JonnyRBuck12
3 years ago
TNR Gold closes first tranche of private placement
2022-05-19 16:11 ET - News Release
Mr. Kirill Klip reports
TNR GOLD ANNOUNCES CLOSE OF NON-BROKERED PRIVATE PLACEMENT FIRST TRANCHE
TNR Gold Corp. has closed the first tranche of the non-brokered private placement of up to five million units announced on April 4, 2022. On closing, the company issued 1.25 million units at five cents per unit for proceeds of $62,500. Each unit consists of one common share of the company and one-half of a non-transferable common share purchase warrant, with each whole warrant exercisable into one common share of the company at an exercise price of 7.5 cents per share for two years from the date of issue. Closing of the final tranche of the private placement will be completed prior to June 3, 2022.
The proceeds of the private placement will be used for exploration, maintenance of the Shotgun Gold project and for general working capital purposes.
All private placement securities will be restricted from trading for a period of four months plus one day from the date of closing.
On closing, the company paid a cash finder's fee of 5 per cent of the gross proceeds sourced by the finder.
Kirill Klip, executive chairman of the company, a non-arm's-length party, participated in this private placement. The issuance of private placement securities to a non-arm's-length party constitutes related-party transactions under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). Because the company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Section 5.7(b). The company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the company had not been confirmed at that time.
About TNR Gold Corp.
TNR Gold is working to become the green energy metals royalty and gold company.
Over the past 26 years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the company's expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina, which is being developed by McEwen Mining Inc. now. TNR Gold holds a 0.4-per-cent net smelter return royalty on the Los Azules copper project, including a 0.04-per-cent NSR held on behalf of a shareholder. TNR retains a 2.0-per-cent NSR royalty on the Mariana lithium project in Argentina with Ganfeng Lithium, including a 0.2-per-cent NSR held on behalf of a shareholder. Ganfeng's subsidiary, Litio Minera Argentina, has a right to repurchase 1.0 per cent of the NSR royalty on the Mariana project, of which 0.9 per cent relates to the company's NSR royalty interest. The company would receive $900,000 on the completion of the repurchase. The project is currently being advanced by Ganfeng Lithium International Co. Ltd.
TNR also holds a 7-per-cent NPR (net profits royalty) holding on the Batidero I and II properties of the Josemaria project, which is being developed by Lundin Mining. Lundin Mining is part of the Lundin Group, a portfolio of companies producing a variety of commodities in several countries worldwide.
TNR provides significant exposure to gold through its 90-per-cent holding in the Shotgun gold porphyry project in Alaska. The project is located in southwestern Alaska near the Donlin gold project, which is being developed by Barrick Gold and Novagold Resources Inc. The company's strategy with Shotgun gold project is to attract a joint venture partnership with one of the gold major mining companies. The company is actively introducing the project to interested parties.
At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina (the Los Azules copper and the Mariana lithium projects), and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.
We seek Safe Harbor.
JonnyRBuck12
3 years ago
TNR royalty property Batidero acquired by Lundin
2022-04-28 15:39 ET - News Release
Mr. Kirill Klip reports
TNR GOLD UPDATE ON BATIDERO I AND II PROPERTY ROYALTIES OF LUNDIN MINING'S JOSEMARIA COPPER-GOLD PROJECT
Lundin Mining Corp. has completed a plan of arrangement pursuant to which Lundin acquired all of the issued and outstanding shares of Josemaria Resources Inc., and Josemaria Resources became a subsidiary of Lundin. TNR Gold Corp. holds a 7-per-cent net profit interest royalty (NPR) on the Batidero I and II properties of the Josemaria copper-gold project located in San Juan, Argentina, that is owned by Josemaria Resources.
In its news release dated April 28, 2022, Lundin stated:
"The addition of the Josemaria project to Lundin Mining's portfolio solidifies our position as a leading base metals producer with high-quality copper exposure and significant growth. We look forward to building upon the excellent reputation of Josemaria Resources in San Juan and Argentina," said Peter Rockandel, Lundin Mining President and CEO, "We are excited to lead the project through the remaining stages of development and into production to create significant value for all stakeholders."
Josemaria Project Update
As announced by Josemaria Resources on April 11, 2022, the Mining Authority of San Juan, Argentina has approved the Environmental Social Impact Assessment for the Josemaria Project, marking a significant milestone in the project's permitting process. Lundin Mining and the Josemaria project team are working with the national and provincial authorities to progress the project through the next stages of development. Discussions regarding commercial agreements and securing of additional sectoral permits are ongoing and anticipated later this year prior to a definitive construction decision.
