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Showing posts with label Los Azules. Show all posts
Showing posts with label Los Azules. Show all posts
Thursday, March 11, 2010
Copper in Argentina: TNR Provides Update on Los Azules Copper Project TNR.v, MAI.to, AUY, LUN.to, FCX, GDX, FXI, RTP, BHP, BVN, GG, ABX, CZX.v, NG.to,
0 comments Posted by andre at 10:54 AM
There are money and there are people with these money who are ready to secure supply of raw materials and reduce their stockpiles of IOU. Have you ever heard about "State Grid Corp of China" - we all better get used to it. While the west will be burred under stockpile of debt Asian players are accumulating real assets from Copper and Gold to Lithium and REE.
"TORONTO, March 8 (Reuters) - Quadra Mining (QUA.TO) said on Monday it agreed to form a joint venture with China's largest utility company to develop its huge Sierra Gorda project in Chile, expected to cost over $2 billion.
The Canadian miner signed a memorandum of understanding with State Grid International Development Ltd, a wholly owned subsidiary of State Grid Corp of China. The joint venture will develop and operate Quadra's Sierra Gorda project and Franke Mine in northern Chile..."
The Canadian miner signed a memorandum of understanding with State Grid International Development Ltd, a wholly owned subsidiary of State Grid Corp of China. The joint venture will develop and operate Quadra's Sierra Gorda project and Franke Mine in northern Chile..."
"Now Los Azules is a Top Project for Rob McEwen according to Minera Andes presentation: Los Azules in Minera Andes presentation
More on the Canaccord valuation of Los Azules:Gold and Copper in Argentina: Rob McEwen, Los Azules and TNR Gold."
Rob McEwen CEO of Minera Andes was marketing Los Azules in San Francisco with the following:"Los Azules Copper Discovery Inferred resource containing over 11 billion pounds of copper.
Larger than 83% of the world's copper deposit.
Open at depth and to the north for over 2 miles.
High Grade Core: Approximately 105 million tons of 1% copper near-surface!
Los Azules Preliminary Assessment
NPV (USD 3.0/lb, 8% discount rate) - $4 Billion
IRR - 25%Initial Capital Expenditure - 2.7 Billion
Mine Life - 23.6 years."
Larger than 83% of the world's copper deposit.
Open at depth and to the north for over 2 miles.
High Grade Core: Approximately 105 million tons of 1% copper near-surface!
Los Azules Preliminary Assessment
NPV (USD 3.0/lb, 8% discount rate) - $4 Billion
IRR - 25%Initial Capital Expenditure - 2.7 Billion
Mine Life - 23.6 years."
"TNR Gold is pushing its case with Los Azules further and the key for us in this NR are the new people involved and: "The Company fully intends on exercising its back-in right to the properties at the appropriate time." Looks like company is taking a serious approach to finance its back in right execution. Time is to check all story.
Background on Los Azules, TNR Gold involvement, Xstrata and MInera Andes:
Background on Los Azules, TNR Gold involvement, Xstrata and MInera Andes:
We have another confirmation of High Grade Core of this deposit shaping up on the Northern part of the property, which is under dispute between TNR Gold and Xstrata. This development will help economics of the project - it will allow to start operations with a high grade material and shorten the period of a Capital paid back time.
Tue Mar 9, 4:28 PM
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE: TNR.V) is pleased to provide the following update on the status of its Los Azules copper project located in the San Juan province of Western Argentina. Minera Andes Inc. ("MAI"), announced yesterday that they have received positive results from their diamond drill program of approximately 8,800 metres at the Los Azules project. For further details on the exploration program, please refer to MAI's news release of March 8, 2010.
The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource. TNR retains a 25 per-cent back-in right to certain of the properties, the terms of which are currently the subject of a legal dispute with Xstrata, which assigned its interest to MAI. A court date is set for the fall of 2010. The Company fully intends on exercising its back-in right to the properties at the appropriate time. In the legal dispute with Xstrata, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Los Azules project, and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
ABOUT TNR GOLD / INTERNATIONAL LITHIUM CORP.
TNR and International Lithium Corp. ("ILC") are diversified metals exploration companies focused on exploring existing properties and identifying new prospective projects globally. TNR has a portfolio of 18 active projects, of which 9 will be included in the proposed spin-off of International Lithium Corp. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.com/.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President"
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE: TNR.V) is pleased to provide the following update on the status of its Los Azules copper project located in the San Juan province of Western Argentina. Minera Andes Inc. ("MAI"), announced yesterday that they have received positive results from their diamond drill program of approximately 8,800 metres at the Los Azules project. For further details on the exploration program, please refer to MAI's news release of March 8, 2010.
The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource. TNR retains a 25 per-cent back-in right to certain of the properties, the terms of which are currently the subject of a legal dispute with Xstrata, which assigned its interest to MAI. A court date is set for the fall of 2010. The Company fully intends on exercising its back-in right to the properties at the appropriate time. In the legal dispute with Xstrata, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Los Azules project, and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
ABOUT TNR GOLD / INTERNATIONAL LITHIUM CORP.
TNR and International Lithium Corp. ("ILC") are diversified metals exploration companies focused on exploring existing properties and identifying new prospective projects globally. TNR has a portfolio of 18 active projects, of which 9 will be included in the proposed spin-off of International Lithium Corp. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.com/.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President"
We are holding a position in the company and, please, do not consider anything as an investment advise on this Blog, as usual."
We can not agree more with this statement:
(from the map all four best holes are located on the Northen part of the property - S.)
Monday March 8, 11:26 am ET
TORONTO, ONTARIO--(Marketwire - 03/08/10) - Minera Andes Inc. (the "Corporation" or "Minera Andes") (TSX:MAI - News)(OTC.BB:MNEAF - News) is pleased to announce exploration results from our 100% owned copper project, Los Azules, in San Juan province (Argentina). Exploration commenced in mid-December 2009 and four diamond drills are currently operating on the project.
Highlights include:
Highlights include:
1.08% cu over 145 meters (Hole 46); 0.92% cu over 76.8 meters (Hole 47);
1.01% cu over 216 meters (Hole 48);
and 1.05% over 236 meters (Hole 49).
The intercepts are from in-fill drilling that is confirming the presence of an important high-grade secondary enrichment zone.
