TNR Gold Corp.
TSX VENTURE : TNR

TNR Gold Corp.

January 15, 2010 11:44 ET

TNR Gold/International Lithium Option Fairservice Mining Leases Adjacent to Mavis Lake Project, Ont

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2010) - TNR Gold Corp. (TSX VENTURE:TNR) ("TNR" or the "Company") and wholly-owned International Lithium Corp. ("ILC") are pleased to announce the Option to acquire 100% interest in the Fairservice Mining Leases adjacent to the Company's Mavis Lake property located 15km northeast of Dryden in northwestern Ontario, from Rich Resource Investments Ltd. (the "Vendor") a private company of Edmonton, Alberta.

Key Point Summary:

  • Fairservice property consists of 6 Mining Leases;
  • 10 East trending spodumene-beryl-tantalite type pegmatites identified from past work; and
  • Historical (non NI43-101 compliant) resource of 500,000 tons at 1.0% Li2O(i).

Fairservice Mining Leases

The Fairservice property consists of 6 Mining Leases totaling 88.4 hectares and is dominated by east trending spodumene-beryl-tantalite-type pegmatites considered to be part of the same dyke swarm as on the Company's adjacent Mavis Lake claim block. Past exploration identified 10 pegmatites (Pegmatite #1-10) and delineated an historical (non NI 43-101 compliant) resource of 500,000 tons at 1.0% Li2O at Pegmatite #1(i).

To earn a 100% interest, TNR has agreed to make payments totaling $120,000 and issuing an aggregate of 500,000 common shares of TNR over a three-year period and incurring exploration expenditures totaling $500,000 over a four-year period. The vendor will retain a 5% Net Profits Interest royalty of which the Company has the right to purchase in entirety by paying the Vendor the sum of $1 million. The agreement is subject to regulatory approval.

Mavis Lake Project Summary

Two field programs were undertaken in 2009 consisting of detailed mapping and sampling of the known pegmatite occurrences to assess the lithium (Li), tantalum (Ta) and other rare metals potential of the Mavis Lake property. Composite channel samples returned 1.24 Wt% Li2O over 5.3 metres and 1.4 Wt% Li2O over 4.7 metres from Pegmatite #18.

In addition, a lithogeochemical survey over a 1200m by 900m grid extended the lithium dispersion anomaly (>50 ppm Li) by 1.1kms to 4.5kms in total length. Of special note, 38% (78 of 204 grab samples) graded better than 150 ppm Ta2O5(ii) (tantalum oxide) demonstrating widespread highly anomalous Tantalum mineralization (Company News Release dated December 9, 2009).

The highest tantalum values came from Pegmatites 13, 14 and 16, which occur within an area of 500 by 800 metres that represents the known southeastern exploration limit for rare metal mineralization on the property. This prospective area of elevated tantalum values is underexplored and open to the east and southeast and will be the major subject of field investigation in 2010. Grab samples from this area returned peak Ta2O5 values of 1349 ppm (0.135%) and 1246 ppm (0.125%) from the No.16 and No.14 pegmatites, respectively(ii).

To view the map accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/TNRMAP11510.pdf

(i) Note: a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

(ii)Note: grab samples are by definition selective and are unlikely to represent average grades on the property.

Mavis Lake Property General

The Mavis Lake property is located 15 km Northeast of Dryden, Ontario. It is easily accessed via the Trans-Canada Highway and a series of logging roads. The claim block comprises a total of 2,544 ha and covers several known rare metal pegmatites.

Regional pegmatite mineralization is directly associated with the strongly peraluminous Ghost Lake pluton and related pegmatitic granite dykes. Rare metal mineralization in the Mavis Lake area occurs in zoned pegmatites hosted by mafic metavolcanic rocks. Rare metal mineralization has been noted to occur in four zones: internal beryl zone within the parent of the Ghost Lake pluton that evolves into external zones of beryl-columbite, spodumene-beryl-tantalite and albite-type pegmatites. The known pegmatite dykes on the Mavis Lake property comprise spodumene-beryl-tantalite, albite-type or a combination of both.

Ike Osmani, P.Geo, is the company's qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this press release. To help understand the technical aspects of Lithium and other Rare Metals please visit TNR's website at www.tnrgoldcorp.com.

ABOUT TNR GOLD / INTERNATIONAL LITHIUM CORP.

TNR and ILC are diversified metals exploration companies focused on exploring existing properties and identifying new prospective projects globally. TNR has a portfolio of 18 active projects, of which 9 will be included in the proposed spin-off of International Lithium Corp. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.com.

The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the companies' commitments to generating projects, diversifying its markets, and building shareholder value.

On behalf of the board,

Gary Schellenberg, President

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.

CUSIP: #87260X 109

SEC 12g3-2(b): Exemption #82-4434

The TSX Venture Exchange does not nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.

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