The Josemaria project is progressing through basic engineering with procurement of long-lead equipment, including securing key items of crushing and processing. Study work is ongoing, including updating of cost estimates to be reflective of current conditions and evaluation of potential scope changes compared to plans envisaged in the Josemaria Resources 2020 Feasibility Study ("NI 43-101 Technical Report, Feasibility Study for the Josemaria Copper-Gold Project, San Juan Province, Argentina" dated November 5, 2020 (the "Josemaria Resources 2020 Feasibility Study")). Lundin Mining aims to complete an updated Technical Report for the project in the fourth quarter of 2022. While this work has not yet concluded, the Company expects the initial capital expenditure estimate of the project to be greater than $4 billion. Effective post-closing, the Company intends to spend up to $300 million to advance the project ahead of a construction decision in the second half of 2022, including engineering, commitments for long lead items, preconstruction activities and drilling. As part of the updated Technical Report, Lundin Mining plans to complete new Mineral Reserve and Resource estimates. Approximately 20,600 meters of drilling have been completed on the project since the most recent 2020 Josemaria Resources mineral estimates and 35,000 meters of additional drilling are planned to be completed ahead of the new estimates.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel."
Kirill Klip, TNR's Chief Executive Officer commented, "Our 7% NPR holding on the Batidero I and II properties of the Josemaria Project held by Lundin Mining represents future growth potential for our royalty portfolio. We are also investigating potential new acquisitions while our main focus remains on the development of the Shotgun Gold Project in Alaska. The essence of our business model is to have industry leaders like Ganfeng Lithium, McEwen Mining and Lundin Group as operators on the projects that will potentially generate royalty cash flows to contribute and develop a significant long-term value for our shareholders."
JonnyRBuck12
3 years ago
Updated Due Diligence Report:
TNR Gold Corp – TSXV:TNR & OTCQB:TRRXF
Price: $0.06 CDN & $0.05 USD
Common Shares: 189,722,780
Insider Holdings: 57,797,200 or 30.5%
Note: Does not include recent private placements, which the CEO of TNR took majority positions, $271,000 of a possible $300,000.
Website: https://tnrgoldcorp.com/
Recent company video (April 11th 2022):
https://ca.proactiveinvestors.com/companies/news/979427/tnr-gold-says-elon-musk-is-catalyst-for-mariana-lithium-royalty-sale-979427.html
About TNR Gold Corp.
TNR Gold is working to become the green energy metals royalty and gold company.
Over the past 26 years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the company's expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina and now holds a 0.4-per-cent NSR royalty on the project, which is being developed by McEwen Mining Inc. (TNR holds a 0.04-per-cent NSR royalty on behalf of a shareholder).
In 2009, TNR founded International Lithium Corp., a green energy metals company that was made public through the spinout of TNR's energy metals portfolio in 2011. International Lithium held interests in lithium projects in Argentina, Ireland and Canada.
TNR retains a 2.0-per-cent NSR Royalty on the Mariana lithium project in Argentina with Ganfeng Lithium International Co. Ltd. (TNR holds a 0.2-per-cent NSR royalty on behalf of a shareholder). Ganfeng's subsidiary, Litio Minera Argentina, has a right to repurchase 1.0 per cent of the NSR royalty on the Mariana project, of which 0.9 per cent relates to the company's NSR royalty interest. The company would receive $900,000 on the completion of the repurchase. The project is currently being advanced by Ganfeng Lithium.
TNR also holds a 7-per-cent net profit interest holding on the Batidero I and II properties with Josemaria Resources Inc. Josemaria Resources is part of the Lundin Group, a portfolio of companies producing a variety of commodities in over 20 countries worldwide.
TNR provides significant exposure to gold through its 90-per-cent holding in the Shotgun gold porphyry project in Alaska. The project is located in southwestern Alaska near the Donlin gold project, which is being developed by Barrick Gold and Novagold Resources Inc.
The company's strategy with the Shotgun gold project is to attract a joint venture partnership with one of the gold major mining companies. The company is actively introducing the project to interested parties.
At its core, TNR provides significant exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina (the Los Azules copper project and the Mariana lithium project) and is committed to the continued generation of in-demand projects while diversifying its markets and building shareholder value.
JD400
7 years ago
Future Mining Technologies Could Change The Face Of Large Copper projects Like Los Azules
In these two examples you can add Values up to 1500 percent
Everyday Los Azules Becomes More and More Valuable Because of Upcoming Technologies
Will Soon Sell Itself to some major player IMO
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The use of plasma technology can boost the yield of precious metals such as gold, silver and platinum from complex ores by more than 1,000% compared to conventional metallurgical processes.
Toss Plasma Technologies (TPT), a company based in the US, has developed a new radio frequency (RF) plasma technology by which complex ores such as zinc, nickel, copper and lead are heated applying ultra-high temperatures of between 8,000-12,000 degrees Celsius to break down the ore structure and free up the latent precious materials contained therein for recovery and purification using conventional techniques.
In a recent test of the new radio frequency plasma technology conducted by the company on Myanmar tungsten ore samples, the amount of gold yielded was about 1,500% more than what could be recovered through traditional methods.
