TNR Gold Corp news

15 Jan 10: TNR Gold Corp. (TXS-V:TNR) and wholly owned International Lithium Corp. are undertaking the option to acquire 100-per-cent interest in the Fairservice mining leases adjacent to the company’s Mavis Lake property, located 15 kilometres northeast of Dryden in northwestern Ontario, from Rich Resource Investments Ltd., a private company in Edmonton.

The Fairservice property consists of six mining leases totalling 88.4 hectares and is dominated by east-trending spodumene-beryl-tantalite-type pegmatites considered to be part of the same dyke swarm as on the company’s adjacent Mavis Lake claim block. Past exploration identified 10 pegmatites and delineated a historical (non-NI 43-101 compliant) resource of 500,000 tonnes at 1.0 per-cent Li2O at pegmatite No. 1.

To earn a 100-per-cent interest, TNR has agreed to make payments totalling $120,000 and issuing a total of 500,000 common shares of TNR over a three-year period and incurring exploration expenditures totalling $500,000 over a four-year period. The vendor will retain a 5-per-cent net profits interest royalty of which the company has the right to purchase in entirety by paying the vendor the sum of $1-million. The agreement is subject to regulatory approval.