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TNR Gold CEO Gary Schellenberg Video Interview: Summary on Los Azules Copper Settlement with McEwen Mining.
Now there is a truly elephant copper discovery in the making with 18.4 billion lb of Copper reported in all resource categories at Los Azules. We can expect very aggressive push from McEwen Mining to market Los Azules and, hopefully, newly discovered mineralised trend and mineralisation at depth will bring this deposit even higher in its world wide ranking.
Update from New McEwen Presentation Feb 6th, 2013
Kirill Klip, Non-Executive Chairman of TNR Gold, stated, "I welcome the positive resolution of the Los Azules litigation in the out of court settlement between TNR Gold and McEwen Mining. I would like personally to thank Rob McEwen as this resolution is a highly beneficial outcome for both our companies. Removing the uncertainty over the rights to Los Azules will allow the project to now achieve its full potential for the benefit of the shareholders of both TNR Gold and McEwen Mining, and I consider our stake in McEwen Mining as a strategic holding for TNR Gold."
Now Insiders are buying: Chairman, CEO and CFO of TNR Gold:
|As of 11:59pm ET February 7th, 2013|
|Securities||Nature of transaction||# or value acquired or disposed of||Price|
|Feb 7/13||Feb 7/13||Klip, Kirill||Direct Ownership||Common Shares||10 - Acquisition in the public market||50,000||$0.065|
|Feb 6/13||Feb 6/13||Schellenberg, Gary David Albert||Indirect Ownership||Common Shares||10 - Acquisition in the public market||60,000||$0.065|
|Feb 6/13||Feb 6/13||Bella, Jerome Michael||Direct Ownership||Common Shares||10 - Acquisition in the public market||10,000||$0.070|
|Feb 6/13||Feb 6/13||Bella, Jerome Michael||Direct Ownership||Common Shares||10 - Acquisition in the public market||40,000||$0.065|
TNR Gold Corp. Summarizes Settlement of Lawsuit With McEwen Mining regarding Los Azules Copper Property With Questions & Answers TNR.v, MUX."Q: What Does the Los Azules Settlement Mean for TNR Gold?
A: The settlement restores a back-in right to TNR Gold which is exercisable following the completion of a feasibility study. The back-in right allows TNR Gold to back-in for up to 25% of the northern part of the Los Azules property, which is currently believed by McEwen Mining to contain the largest share of the known resource at Los Azules. If TNR Gold elects to back-in for 5% or less, or has its interest diluted to 5% or less, TNR Gold's interest automatically converts to a 0.6% Net Smelter Royalty ("NSR"). TNR Gold's back-in right applies to those properties subject to an Exploration and Option Agreement originally signed by Solitario Argentina S.A. (a subsidiary of TNR Gold) and M.I.M. Argentina Exploraciones S.A. on May 15, 2004 (as amended) (the "Property").
In addition, TNR Gold has been issued 1 million shares in McEwen Mining and delivery of such shares will occur upon the transfer of mineral rights to the Escorpio IV mining tenure to McEwen Mining. The shares are also subject to normal statutory hold periods. (Information about McEwen Mining can be found at http://www.mcewenmining.comand on Sedar at http://www.sedar.com).
TNR Gold and the other parties to the litigation have also dismissed by consent all claims and counterclaims in the litigation.
TNR Gold may decide in the future to realize the value of some or all of the assets received in this settlement. Proceeds realized from such disposition may be used to retire the Company's debt and provide working capital which could reduce the need for future dilution of the Company."