Plasma technology
Copper-eating bacteria
Mining companies normally either dispose tailings as waste or use them as substitutes for other chemical processes although some mineral content, uneconomical to recover, is still left in the tailings. However, increasingly rare minerals such as copper are highly valued and mineral recovery from tailings could become economically viable in the future. Brazilian mining company Vale is developing a promising innovative technology in collaboration with the University of São Paulo to recover copper mineral from the tailings using micro-organisms, which if extended to other minerals, would transform the handling of tailings and boost mineral production. The path breaking technology would be immensely helpful in the production of rare minerals such as copper, whose pure form occurs in just 1% per tonne of ore extracted.
Vale deposits tailings waste from its Sossego copper mine in Northern Brazil at a nearby lake. The tailings disposal facility is estimated to contain approximately 90 million tonnes of waste containing 0.07% of copper which, if recovered, can provide additional revenue for the company. Recovering mineral from the residual waste will also help fund part of the waste treatment expenses.
The R$15m ($6.6m) research project, in which Vale's investment amounts to R$3m ($1.3m), has identified 35 bacteria from the tailings dam near Sossego. The bacteria are being studied in order to discover the right micro-organism which would be suitable for eating the copper present in the tailings. The copper will be extracted from the bacteria and will be reprocessed before sale.
Ten technologies with the power to transform mining
The Internet of Things, robotics and plasma are transforming mining into a safer and more productive industry. Mining-technology.com picks ten technologies with the potential to transform mining.
http://www.mining-technology.com/features/featureten-technologies-with-the-power-to-transform-mining-4211240/
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Preliminary Economic Assessment for Los Azules
In September 2017 McEwen Mining announced the results of an updated Preliminary Economic Assessment (PEA). Using the assumptions of $3.00/lb copper, $1,300/oz gold, and $17/oz silver, the Los Azules project generates a robust $2.2 billion After-Tax Net Present Value (NPV) (discounted at 8%) and 20.1% After-Tax Internal Rate of Return (IRR). The results of the 2017 PEA demonstrate that Los Azules is a robust, high margin, rapid pay-back, and long-life open pit mine at current copper, gold and silver prices.
Estimate of Mineral Resources for Los Azules
The PEA also includes an updated resource estimate, which incorporates the results of the 2016-2017 drilling program. The copper resource contains 10.2 billion pounds Indicated and 19.3 billion pounds Inferred. Other resources are presented in the table below.
http://mcewen.q4web.com/Operations/Los-Azules-Exploration/default.aspx
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MUX TNR
JD400
7 years ago
Vancouver B.C. August 28, 2017: TNR Gold Corp. (TSX-V: TNR) (“TNR” or the “Company”) is pleased to announce an update of activities and vision for the coming months.
Last year we began taking measures to improve our balance sheet and maintain TNR’s portfolio of assets. Senior management and directors accepted a 40% cut of debt owed to them from the Company and a more than a 50% reduction in management fees. Certain debts to former management were settled with TNR’s shareholdings in International Lithium Corp., issued at $0.20 cents per share, higher than the market price at the time of issue.
In order to conserve cash and prevent shareholder dilution at the currently undervalued share price, management and directors have agreed to forego their fees until there is improvement in the market performance and financial condition of the Company. In particular, management is focused on preserving the Company’s assets while carefully managing the Company’s liquidity and disposing the absolute minimum of any of our liquid assets.
Management and the Board’s belief is that an era of “Energy rEVolution” has begun, and the electrification of transportation coupled with a global push for carbon-neutral energy supplies will lead to a demand for energy metals like lithium and copper. Our company is well positioned to participate in this market trend and with that, TNR is working towards becoming a green energy metals royalty company.
TNR now has a talented dedicated team to build our portfolio of assets in order to capitalize on the current investment trends. Increasing electrification of transportation and the energy sectors are expected to boost the demand for critical commodities and energy metals. Our assets allow us to participate in these opportunities and build the Company for the benefit of all stakeholders.
Los Azules Copper Project Royalty
TNR, through its lead generator business model, has been successful in generating high quality exploration projects in the Americas and Europe. Utilizing management’s expertise, the Company resources and industry network, TNR identified the project portfolio of International Lithium Corp. (TSXV: ILC) and identified the potential of the Los Azules copper project in Argentina at an early stage of exploration. TNR now holds a 0.36% NSR royalty on the Los Azules prospect.
In a news release dated May 15, 2013 in relation to the Los Azules copper project in San Juan Province, Argentina. McEwen Mining Inc. summarizes an updated resource estimate completed on the property. In its press release, McEwen Mining reports an indicated resource estimate of 389,000,000 tonnes with 0.63% copper and an inferred resource of 1,397,000,000 tonnes at 0.46% copper at a cutoff grade of 0.35% copper. Details regarding the manner in which the resource estimate was calculated are available under the profile of McEwen Mining at SEDAR http://www.sedar.com. Further details on the project and the work performed on it can be found in the technical report titled, “Los Azules Porphyry Copper Project, San Juan Province, Argentina” dated August 1, 2012, prepared by D. Ernest Winkler, P.Eng., Robert Sim, P.Geo., Bruce Davis, PhD, FAusIMM and James K. Duff, P.Geo., and press releases issued by McEwen Mining, which can be found on SEDAR.
