McEwen Mining: "Late in the year, we announced a settlement of the lawsuit on our Los Azules property and began an aggressive exploration program there. Initial exploration results and an updated resource estimate will be released by the end of January."
Time is for Rock-n-Roll again!
After the announced settlement TNR Gold will have the following assets:
"The settlement restores a 25% back-in right to TNR which is exercisable following the completion of a feasibility study. The back-in right allows TNR to back-in for 25% of the northern part of the Los Azules property, which McEwen Mining has said contains the largest share of the known resource at Los Azules.
In addition, TNR receives an industry standard Net Smelter Royalty of 0.6% and 1 million shares in McEwen Mining (information about McEwen Mining can be found at http://www.mcewenmining.com and on Sedar at http://www.sedar.com). The Net Smelter Royalty is over the northern portion of the property and is triggered if TNR chooses to back-in for 5% or less or is diluted below 5%. In return, TNR will discontinue its claims and transfer to McEwen Mining the mineral rights to a property called Escorpio IV.
Kirill Klip, Non-Executive Chairman of TNR Gold, stated, "I welcome the positive resolution of the Los Azules litigation in the out of court settlement between TNR Gold and McEwen Mining. I would like personally to thank Rob McEwen as this resolution is a highly beneficial outcome for both our companies. Removing the uncertainty over the rights to Los Azules will allow the project to now achieve its full potential for the benefit of the shareholders of both TNR Gold and McEwen Mining, and I consider our stake in McEwen Mining as a strategic holding for TNR Gold."
What some people are missing - judging by the chatting on the boards, and what was explained to us by IR of the company - is that TNR Gold does Not have to make any financing and dilution now, it will be carried out into the Feasibility Study on Los Azules by the Operator on the property, which is McEwen Mining now.
As we have wrote extensively before, this deposit will grow in size, TNR Gold has the High Grade Core on its property, which is subject to Back-In, hopefully that part will grow even larger than now as well.
This year will be very interesting for TNR Gold.
TNR Gold And McEwen Mining: When Just Good Is Not Enough TNR.v, MUX
"C.S. These two guys know Thing or Two about tennis, The Other Two know Thing or Two about deposits and the Good Deals. They will tell The Story to you as well - just let the Legal Dust to Settle. Enjoy the Best and Never Settle for The Rest. We will run a few commentaries once gather more publicly available information.
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