Business
TNR Gold Reports on Mariana Lithium Royalty Holding
Vancouver, British Columbia--(Newsfile Corp. - April 24, 2019) - TNR Gold Corp. (TSXV: TNR...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Reports on Mariana Lithium Royalty HoldingVancouver, British Columbia--(Newsfile Corp. - April 24, 2019) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that, further to the Company's news release dated January 28, 2019, International Lithium Corp. (TSXV: ILC) (\"ILC\") issued a news release on April 12, 2019 related to the Mariana Lithium project in Salta Province, Argentina. TNR Gold holds a 1.8% Net Smelter Returns (\"NSR\") Royalty on the Mariana Lithium project.The news release issued by ILC stated, \"As a result of cash calls made up to the present date, the Company's share in Mariana will reduce from 17.246% to 15.392% by the end of April 2019. A budget of US$4.25 million has been set by the manager for May and June 2019. If expenditure indeed reaches that level, the Company's share in Mariana would reduce further to 13.607%. The Company retains a back-in right entitling it to increase this percentage by a further 10%, i.e. to 23.607%.\"Kirill Klip, Executive Chairman of the Company commented, \"We are very pleased to see that Ganfeng Lithium is advancing the Mariana Lithium project in Argentina towards further pre-feasibility studies. The Mariana Lithium preliminary economic assessment (\"PEA\"), as announced in our news release of January 28, 2019, was the first PEA on the project that provided a potential value for the total NSR Royalty from Mariana's life of mine cashflow. TNR Gold does not have to contribute any capital for development of Mariana Lithium and our NSR Royalty does not depend on the size of ILC's share in Mariana Lithium. The 1.8% Mariana NSR Royalty is an important part of TNR Gold's portfolio. The essence of our business model is to have industry leaders like Ganfeng Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.\"Resignation of COOThe Company also announces that Anthony Kovacs, Chief Operating Officer of TNR Gold has resigned from the Company. He currently serves as COO and director of ILC. The Company would like to thank Mr. Kovacs for his service to TNR Gold.ABOUT TNR GOLD CORP. TNR Gold Corp. is working to become the green energy metals royalty company.Over the past twenty-three years, TNR, through its lead generator business model, has been successfu...