To date, eight holes have been completed and four are in progress. A total of 5,032 meters (of a current program of 8800 meters) has been drilled to date, with all holes reaching minimum targets depths of 400 meters. Hole 45 is a step- out hole drilled approximately 200 meters west of any previous drilling, and it contains 0.35% Cu over 194.9 meters from 456 meters to the bottom of the hole at 650.9 meters. It is the deepest hole that has been drilled on the project.
The objective of this field season's drilling program is to expand the known limits of mineralization, delineate the high- grade secondary enrichment zone and to increase the confidence level of the existing Los Azules resource of 922 million tonnes grading 0.55 percent copper and containing 11.2 billion pounds of copper.
Rob McEwen, Executive Chairman and CEO of Minera Andes commented:
"The initial drilling is progressing as planned, and, in contrast to previous drilling campaigns, we have successfully completed all of the drill holes so far this season to their target depths and beyond. We are excited by the excellent results obtained so far, especially in the high grades and good thickness of the secondary enrichment zone. In addition, the drilling this season is proving that the mineralization extends to greater depths than had been previously drilled, and results to date of the step-out drilling are also very positive."
A summary of the available assay results and a drill hole location map are attached.
Suspected extensions of the mineralization will be targeted for the next field season's drilling by detailed geological mapping in progress and a geophysical survey planned for the latter part of this field season. Engineering work and environmental base line studies to support a preliminary feasibility study are also underway.
About Los Azules
Los Azules is a large copper porphyry system located in western San Juan province in a belt of porphyry copper deposits that straddles the border between Chile and Argentina. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachon project, among others. The San Juan province is one of the most mining- friendly regions in Argentina.
Los Azules has an inferred mineral resource of 922 million tonnes grading 0.55 percent copper and containing 11.2 billion pounds of copper at a cut off grade of 0.35 percent copper. There is high-grade, near-surface core of 161 million tonnes grading 0.87 percent copper and containing 3.1 billion pounds of copper at a cut off grade of 0.70 percent copper. The known resource covers an area approximately 3.7 kilometers by 1 kilometer in size and is open at depth and laterally.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA who owns the San Jose Mine which is a large primary silver producer, which produced 4,998,000 million oz silver and 77,070 oz gold in 2009; 100% ownership of the Los Azules copper deposit; and, a portfolio of exploration properties in the highly prospective Deseado Massif region of Santa Cruz Province in southern Argentina. Minera Andes continues to be well funded and have no bank debt. The Corporation had $20.9 Million USD in cash as at September 30, 2009.
This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation.
Scientific and Technical Information:
This news release has been reviewed and approved by Nivaldo Rojas, a geologist and independent consultant to the Corporation, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Corporation at its Los Azules Project. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to the ACME sample preparation laboratory in Mendoza, Argentina, and then transferred to ACME's laboratory in Santiago, Chile for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.
For further information in respect of the Los Azules project please refer to the technical report entitled "Canadian National Instrument 43-101 Technical Report in Support of the Preliminary Assessment on the Development of the Los Azules Project, San Juan Province, Argentina" dated March 19, 2009, the "Los Azules Report" prepared by Randolph P. Schneider, Robert Sim, Bruce Davis, William L. Rose, and Scott Elfen, each of whom is "independent" of the Corporation and a "qualified person" for the purposes of National Instrument 43-101 - "Standards of Disclosure for Mineral Projects . This report is available on SEDAR (http://www.sedar.com/). The results of the foregoing preliminary assessment contained in this news release is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the project as described in the preliminary assessment will be realized. The basis for the preliminary assessment and the qualifications and assumptions made are set out in the Los Azules Report."
To date, eight holes have been completed and four are in progress. A total of 5,032 meters (of a current program of 8800 meters) has been drilled to date, with all holes reaching minimum targets depths of 400 meters. Hole 45 is a step- out hole drilled approximately 200 meters west of any previous drilling, and it contains 0.35% Cu over 194.9 meters from 456 meters to the bottom of the hole at 650.9 meters. It is the deepest hole that has been drilled on the project.
The objective of this field season's drilling program is to expand the known limits of mineralization, delineate the high- grade secondary enrichment zone and to increase the confidence level of the existing Los Azules resource of 922 million tonnes grading 0.55 percent copper and containing 11.2 billion pounds of copper.
Rob McEwen, Executive Chairman and CEO of Minera Andes commented:
"The initial drilling is progressing as planned, and, in contrast to previous drilling campaigns, we have successfully completed all of the drill holes so far this season to their target depths and beyond. We are excited by the excellent results obtained so far, especially in the high grades and good thickness of the secondary enrichment zone. In addition, the drilling this season is proving that the mineralization extends to greater depths than had been previously drilled, and results to date of the step-out drilling are also very positive."
A summary of the available assay results and a drill hole location map are attached.
Suspected extensions of the mineralization will be targeted for the next field season's drilling by detailed geological mapping in progress and a geophysical survey planned for the latter part of this field season. Engineering work and environmental base line studies to support a preliminary feasibility study are also underway.
About Los Azules
Los Azules is a large copper porphyry system located in western San Juan province in a belt of porphyry copper deposits that straddles the border between Chile and Argentina. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachon project, among others. The San Juan province is one of the most mining- friendly regions in Argentina.
Los Azules has an inferred mineral resource of 922 million tonnes grading 0.55 percent copper and containing 11.2 billion pounds of copper at a cut off grade of 0.35 percent copper. There is high-grade, near-surface core of 161 million tonnes grading 0.87 percent copper and containing 3.1 billion pounds of copper at a cut off grade of 0.70 percent copper. The known resource covers an area approximately 3.7 kilometers by 1 kilometer in size and is open at depth and laterally.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA who owns the San Jose Mine which is a large primary silver producer, which produced 4,998,000 million oz silver and 77,070 oz gold in 2009; 100% ownership of the Los Azules copper deposit; and, a portfolio of exploration properties in the highly prospective Deseado Massif region of Santa Cruz Province in southern Argentina. Minera Andes continues to be well funded and have no bank debt. The Corporation had $20.9 Million USD in cash as at September 30, 2009.
This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation.
Scientific and Technical Information:
This news release has been reviewed and approved by Nivaldo Rojas, a geologist and independent consultant to the Corporation, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Corporation at its Los Azules Project. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to the ACME sample preparation laboratory in Mendoza, Argentina, and then transferred to ACME's laboratory in Santiago, Chile for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.
