VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2011) - TNR Gold Corp. ("TNR") (TSX VENTURE:TNR) and wholly-owned International Lithium Corp. ("ILC") (TSX VENTURE:ILC)(TSX VENTURE:ILC.WT) (jointly the "Company") are pleased to announce effective at the opening May 24, 2011, the Shares and Warrants of ILC will commence trading on TSX Venture Exchange.
Key Highlights:
* At the opening on May 24, 2011, International Lithium Corp. will commence trading on the TSX Venture Exchange under the trading symbol ILC;
* Newest Lithium and Rare Metals public company possessing a highly regarded drill ready portfolio of projects;
* 65,901,354 common shares of ILC will be issued and outstanding, of which 27,230,087 common shares will be escrowed;
* Notable share owners of ILC are TNR at 29%, Jiangxi Ganfeng Lithium Co. Ltd. at 9.99% and Non-Executive Chairman Kirill Klip at 10.5%; and
* 12,243,500 Units of ILC sold in related financing for gross proceeds of $3,060,875 representing an over-subscription of 2,243,500 Units.
International Lithium Corp. (TSX VENTURE:ILC) New Listing
Effective at the opening on May 24, 2011, the Shares and Warrants of International Lithium Corp. will commence trading on the TSX Venture Exchange under the trading symbol ILC upon successful completion of a Plan of Arrangement involving a restructuring of TNR Gold's business and assets in order to spin-out its lithium and rare metals mineral property interests.
In order to complete the Plan of Arrangement, a minimum raise of $2.5 million was initiated to provide ILC with sufficient operating and administration funds to satisfy Exchange requirements for listing (the "Financing"). The Financing consisted of units in ILC offered at a price of $0.25 per unit with each unit consisted of one common share and one ILC Warrant. Each ILC Warrant entitles the holder to purchase one additional common share of ILC at a price of $0.375 for a period of two years from the date of closing ("ILC Units").
Due to the increased level of demand, 12,243,500 Units of ILC were purchased in the Financing for gross proceeds of $3,060,875 representing an over-subscription of 2,243,500 Units or $560,875. At listing, ILC will have 65,901,354 common shares issued and outstanding, of which 27,230,087 common shares will be escrowed.
Notable Share Owners of ILC at listing include:
1. TNR at 29% through property disbursements and a 2,000,000 Unit participation in the Financing;
2. Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium"), a leading China based multi-product lithium manufacturer has committed through a Strategic Relationship Agreement to an initial strategic investment consisting of a 9.99% equity stake in ILC. Ganfeng Lithium brings significant current and future project development assistance capability. For further details regarding Ganfeng Lithium refer to the Company's press release dated April 18, 2011; and
3. Non-Executive Chairman Kirill Klip at 10.5% through his previous equity stake in TNR and a 1,000,000 Unit participation in the Financing.
Certain fees may be payable on a portion of the placement, in compliance with Exchange requirements. The common shares and ILC Warrants comprising the ILC Units sold under the Financing will be restricted from trading for 4 months in accordance with applicable securities laws.
International Lithium Corp. Project Summary
Benefiting from the early acquisition of select high potential lithium brine and hard rock rare metals pegmatite properties through TNR, ILC at its initiation possesses a robust portfolio of projects staged for aggressive exploration.
The Mariana lithium brine project in Argentina, covering an expansive 160 square kilometres, revealed highly compelling geochemistry from a cursory investigation, reporting average grades of 440 mg/l lithium and 12,700 mg/l potassium. The potassium levels were unexpected and represent one of the highest grades comparative to any of the neighbouring salars outside of the world class operation on the Atacama salar. Shortly following listing, preparation is to commence for a phase 1 drill program with the objective to identify and isolate separate brine horizons for a first-time representative characterization of the subsurface brine geochemistry. Subsequent drilling will continue to delineate and add to the confidence level of the geochemistry of the subsurface brine pool with an Inferred Resource estimate targeted for early next year. The Mariana project is expected to experience the most rapid advancement of any of the projects within the current ILC portfolio.
ILC holds three additional lithium brine properties in Nevada (Fish Lake, Runway and Sarcobatus Flats) located in adjacent valleys to the Silver Peak operation in Clayton Valley, the sole lithium brine producer in North America which has been in operation since 1966. This past year, in an integrated regional lithium exploration approach using geochemical and basin modeling utilizing a detailed gravity survey, ILC identified multiple drill targets across all three properties. These targets exhibit analogous geological features which provided both a source and trap for the lithium brines currently extracted at Silver Peak. In 2011, ILC is planning to mobilize a drill to all three properties, target the lithium brine aquifers within the stratigraphy and test their viability.
ILC's property portfolio is well balanced by a number of highly prospective rare metals' hard-rock pegmatite projects that have been selected by ILC's technical experts under stringent guidelines. The key outstanding characteristics shared by all the rare metals' projects are their underexplored nature, excellent accessibility, under-analyzed rare metals' history, initial high confidence level that additional exploration will add project value and ultimately the potential to develop the projects to address the global technological growth in demand for the rare metals' suite of elements.
