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Gold/Mining/Energy : TNR Resources Ltd (TRR.V was Toscana) -- Ignore unavailable to you. Want to Upgrade?

To: Rick W. who wrote (567)	4/22/1998 12:03:00 AM
From: Claude Cormier	Read Replies (2) \| Respond to of 659

TNR Resources Ltd Mr Gary Schellenberg reports Solitario Resources has signed an agreement with Newcrest Resources, allowing Newcrest to earn up to a 60% interest in the Canada Honda gold property in central Argentina. Canada Honda belongs to Solitario's wholly owned Argentinian subsidiary, Compania Minera Solitario de Argentina, S.A. (CMSA), which Solitario has agreed to sell to TNR. Newcrest can earn a 51% interest in the property by financing US$1.75 million in exploration costs and making US$200,000 in cash payments to CMSA over four years. An additional 9% can be earned by Newcrest by completing a preliminary feasibility study and spending an additional US$500,000 on exploration and development. Newcrest is an Australia based mining company that produced approximately 438,000 oz of gold in 1997. Solitario agreed to sell to TNR all issued shares of CMSA after TNR had received shareholder and regulatory approval to consolidate its shares on a 5:1 basis. The name change and the consolidation have now been approved but, due to the delay in the process, Solitario and TNR have mutually agreed to extend the period for closing. The Canada Honda agreement with Newcrest will be part of the sale of CMSA shares to TNR. Solitario has actively explored the Canada Honda property during the past two years, completing 25 shallow drill holes totalling more than 2500 metres. High grade gold in excess of 16 g/t gold (0.5 oz/t) has been encountered in six of the holes. Approximately half of the holes drilled intersected significant gold in excess of 1 g/t (0.03 oz/t). Newcrest has paid US$35,000 as its initial cash payment and has committed to spend US$200,000 during 1998. In addition, CMSA has two other joint venture partners for its Argentin0a projects. Battle Mountain Gold has actively explored the company's Los Azules (Cateo No. 47) property over the past two years and has recently completed a sizeable drill program on the property and is awaiting results. Eldorado Gold has, during the past two years, spent over $6 million in the area of the company's Pena Negra property. The property under option is centrally located to its exploration efforts.