Saturday, February 02, 2013

TNR Gold: McEwen Mining - Los Azules Copper "Another Resource Estimate Next Week!" TNR.v, MUX

Please Note our New Legal Disclaimer on the Blog

  McEwen Mining has published the new Presentation on January 30, 2013 with the very impressive picture of Los Azules copper project and promising "Another resource estimate next week!" and "New PEA Q3."

  In another news San Juan provincial government has cleared Barrick Mines in review of impact on glaciers. We are taking it as a very positive development, where more reasonable approach to mining is taken by the local government in Argentina. The whole country can not be the hostage of the "moody" central government creating only more uncertainty and, maybe, we can see the signs when business will be welcomed again by the Argentinian people depending on its development for their life. These proud people deserve so much better and can economically benefit with the development of these projects.
  According to the article Los Azules will be next in its review:

"The provincial government said it will next conduct a glacier survey for Canada-based McEwen Mining Inc.'s (MUX, MUX.T) $2.9 billion Los Azules copper project and the Paso Agua Negra tunnel."
  The deposit is growing and, hopefully, after that review project will be cleared for the Sale by McEwen Mining - it will be the Catalyst for both TNR Gold and McEwen Mining, reflecting the specific situations of these companies. Country Risk today can become the Value Catalyst tomorrow.

After the announced settlement TNR Gold will have the following assets:

"The settlement restores a 25% back-in right to TNR which is exercisable following the completion of a feasibility study. The back-in right allows TNR to back-in for 25% of the northern part of the Los Azules property, which McEwen Mining has said contains the largest share of the known resource at Los Azules.
  In addition, TNR receives an industry standard Net Smelter Royalty of 0.6% and 1 million shares in McEwen Mining (information about McEwen Mining can be found at and on Sedar at The Net Smelter Royalty is over the northern portion of the property and is triggered if TNR chooses to back-in for 5% or less or is diluted below 5%. In return, TNR will discontinue its claims and transfer to McEwen Mining the mineral rights to a property called Escorpio IV.

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."

TNR Gold: McEwen Mining - Los Azules Copper Project Continues to Grow TNR.v, MUX

McEwen Mining reports: 

- "Exploration efforts at the Los Azules Copper Project in San Juan Province, Argentina, continues to show significant potential to increase the size of the resource."

- "A second drill hole, 1299, assayed 0.44% copper over 529 meters. This

    drill hole ended approximately 600 meters below the resource outline." (!S.)

"The Company expects to release an updated resource estimate for Los

    Azules which incorporates these recent results in Mid-February."

- "Earlier this month, the company hired BMO Capital Markets to market Los Azules."

- "Los Azules is one of the world's largest, highest grade, undeveloped copper-porphyry deposits not owned by a major base metal company."

(McEwen Mining presentation.)

  "What some people are missing - judging by the chatting on the boards, and what was explained to us by IR of the company - is that TNR Gold does Not have to make any financing and dilution now, it will be carried out into the Feasibility Study on Los Azules by the Operator on the property, which is McEwen Mining now.
  As we have wrote extensively before, this deposit will grow in size, TNR Gold has the High Grade Core on its property, which is subject to Back-In, hopefully that part will grow even larger than now as well.
  This year will be very interesting for TNR Gold."

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