McEwen Mining’s press releases and website material appear to be prepared by Qualified Persons and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no Qualified Person engaged by TNR Gold Corp. has done sufficient work to analyze, interpret, classify or verify McEwen Mining’s information to determine the current mineral reserve or resource or other information referred to in their press releases. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.
In a news release dated May 4, 2017, McEwen Mining (“MM”) further reported on Los Azules; “We spent $6.3 million at the Los Azules project on a combination of infill and exploration drilling, significant advances were made in determining the best logistics, power and infrastructure options and further economic and engineering modeling of the production. Results from the drilling campaign are expected to be finalized during the second half of 2017.” Another MM News release dated August 2, 2017, reported, “During Q2 2017 we spent $0.8 million at the Los Azules project, primarily on finalizing the 2017 drilling campaign initiated in Q1. We are currently preparing a new Preliminary Economic Assessment (PEA), which is expected in the third quarter of 2017.”
Argentina business is expanding with its newly elected administration creating policies that are favorable for foreign investment and resource development. Rising copper prices are also helping to drive renewed interest in copper projects like Los Azules.
TNR’s strategy with the Los Azules royalty holdings is to attract a strong financial partner and sell a portion of the NSR to eliminate the long-term debt of the Company.
During the first part of this year TNR created a new marketing strategy, updated its website and enhanced marketing materials. The project has been presented to the industry’s community, attracting increased interest in Los Azules as TNR works towards forming a strong partnership through a staged transaction connected to the milestones achieved by the Los Azules copper project.
Mariana Lithium Project Royalty
TNR holds a significant shareholding interest (15%) in International Lithium Corp. (“ILC”), a green energy metals company that was created through the spinout of TNR’s energy metals portfolio in 2011. ILC holds interests in lithium projects in Argentina, Ireland and Canada.
TNR retains a 1.8% NSR royalty on the Mariana lithium property in Argentina. ILC has a right to repurchase 1.0% of the NSR. On exercise of the repurchase right, TNR would receive $900,000. The project is being advanced in a joint venture between ILC and Ganfeng Lithium Co. Ltd., a leading lithium product manufacturer seeking to secure its raw materials supply.
Shotgun Gold project
TNR provides significant exposure to gold through its 90% holding in the Shotgun gold porphyry project in Alaska. The project is located in South-Western Alaska near the Donlin Gold project. Alaska’s attractiveness is rising according to the investment index of the Fraser institute’s “Annual Survey of Mining Companies”.
TNR published a resource estimate on the Shotgun in 2013. TNR reported an inferred resource of 20,734,313 tonnes at 1.06 grams per tonne (“g/t”) gold for a total of 705,960 ounces gold (“Au”) using a 0.5 g/t Au cut-off grade (news release issued on April 22, 2013 and technical report titled, “Technical Report on the Shotgun Gold Project”, dated May 27, 2013 and filed on SEDAR).
The Company’s strategy with Shogun is to attract investment on a private equity basis to advance the project. Once the project has demonstrated increased potential for advanced exploration activities the aim is to identify a joint venture with one of the gold major mining companies. The Company is actively introducing the project to interested parties.
Afzaal Pirzada, Geological Consultant of the Company, and a “Qualified Person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
ABOUT TNR GOLD Corp.
TNR Gold Corp. is working to become an energy metals royalty company. Over the past twenty-two years, TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company’s expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina and now holds a 0.36% NSR on the prospect.
TNR is also a major shareholder of International Lithium Corp. (“ILC”), with current holdings of approximately 15% of the outstanding shares of ILC. ILC holds interests in lithium projects in Argentina, Ireland and Canada.
TNR retains a 1.8% NSR on the Mariana property in Argentina. ILC maintains a right to repurchase 1.0% of the NSR on the Mariana property of which 0.9% relates to the Company’s NSR interest. The Company would receive $900,000 on execution of the repurchase. The project is currently being advanced in a joint venture between ILC and Ganfeng Lithium International Co. Ltd.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina, and is committed to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
www.tnrgoldcorp.com
$MUX
JD400
11 years ago
International Lithium Corp., President's Update ILC.v, TNR.v
Vancouver B.C., 8-8-2013: International Lithium Corp. ("ILC" or the "Company") (ILC: TSX-V) I am pleased to provide a corporate update and summary of the Company's activities for our shareholders. International Lithium Corp. continues to advance its core exploration projects by securing the land tenure at the Mariana brine project in Argentina and working towards monetizing the Blackstairs pegmatite project in Ireland. We have avoided equity financings at low share prices and instead built up our allegiance with strategic partner Ganfeng Lithium Co. Ltd.
Highlights
Total number of fully diluted shares is reduced from 151,964,995 to 83,958,046.
