It is getting interesting, we have found two recent developments regarding TNR Gold:
TNR Gold vs McEwen Mining Los Azules Litigation: Pretrial Motion - Notice of Application August 20 2012 TNR.v, MUX
TNR Gold has published on its website the latest filing in Los Azules litigation vs Minera Andes (McEwen Mining) and MIM (Xstrata):
It should be read with all other filed applications, particularly with:
These new documents are providing further information about the state of the pretrial argument advanced by TNR Gold litigators George Macintosh, QC and Sean Hern - partners from Farris. According to the document former CEO of Minera Andes Allen Ambrose will be in a discovery again on September 20th, 2012. Interestingly enough, he has sold 1.7 million worth of McEwen Mining shares in February 2012, before all "problems" in Argentina were announced by Mr McEwen at his conference call in May 2012, but we are sure that it is a pure coincidence if any.
"We guess, that at some stage Mr Allen Ambrose - former CEO of Minera Andes, will be questioned during the Los Azules litigation on what exactly were his intentions explained in his emails presented by TNR Gold litigation counsel in Amended Claim.
Allen Ambrose emails:
24. "Next we should look at our alternatives to take out the Solitario (TNR Gold - S) agreement..."TNR Gold vs Minera Andes (McEwen Mining now) and MIM (Xstrata now). From Page 11 Part 3: Legal Basis http://bit.ly/xhdqag"
What is at stake in this litigation is very well presented in the latest presentation of McEwen Mining on the pages related to Los Azules. Resource was increased recently to 15.4 billion lb of Copper and Los Azules is among the largest undeveloped copper deposits in the world.
Valuation of this asset will be very important in this litigation and Argentina is the place where the situation is still quite fluid - maybe that is why TNR Gold is claiming back its former properties and announced that it is looking forward to develop it in Argentina. From McEwen Mining Maps the high grade copper core appears to be situated on former TNR Gold properties. Below you can find the long history of this litigation. MORE
"Kirill Klip, Chairman of TNR commented that: “Although the price being proposed for the Company was materially higher than TNR’s current trading price, in our view it fell far short of reflecting the value of the Company and, in particular, the value of the Company’s claims in the current Los Azules litigation with Minera Andes Inc.”
In addition to returning 210.5m gold grades averaging 1.29 g/t, including 27.4 m of 2.3 g/t Au, drill hole 06-43 significantly changed the Company's understanding of structural control at Shotgun Ridge and demonstrated that mineralization is still open at depth (Technical Report on the Shotgun-Winchester Project, SW Alaska, 2008).
"Drill hole 06-43 has clearly been the most encouraging hole at Shotgun Ridge. We are optimistic that the current drilling program will continue to increase this mineralized zone at depth which will be reflected in the subsequent resource estimate" comments John Harrop, VP Exploration"
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