Highlighting these rare metals' projects is the Moose property located near the shore of Great Slave Lake in the NWT which was a minor lithium and tantalum producer in the 1950's with reported production of 119 tonnes of lithium ore and an estimated 4,409 tonnes of high grade tantalum-niobium ore. The 2010 exploration program was limited as to exposure, however a channel sample returned 1.50 wt% Li2O over 7.5 metres confirming the continuity of high grade lithium across substantial widths within the pegmatite and a muck pile returned 8.44 wt% Li2O indicating that the source pegmatite is highly evolved and underscores the future potential of the property. In support of the untested potential, the historic exploration and mining did not penetrate below the 25 metre mark or extend beyond the local workings.
In addition, surface exploration on the Mavis Lake rare metals' project, located 15 km Northeast of Dryden, Ontario, revealed high-grade well-evolved lithium and tantalum zonation as well as significant levels of cesium and rubidium across multiple pegmatite bodies. Both the Moose and Mavis Lake projects are clearly emerging as premier multi-element rare metals projects and warrant drill programs in 2011 to determine their potential.
Potentially overshadowing the other rare metals projects is the Blackstairs project in Ireland consisting of eight prospecting licenses totaling 292 square kilometres hosting an extensive lithium pegmatite belt extending for more than 50kms. Historical exploration has been highly localized with reported boulder occurrences suggesting potentially large undiscovered pegmatites. The pegmatites that have been observed reveal well developed internal zoning reflecting strong fractionation and multi-rare-metals mineralizing potential.
The merits of ILC's portfolio of lithium and rare metal projects, particularly the Mariana, have garnered significant interest from retailers, institutions and international investors. A dedicated effort has been expended this past year prior to listing in the establishment of a strong network of interested parties. Significant advancement of ILC's projects through 2011 in conjunction with the progression of the lithium and rare metals' sectors will potentially have a marked effect on ILC in the coming period.
ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM 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 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to TNR's wholly owned subsidiary ILC upon completion of the Plan of Arrangement.
The objective of the Plan of Arrangement is to spin-out TNR's rare metals property interests into a separate public company, ILC. The Plan of Arrangement has been approved by TNR's shareholders, the courts of British Columbia and the TSX Venture Exchange. For further details of the spin-out, please visit International Lithium's website and TNR's information circular dated May 10, 2010 which is available on the SEDAR website at www.sedar.com.
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,
Mike Sieb
President – International Lithium Corp.
COO – TNR Gold Corp.
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.
TNR Gold Corp.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
International Lithium Corp.
Shares CUSIP: #459820 10 6
Warrant CUSIP: #459820 11 4
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.
Key Highlights:
* At the opening on May 24, 2011, International Lithium Corp. will commence trading on the TSX Venture Exchange under the trading symbol ILC;
* Newest Lithium and Rare Metals public company possessing a highly regarded drill ready portfolio of projects;
* 65,901,354 common shares of ILC will be issued and outstanding, of which 27,230,087 common shares will be escrowed;
* Notable share owners of ILC are TNR at 29%, Jiangxi Ganfeng Lithium Co. Ltd. at 9.99% and Non-Executive Chairman Kirill Klip at 10.5%; and
* 12,243,500 Units of ILC sold in related financing for gross proceeds of $3,060,875 representing an over-subscription of 2,243,500 Units.
International Lithium Corp. (TSX VENTURE:ILC) New Listing
Effective at the opening on May 24, 2011, the Shares and Warrants of International Lithium Corp. will commence trading on the TSX Venture Exchange under the trading symbol ILC upon successful completion of a Plan of Arrangement involving a restructuring of TNR Gold's business and assets in order to spin-out its lithium and rare metals mineral property interests.
In order to complete the Plan of Arrangement, a minimum raise of $2.5 million was initiated to provide ILC with sufficient operating and administration funds to satisfy Exchange requirements for listing (the "Financing"). The Financing consisted of units in ILC offered at a price of $0.25 per unit with each unit consisted of one common share and one ILC Warrant. Each ILC Warrant entitles the holder to purchase one additional common share of ILC at a price of $0.375 for a period of two years from the date of closing ("ILC Units").
Due to the increased level of demand, 12,243,500 Units of ILC were purchased in the Financing for gross proceeds of $3,060,875 representing an over-subscription of 2,243,500 Units or $560,875. At listing, ILC will have 65,901,354 common shares issued and outstanding, of which 27,230,087 common shares will be escrowed.
Notable Share Owners of ILC at listing include:
1. TNR at 29% through property disbursements and a 2,000,000 Unit participation in the Financing;
2. Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium"), a leading China based multi-product lithium manufacturer has committed through a Strategic Relationship Agreement to an initial strategic investment consisting of a 9.99% equity stake in ILC. Ganfeng Lithium brings significant current and future project development assistance capability. For further details regarding Ganfeng Lithium refer to the Company's press release dated April 18, 2011; and
3. Non-Executive Chairman Kirill Klip at 10.5% through his previous equity stake in TNR and a 1,000,000 Unit participation in the Financing.