Strategic Partner, Ganfeng Lithium Co. Ltd. ("GFL" or "Ganfeng Lithium") delivers advanced payment of $250,000 for Blackstairs options
Ganfeng Lithium provide loan of $1,199,000 to secure the second option payment for the Mariana project option with the original vendors. GFL enter into an agreement to acquire up to 51% of the Mariana project by making an additional payment of $1,090,000 totaling $2,289,000 to secure the full rights to the Mariana project from the original vendors
Successful exploration programs carried out at the Blackstairs, Ireland and Mavis Lake, Ontario lithium pegmatite projects.
see full article here
http://sufiy.blogspot.com/
JD400
11 years ago
TNR Gold Extends Bridge Loan Financing To January 1, 2014
Vancouver BC, June 28, 2013: TNR Gold Corp. (The "Company" or "TNR") has arranged to extend the $1-million bridge loan, from one of its current shareholders, from July 1, 2013 to January 1, 2014. The loan bears interest at 8 percent per year and is secured by a promissory note, general security agreement and deed of trust over the company's mining claims located in Alaska.
ABOUT TNR GOLD CORP www.tnrgoldcorp.com
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
On April 22, 2013 TNR Gold reported an inferred mineral resource at the Shotgun Gold project in Alaska containing 20,734,313 tonnes at 1.06 grams per tonne ("g/t") gold for a total of 705,960 ounces gold ("Au") using a 0.5 g/t Au cut-off (see news release dated 22 April 2013).
TNR is also a major shareholder of International Lithium Corp. (TSX:ILC.V) ("ILC"), a company created by TNR to advance its internationally acquired lithium prospects. TNR currently holds about 25.5% of the outstanding shares of ILC.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina and is committed to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
John Harrop, PGeo, FGS, and Vice President, Exploration of the Company is a "Qualified Person" as defined under NI 43-101 and has reviewed and approved the technical content of this news release.
For further details please see our website at http://www.tnrgoldcorp.com/s/NewsReleases.asp
JD400
11 years ago
Argentina Drops Bomb On Los Azules
Argentina Province Slaps Hefty Tax on Embattled Mining Companies
--Santa Cruz Province imposes new 1% tax on mine reserves
--Companies vow to challenge the duty in court
--Industry struggling due to low metals prices, soaring costs and government regulations
By Shane Romig
BUENOS AIRES--Mining companies in Argentina'sSanta Cruz province are gearing up for a courtroom clash after the local legislature passed a steep tax hike that the companies say threatens the industry's viability.
Last week, the Santa Cruz congress passed a bill slapping a 1% annual tax on mine resources in the province as the local government struggles with a wide spending deficit.
While the percentage seems small, it will cost mining companies in the province $100 million in new taxes next year, said an executive from one of the province's leading mines who requested anonymity. In effect, the tax amounts to about 8% of the total resources of a mine with a 15-year life, considering that it must be paid annually, he said.
Companies must pay the percentage on proven reserves regardless of sales or output, posing another challenge to startups that may be sitting on a mountain of gold, but have yet to start production.
As soon as the law is formally implemented, mining companies will be heading to court to challenge its constitutionality, the executive said.
Companies argue that the tax clashes with an article in Argentina's constitution that grants mining projects 30 years of fiscal stability. The tax law also signals to investors that provincial governments won't shy away from changing the rules to plug budget deficits.
Companies with operations in Santa Cruz include AngloGold Ashanti Ltd. (AU, ANG.JO), McEwen Mining Inc. (MUX, MUX.T), Hochschild Mining PLC (HOC.LN), Mirasol Resources Ltd. (MRZLF, MRZ.V), Minera IRL Ltd. (MIRL.LN, IRL.T), Goldcorp Inc. ( GG ) and Pan American Silver Corp. (PAAS, PAA.T).
Even though mining companies plan to challenge the tax, "the biggest damage will be irreparable, causing the rejection of Santa Cruz as a destination for international investment," the Santa Cruz and nationwide mining chambers said in a joint statement.
"It condemns functioning projects, those in construction and will completely stall exploration," according to the chambers.
Higher taxes that strain the bottom line are a "significant concern," especially with global mineral prices in a slump, said Andrew Elinesky, vice president of McEwen Mining, in a recent interview.
The new tax comes at a time when some mining companies in Argentina are already scrambling for the exit. Low metal prices, soaring costs, capital controls and the absence of consistent rule of law have taken the shine off of projects that aim to develop the Andean country's vast, untapped mineral wealth.
In December, Pan American Silver Corp. shelved work on its Navidad silver mine in Chubut Province, saying inflation and proposed tax increases would make the project inviable.
Brazil'sVale SA ( VALE ) recently stopped work on its Rio Colorado potash mine in Mendoza Province after already spending $2.23 billion.
Mining exploration, as measured by both investment and drilling, plunged 50% on the year in 2012 and is likely to slump an additional 20% this year, Julio Rios Gomez, president of mining exploration chamber Gemera, said in a recent interview.
Economists said annual inflation has been at or above 20% for the past three years. Wages alone rose almost 24% on the year in April, according to the government.
Government limits on the repatriation of dividends and profits, which aim to stem capital flight, have added a further sting. McEwen Mining Inc. recently cut its forecasts for production growth at its El Gallo gold mine in Mexico, citing lower metal prices and higher borrowing costs.
