TNR Gold Royalty Holding Update: Rob McEwen Invests US$40 Million in McEwen Copper, Prepares 53,000-metre Drilling Program for Los Azules
NEWS RELEASE
TNR Gold Royalty Holding Update: Rob McEwen Invests US$40 Million in
McEwen Copper, Prepares 53,000-metre Drilling Program for Los Azules
Vancouver, British Columbia – October 4, 2021: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold”
or the “ Company”) is pleased to announce that, further to the Company’s news release dated July 8,
2021, McEwen Copper Inc. (“McEwen Copper”), has closed the first tranche of its private placement
announced on July 6h, 2021, for gross proceeds to McEwen Copper of $40,000,000.
Rob McEwen’s investment corporation, Evanachan Limited, purchased all the shares issued pursuant to
the first tranche of the private placement . McEwen Copper , 81% owned by McEwen Mining Inc.
(“McEwen”), is rapidly advancing work on the Los Azules project following the completion of the US$40
million private placement
The news release issued by McEwen on September 29, 2021, stated:
“The McEwen Copper division, 81% owned by McEwen Mining, is rapidly advancing work on the Los
Azules project following the completion of the US$40 million first tranche private placement financing
announced August 23, 2021. The second tranche of the private placement is expected to close shortly.
Preparations are underway for a large 53,000 -meter drilling program targeting the upgrading of Inferred
mineral resources to the Indicated category. The first 2 drill rigs are arriving in early November 2021,
ramping up to the full complement of 10 drills by January 2022. Access to the project is currently being
established on the existing exploration road, which has been safely cleared by crews 48 miles (78 km) of
the route, approximately three quarters of the way to the project. Construction of a new all-season lower
altitude access road is underway, with completion expected in H2 2022.
McEwen Copper has engaged an experienced group of professionals and consultants to guide the Los
Azules project towards the pre -feasibility study stage, including Dave Tyler, Study Director, Gary
Cochran, Project & Construction Manager, and Bill Thomas, Manager of Business Improvement &
Operational Readiness.”
“I am very pleased to see this very exciting and significant development for the Los Azules Copper Project
and personal support by Rob McEwen of the newly created McEwen Copper,” stated Kirill Klip, TNR’s
Executive Chair. “It’s very encouraging to see a large 53,000-metre drilling program following the
personal commitment from Rob McEwen and his investment of US$40 million to advance the rapid
development of this giant copper, gold and silver deposit in an appropriate corporate structure which will
allow financing and further development of the Los Azules Copper Project.
1055 Dunsmuir Street, Suite 3500
Vancouver, British Columbia
V7X 1H7, Canada
T: +1 (604) 229-8129
E-mail: [email protected]
Website: http://www.tnrgoldcorp.com
2
TNR Gold holds a 0.36% NSR royalty on the entire Los Azules project containing copper, gold and silver
metals. TNR Gold does not have to contribute any capital for the development of the Los Azules Copper
Project. The essence of our business model is to have industry leaders like McEwen Mining as operators
on the projects that will potentially generate royalty cashflows to contribute significant value for our
shareholders.”
ABOUT TNR GOLD CORP.
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
Over the past twenty -five years, TNR, through its lead generator business model, has been successful
in generating high -quality exploration projects around the globe. Wit h 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 Royalty on the entire project, which is being developed by McEwen Mining
Inc.
In 2009, TNR founded International Lithium Corp. (“ILC”), a green energy metals company that was made
public through the spin-out 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 Project in Argentina. ILC has a right to
repurchase 1.0% of the NSR Royalty on the Mariana Lithium Project, of which 0.9% 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 in a joint venture between ILC and Ganfeng Lithium
International Co. Ltd.
TNR provides significant exposure to gold through its 90% holding in the Shotgun Gold porphyry project
in Alaska. The project is lo cated in South western 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 partner ship 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 Azul es 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.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
www.tnrgoldcorp.com
For further information concerning this news release please contact +1 604-229-8129
2
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Ventur e Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain “forward -looking information”
within the meaning of applicable securities law. Forward -looking information is frequently characterized
by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and
other similar words, or statements that certain events or conditions “may” or “could” occur, although not
all forward-looking statements contain these identifying words. Specifically, forward -looking statements
in this news release include, but are not limited to, statements made in relation to: TNR’s corporate
objectives, changes in share capital, market conditions for energy commodities, the results of McEwen
Mining’s and ILC’s PEAs, and improvements in the financial performance of the Company. Such forward-
looking information is based on a number of assumptions and subject to a variety of risks and
uncertainties, including but not limited to those discussed in the sections entitled “Risks” and “Forward -
Looking Statements” in the Company’s interim and annual Management’s Discussion and Analysis which
are available under the Company’s profile on www.sedar.com. While management believes that the
assumptions made and reflected in this news release are reasonable, should one or more of the risks,
uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those described in forward -looking information. In particular, there can be no
assurance that: TNR will be able to repay its loans or complete any further royalty acquisitions or sale s;
debt or other financing will be available to TNR; or that TNR will be able to achieve any of its corporate
objectives. TNR relies on the confirmation of its ownership for mining claims from the appropriate
government agencies when paying rental payments for such mining claims requested by these agencies.
There could be a risk in the future of the changing internal policies of such government agencies or risk
related to the third parties challenging in the future the ownership of such mining claims. Given these
uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees
of future performance, and such forward-looking statements should not be unduly relied on.
In formulating the forward-looking statements contained herein, management has assumed that business
and economic conditions affecting TNR and its royalty partners, McEwen Mining Inc. and International
Lithium Corp. will continue substantially in the ordinary course, including without limit ation with respect
to general industry conditions, general levels of economic activity and regulations. These assumptions,
although considered reasonable by management at the time of preparation, may prove to be incorrect.
Forward-looking information herein and all subsequent written and oral forward -looking information are
based on estimates and opinions of management on the dates they are made and are expressly qualified
in their entirety by this cautionary statement. Except as required by law, the Compan y assumes no
obligation to update forward -looking information should circumstances or management’s estimates or
opinions change.