For further information in respect of the Los Azules project please refer to the technical report entitled "Canadian National Instrument 43-101 Technical Report in Support of the Preliminary Assessment on the Development of the Los Azules Project, San Juan Province, Argentina" dated March 19, 2009, the "Los Azules Report" prepared by Randolph P. Schneider, Robert Sim, Bruce Davis, William L. Rose, and Scott Elfen, each of whom is "independent" of the Corporation and a "qualified person" for the purposes of National Instrument 43-101 - "Standards of Disclosure for Mineral Projects . This report is available on SEDAR (http://www.sedar.com/). The results of the foregoing preliminary assessment contained in this news release is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the project as described in the preliminary assessment will be realized. The basis for the preliminary assessment and the qualifications and assumptions made are set out in the Los Azules Report."
Monday, March 1, 2010
Copper and Gold in Argentina: TNR Gold Engages Financial Advisor for Its Los Azules Copper Project TNR.v. CZX.v, LUN.to, MAI.to, ABX, AUY, NGQ.to, GG,
0 comments Posted by andre at 7:21 AM
TNR Gold is pushing its case with Los Azules further and the key for us in this NR are the new people involved and: "The Company fully intends on exercising its back-in right to the properties at the appropriate time." Looks like company is taking a serious approach to finance its back in right execution. Time is to check all story.
Chinese are circling the globe in their hunt for resources, Rob McEwen drills Los Azules like a Swiss cheese - we like this combination. Resources of this impressive copper and gold deposit in Argentina will be bigger, question is how much bigger. Small junior TNR Gold squeezed in between all these players on the chess board and reminds about its rights to the part of the property, famous litigators, Xstrata, Lundin family and Chinese Togling - are all in the picture. The outcome is highly leveraged to Copper prices, success in litigation and totally uncertain at the moment, hopefully next move will bring more clarity to all involved parties. Will Rob McEwen be ready to talk to the junior or he will be sided with Xstrata? In any case aggressive exploration program brings project into the spotlight and Rob McEwen is ready to draw a number in prefeasibility as early as next year now.
We are holding a position in the company and, please, do not consider anything as an investment advise on this Blog, as usual."
"Now Los Azules is a Top Project for Rob McEwen according to Minera Andes presentation:
Los Azules in Minera Andes presentation
More on the Canaccord valuation of Los Azules:
Gold and Copper in Argentina: Rob McEwen, Los Azules and TNR Gold.
"Rob McEwen CEO of Minera Andes was marketing Los Azules in San Francisco with the following:"Los Azules Copper DiscoveryInferred resource containing over 11 billion pounds of copper.
Larger than 83% of the world's copper deposit.
Open at depth and to the north for over 2 miles.
High Grade Core: Approximately 105 million tons of 1% copper near-surface!
Los Azules Preliminary Assessment
NPV (USD 3.0/lb, 8% discount rate) - $4 Billion
IRR - 25%Initial Capital Expenditure - 2.7 Billion
Mine Life - 23.6 years."
Who is involved:
"TNR has George K. Macintosh, Q.C.- one of the best lawyers in Canada working on the case. It will be interesting to see how law suit with Xstrata will go on and weather Rob McEwen will be open to a deal with a junior in order to clear the title of Los Azules and be able to market Los Azules project on the market. Canada Zinc Metals CZX.v stays as a wild card in the game with Chinese Tongling owning 13%. With recent activity in share price of CZX.v, we will not be surprised that Canaccord is right and company will be taken out at one stage. In this case Chinese Tongling as a shareholders in TNR Gold will add spice to the game around this huge Copper and gold mine in Argentina."
Who is coming into the picture now from TNR Gold side:
"British Swiss Investment Corp.
MARK KUCHER, has served as a Director of the Company and the Company's Principal Financial Officer since April 2004. From April 2004 to September 2004, he was also the Company's President, Chief Executive Officer, Secretary and Treasurer. Since January 1992, he has also served as an officer, director and shareholder of British Swiss Investment Corp., a private Swiss corporation acting on behalf of Swiss pension funds in the disposition of various resource investments in Canada, predominantly in oil and gas and gold mining.
Mr. Kucher has commercial, business development and corporate finance experience with an emphasis in the mining industry.
Mr. Kucher has also had various positions with investment banks and brokerage firms.
Mr. Kucher holds an MBA from the University of Western Ontario and a Bachelor of Commerce Degree from The University of Manitoba."
Mark Kucher has build one of the first Royalty Companies - Battle Mountain Gold Exploration Corp. and sold it to Royal Gold back in 2007. We guess he knows a thing or two about royalties, NSR and financing of the back in rights, but further action will be be the ultimate test to TNR Gold's position in this case.
"Royal Gold and Battle Mountain Gold Exploration Sign Definitive Merger Agreement
Royal Gold, Inc.
DENVER, April 18 / -- ROYAL GOLD, INC. (NASDAQ:RGLD) ("Royal Gold") and Battle Mountain Gold Exploration Corp. (BULLETIN BOARD: BMGX) ("Battle Mountain") announced today that they have signed a definitive merger agreement under which Royal Gold will acquire 100% of the fully diluted shares of Battle Mountain in an all-stock merger transaction. The merger agreement was unanimously approved by both companies' boards of directors. This transaction was initially discussed in Royal Gold's March 5, 2007, press release...
DENVER, April 18 / -- ROYAL GOLD, INC. (NASDAQ:RGLD) ("Royal Gold") and Battle Mountain Gold Exploration Corp. (BULLETIN BOARD: BMGX) ("Battle Mountain") announced today that they have signed a definitive merger agreement under which Royal Gold will acquire 100% of the fully diluted shares of Battle Mountain in an all-stock merger transaction. The merger agreement was unanimously approved by both companies' boards of directors. This transaction was initially discussed in Royal Gold's March 5, 2007, press release...
Royal Gold has obtained agreements from Mark Kucher, Chairman of Battle Mountain, and IAMGOLD Corporation providing that each will vote its respective shares in favor of the merger transaction. These agreements represent approximately 39.9% of the outstanding shares of Battle Mountain.
The closing of this transaction is subject to Battle Mountain shareholder approval, satisfactory completion of due diligence, receipt of any regulatory approvals, and satisfaction of customary conditions.