The company had hoped to finance construction by using its profits from Argentina, but it hit a wall when Argentina's government stopped allowing companies to send dividends home.
Legal uncertainty also looms large in investors' minds.
Last year, President Cristina Fernandez de Kirchner nationalized Argentina's top oil company, YPF SA (YPF, YPFD.BA), without offering compensation to its former controlling shareholder.
More recently, the Kirchner-controlled Congress passed controversial legislation that severely limits the ability of judges to issue injunctions against government acts. Those injunctions are often the only legal protection that mining companies have when appealing adverse court rulings.
Write to Shane Romig at shane.romig@dowjones.com
(END) Dow Jones Newswires
06-18-131218ET
Copyright (c) 2013 Dow Jones & Company, Inc.
Read more: http://www.nasdaq.com/article/argentina-province-slaps-hefty-tax-on-embattled-mining-companies-20130618-00805#ixzz2Wcf7BoC9
JD400
11 years ago
TNR MUX " Selling Los Azules has effectively been eliminated. As a result, Los Azules has been removed from the sale process, which began in January. Los Azules is a significant copper deposit that we believe will command a better price in the future"
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McEwen Mining Inc.: Lower Metal Prices and Higher Cost of Capital Drives Decision to Reduce Forecast Production Growth from 290,000 to 225,000 Gold Equivalent Oz in 2016
1 hours 52 minutes ago - DJNF
McEwen Mining Inc.: Lower Metal Prices and Higher Cost of Capital Drives Decision to Reduce Forecast Production Growth from 290,000 to 225,000 Gold Equivalent Oz in 2016
Capital Requirements Now Significantly Reduced; Los Azules Sale Deferred
TORONTO, ONTARIO--(Marketwired - June 10, 2013) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) announces a reduction to its forecasted production growth from 290,000 to 225,000 gold equivalent oz in 2016. Consequently, our capital requirements have been significantly reduced to a point that our cash reserves and cash flow from operations could be sufficient to fund the majority of our revised production growth.
How we have changed our production growth:
El Gallo 1 is being expanded for an estimated capex of $5 million with an expectation of producing 75,000 oz gold in 2016; we expect Gold Bar to be permitted in late 2014/early 2015, built in 2015 and up and running in 2016 at a rate of 50,000 oz gold per year; and our 49% owned San José contributing 100,000 oz gold equivalent for total Company production of 225,000 oz gold equivalent in 2016.
We have begun to re-evaluate El Gallo 2 as a heap leach operation rather than a conventional milling situation. Preliminary column testing results on ore recovery are encouraging and if further test work and bulk sampling are conclusive, then El Gallo 2 will be developed as a heap leach operation. The resultant capital cost reduction for El Gallo 2 would be considerable, from an estimated $180 million for a milling process, to $20-$30 million for a heap leach. The impact on IRR is dramatic because we would use less than 20% of the original capital to generate 60% of former forecasted production.
If the El Gallo 2 heap leach process works, then its projected production could add an additional 60,000 gold equivalent oz, and thus increase total Company production to 285,000 in 2016. This revised total production number would be very close to our original forecast of 290,000 oz in 2015. The metallurgical testing of El Gallo 2 ore should be completed by the 4(th) Quarter of this year and should coincide with the expected receipt of our permits to mine from the Mexican government.
As a result of our lower capital requirements, the rationale for selling Los Azules has effectively been eliminated. As a result, Los Azules has been removed from the sale process, which began in January. Los Azules is a significant copper deposit that we believe will command a better price in the future.
"Lower gold and silver prices have reduced our cash flow and the projected IRRs on our development projects and increased the cost of capital. As a consequence, we had to re-assess our development plans and look at alternatives to avoid excessive dilution at current market prices. Fortunately, we have developed alternatives that our cash reserves and cash flow from operations would allow us to develop and fund largely from internal sources with limited use of very expensive outside capital. Another very positive aspect of this alternative course is the potential for a significant increase in the IRR of El Gallo 2. Clearly, adversity is the mother of invention," said Rob McEwen, Chairman & Chief Owner.
About McEwen Mining (www.mcewenmining.com)
The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by creating a profitable, mid-tier gold producer focused in the Americas. McEwen Mining's principal assets consist of the San José Mine in Santa Cruz, Argentina (49% interest); the El Gallo Complex in Sinaloa, Mexico; the Gold Bar Project in Nevada, US and the Los Azules Project in San Juan, Argentina.
McEwen Mining has 297 million shares issued and outstanding. Rob McEwen, Chairman, President and Chief Owner, owns 25% of the shares of the Company (assuming all outstanding Exchangeable Shares are exchanged for an equivalent amount of Common Shares). As of April 30, 2013, McEwen Mining had cash and liquid assets of approximately US$50 million and is debt free.
