 (604) 687-4670 (FAX) info@tnrgoldcorp.com www.tnrgoldcorp.com
SOURCE: TNR Gold Corp.
mailto:info@tnrgoldcorp.com http://www.tnrgoldcorp.com
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