Battle Mountain is a precious metals royalty company with a portfolio consisting of royalties on 12 properties located mainly in the Americas. Their principal assets include a 3.25% net smelter return ("NSR") royalty on gold production and a 2.0% NSR royalty on silver production from the Dolores project in Mexico, which is under development by Minefinders Corporation Ltd. Battle Mountain has disclosed that their royalty properties contain approximately 4.8 million ounces of gold reserves and 136 million ounces of silver reserves.
Royal Gold is a precious metals royalty company engaging in the acquisition and management of precious metal royalty interests. Royal Gold is publicly-traded on the NASDAQ Global Select Market under the symbol "RGLD," and on the Toronto Stock Exchange under the symbol "RGL." The Company's web page is located at http://www.royalgold.com/."
Press Release Source: TNR Gold Corp. On Monday March 1, 2010, 9:30 am EST
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2010) - TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE:TNR - News) is pleased to announce that it has engaged British Swiss Investment Corp. ("BSIC") to undertake a strategic review of TNR's alternatives for its Los Azules project (the "Project") located in the San Juan Province of western central Argentina. The possible alternatives to be reviewed may include a sale of all or a portion of the Project, a joint venture or similar arrangement with respect to the Project, or an equity, debt or convertible financing, or any combination of these, to fund the development of the Project. At this point there are no assurances that any transaction will result from this strategic review.
The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource. TNR has previously announced that Minera Andes Inc. ("MAI") has commenced a diamond drill program of approximately 8,800 metres at the Los Azules project. Please refer to MAI's news release dated January 12, 2010 for further details on the exploration program.
TNR retains a 25 per-cent back-in right to certain of the properties, the terms of which are currently the subject of a legal dispute with Xstrata, which assigned its interest to MAI. A court date is set for the fall of 2010. The Company fully intends on exercising its back-in right to the properties at the appropriate time. In the legal dispute with Xstrata, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Project, and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
BSIC is an investment firm that provides late stage venture capital, strategic consulting and transaction advisory services to companies in the resource business. BSIC has been a lead investor in and an advisor to a number of successful junior resource companies, including Aurex Resources Ltd. (TSX:AXR - News), Battle Mountain Gold Exploration Inc. (OTC:BMGX - News), Invader Exploration Inc. (TSX:INV - News), and Princeton Mining Inc. (TSX:PMC - News). BSIC was incorporated in British Columbia in 1990. The principals of BSIC are Mark Kucher (604-696-9720) and Steven Nevard (604-696-9721).
ABOUT TNR GOLD / INTERNATIONAL LITHIUM CORP.
TNR and ILC are diversified metals exploration companies focused on exploring existing properties and identifying new prospective projects globally. TNR has a portfolio of 18 active projects, of which 9 will be included in the proposed spin-off of International Lithium Corp. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.com/.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
In particular, there are no assurances that any transaction will result from the strategic review, or that if any transaction arises, that it will be completed. Nor are there any assurances that the Company will be successful in the current litigation with respect to the Project. This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release."
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2010) - TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE:TNR - News) is pleased to announce that it has engaged British Swiss Investment Corp. ("BSIC") to undertake a strategic review of TNR's alternatives for its Los Azules project (the "Project") located in the San Juan Province of western central Argentina. The possible alternatives to be reviewed may include a sale of all or a portion of the Project, a joint venture or similar arrangement with respect to the Project, or an equity, debt or convertible financing, or any combination of these, to fund the development of the Project. At this point there are no assurances that any transaction will result from this strategic review.
The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource. TNR has previously announced that Minera Andes Inc. ("MAI") has commenced a diamond drill program of approximately 8,800 metres at the Los Azules project. Please refer to MAI's news release dated January 12, 2010 for further details on the exploration program.
TNR retains a 25 per-cent back-in right to certain of the properties, the terms of which are currently the subject of a legal dispute with Xstrata, which assigned its interest to MAI. A court date is set for the fall of 2010. The Company fully intends on exercising its back-in right to the properties at the appropriate time. In the legal dispute with Xstrata, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Project, and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
BSIC is an investment firm that provides late stage venture capital, strategic consulting and transaction advisory services to companies in the resource business. BSIC has been a lead investor in and an advisor to a number of successful junior resource companies, including Aurex Resources Ltd. (TSX:AXR - News), Battle Mountain Gold Exploration Inc. (OTC:BMGX - News), Invader Exploration Inc. (TSX:INV - News), and Princeton Mining Inc. (TSX:PMC - News). BSIC was incorporated in British Columbia in 1990. The principals of BSIC are Mark Kucher (604-696-9720) and Steven Nevard (604-696-9721).
ABOUT TNR GOLD / INTERNATIONAL LITHIUM CORP.
TNR and ILC are diversified metals exploration companies focused on exploring existing properties and identifying new prospective projects globally. TNR has a portfolio of 18 active projects, of which 9 will be included in the proposed spin-off of International Lithium Corp. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.com/.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
In particular, there are no assurances that any transaction will result from the strategic review, or that if any transaction arises, that it will be completed. Nor are there any assurances that the Company will be successful in the current litigation with respect to the Project. This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release."
Thursday, October 8, 2009
Commodities, Copper and Zinc: Alcoa beats the street - is it time to pick up Juniors? TNR.v, CZX.v, MAI.to, FCX, LUN.to, FXI, AA, BHP, RTP, AUY, VALE
0 comments Posted by andre at 4:45 AM
Gold is hitting new highs, US Dollar is giving up on its reserve status and Inflation is just around the corner to be recognised as the major financial outcome of printing presses all around the world. Aluminium is not a metal for us to follow, but Alcoa's results are very important - we are taking it as a confirmation of Inflation filtering though the financial system and into Industrial Commodity Cycle. Do you know, that there were times when even Gold Bugs like us were being jealous looking at the Copper and Zinc prices? We have wrote about recent development in Los Azules - our favorite Copper play in Argentina, with Minera Andes MAI.to and TNR Gold TNR.v involved - we are very surprise to find out hesitation in the market place now. Minera Andes became a 100% owner of the deposit with TNR Gold confirming its back-in claim still valid for 25% of Northern part of the Los Azules. Does Xstrata control Copper prices or Chinese really do? Does 40 mil USD worth more then 37.5% of 414 mln USD Los Azules Implied value according to Rob McEwen with recent rock bottom valuations of Junior developers sector? We know the trick: you can complain only if you are fully invested at higher levels - in all other cases you are blessed with opportunity. It is even little bit less anxious time now: we have been here before, right after collapse in 2001.
