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May 16, 2011 09:46AM
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TNR Gold adds new claim to Los Azules litigation
2011-05-16 08:42 ET - News Release
Mr. Gary Schellenberg reports
TNR GOLD GRANTED LEAVE TO ADD NEW CLAIM OVER LOS AZULES PROJECT
TNR Gold Corp. and its subsidiary, Solitario Argentina SA, have been granted leave to amend their pleadings to add a new claim to the litigation over the Los Azules project in Argentina, following a two-day hearing before the British Columbia Supreme Court. The litigation involves TNR, Minera Andes Inc., MIM Argentina Exploraciones S.A. ("Xstrata") and related entities. The Los Azules project is an advanced exploration project currently reporting a National Instrument 43- 101 compliant Inferred Resource.
In the original Notice of Claim, among other claims, TNR and Solitario seek rectification of a 2004 Exploration and Option Agreement with Xstrata (later assigned to Minera Andes) to restore a right on the part of Solitario to back-in to up to 25% of certain properties constituting the northern half of the Los Azules project (the "Properties") any time within 120 days of the production of a feasibility study. Minera Andes and Xstrata oppose rectification and the other relief sought by TNR and Solitario.