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TNR GOLD / INTERNATIONAL LITHIUM ENTERS INTO OPTION AGREEMENT ON THE COMPANYS RARE METALS FORGAN LAKE PROJECT, ONT
TNR GOLD / INTERNATIONAL LITHIUM ENTERS INTO OPTION AGREEMENT ON THE COMPANYS RARE METALS FORGAN...
About this update from Tnr Gold Corp.
[{"type":"text","content":"\nTNR GOLD / INTERNATIONAL LITHIUM ENTERS INTO OPTION AGREEMENT ON THE COMPANYS RARE METALS FORGAN LAKE PROJECT, ONT\n\n\n Mar. 15, 2010 (TheNewswire.ca) -- Vancouver B.C.: TNR Gold (TSXV:TNR) Corp. (\"TNR\" or the \"Company\") and wholly-owned International Lithium Corp. (\"ILC\") are pleased to announce the Company has entered into a letter agreement dated March 11, 2010 (the \"Agreement\") with Cricket Capital Corp. (TSXV:CKC'P) (\"Cricket\"), a capital pool company (\"CPC\"), on the Company's 100% owned Forgan Lake property (\"Property\") located 125km northeast of Thunder Bay, Ontario.Transaction Key Point Summary:-Cricket can acquire an undivided 60% interest in the Property;-By incurring a total of $1,000,000 in exploration expenditures on the Property over four years;-By making cash payments to TNR totalling $300,000 by the third year anniversary; and-By providing share issuances to TNR totalling 600,000 shares by the third year anniversary.Property Key Point Summary:-6 pegmatite dikes identified through exploration carried out by Lun-Echo Gold Mines in the 1950s;-4.23%Li2O over 7.5m in channel sample reported by Lun-Echo at Pegmatite No. 1; and-2.57 wt% Li2O over 4m in channel sample reported by TNR at Pegmatite No. 1.\"The Forgan Lake property has the potential to develop into a stand-alone rare metals project based on observations from our 2009 field season in conjunction with historical work performed by Lun-Echo\" states Gary Schellenberg, President and CEO of TNR Gold and continues \"The entering into a joint venture arrangement with Cricket to further explore TNR's Forgan Lake property is a successful application of our core business model and we welcome them as a joint venture partner\".Proposed Joint Venture TransactionUnder the terms of the Agreement, Cricket can acquire an undivided 60% interest in the Property by incurring a total of $1,000,000 in exploration expenditures on the Property as follows: a minimum $250,000 in expenditures on the Property to be incurred by the first year following the date of execution of the Agreement, a minimum $250,000 in expenditures by the second year, a minimum $250,000 in expenditures by the third year, and a minimum $250,000 in expenditures by the fourth year. In addition, Cricket must make cash payments to TNR of $25,000 on the date of Exchange acceptance (\"Exchange Accep...