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TNR Gold Royalty Holding Update: ILC Reports Ganfeng Subsidiary Litio Minera Argentina Assumes All Rights and Obligations in Respect of Mariana Lithium
Vancouver, British Columbia--(Newsfile Corp. - October 21, 2021) - TNR Gold Corp. (TSXV: TN...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Royalty Holding Update: ILC Reports Ganfeng Subsidiary Litio Minera Argentina Assumes All Rights and Obligations in Respect of Mariana LithiumVancouver, British Columbia--(Newsfile Corp. - October 21, 2021) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that, further to the Company's news release dated September 27, 2021, International Lithium Corp. (\"ILC\") announced the completion of the sale to Ganfeng Lithium of ILC's remaining 8.58% stake in Litio Minera Argentina S.A., the owner of the Mariana Lithium Project in Salta, Argentina. The deal included confirmation that Ganfeng's subsidiary, Litio Minera Argentina, would assume all rights or obligations that ILC had in respect of the Mariana property. TNR Gold holds a 2.0% net smelter returns (\"NSR\") royalty on the Mariana Lithium Project.ILC's news release issued on October 20, 2021 stated:\"The Company announced on September 21, 2021 that it had contracted to sell its remaining 8.58% stake in Litio Minera Argentina S.A. and the Company's remaining rights and obligations related to the Mariana project to ILC's partner Ganfeng Lithium. The deal included confirmation that Litio Minera Argentina would assume all rights or obligations that the Company had in respect of the Mariana property. On October 4, 2021 the Company announced that it expected this sale to complete in mid-October. Completion has now taken place.\"Kirill Klip, Executive Chairman of the Company commented, \"We are pleased with the great news regarding Ganfeng Lithium, our NSR Royalty holding and advance of the Mariana Lithium Project to construction. I am also very pleased to see that this deal between ILC and Ganfeng Lithium included confirmation that Ganfeng's subsidiary, Litio Minera Argentina, assumes all rights and obligations that ILC had in respect of the Mariana Lithium Project, including in respect to TNR Gold NSR Royalty Holding. Ganfeng Lithium has now consolidated 100% of the Mariana Lithium Project and advanced it to the construction stage. This news comes after a 55% increase in the measured and indicated resource estimate from the previously announced 2020 increase ​of more than 250% in measured and indicated resources at the Mariana Lithium Project. We extend our congratulations to Ganfeng and salute the people of Argentina on the...