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SEABROOK REE CARBONATITE ACQUIRED SAULT STE. MARIE, ONTARIO
Mar. 1, 2011 (TheNewswire.ca) -- Vancouver B.C.: TNR Gold Corp. (TSXV:TNR) ("TNR" or the "Co...
About this update from Tnr Gold Corp.
[{"type":"text","content":"\nSEABROOK REE CARBONATITE ACQUIRED SAULT STE. MARIE, ONTARIO\n\n Mar. 1, 2011 (TheNewswire.ca) -- Vancouver B.C.: TNR Gold Corp. (TSXV:TNR) (\"TNR\" or the \"Company\") is pleased to announce the acquisition of 100% ownership interest in the Seabrook Rare Earth Element Carbonatite Complex in northern Ontario (the \"Property\") through a combination of staking and option.Key Highlights:-100% ownership and coverage of the Seabrook Carbonatite Complex;-Significant REE potential indicated from previous operators' limited exploration;-4 grab samples grading 0.6, 1.5, 4.7 and 10.3% Nb2O5; and-One sample grading 0.47% Ce2O5 and 0.22% La2O3 where only the Ce and La were analyzed for.\"The Seabrook Carbonatite Complex represents a significant addition to TNR's Rare Earth Elements property portfolio that also includes the Big Beaver House Carbonatite; one of the largest carbonatites in Ontario\" states Gary Schellenberg, CEO - TNR Gold Corp. \"TNR's inclusion of two highly prospective and under-explored REE properties represent excellent exploration targets for REEs and is a prime example of the opportunities that the Company continues to source out, identify and acquire\"The Seabrook Property consists of three claims covering 32 Units and totaling 512 hectares. Two of the claims totaling 23 Units were acquired through staking by the Company and the remaining one claim consisting of 9 units is under option to the Company, contingent on Exchange approval. The Company can acquire a 100% interest in the optioned claim by issuing an aggregate $111,000 cash payment, 450,000 shares and accumulating $750,000 in exploration expenditures over a three year period to the claim owners (the \"Optionor\"). In addition, TNR agrees to pay to the Optionor a net smelter returns royalty (the \"Royalty\") of 2.0% of which TNR shall have the right to purchase up to 75% of the Royalty (being 1.5%) at any time prior to the commencement of commercial production upon the payment of $500,000 per each 25% of the Royalty (being each 0.5%).Seabrook CarbonatiteThe Seabrook Carbonatite Complex is one of the southernmost Carbonatite complexes in Ontario located 100 kilometres NE of Sault Ste. Marie and 10 kilometres west of highway 129 along a provincial Forest Access Road. The Seabrook Project is accessible year round with a powerline transecting the property and the ...