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TNR Gold Corp. Comments on Recent News by McEwen Mining on the Los Azules Copper Project, Argentina
(via Thenewswire.ca) Vancouver, B.C. / TNW-ACCESSWIRE / August 13 2014 / TNR Gold Corp...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Corp. Comments on Recent News by McEwen Mining on the Los Azules Copper Project, Argentina(via Thenewswire.ca)\n \n \nVancouver, B.C. / TNW-ACCESSWIRE / August 13 2014 / TNR Gold Corp. (the \"Company\" or \"TNR) (TSX VENTURE:TNR.V ) advises that McEwen Mining Inc. (NYSE:MUX, TSX:MUX) (\"McEwen Mining\") has issued news releases dated 17 July, 2014 and 07 August, 2014 in relation to the Los Azules Copper Project in San Juan Province, Argentina. TNR holds a 25% back-in right, exercisable upon the completion of a feasibility study, on the northern part of the Los Azules property.\n\n\n \nThe news releases issued by McEwen Mining summarize the results of an impairment test conducted on Los Azules as a result of the recently announced acquisition of Lumina Copper Corp. by First Quantum Minerals Ltd. to gain ownership of the Taca Taca copper project in Salta, Argentina. McEwen Mining recognized that the similarities between Los Azules and Taca Taca in terms of project scale and location within Argentina gave sufficient cause for the impairment analysis that resulted in McEwen Mining recording an impairment charge for Los Azules in its second quarter. \n\n\n \nThe Company is of the view that the impairment recorded by McEwen Mining on Los Azules does not have an adverse affect on the Company's valuation of its back-in right in the Los Azules deposit and the ongoing evaluation of the sale of its rights to the deposit (see TNR news release May 8, 2013).\n\n\n \nIn their press release dated 17 July 2014 Rob McEwen states, \"With First Quantum acquiring Lumina Copper and their Taca Taca project, Los Azules moves to the forefront in terms of world-class, undeveloped, high-grade copper assets not owned by a major mining company. As we have said in the past, Taca Taca serves as a good proxy for the value of Los Azules and we believe this transaction demonstrates value in projects located in Argentina.\" The news release is available at SEDAR http://www.sedar.com and on the McEwen Mining website http://www.mcewenmining.com. TNR encourages its shareholders to read the press releases issued by McEwen Mining to gain a better understanding of the work performed and the potential impacts this will have on the project.\n\n\n \nMcEwen Mining's press releases appear to be prepared by Qualified Persons and the procedures, methodology and key a...