Tuesday, June 19, 2012

TNR Gold: McEwen Mining - The Los Azules copper project is subject to ongoing legal proceedings with the potential that we may lose part of our interest in the project TNR.v, MUX


  We have a very interesting development with McEwen Mining - company has filed shelf preliminary prospectus for 200 million. What has happen with the idea to Sell Los Azules before the end of the litigation? Is it the case that before you can Sell something you will need to Buy it? The new Los Azules resource estimation is promised by Rob McEwen by the end of June 2012. 

Debt Securities (which may be guaranteed by one or more of our Co-Registrants) Common Stock Warrants Subscription Rights Subscription Receipts

"The Los Azules copper project is subject to ongoing legal proceedings with the potential that we may lose part of our interest in the project. We are currently subject to ongoing litigation regarding the Los Azules Copper Project. TNR Gold Corp (‘‘TNR Gold’’) and its subsidiary, Solitario Argentina S.A. (‘‘Solitario’’ and together with TNR Gold, ‘‘TNR’’), claim, among other things, that certain properties that comprise the Los Azules Copper Project were not validly transferred to Minera Andes and therefore should be returned to TNR. In the alternative, TNR claims that even if Minera Andes validly owns the Los Azules Copper Project, TNR has a 25% back-in right to a substantial portion of the Los Azules project underlying known mineral resources that may be exercised to acquire a 25% interest in such part of the property. TNR has also claimed damages. We estimate that the Los Azules Copper Project represents approximately 56% of the total assets acquired, not counting liabilities assumed, in the acquisition of Minera Andes, based on our preliminary estimate of the fair value of all identifiable assets acquired and liabilities assumed.
We are not able to estimate the potential financial impact of this claim. If resolved adversely against the Company, this litigation could materially adversely affect the value of the Company by reducing or terminating our interest in a significant portion of the Los Azules Copper Project and our ability to develop the Los Azules Copper Project. Alternatively, we could be subject to a significant damages award. Such a result would have a significant negative impact on the value of the Company and could have a significant impact on our stock price."

TNR Gold Rejects Third Party Proposal And Provides Los Azules Update TNR.v, MUX

TNR Gold: Los Azules Litigation: Time May Be Ripe for Copper M&A to Flourish TNR.v, MUX

"We will address all interested parties to the web-cast of yesterday's Conference Call with McEwen Mining:

  Here we will provide some additional public information on Los Azules litigation, so that you can have the full picture and decide why McEwen Mining is so worried, why now and what actually they are talking about:

Rob McEwen:

"We are blessed with having a number of world class properties, properties of long life and such size that  they are of interest to the large number of players - particularly, Los Azules Copper project, where we have encouragement in drilling this year. We have discussions about partial or full sale of this  property, which could provide some or all of the funding we need to carry on our business. These discussions have been going on for a while now, but we will certainly step up that tempo..."

Answering one of the questions, whether McEwen Mining has to wait until the end of the litigation or  sell only part of the property Rob McEwen said: "It will be the sale of all property and it does not have to wait the end of the litigation."

  In the end of the conference call TNR Gold litigation is mentioned with the Merger Offer proposal from unnamed party and Rob McEwen has pointed, as usual, to the TNR Gold share price - this attention to the junior market is also very interesting in light of the all recent developments.
  Timing of a very fortunate Sales of McEwen Mining shares by Former CEO of Minera Andes Mr Allen Ambrose becomes particularly interesting in light of all recent warnings for McEwen Mining shareholders about "Argentina Situation".

   You can find more information about emails of Mr Allen Ambrose presented as evidence in public court documents of Los Azules litigation below."

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."

TNR Gold Vs. McEwen Mining: 
Los Azules 
"World's Sixth Largest Undeveloped Copper Deposit"


Thursday, May 10,2012

Note: we are not sure that this particular Judge will be involved in this court hearing.

Disclaimer (loosely based on investment bankers' small print): please read our full disclaimer, nothing on this website or any links provided should be relied upon in any way and nobody will accept any responsibility in any case.

  We are very pleased to see this development: acknowledgement of the ongoing litigation, its risks, property involved and proper representation of all necessary information for the shareholders. Annual General Meeting to be held by McEwen Mining on Thursday May 17, 2012 at 4:00 will provide a good opportunity to ask all questions about this developing story with "World's Sixth Largest Undeveloped Copper Deposit" - as Rob McEwen has called it. 

McEwen Mining reports: 

"A total of 2,835 meters were drilled this season in eight holes. A drill hole location map, a table of assay results and a cross section of the Los Azules resource are provided in Exhibits 1, 2 and 3. All of the drill holes from this season were completed on mineral claims that are not subject to ongoing litigation."

Page 5 provides, finally, McEwen Mining map outlining High Grade Core Copper Zone on TNR Gold's former properties called "100% Held mineral rights (subject to litigation) and surface ownership".

TNR Gold litigation on Los Azules Copper Project, Argentina - Form 10-Q for MCEWEN MINING INC. TNR.v

TNR Gold's Gary Schellenberg Discusses Gold Mining in Alaska and Los Azules Copper Project on Midas Letter Money TNR.v

Update February 12th, 2012. CNNMoney: 

$1.7M of MUX sold by Allen Ambrose

We guess, that at some stage Mr Allen Ambrose - former CEO of Minera Andes, will be questioned during the Los Azules litigation on what exactly were his intentions explained in his emails presented by TNR Gold litigation counsel in Amended Claim.

Allen Ambrose emails:

24. "Next we should look at our alternatives to take out the Solitario (TNR Gold - S) agreement..."TNR Gold vs Minera Andes (McEwen Mining now) and MIM (Xstrata now). From Page 11 Part 3: Legal Basis http://bit.ly/xhdqag

Los Azules: Gold bug McEwen eyes big copper play - TNR Gold claims Northern Part of the project back 

Mcewen Mining: SEC filing: ITEM 1A. Risk Factors
"The Los Azules copper project is subject to ongoing legal proceedings with the potential that we may lose all or part of our interest in the project    

Please, do not forget, that we own stocks we are writing about and have position in these companies. We are not providing any investment advise on this blog and there is no solicitation to buy or sell any particular company here. Always consult with your qualified financial adviser before making any investment decisions.

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