TNR ACQUIRES CANADIAN LITHIUM PROJECTS

TNR Gold Corp. has acquired by staking of the Forgan Lake and Niemi properties in the province of Ontario, which host lithium and rare earth elements (REE). "Given the rapid penetration of high-powered portable devices, efficient hybrid motor vehicles, and the increasing prominence of lithium ion batteries as green energy alternatives in our daily lives, lithium is emerging as the highly sought-after commodity of the 21st century." President Gary Schellenberg adds: "We are pleased to add these properties in order to diversify the TNR portfolio as it aligns with our philosophy to be at the forefront of developing resources for the incoming demand of sustainable energy solutions. These acquisitions are the first of many progressive steps in establishing ourselves as a prominent lithium and REE explorer."

Forgan Lake project

The Forgan Lake project consists of 16 contiguous claims located east of Forgan Lake within the Thunder Bay district of Ontario. The project area, which hosts four previously drilled spodumene-bearing pegmatites, is part of the Georgia Lake pegmatite field, an area of considerable lithium and REE exploration since its discovery in the mid-1950s.

The four pegmatites, known as the No. 1, No. 2, No. 3 and No. 4, were part of a drilling campaign carried out in 1955 by Lun-Echo Gold Mines Limited. Of the 39 diamond drill holes, 33 holes were drilled on TNR's Forgan Lake property. Pegmatite is a coarse-grained igneous rock that can potentially host economic amounts of lithium amongst valuable REE such as tantalum, beryllium, niobium and more. The No. 1 pegmatite has been traced on surface for about 274.3 metres at an average width of 9.1 m. It contains 30 per cent medium- to coarse-grained spodumene and sporadic black columbite ((Fe, Mn)2(Nb,Ta)2O6) crystals up to 3.8 centimetres long. Channel samples to note include: three samples averaging 2.57 per cent Li2O over 6.4 m width; two samples, 24.4 m southwest of the first three, averaged 4.23 per cent Li2O over 7.5 m width; and two samples 68.6 m farther southwest averaging 1.98 per cent Li2O over 7.6 m width. The No. 2 pegmatite, which is similar in composition to No. 1, has been traced in outcrop for 45.7 m with an exposed width of 13.7 m.

The No. 3 pegmatite, located northwest of the No. 1 pegmatite, has been traced from Lucky Lake, a small body of water in the northeastern corner of the property, to southwest for 320.0 m with an averaged exposed width of 6.1 m. The No. 3 pegmatite contains approximately 25 per cent spodumene. Lun-Echo explored this pegmatite with 10 diamond holes, totalling 832.1 m, at intervals of 30.5 to 61.0 m. The best intersection contained a 1.52 m section averaging 1.78 per cent Li2O.

The No. 4 pegmatite has been traced on surface for approximately 243.8 m with an average surface width of 4.6 m. The pegmatite contains 10 to 15 per cent fine- to medium-grained spodumene.

In addition to historic drill confirmations, all identified pegmatites have not been delineated at Forgan Lake and thus the full extents of the deposits remain open.

Furthermore, the potential for other REE anomalies remains promising, as historic work by Lun-Echo Gold Mines Ltd. analyzed drill core exclusively for Li2O. Columbite has been noted in at least two of the four pegmatites on the Forgan Lake property is further indication that an assessment of REE occurrences could also significantly increase the value of the Forgan Lake property.

Niemi lithium project

The Niemi lithium property consists of four contiguous claims located 27 kilometres southeast of the Forgan Lake property. Drilling and surface mapping in the 1950s by Lun-Echo Gold Mines Ltd. traced the pegmatite for a length of 128 m striking parallel to the metasediments. The pegmatite was estimated to be up to 9.3 m thick and 30.5 m wide. In 1955, Lun-Echo Gold Mines investigated the property with a 35 vertical X-ray diamond drill hole program totalling 405.4 m. The drilling results include 1.02 per cent and 2.0 per cent Li2O over 4.72 m and 1.52 m, respectively. As on the Forgan Lake property, Lun-Echo analyzed only for Li2O hence leaving tremendous discovery potential for REE. The Georgia Lake pegmatite field is approximately 32 kilometres by 105 km, hosting over 38 known REE occurrences and 10 known spodumene pegmatite deposits. There are other very significant spodumene-bearing pegmatite deposits, such as Georgia Lake, Point, Jackpot and Salo, which occur within three km of the Niemi occurrence.

"We are encouraged that the lithium content from the historic sampling programs on our newly acquired projects are in line with other Canadian deposits, such as the Nama Creek around Georgia Lake, Ont., with 3.9 million tonnes grading at 1.06 per cent Li2O and the Preissac-Lacorne in Quebec with 19 million tonnes grading at 1.25 per cent Li2O (Sinclair, 2001)," commented Mr. Schellenberg. "By focusing on all economic rare earth commodities within the pegmatite instead of just lithium, we believe the Niemi lithium deposit holds tremendous potential."

This news release has been prepared under the supervision of Ike Osmani, PGeo, TNR's qualified person on this news release.

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