TECHNICAL INFORMATION AND RISKS
There are significant risks and uncertainty associated with commencing production or changing production plans without a feasibility, pre-feasibility or scoping study. The proposed expansion to El Gallo Phase 1 and the changes to the existing El Gallo 2 production plans have not and may not be explored, developed or analyzed in sufficient detail to complete an independent feasibility or pre-feasibility study and may ultimately be determined to lack one or more geological, engineering, legal, operating, economic, social, environmental, and other relevant factors reasonably required to serve as the basis for a final decision to complete the development of all or part of these projects.
This news release has been reviewed and approved by William Faust, PE, McEwen Mining's Chief Operating Officer, who is a Qualified Person as defined by National Instrument 43-101. For additional information about El Gallo Phase 2 see the technical report titled "El Gallo Complex Phase II project, NI 43-101 Technical Report Feasibility Study, Mocorito Municipality, Sinaloa, Mexico" with an effective date of September 10, 2012, prepared by M3 Engineering along with a team of associates (the "Phase II Report"). The authors of the Phase 2 Report, Stan Timler - M3 Engineering, Mike Hester - Independent Mining Consultants (Reserves), Dawn Garcia - SRK Consulting (Environmental), Richard Kehmeier and Brian Hartman - Pincock Allen & Holt (El Gallo Deposit Resource), John Read - McEwen Mining consultant (Palmarito Insitu, Historic Waste Dumps and Historic tailings Resource), are each qualified persons and all of whom but John Read are independent of McEwen Mining, each as defined by NI 43-101.
McEwen Mining Inc.
JD400
11 years ago
TNR Gold Corp. Files Technical Report on Shotgun Gold Project, Alaska
Vancouver B.C., May 30, 2013: TNR Gold Corp. (the "Company" or "TNR") has filed on SEDAR a Technical Report (effective date May 27, 2013) supporting the recently completed resource estimate on the Shotgun Gold project in Alaska. Nicholas Van Wyck, Ph.D. CPG of Sisyphus Consulting, an independent qualified person as defined by NI 43-101, is the primary author of the report with Allan Armitage, Ph.D., P.Geol of Geovector Management, also an independent qualified person, responsible for the resource calculation at Shotgun Ridge, an area of gold mineralization located within the Shotgun Gold project.
TNR reported via a news release dated April 22, 2013 an inferred mineral resource at Shotgun Ridge containing 20,734,313 tonnes with 1.06 grams per tonne ("g/t") gold ("Au") for a total of 705,960 ounces gold using a 0.5 g/t Au cut-off. The mineralization is clearly open at depth with some potential to extend laterally. The inferred mineral resource disclosed in the Technical Report is consistent with the disclosure of the inferred mineral resource announced in TNR's April 22, 2013 news release.
The Company has identified unique geophysical anomalies in magnetics, resistivity and chargeability responses that coincide with the known mineralization and also occurs in areas adjacent to the known mineralization providing several targets for follow-up testing. The report recommends a budget for 8000 metres of drilling, upgraded logistics and camp facilities and additional airborne and ground geophysical surveys. Drilling would focus on testing the newly identified targets and the extents of the known mineralization laterally and at depth.
ABOUT THE SHOTGUN GOLD PROJECT
TNR holds a 100% interest in the Shotgun property located 190 kilometres south of the Donlin Gold Project deposits within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a world-class, multimillion ounce gold district. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin Gold is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and that of the Donlin Gold Project deposits as well as other important intrusion-associated deposits width wide.
TNR acquired 100% of the Shotgun Ridge prospect in 2010 following a 50/50 joint venture with Novagold Resources Inc. ("Novagold"). A total of 66 mining claims, each 160 acres, are located over and surrounding the Shotgun Ridge prospect for a total of 10,560 acres (4273.48 hectares).
Ground geophysical surveys conducted in 2011 and 2012 by TNR helped to identify structural controls on mineralization at Shotgun Ridge. Drill testing in 2012 confirmed the structural model of mineralization with two drill holes returning mineralized intervals in excess of 200 metres, SR12-56 returned 242 metres averaging 1.25 g/t gold and SR12-57 returned 209 metres averaging 1.02 g/t gold (news release dated 10 October 2012).
The Company is targeting a large tonnage low-grade porphyry system at Shotgun Ridge. Structural repeats, as interpreted from airborne magnetic data and ground geophysical surveys, provide TNR with encouraging targets for future drill testing.
ABOUT TNR GOLD CORP.
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR is also a major shareholder of International Lithium Corp. (TSX:ILC.V) ("ILC"), a company created by TNR to advance its internationally acquired lithium prospects. TNR currently holds about 25.5% of the outstanding shares of ILC.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina and is committed to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
John Harrop, PGeo, FGS, and Vice President, Exploration of the Company is a "Qualified Person" as defined under NI 43-101 has reviewed and approved the technical content of this news release.
For further details please see our website at http://www.tnrgoldcorp.com/s/NewsReleases.asp
On behalf of the board,
Gary Schellenberg
President
http://www.tnrgoldcorp.com/s/NewsReleases.asp?ReportID=586285
JD400
12 years ago
TNR MUX Los Azules sale or No and terrible financing markets be damned - could still become a reality.
