TNR Gold to Convert Back in Right to NSR for Los Azules Copper Project

TNR Gold Corp. (TSXV:TNR.V) has entered an agreement with McEwen Mining (NYSE:MUX,TSX:MUX) to transfer its rights and interests under the under a Cordon de Los Azules Exploration and Option Agreement.

As quoted in the press release:

The Back-In Right is exercisable following the completion of a feasibility study and if the Company elected to back-in for 5% or less or had its interest diluted to 5% or less, TNR would receive a net smelter royalty of 0.6% from the northern portion of the Project (see TNR News Release November 12, 2012).

TNR president and CEO, Gary Schellenberg, said:

We have noted significant confusion in some of our shareholders regarding the particulars of the Back-In Right. It is the goal of TNR, through its lead generator business model, to advance toward the royalty ownership model as our projects, identified at an early stage of exploration, are advanced toward development by joint venture partners. This latest agreement with McEwen now completes the process for the Los Azules Project.

Click here to read the TNR Gold Corp. (TSXV:TNR.V) press release