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TNR Gold Corp Settles Lawsuit Over Los Azules With McEwen Mining Inc-Canada Stockwatch News


Wednesday, 14 Nov 2012 01:23pm EST 

Canada Stockwatch News reported that TNR Gold Corp. and its wholly owned subsidiary, Solitario Argentina S.A., have reached a settlement with McEwen Mining Inc., which resolves the outstanding litigation with respect to the Los Azules copper project located in San Juan province, Argentina. 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. In addition, TNR receives an industry-standard net smelter royalty of 0.6 per cent and one million shares in McEwen Mining (information about McEwen Mining can be found at its website and on SEDAR). The net smelter royalty is over the northern portion of the property and is triggered if TNR chooses to back in for 5 per cent or less or is diluted below 5 per cent. In return, TNR will discontinue its claims and transfer to McEwen Mining the mineral rights to a property called Escorpio IV. 

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