Friday, February 1, 2013

Los Azules court case settled - McEwan settles with microcap gold miner TNR Gold Corp TNR.v

Longtime readers of the blog will no doubt recognize the company and the legal pursuits of the microcap junior that evolved from copper/gold play into a litigious junior with a lithium upside, going up against one of the biggest name in mining.

Over two years in the making.

Plenty of doubters.

Not quite a win, but nevertheless far more than anyone expected from a tiny $10 million microcap in a legal battle against a billionaire-funded multi-billion gold conglomerate.

In this battle of David vs. Goliath, it is clear that David walked out the victor.

Question is, what will Goliath do with the newly consolidated holdings of Los Azules?

Considering insider and management ownership is far higher on TNR.v versus MUX, Mining101 offers our heartfelt congratulations to the men and women at TNR Gold for their dedication in seeing the process through. Hope the million shares of MUX is spent wisely on future explorations and JV efforts.


TNR Gold settles lawsuit over Los Azules

2012-11-14 10:15 ET - News Release

Mr. Kirill Klip reports
TNR Gold Corp. and its wholly owned subsidiary, Solitario Argentina S.A., have reached a settlement with McEwen Mining Inc., which resolves the outstanding litigation with respect to the Los Azules copper project located in San Juan province, Argentina.
The settlement restores a 25-per-cent 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 per cent 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 per cent and one million shares in McEwen Mining (information about McEwen Mining can be found at its website and on SEDAR). The net smelter royalty is over the northern portion of the property and is triggered if TNR chooses to back in for 5 per cent or less or is diluted below 5 per cent. 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."