Shareholders are strongly behind TNR Gold - Insiders are buying shares without selling for years and now bridge financing is extended way beyond the date of Los Azules court trial, which will commence in November of this year.
Third party Merger Offer proposal has put TNR Gold into the M&A Play now - this summer will be interesting for all parties involved.
TNR Gold: McEwen Mining considers divestiture, JV of Los Azules, executive says by Matt Whittaker in New York TNR.v, MUX"Now we have some valuations for Los Azules from McEwen Mining to digest - we think, that suggested USD 300 million will be the lowest valuation now, provided in order not to increase TNR Gold appetite.
"However, he cited other recent sales of copper porphyry assets similar to Los Azules that were completed for USD 5 cents per pound." - This benchmark will put valuation for Los Azules at USD 625 million."
"Kirill Klip, Chairman of TNR commented that: "The Los Azules project is considered to represent one of the largest undeveloped copper projects in the world but the current legal uncertainty over its legal ownership is detracting from the value of the project for shareholders of both TNR and McEwen Mining. The third party proposal which we have received to purchase TNR, together with the fact that McEwen Mining has decided to limit its drilling activity to non-disputed mineral claims only are further validation of the value of TNR, its title claims and its prospects for success in the upcoming Los Azules litigation."
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