Certain fees may be payable on a portion of the placement, in compliance with Exchange requirements. The common shares and ILC Warrants comprising the ILC Units sold under the Financing will be restricted from trading for 4 months in accordance with applicable securities laws.
International Lithium Corp. Project Summary
Benefiting from the early acquisition of select high potential lithium brine and hard rock rare metals pegmatite properties through TNR, ILC at its initiation possesses a robust portfolio of projects staged for aggressive exploration.
The Mariana lithium brine project in Argentina, covering an expansive 160 square kilometres, revealed highly compelling geochemistry from a cursory investigation, reporting average grades of 440 mg/l lithium and 12,700 mg/l potassium. The potassium levels were unexpected and represent one of the highest grades comparative to any of the neighbouring salars outside of the world class operation on the Atacama salar. Shortly following listing, preparation is to commence for a phase 1 drill program with the objective to identify and isolate separate brine horizons for a first-time representative characterization of the subsurface brine geochemistry. Subsequent drilling will continue to delineate and add to the confidence level of the geochemistry of the subsurface brine pool with an Inferred Resource estimate targeted for early next year. The Mariana project is expected to experience the most rapid advancement of any of the projects within the current ILC portfolio.
ILC holds three additional lithium brine properties in Nevada (Fish Lake, Runway and Sarcobatus Flats) located in adjacent valleys to the Silver Peak operation in Clayton Valley, the sole lithium brine producer in North America which has been in operation since 1966. This past year, in an integrated regional lithium exploration approach using geochemical and basin modeling utilizing a detailed gravity survey, ILC identified multiple drill targets across all three properties. These targets exhibit analogous geological features which provided both a source and trap for the lithium brines currently extracted at Silver Peak. In 2011, ILC is planning to mobilize a drill to all three properties, target the lithium brine aquifers within the stratigraphy and test their viability.
ILC's property portfolio is well balanced by a number of highly prospective rare metals' hard-rock pegmatite projects that have been selected by ILC's technical experts under stringent guidelines. The key outstanding characteristics shared by all the rare metals' projects are their underexplored nature, excellent accessibility, under-analyzed rare metals' history, initial high confidence level that additional exploration will add project value and ultimately the potential to develop the projects to address the global technological growth in demand for the rare metals' suite of elements.
Highlighting these rare metals' projects is the Moose property located near the shore of Great Slave Lake in the NWT which was a minor lithium and tantalum producer in the 1950's with reported production of 119 tonnes of lithium ore and an estimated 4,409 tonnes of high grade tantalum-niobium ore. The 2010 exploration program was limited as to exposure, however a channel sample returned 1.50 wt% Li2O over 7.5 metres confirming the continuity of high grade lithium across substantial widths within the pegmatite and a muck pile returned 8.44 wt% Li2O indicating that the source pegmatite is highly evolved and underscores the future potential of the property. In support of the untested potential, the historic exploration and mining did not penetrate below the 25 metre mark or extend beyond the local workings.
In addition, surface exploration on the Mavis Lake rare metals' project, located 15 km Northeast of Dryden, Ontario, revealed high-grade well-evolved lithium and tantalum zonation as well as significant levels of cesium and rubidium across multiple pegmatite bodies. Both the Moose and Mavis Lake projects are clearly emerging as premier multi-element rare metals projects and warrant drill programs in 2011 to determine their potential.
Potentially overshadowing the other rare metals projects is the Blackstairs project in Ireland consisting of eight prospecting licenses totaling 292 square kilometres hosting an extensive lithium pegmatite belt extending for more than 50kms. Historical exploration has been highly localized with reported boulder occurrences suggesting potentially large undiscovered pegmatites. The pegmatites that have been observed reveal well developed internal zoning reflecting strong fractionation and multi-rare-metals mineralizing potential.
The merits of ILC's portfolio of lithium and rare metal projects, particularly the Mariana, have garnered significant interest from retailers, institutions and international investors. A dedicated effort has been expended this past year prior to listing in the establishment of a strong network of interested parties. Significant advancement of ILC's projects through 2011 in conjunction with the progression of the lithium and rare metals' sectors will potentially have a marked effect on ILC in the coming period.
ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM 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 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to TNR's wholly owned subsidiary ILC upon completion of the Plan of Arrangement.
The objective of the Plan of Arrangement is to spin-out TNR's rare metals property interests into a separate public company, ILC. The Plan of Arrangement has been approved by TNR's shareholders, the courts of British Columbia and the TSX Venture Exchange. For further details of the spin-out, please visit International Lithium's website and TNR's information circular dated May 10, 2010 which is available on the SEDAR website at www.sedar.com.
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,
Mike Sieb
President – International Lithium Corp.
COO – TNR Gold Corp.
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.
TNR Gold Corp.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
International Lithium Corp.
Shares CUSIP: #459820 10 6
Warrant CUSIP: #459820 11 4
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.
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