Look at the chart below: previous Reinflation phase after dot.com crash from 2005 coincide with Zinc prices rising parabolically.
Who can tell us that it will be the case again? Guys like Brook Hunt (very respected organization that follows the metals industry) - they are talking about large number of zinc mines that are reaching the end of their production life…Xstrata’s Brunswick mine closure by itself will reduce global zinc supply by 4%. There is an anticipated very large and prolonged shortage of zinc supply looming (beginning in 12 to 18 months time). How to play it? We stick with what we know and you should investigate for yourself. We like to invest with those who knows the market and where it is going.
Canada Zinc Metals CZX.v now has very prominent shareholders - players in Zinc market like Chinese Tongling and Lunding Mining LUN.to. Togling has paid for 13% in the company price of 0.425CAD above even today's level of 0.4CAD.
We have called the company and can share with you some information for your further consideration. Please do not take anything as an investment advise and contact the company to verify all information.
"CZX’s Cardiac Creek deposit (Akie property) represents one of the top 10 largest undeveloped zinc deposits on the planet. The deposit is very good grade with a very high grade section within it that could be mined first (quicker payback of capital).
CZX also has a very large prospective land package – this represents a district scale opportunity in mining friendly BC, Canada.
Infrastructure in the area is relatively advanced (full road access, railway, power facility, deep sea port).
Neighboring property / deposits owned by big players Teck Resources and Korea Zinc.
We are going to China to visit Tongling and other Chinese companies next week for further discussions on our project development"
Company's presentation.
We will see in the nearest future, whether this market represent to us again opportunity to step in the Commodity Super Cycle and the more boring and forgotten story seems to be - the best value you can get with all proper investigation of management and property strengths.
Saturday, October 3, 2009
TNR Gold Corp. Provides Update on Los Azules Copper Property TNR.v, CZX.v, MAI.to, FCX, LUN.to, RTP,
0 comments Posted by andre at 1:30 PM
"Based on market valuation of Apoquinto, Corriente, Exeter and Norsemont with average valuation parameter of 0.037 USD per Copper lb resource Minera Andes 49% in Los Azules which is 5.5 bln lb of copper resource has "Implied valuation" of 203 mln USD.
This valuation will put Implied valuation of TNR Gold's back in right 12.5% (25% in half of the deposit) at 51.8 mln USD."
This valuation will put Implied valuation of TNR Gold's back in right 12.5% (25% in half of the deposit) at 51.8 mln USD."
TNR Gold has provided update on Los Azules.
Xstrata decided not to back in into the project and Minera Andes received 100% of the property subject to TNR Gold back in right 25% in the Northern half of the deposit.
Maybe even there could be a speculation in Xstrata Copper statement that TNR Gold's strong legal position on its back in right and ownership of strategically positioned Escorpio IV contributed to this decision.
Xstrata decided not to back in into the project and Minera Andes received 100% of the property subject to TNR Gold back in right 25% in the Northern half of the deposit.
Maybe even there could be a speculation in Xstrata Copper statement that TNR Gold's strong legal position on its back in right and ownership of strategically positioned Escorpio IV contributed to this decision.
By Communiqué de presse - October 02, 09 at 19:23
Xstrata Copper announces that it has elected not to exercise its option to acquire a 51% interest in the Los Azules project in San Juan province, Argentina. Xstrata Copper recognises the potential of Los Azules, as identified by Minera Andes during its evaluation, however considers that the terms and conditions of the Option Agreement do not present a viable back-in opportunity. Xstrata Copper wishes to re-affirm its interest in developing a regional presence in San Juan, and in continuing to contribute to Argentine national development. This includes activities related to updating the feasibility studies into its major El Pachón project in San Juan, as well as its ongoing management of the world class Minera Alumbrera mine in north-west Argentina."
Xstrata Copper announces that it has elected not to exercise its option to acquire a 51% interest in the Los Azules project in San Juan province, Argentina. Xstrata Copper recognises the potential of Los Azules, as identified by Minera Andes during its evaluation, however considers that the terms and conditions of the Option Agreement do not present a viable back-in opportunity. Xstrata Copper wishes to re-affirm its interest in developing a regional presence in San Juan, and in continuing to contribute to Argentine national development. This includes activities related to updating the feasibility studies into its major El Pachón project in San Juan, as well as its ongoing management of the world class Minera Alumbrera mine in north-west Argentina."
All agreements of Minera Andes regarding the property of TNR Gold are subject to underlining agreements between TNR Gold and Xstrata, so TNR Gold maintains its back in right into the property regardless of Xstrata's further involvement into this project.
Xstrata still has a right of first refusal in case of Los Azules being sold by Minera Andes.
Now we have a chance of a more amicable cooperation between TNR Gold and Robert McEwen with Minera Andes instead of Xstrata, who from the beginning has taken position of a "strong hand" and apparently led to decision to bring them to court to defend TNR Gold's property right.
With this development we believe that Los Azules will receive necessary attention from Major companies of the world involved in Copper and Robert McEwen will be able to manage it advance with appropriate focus and dedication.
Could he be any different? Time will tell...
"I am a big believer in the company where management owns a big part of the company: if I am making money - you are making money, I am making money only from capital gains." Robert McEwen.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2009) - TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE:TNR - News) is pleased to provide the following update on the status of its Los Azules property located in the San Juan Province of western central Argentina.
Minera Andes Inc. ("MAI") has today announced that Xstrata PLC has not given notice of exercise of its right to back-in to its Los Azules Copper Project (the "Project") for a 51% interest prior to the expiry of the time period for giving such notice under the terms of its back-in.
Gary Schellenberg, President of TNR, commented that, "Xstrata's decision does not affect TNR's own back-in right with respect to certain of the properties located in the Project. We are confident in the viability of the project therefore fully intend to exercise our back-in at the appropriate time and look forward to a mutually beneficial working relationship with MAI."
TNR retains a conditional 25% back-in right to certain of the properties within the Project through its wholly-owned subsidiary, Solitario Argentina S.A. ("Solitario") under an exploration and option agreement (the "Exploration and Option Agreement") between MIM Argentina Explorationes S.A. ("MIM"), a subsidiary of Xstrata PLC, and Solitario dated May 15, 2004, which is one of the underlying agreements to which MAI's interest is subject. TNR's back-in option is currently the subject of a legal dispute, with a court date set for the fall of 2010.
