July 2nd, 2008
TNR Commences Legal Action to confirm Escorpio IV Ownership
TNR Commences Legal Action to confirm Escorpio IV Ownership
Vancouver B.C.: TNR Gold Corp. (?TNR? or the ?Company?) advises that on June 30, 2008 it commenced an action in the Supreme Court of British Columbia against MIM Argentina Exploraciones S.A. (?MIM?) a subsidiary of Xstrata PLC. (?Xstrata?). In the action TNR is seeking:
(a) a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement entered into between TNR?s Argentina subsidiary, Compania Minera Solitario S.A. (?Solitario?) and MIM governing the Los Azules Project (the ?Option Agreement?);
(b) a declaration that the defendant MIM has no contractual right to assert an ownership interest in Escorpio IV;
(c) such further declaratory relief as may be requested and is appropriate in the circumstances; and
(d) judgment for damages against MIM.
The Escorpio IV Property is registered in the name of Solitario and is adjacent to the western border of the Los Azules property, currently being drilled by Minera Andes Inc., under an Option from MIM. Los Azules is located near the Argentina/Chile border in San Juan province, Argentina.
TNR asserts that on October 20, 2003, MIM assigned to Solitario all of its rights, including any and all rights it had or might be entitled to with respect to Escorpio IV and that Escorpio IV is not a property subject to the Option Agreement.
MIM has taken the position that Escorpio IV is or was subject to the Option Agreement, and as such is part of the Los Azules Project earned into by MIM. In the face of MIM?s assertion of its position, TNR has been forced to seek the Court?s determination of the issue.
ABOUT TNR GOLD CORP.
TNR is a base and precious metals exploration company focused on aggressively identifying new prospective projects as well as fostering work on its large portfolio of 17 properties in Argentina and Alaska. The company's focus over the next 12 months is the exploration and development of its Eureka, El Salto, and El Tapau in Argentina and Shotgun project in Alaska.
On behalf of the board,
Gary Schellenberg
President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company?s future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company?s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
_____________________
Regards,
Jerry Huang
Corporate Communications Officer
TNR Gold Corp. (TNR.V)
620-650 West Georgia St
Vancouver BC V6B 4N9
Tel 604-687-7551
Fax 604-687-4670
http://www.tnrgoldcorp.com/