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TNR Gold Corp. Summarizes Settlement of Lawsuit regarding Los Azules Copper Property With Questions & Answers
(via Thenewswire.ca) Vancouver B.C.: TNR Gold Corp. ("TNR") or ("the Company") Further to t...
About this update from Tnr Gold Corp.
[{"type":"text","content":"\nTNR Gold Corp. Summarizes Settlement of Lawsuit regarding Los Azules Copper Property With Questions & Answers\n\n(via Thenewswire.ca)\n \n \nVancouver B.C.: TNR Gold Corp. (\"TNR\") or (\"the Company\") Further to the Company's news release today on the signing of formal documentation for the Los Azules settlement, and as a result of many shareholder inquiries, TNR would like to explain in a question and answer format what the settlement of the Los Azules Copper Property Lawsuit with McEwen Mining Inc. means for TNR and its shareholders. \n\n \n \nQ: What Does the Los Azules Settlement Mean for TNR Gold?\n\n \n \nA: The settlement restores a back-in right to TNR Gold which is exercisable following the completion of a feasibility study. The back-in right allows TNR Gold to back-in for up to 25% of the northern part of the Los Azules property, which is currently believed by McEwen Mining to contain the largest share of the known resource at Los Azules. If TNR Gold elects to back-in for 5% or less, or has its interest diluted to 5% or less, TNR Gold's interest automatically converts to a 0.6% Net Smelter Royalty (\"NSR\"). TNR Gold's back-in right applies to those properties subject to an Exploration and Option Agreement originally signed by Solitario Argentina S.A. (a subsidiary of TNR Gold) and M.I.M. Argentina Exploraciones S.A. on May 15, 2004 (as amended) (the \"Property\").\n\n\n \n\nIn addition, TNR Gold has been issued 1 million shares in McEwen Mining and delivery of such shares will occur upon the transfer of mineral rights to the Escorpio IV mining tenure to McEwen Mining. The shares are also subject to normal statutory hold periods. (Information about McEwen Mining can be found at http://www.mcewenmining.com and on Sedar at http://www.sedar.com). \n\n\n \nTNR Gold and the other parties to the litigation have also dismissed by consent all claims and counterclaims in the litigation. \n\n\n \nTNR Gold may decide in the future to realize the value of some or all of the assets received in this settlement. Proceeds realized from such disposition may be used to retire the Company's debt and provide working capital which could reduce the need for future dilution of the Company.\n\n \n \nQ: Does TNR Gold need to contribute any money to McEwen Mining in order to maintain its Back-In Right?\n\n \n \nA: No, not at this time. ...