In the legal proceedings, TNR is seeking rectification of the Exploration and Option Agreement to the extent that it purports to terminate Solitario's back-in rights if a feasibility study is not completed within three years of MIM exercising its option. TNR's position is that the true intent of the parties is reflected in a letter of understanding which provided that Solitario's back-in right subsists until 120 days after completion of a feasibility study. TNR is also seeking confirmation of ownership of its Escorpio IV claim, which is located adjacent to the Project; and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.
There can be no assurances as to the outcome of this litigation or of any related claim that TNR may have with respect to the Exploration and Option Agreement. At this time, the likelihood of the outcome is not determinable and no recoverability or liability has been recorded in connection with these legal actions.
ABOUT TNR GOLD CORP.
TNR is a diversified metals exploration company focused on identifying and exploring existing properties and new prospective projects globally. TNR has a total portfolio of 32 projects, of which 16 will be included in the proposed spin-off of International Lithium Corp.
The recent acquisition of lithium projects in Argentina, Canada, USA and Ireland confirms the company's commitment to project generation, market diversity, and building shareholder value.
The recent acquisition of lithium projects in Argentina, Canada, USA and Ireland confirms the company's commitment to project generation, market diversity, and building shareholder value.
ABOUT THE LOS AZULES PROJECT
Information concerning the resources and pre-economics of the Los Azules Project can be obtained by reference to MAI's press releases dated October 2, 2009 and February 5, 2009 and to the technical report entitled "Canadian National Instrument 43-101 Technical Report in Support of the Preliminary Assessment on the Development of the Los Azules Project, San Juan Province, Argentina" dated March 19, 2009. Each of these documents is available at http://us.lrd.yahoo.com/_ylt=Aq_sP22Nsgkov2_54rj8Z1Ctcq9_;_ylu=X3oDMTE1Zmwza29tBHBvcwMxBHNlYwNuZXdzQXJ0Qm9keQRzbGsDd3d3c2VkYXJjb20-/SIG=10q41mvbm/**http%3A//www.sedar.com/.
On behalf of the board,
Gary Schellenberg, President
TORONTO, ONTARIO, Oct 02, 2009 (MARKETWIRE via COMTEX) -- MNEAF Quote Chart News PowerRating -- MINERA ANDES INC. (TSX: MAI)(OTCBB: MNEAF Quote Chart News PowerRating) (the "Corporation" or "Minera Andes") is pleased to confirm its 100% earn-in interest in the Los Azules copper project in Argentina.
As previously announced, Minera Andes exercised its 100% earn-in option with respect to the Los Azules project effective June 1, 2009. The Los Azules project was subject to a back-in right by Xstrata Copper. This right expired on October 1, 2009, without being exercised.
As previously announced, Minera Andes exercised its 100% earn-in option with respect to the Los Azules project effective June 1, 2009. The Los Azules project was subject to a back-in right by Xstrata Copper. This right expired on October 1, 2009, without being exercised.
"With the expiry of the back-in right we can now turn our attention to aggressively continuing to explore and develop this property in order to deliver value to our shareholders" said Rob McEwen, President, CEO and Chairman (and the Corporation's largest individual shareholder)
Minera Andes expects the transfer of all the Los Azules properties from certain Xstrata affiliates to be completed shortly.
This news release is submitted by James K. Duff, Chief Operating Officer of Minera Andes Inc.
About Minera Andes
Minera Andes is a gold, silver and copper exploration company focused in Argentina. The Corporation holds three significant assets:
1. 49% interest in Minera Santa Cruz SA, the company that operates the San Jose Mine, one of the world's largest primary silver mines;
2. 100% earned-in interest in the Los Azules copper project;
3. A portfolio of exploration properties near and around its existing assets. Drilling on three of these properties will begin in November.
For further information, please contact: Helen Bilhete in the Toronto office. Visit our Web site: www.minandes.com.
Saturday, September 26, 2009
TNR Gold TNR.v Los Azules 25% back in right Implied Valuation. TNR.v, MAI.to, CZX.v, LUN.to, FCX, HUI, XAU
0 comments Posted by andre at 3:01 PM
"I am a big believer in the company where management owns a big part of the company: if I am making money - you are making money, I am making money only from capital gains." Robert McEwen.
"One thing is to find and develop a Copper deposit with NPV over 1 billion with Copper over 2.1 USD/lb and another one is to find a good lawyer, who made his name going against big corporations, and defend your rights in court. If Junior TNR Gold TNR.v one year ago decided to bully a multi billion market cap Major without any merit and hired one of the top lawyers: it will be a story for a good book - otherwise it is a story for a good legal case."
With all our recent Lithium Drive into Electric space we should not forget about core values and how we are going to charge our High Voltage babies - Next Industrial Revolution means a lot of Copper from electric motors to smart power grids.
Xstrata's back in deadline is coming on 1st of October 2009. We have an estimation that they will back up - value proposition is too apparent. It will be a good thing in a sense of confirmation of Los Azules potential, but it could be a drag on project development with Xstrata's lack of focus and boardroom games. Small junior TNR Gold TNR.v, we are following, could hold some keys to project development and Robert McEwen's future role in its development.
Now we have some estimations on Los Azules value put forward by Robert McEwen in his presentation at Denver Gold Forum 2009.
1. Argentina - it is Nevada, but 100 years earlier.
2. Los Azules - one of the largest undeveloped Copper deposits in the world with 922 mln t of 0.55% Copper plus Gold and Silver.
3. 18% of the world copper resources concentrated in this area between Argentina and Chile - total 605 bln lb Copper.
4. Los Azules is bigger than 83% of the world copper deposits with good exploration potential.
5. Scoping study indicated high grade starter pit and NPV of 496 mln USD with Copper price at 1.9 USD/lb and 8% discount rate, NPV rises to 4 bln USD with Copper price at 3.0 USD/lb and 8 discount rate.
6. Copper target extension is 3 km in NW direction (towards Escorpio IV property of TNR Gold S.).
7. How much Los Azules worth?
Based on market valuation of Apoquinto, Corriente, Exeter and Norsemont with average valuation parameter of 0.037 USD per Copper lb resource Minera Andes 49% in Los Azules which is 5.5 bln lb of copper resource has "Implied valuation" of 203 mln USD.