McEwen shifts course at El Gallo II - expansion on the cheap?
McEwen Mining outlines a possible third path for its El Gallo II silver-gold mine in Mexico.
McEwen Mining (NYSE: MUX) had said it is considering what to do with its El Gallo II silver-gold project in Mexico - specifically, how to finance the estimated $170 million capital cost or optimize the project's scope to something within its means. Failing here, El Gallo II would certainly head to McEwen Mining's back burner.
The main hurdles for McEwen Mining are this: it doesn't have enough cash to build it on its own and financing markets are tough. Meantime, gold and silver prices continue to fall. Thus, in a conference call last week, McEwen Mining President and CEO Rob McEwen said that although the project was still moving ahead, with permitting in the works, construction might not start later this year as it has hoped.
Making deferral seem all the more possible was the uncertain future of McEwen Mining's Los Azules copper-gold project in Argentina, now on the auction block. While McEwen hasn't capitulated in the search for a buyer for Los Azules, he sounded pragmatic about the ongoing sale process: There's interest, but a crowd isn't swelling at the door.
In part, the problem here is that the appetite for undeveloped mega copper-gold projects is somewhat tepid and meantime there's a glut of assets, some operating, up for sale. Thus juniors with large undeveloped copper-gold deposits for sale face stiff competition.
But a third path at El Gallo II may keep the project alive - neither deferral nor the $170 million Plan A. You might call it the mother of all mine optimization plans.
El Gallo II was, as outlined in a feasibility study late last year, to be a 5,000 tonne per day open-pit operation with milling and whole-ore leaching. It would exploit 38 million silver @ 101.3 g/t Ag and 46,102 ounces gold @ 0.12 g/t Au in reserves.
But in an update today McEwen Mining said it might forego a standalone operation completely, with a processing plant and whole ore leaching, and instead ship El Gallo II ore to El Gallo I, McEwen Mining's operating heap-leach gold-silver mine about five kilometres away
The benefit of doing so comes down to a trade-off. Far less capital costs - expansion rather than new building - in exchange for what would likely be far lower recoveries. In the El Gallo II feasibility study last year McEwen Mining estimated it could get 84 percent silver and 83 percent gold recoveries in a standalone El Gallo II operation with whole-ore leaching.
However, put the same ore, trucked and crushed, on a leach pad at El Gallo I and the silver recoveries, based on McEwen Mining's metallurgical testing, could drop by about a third to half that of standalone El Gallo II. McEwen stated that “early column tests returned between 45-62 percent silver.”
Thus El Gallo II - Los Azules sale or no - and terrible financing markets be damned - could still become a reality. For McEwen Mining the key question now becomes: Is the trade-off worth it?
http://www.mineweb.com/mineweb/content/en/mineweb-junior-mining?oid=190534&sn=Detail
JD400
12 years ago
TNR MUX Los Azules Copper 1.6 Billion Tonnes
From MUX 10Q 1st Quarter Released Today
In February 2013, we announced an updated Canadian National Instrument 43-101 compliant (“NI 43-101”) mineral resource estimate for the Los Azules Copper Project, located in Argentina, which estimated 1.6 billion tonnes of mineralized material with a weighted average grade of 0.52 percent copper.
A total of 52,000 ft. (15,843 m) was drilled at the Project during this past drill season, which ran from October 2012 to March 2013, of which 21,000 ft. (6,407 m) was drilled in the first quarter of 2013. Drilling this season has continued to focus on expanding the resource both laterally and to depth and the drill results for the season will be incorporated into a new resource estimate which will be released by the end of May 2013.
We announced the results of new metallurgical studies which tested alternative process methods that suggest potential for improved economic returns associated with the project. The tests produced encouraging results in the areas of flotation optimization, pressure oxidation on floatation concentrates, and testing of low grade material for suitability in a heap leach.
We have continued working on an updated Preliminary Economic Assessment (“PEA”) which is expected to be completed in the third quarter of 2013. The updated PEA will be based on significantly more mineralized material and will evaluate the possibility of increasing the daily throughput. The updated PEA will also incorporate the results of the metallurgical studies.
Liquidity and Capital Resources
We believe our working capital at March 31, 2013 is sufficient to fund ongoing exploration and corporate activities over the next 12 months. Our sources of working capital at March 31, 2013 include cash on hand, other current assets, revenue from Phase 1 of El Gallo and any distributions from the San José Mine. However, in order to fund the development of El Gallo Phase 2, pending receipt of regulatory approvals, we will need to raise additional capital given the capital cost is estimated at approximately $180 million which significantly exceeds our available working capital. We are currently exploring several financing methods to complete the development and construction of El Gallo Phase 2, which include the sale of the Los Azules Copper Project in Argentina or a joint venture to develop the Los Azules Copper Project, incurring debt, issuing equity and equipment leasing. Our ability to continue with El Gallo Phase 2 is dependent on one or several of the alternatives being completed.
View full 1st Quarter Report here
http://www.sec.gov/Archives/edgar/data/314203/000110465913038912/a13-8203_110q.htm
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