TNR Gold Rejects Third Party Proposal And Provides Los Azules Update TNR.v, MUX
"Kirill Klip, Chairman of TNR commented that: “Although the price being proposed for the Company was materially higher than TNR’s current trading price, in our view it fell far short of reflecting the value of the Company and, in particular, the value of the Company’s claims in the current Los Azules litigation with Minera Andes Inc.”
TNR Gold Update On Exploration Program At Shotgun Gold Project, Alaska / TSX Approves $3.5 Million Loan Agreement TNR.v
In addition to returning 210.5m gold grades averaging 1.29 g/t, including 27.4 m of 2.3 g/t Au, drill hole 06-43 significantly changed the Company's understanding of structural control at Shotgun Ridge and demonstrated that mineralization is still open at depth (Technical Report on the Shotgun-Winchester Project, SW Alaska, 2008)."Drill hole 06-43 has clearly been the most encouraging hole at Shotgun Ridge. We are optimistic that the current drilling program will continue to increase this mineralized zone at depth which will be reflected in the subsequent resource estimate" comments John Harrop, VP Exploration"
TNR Gold Corp. Rolls Out Exploration Program at Shotgun Gold Project, Alaska
VANCOUVER, British Columbia, Jul 5, 2012 (GlobeNewswire via COMTEX) -- TNR Gold Corp. (the "Company") is pleased to announce the mobilization of a crew to initiate a drilling and exploration program at its Shotgun Gold property in Alaska. Alaska Earth Sciences Inc. has been contracted to drill an estimated 1500m of NQ core at the Shotgun Ridge and provide logistical and camp support for the project. Drilling will target the depth extension of the Shotgun Ridge zone, test geophysical targets identified in 2011 and prepare for a resource estimate following the field season.
A geophysical orientation survey completed in 2011 demonstrated the ability of 3D resistivity and chargeability to detect mineralization controlling structures in Shotgun Ridge. The company has contracted SJ Geophysics Ltd. to expand on last year's successful survey Geophysical surveys are planned in areas where gold on surface has not been traced back to a bedrock source.
TNR has retained Giroux Consulting Ltd to complete a resource estimate updating the historical estimate on the Shotgun property.
Respectively, we would like to announce that Mr. Hari Varshney who has served as a Director on TNR Gold Corp. has resigned. On behalf of the board, TNR employees and investors, we would like to thank Mr. Varshney for his time and contributions to TNR Gold Corp. over the years.
About the Shotgun Gold Project
TNR holds a 100% interest in the Shotgun property located 175 kilometres south of Donlin Creek within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a world-class gold district hosting more than 40 million ounces of aggregated gold resources. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and that of the Donlin Creek gold deposit as well as other important intrusion-associated deposits.
Previous work at Shotgun Ridge by NovaGold Resources Inc. in 1998 estimated an historical resource of 980,000 ounces grading 0.93 grams per tonne (g/t) at a cut-off of 0.5 g/t (This estimate was made prior to NI43-101 and has not been verified by a Qualified Person. It is provided for historical information and should not be relied upon).
John Harrop, PGeo, FGS, a Qualified Person for TNR Gold Corp. as defined by NI 43-101 has reviewed the technical information contained in this report.
Further details on the project can be found on our website at: www.tnrgoldcorp.com/i/pdf/TNR_Shotgun_MAY2012_Public.pdf )
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. , 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
FOR MORE INFORMATION:
Contact: Caroline Klukowski Tel: 604.681.0405 E-mail: info@tnrgoldcorp.com
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: TNR Gold Corp
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