This valuation will put Implied valuation of TNR Gold's back in right 12.5% (25% in half of the deposit) at 51.8 mln USD.
Rob McEwen has invested 60 mln in the company and owns 33%: "I am a big believer in the company where management owns a big part of the company: if I am making money - you are making money, I am making money only from capital gains."
We can see now that non executive chairman of TNR Gold Kirill Klip is not very original, but follows a good example - according to latest filing he owns 25% of TNR Gold, all management team and insiders are holding more than 50% of the company. After Xstrata's move TNR Gold with its 12.5% in Los Azules (subject to litigation outcome) could hold keys to Majority in Los Azules. Robert McEwen apparently is not very happy with his partners in San Jose mine to put it mildly, he is a driver and do not like to sit at the backseat. Maybe there will be room for a partnership between Minera Andes and TNR Gold with Xstrata holding non operational control in the end. Los Azules development is the matter of focus: for Xstrata it could be "another project" - with copper price above USD 3.0 per lb incentive could be more then enough for Rob McEwen to put another title next to Mr Gold Corp - Mr Andean Copper.
What can be better than listen to Mr Gold Corp Robert McEwen himself about Argentina and Los Azules:
Webcast Minera Andes Denver Gold Forum 2009
We will remind that nothing here should be taken as an investment advise - all valuations are only an invitation for further investigation and subject to data provided by third parties.
$5,000/oz gold? Rob McEwen says it's coming in 2014 or 2015
Über gold promoter Rob McEwen has also developed a taste for silver mining. Author: Dorothy KosichPosted: Tuesday , 15 Sep 2009
RENO, NV -
When über mining investor Rob McEwen makes predictions on gold prices or appears to have developed an interest in silver mines, retail investors heed his clarion call and place their bets that the gold price is about to soar.
In a presentation to the Denver Gold Group on U.S. Gold Monday, McEwen was somewhat subdued as he only briefly mentioned he thought gold could hit $5,000 an ounce before the end of the gold cycle As this reporter scrambled for a clarification of his remarks in a brief interview, McEwen stuck by his prognostication, forecasting the end of the gold cycle would occur either in 2014 or 2015.
McEwen is so dedicated to the power of gold, he told his audience of fund managers, analysts, investment bankers and miners that he personally owns 21% of U.S. Gold. In comparison most major mining CEOs own a mere pittance.
He is steadfast in his belief that the Cortez Trend-which hosts Barrick's massive Cortez Hills gold project-will yield millions of gold ounces for his U.S. Gold company.
But, McEwen also has developed a fondness for silver, albeit he lacks the same passion for the precious metal as he feels for gold.
He declared to his audience Monday that "El Gallo, Mexico is becoming one of the world's great silver discoveries. " With a 540,000-acre position in what he called "highly mineralized lands," McEwen's U.S. Gold is spending $10 million in exploration over 12 months. He anticipates an initial resource and heap leach test during the first quarter of 2010.
Though he told Mineweb his interest in silver has been stimulated more by individual mining properties rather than a newfound passion for silver, McEwen has also become active in Minera Andes, which he says owns 49% of the world's ninth largest silver mine, San Jose in Argentina. By 2010, McEwen forecasts that San Jose will have 7.5 million ounces of silver and 95,000 ounces of gold. He also predicts the operating cash costs will go lower than the 29% drop to $4.99/oz achieved in the first quarter of this year,
He also believes that Minera Andes' Los Azules project is "one of the largest undeveloped copper discoveries in the world. And in keeping with his philosophy as Minera's Chairman and CEO, McEwen owns 33% of the company's shares.
As the years roll by, McEwen's legendary penchant for marketing to the max remains intact as he offered audience members trillion dollar notes as an impromptu raffle prize at the conclusion of his talk."
Monday, August 31, 2009
Xstrata, Los Azules Minera Andes and TNR Gold. TNR.v, MAI.to, LUN.to, FCX, FXI, HUI, XAU
0 comments Posted by andre at 2:43 AM
One thing is to find and develop a Copper deposit with NPV over 1 billion with Copper over 2.1 USD/lb and another one is to find a good lawyer, who made his name going against big corporations, and defend your rights in court. If Junior TNR Gold TNR.v one year ago decided to bully a multi billion market cap Major without any merit and hired one of the top lawyers: it will be a story for a good book - otherwise it is a story for a good legal case. It is interesting enough for our Blog to share with you in our Diary: Junior Mining Education Course. Please, do not forget that we do not give any investment advise here, do not share any tips and analyse here only publicly available information. We have to wait a little bit more on Xstrata back-in into Los Azules story and TNR Gold TNR.V case can hold the keys to majority holding in the project. At stake is 12.5% of total deposit or 25% back-in right to Northern Half of Los Azules.
"TNR retains a conditional 25% back-in option on Xstrata's portion of the Los Azules deposit that MAI optioned from Xstrata. TNR commenced action in the Supreme Court of British Columbia on June 30, 2008 and subsequently amended its action on August 8, 2008, against MIM Argentina Exploraciones S.A., a subsidiary of Xstrata PLC. TNR is seeking rectification of the Exploration and Option agreement to accord with the true intentions of the parties and to remove the 36 month time provision on TNRs back-in right. TNR is also seeking confirmation of ownership, without claim from Xstrata, of the strategically located Escorpio IV claim."
By the way Junior goes and builds its shareholder base we can assume that there will be no problem to find money to back in:
"Peeyush Varshney, Chairman and CEO of Canada Zinc Metals, commented, "This strategic investment into TNR and its proposed spinoff subsidiary, International Lithium Corp, will give our shareholders diversification into the growing opportunities that rare metal industries are offering. Furthermore, the investment gives us an interest in TNR's stake in the significant Los Azules copper project in Argentina."
"EMAIL FROM MINERA ANDES
Thank you for your enquiry to Minera Andes. Under the terms of the agreement, Xstrata would have until August 31 to deliver a decision. However, the agreement also includes an automatic 30-day extension, if Xstrata wishes to exercise the extension. Therefore Xstrata may wish to take additional time in which to consider a decision. If it decides to exercise the extension of time, the decision would be due no later than September 30.
Best,
Art Johnson Minera Andes."
Meanwhile copper is charging back close to 3.0 USD/lb and TNR Gold's litigator in case against Xstrata made his place among Leading 500 Lawyers in Canada.
