• Drill hole SR12-57 returns mineralized interval of 209 metres averaging 1.02 grams per tonne gold.
Gary Schellenberg, President, CEO commented: "The addition of Mr. Greg Johnson to the board of TNR Gold is the next step towards our commitment to increasing shareholder value. Mr. Johnson's extensive experience in Alaska particularly his involvement at the Donlin gold project adds to the expertise on the board and management to drive TNR's core projects forward. The encouraging results from this year's drill program at the Shotgun property in Alaska are demonstrating the significant scale and potential of the deposit which is an intrusive related system similar in style to the world class Donlin gold deposit. In addition, Mr. Johnson's experience as a senior mining executive in South America will be valuable to advise the board on issues pertaining to the ongoing legal dispute over Los Azules Copper Gold property in Argentina."
As a result of the company's recent exploration success in Alaska it has reassessed it's very large property portfolio in order to focus on its core assets in Alaska, Argentina and Canada. After careful review and evaluation of its portfolio of properties, the company has elected not to proceed with the El Tapau and El Salto option agreements in Argentina. The company intends on monetizing or joint venturing all of its other non core holdings.
The Los Azules litigation date has been set for November 19th, 2012 at the BC Supreme Courts.
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:ILC.V), 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. Gangeng Lithium Co. Ltd. Is a leading China based, multi-product lithium manufacturer, and strategic partner and investor in ILC. 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,
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. 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.
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