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TNR Gold NSR Royalty Update - Los Azules Copper, Gold and Silver Project - New Drilling Campaign Targeting Over 45,000 Metres
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2023) - TNR Gold Corp. (TSXV: TNR) ...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold NSR Royalty Update - Los Azules Copper, Gold and Silver Project - New Drilling Campaign Targeting Over 45,000 MetresVancouver, British Columbia--(Newsfile Corp. - November 2, 2023) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that McEwen Mining Inc. (\"McEwen Mining\") has provided an update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty (\"NSR Royalty\") (of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules project is held by McEwen Copper Inc. (\"McEwen Copper\"), a subsidiary of McEwen Mining.The news release issued on October 30, 2023, by McEwen Mining stated:\"McEwen CopperOn October 11th our McEwen Copper subsidiary announced additional investments by Stellantis and Nuton of ARS$42 billion and US$10 million, respectively. Since the creation of McEwen Copper, shareholders have invested $397 million (including investments by Stellantis in Argentine Pesos at official exchange rates at the time of each transaction) to acquire shares even though the Company has remained private. The recent transactions occurred at $26.00 per share of McEwen Copper, giving it a market value of approximately $800 million. McEwen Mining retains 47.7% ownership of McEwen Copper, with an implied market value of $380 million, this represents a value accretion for McEwen Mining shareholders of $98 million or two (2) dollars per share since March 2023.McEwen Copper is now well financed for the remainder of 2023 and well into 2024. The funds raised will be used to advance the feasibility study on the Los Azules project and for other corporate purposes. McEwen Mining also received proceeds of $6 million to augment its balance sheet.Currently, we have fourteen drill rigs on site at Los Azules, scaling up to 18 drill rigs for our drilling campaign targeting more than 45,000 meters. This program will generate all the remaining data required to complete the planned feasibility study by Q1 2025.Technical Information The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Mining and a Qualified Person as defined by SEC S-K 1300 and the ...