"Legal action was started by the Junior against Xstrata, now we have a hint that it was a strategic decision and financing is in place for a legal fight - according to filing TNR Gold is represented by George K. Macintosh, Q.C. from Farris in Vancouver:"George Macintosh leads the litigation group in the law firm of Farris in Vancouver, British Columbia, where he has practised since his call to the Bar of British Columbia. He was appointed Queen’s Counsel in British Columbia in 1987, elected as a Fellow of the American College of Trial Lawyers in 1991 and a Fellow of the International Society of Barristers in 2001. Canadian, U.S. and U.K. publications repeatedly rank him as one of Canada’s leading commercial litigators." Such a gentleman will not play peanuts in something without merit, but we will not speculate here. Is it all too much for one Junior or somebody has carefully calculated the value of the prise?"
Sunday, June 21, 2009
TNR Gold Los Azules: Minera Andes names McEwen as interim president and CEO. TNR.v, MAI.to, CGH.to, NG.to, ABX, CDNX, HUI, XAU, FXI
0 comments Posted by andre at 3:22 AM
We like smell of ink and noise of printing machines: with every press run our Copper story is getting stronger.
We always search for clues in corporate takeovers - what is really going on. Here we have at least "thank you" and respect to Mr Ambrose, in high voltage charged Lithium market place of our Next Big Thing Canada Lithium CLQ.v CEO Jude Baker was just "terminated" leaving a lot of questions open. It is important that corporate fights and developments are happening in companies where the money is flowing now and near term catalyst in value perception is taking place. In February Minera Andes MAI.to was trading below 0.4CAD and now it is almost at the level of 1.0CAD - at this price Mr Gold Corp - Robert McEwen paid for a stake to overtake the company. Robert McEwen now is overtaking management as well as an interim President and CEO of the company. It means that he is not happy with Mr Ambrose as CEO any more and can not even wait until a new CEO is found. On another hand company is important enough to put his name down as CEO and roll up the sleeves. For us it is all signs of a Hot Winter in Argentina this year. Xstrata is considering its option to develop further Los Azules, Copper is holding above 2.1USD/lb and NPV of Los Azules is at 1 billion USD at this level of copper prices.
At recent AGM Los Azules was one of the major value points:
"Mr. McEwen and president/CEO Allen Ambrose will be hosting a presentation to attendees at 2:00pm, just following the formal AGM. We hope you will be able to join us! Minera Andes has great growth potential in Argentina. The company's San Jose silver/gold mine is increasing production and expanding its reserves & resources; the company's Los Azules copper deposit is being considered for further development by world copper producer Xstrata; and the company has announced drill programs on 100% owned silver/gold projects near its producing mine. With elevated prices in gold, silver and copper, we look forward to showing why Minera Andes Inc. is a strong company with a bright future."
We should say "thank you" to outgoing CEO Allen Ambrose on our part: for development of Los Azules, for bringing in Lukas Lundin and Robert McEwen, for our ride with him from 0.4CAD level in 2004 to over 2.0CAD in 2007, for not buying out TNR Gold TNR.v during the recent crisis at some kind of rock bottom management desperation valuation of 0.1CAD. This last part of our personal sincere "thank you", could be one of the reason for his departure now: Los Azules is the big game play and he did not manage to identify and pursue the side of play with Xstrata and TNR Gold. We understood that Robert McEwen get a surprise that somebody is claiming 12.5% (25% back in into Northern part 50% of total deposit) effectively from deposit in back in claims. Only in last year annual report and all financial filing from this year Minera Andes has acknowledged the existence of claims. Should we say "material change" to previously disclosed information? You can not finance the project of 1.3 billion USD with legal dispute ongoing on part of it in our opinion. Price to pay this winter to solve the problem was max 20 million USD. To make things more complecated 43-101 has been calculated using for mining facilities part of Escorpio IV, which TNR Gold claims to be its property. Terrain in Los Azules does not allow to shuffle mining operations around easily - one more point missed by previous management in Minera Andes. We have understood that at recent PDAC in Toronto Robert McEwen has been briefed on all situation by TNR Gold, when Mr Ambrose was still in charge and according to our sources was "hardly available for any discussions". Now Xstrata is deciding whether to back in for 51% or not, those 12.5% of TNR Gold's deposit could be very handy for Robert McEwen camp should Junior win the case. We can not blame Mr Ambrose - at the time copper was still below 1.7 USD/lb and TNR Gold did not rolled out its Lithium and REE strategic move. It will be interesting to monitor now how Robert McEwen will move the situation forward. Next important step is Xstrata's decision on back in of 51% of the project and then TNR Gold's actions within its lawsuit. Recent developments in TNR Gold's boardroom give us some clues that company has sufficient corporate, technical and financial back up to sit in boardrooms and do the talking for the maximum value of its properties, it is not any more 20 million quick fix in the game of big guys.
"SPOKANE, WA, June 18 /CNW/ - Minera Andes Inc. (the "Corporation" or "Minera Andes") (TSX: MAI and US OTC: MNEAF) announces that following the Corporation's annual general and special meeting today, Mr. Robert R. McEwen has been appointed interim President and Chief Executive Officer of the Corporation effective immediately, replacing Mr. Allen Ambrose. Mr. Ambrose was re-elected to the Board of Directors of the Corporation.
Minera Andes would like to thank Mr. Ambrose, a founder of the Corporation, for his dedication and service to the Corporation. Under Mr. Ambrose's stewardship, Minera Andes grew from a junior exploration company to a company with exploration success in Argentina and a significant interest in a producing mine.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds approximately 304,000 acres of mineral exploration land in Argentina. The producing San José silver/gold mine is 49% owned by Minera Andes through a joint venture. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program has defined a resource and a scoping study has been completed. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 230,538,851 shares issued and outstanding."
Minera Andes would like to thank Mr. Ambrose, a founder of the Corporation, for his dedication and service to the Corporation. Under Mr. Ambrose's stewardship, Minera Andes grew from a junior exploration company to a company with exploration success in Argentina and a significant interest in a producing mine.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds approximately 304,000 acres of mineral exploration land in Argentina. The producing San José silver/gold mine is 49% owned by Minera Andes through a joint venture. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program has defined a resource and a scoping study has been completed. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 230,538,851 shares issued and outstanding."
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