NR RESOURCES LTD. May 1, 2000
1680 - 650 W. Georgia Street
Vancouver, B.C. V6B 4N9
Telephone: (604) 687-7551 Facsimile: (604) 687-4670
Toll Free: 800-667-4470
Website: tnrvse.com NEWS RELEASE
Trading Symbol: CDNX: TRR
Standard & Poors Listed
SEC12g3-2(b) Exemption #82-4434
CUSIP #872950-10-0
BARRICK DEAL PROCEEDS
TNR Resources Ltd. (?TNR?) is pleased to announce that Barrick Gold
Corporation (?Barrick?) has now substantially completed its due
diligence on TNR?s Argentina property interests and has entered into the
$800,000 Private Placement Agreement ? first described in TNR?s January
31, 2000 news release ? to fund work on the properties. Barrick
personnel have visited all of TNR?s northern-Argentina concessions and
have conducted a detailed airborne geophysical survey over the highly
prospective La Ortiga property; work is ongoing.
Under the Private Placement Barrick is acquiring 2,000,000 Units of the
Company at $0.40 per Unit. Each Unit consists of one common share and
one warrant for the purchase of one additional common share up until
January 31, 2001, at an exercise price of $0.70 per share. Closing will
take place upon finalizing tax and corporate structuring.
Barrick can earn up to 75% on the Company?s La Ortiga, El Fierro, Valle
del Cura, Las Carachas, La Brea, Ranchillos, Rio Blanco, Pe¤a Negra and
Cateo 23 properties by advancing exploration to a production decision.
Previously announced, Barrick had the option to earn a 60% or 75%
interest. The 60% option has been removed.
Management is also pleased to announce that Orko Gold Corp. and TNR have
signed a Termination Agreement with respect to Orko?s option on the La
Ortiga, El Fierro and Valle del Cura properties. This agreement was
necessary to allow the Barrick deal to proceed. The termination
agreement will be in effect upon the closing of the Barrick Private
Placement.
The above agreements are subject to regulatory approval.
ON BEHALF OF THE COMPANY,
?Gary Schellenberg?
Gary Schellenberg
President |
