TNR Gold files revised countersuit over Los Azules

2010-05-17 11:17 ET - News Release

Mr. Gary Schellenberg reports

TNR GOLD FILES FULL RESPONSE TO MINERA ANDES STATEMENT OF CLAIM

TNR Gold Corp. and its wholly owned subsidiary, Solitario Argentina S.A., have filed an amended statement of defence and counterclaim in the Supreme Court of British Columbia, responding in detail to the statement of claim filed by Minera Andes Inc. and certain related entities.

As disclosed in its April 23, 2010, press release in Stockwatch, TNR notified Minera Andes that it was exercising its back-in right for 25 per cent of certain of the properties constituting the Los Azules project in Argentina. Minera Andes is contesting TNR's ability to exercise its back-in right. The amended statement of defence sets out, among other things, TNR's position as to why the back in clause in the May, 2004, exploration and option agreement should be rectified to remove reference to a feasibility study being completed within 36 months and why the condition linking the timing of the back-in right to the production of a feasibility study was for the sole benefit of TNR -- and therefore could be waived by TNR. TNR has brought a counterclaim which seeks a positive declaration from the court that the company's April 23, 2010, back-in notice is valid and enforceable. The company encourages interested parties to review the amended statement of defence and counterclaim in their entirety on TNR's website for a better understating of its position. This information is on the company's website.

http://www.tnrgoldcorp.com/i/pdf/TNR%20FiledAmendedStatementofDefenceCounterclaim.pdf