Vancouver B.C.: TNR Gold Corp. (the "Company") announces that it has become aware of a news release issued by Minera Andes Inc. ("MAI") on June 27, 2011 disclosing drill results from the January to May 2011 exploration program at the Los Azules project ("Project"). As most recently disclosed by the Company in its press release of May 16, 2011, the Company is involved in a legal dispute with MAI regarding TNR's interest in the Project. As a result, a qualified person of TNR (within the meaning of National Instrument 43-101) has not been able to verify the information disclosed by MAI, and, thus, such information should not be relied upon by TNR shareholders. The news release also describes results of condemnation holes for surface facilities which have been drilled on properties including Escorpio IV. (referred to as "contested concession"), Escorpio IV is currently held in TNR's wholly owned subsidiary, Solitario Argentina S.A..
The Los Azules project is an advanced-stage exploration project that is the subject of a National Instrument 43-101 compliant report prepared for MAI that discloses certain Measured, Indicated and Inferred Resources. TNR's wholly owned subsidiary, Solitario Argentina S.A., originally served notice of its intention to exercise its 25 per-cent back-in right to certain of the properties comprising the Los Azules project. Solitario's back-in right is the subject of a lawsuit filed by MAI's, and the terms of the back in right are the subject of litigation between Solitario and Xstrata ("MIM"). On May 16, 2011, the British Columbia Supreme Court granted TNR the right to add a new claim to the litigation, alleging that MIM and MAI did not complete the required exploration expenditures to earn its option on April 23, 2007. A court date, originally set for June 20, 2011 in Vancouver, has been adjourned and a new date will be set in due course.
In the legal dispute with MIM, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Project and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
Additional information can be obtained on the TNR corporate Los Azules webpage - http://www.tnrgoldcorp.com/s/LosAzules.asp
ABOUT TNR GOLD CORP.
TNR is a diversified international mineral exploration company focusing on the advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 9 active projects, and a 29% interest in International Lithium Corp, ("ILC"), which has 9 active rare metal projects.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the TNR and ILC's commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg
The Los Azules project is an advanced-stage exploration project that is the subject of a National Instrument 43-101 compliant report prepared for MAI that discloses certain Measured, Indicated and Inferred Resources. TNR's wholly owned subsidiary, Solitario Argentina S.A., originally served notice of its intention to exercise its 25 per-cent back-in right to certain of the properties comprising the Los Azules project. Solitario's back-in right is the subject of a lawsuit filed by MAI's, and the terms of the back in right are the subject of litigation between Solitario and Xstrata ("MIM"). On May 16, 2011, the British Columbia Supreme Court granted TNR the right to add a new claim to the litigation, alleging that MIM and MAI did not complete the required exploration expenditures to earn its option on April 23, 2007. A court date, originally set for June 20, 2011 in Vancouver, has been adjourned and a new date will be set in due course.
In the legal dispute with MIM, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Project and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
Additional information can be obtained on the TNR corporate Los Azules webpage - http://www.tnrgoldcorp.com/s/LosAzules.asp
ABOUT TNR GOLD CORP.
TNR is a diversified international mineral exploration company focusing on the advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 9 active projects, and a 29% interest in International Lithium Corp, ("ILC"), which has 9 active rare metal projects.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the TNR and ILC's commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg
President -- TNR Gold Corp.
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