Location
20,000 acres located in the El Indio gold belt, San Juan Province, Argentina
Technical Details
TNR has an option to repurchase a 25% interest upon completion of a feasibility study.
TNR holds a 100% interest on Escorpio IV that is adjacent to the Los Azules property, and the ownership of this property is
currently in dispute by Xstrata.
TNR's Los Azules property consists of approximately 20,000 acres located in El Indio gold belt. To earn the
100% option, Xstrata agreed to cash payments totaling US$560,000 and incur exploration expenditures totaling US$1,000,000 by
May 15, 2008. In 2005 Xstrata optioned its 100% interest to Minera Andes Inc. ("Minera Andes") in which Minera
Andes would make all the cash payments required and incur $3,000,000 in exploration expenditures by May 15, 2008. All cash
payments due by May 15, 2008 have now been received. All exploration expenditures have also been incurred and the properties
have been transferred to Xstrata.
In 2006 drill results from Minera Andes confirmed significant high-grade copper on the property. An 11-hole drill program
returned intervals up to 1.62 per cent copper over 221 metres and 1 per cent copper over 173 metres in separate holes. The
new core drilling focused on the previously defined enriched copper target in an area approximately 2,500 metres by as much
as 1,500 metres, defined by prior drilling. Drilling tested mineralization on both TNR's property as well as Minera Andes
adjacent lands.
TNR has an option to repurchase a 25% interest upon completion of a feasibility study. TNR holds a 100% interest on
Escorpio IV that is adjacent to the Los Azules property, and the ownership of this property is currently in dispute by
Xstrata.
This agreement with Xstrata continues TNR's strategy of identifying new prospective projects as well as fostering work on
its large portfolio of base and precious metal properties in the Americas, with special emphasis on Argentina.
