Company Review: TNR Gold Corp

TNR is focused on early stage exploration for gold and high-demand minor metals. A planned TSX spin-out, of International Lithium Corp, should add value to its Li and REE assets, and leave TNR with a portfolio of highly prospective, porphyry copper-gold targets.

Investment Points

Focused on exploration for precious and base metals with a strategic emphasis on high-demand rare and minor metals, e.g. rare earth elements and lithium.  Business model is "Lead Project Generator”, acquiring early stage projects, and adding value by internal and JV development (diversify cost, risk) or corporate spin-off.  TNR holds early stage gold-copper (porphyry) projects in Argentina and Canada, including 50% of 920koz Au at Shotgun. Significant potential for large-scale discoveries Lithium and REM asset spin off, as International Lithium Corp, planned for TSX.V in June/July 2010, mkt cap C$15m would make it undervalued compared to peers.  Tight capital structure: TNR management and insiders own 46%, institutions 20%.  Highly experienced management and technical team.

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