Tonogold Resources Options Nevada Lithium Brine Property to TNR Gold Corp.

November 11, 2009 4:18 PM EST

LA JOLLA, Calif., Nov. 11, 2009 (GLOBE NEWSWIRE) -- Tonogold Resources, Inc. (Pink Sheets: TNGL) is pleased to announce the signing of a letter agreement to sell a 100% interest in its 2,660 acre Sarcobatus Flats lithium brine property located 68 miles south of Tonopah, Nye County, Nevada, to TNR Gold Corp.

Sarcobatus Flats is a desert playa lake located in Nye County, western Nevada along highway 95 approximately 45 miles southeast of Clayton Valley, the location of the producing Silver Peak lithium brine deposit. The Sarcobatus Flats project consists of 105 placer claims totaling 2,660 acres.

To earn a 100% interest, TNR has agreed to make payments totaling US$130,000 and issue 675,000 common shares of TNR over a four-year period. Tonogold will retain a 2.5% royalty of which the Company has the right to purchase up to 2% of the Royalty, by paying Tonogold US$1 million per 1% purchased, for a total of US$2 million, thereby reducing Tonogold's NSR to 0.5%. The agreement is subject to regulatory approval. TNR Gold Corp. is a diversified metals exploration company focused on exploring existing properties and identifying new prospective projects globally. TNR has a total portfolio of 33 properties, of which 16 will be included in the proposed spin-off of International Lithium Corp. Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California. For more information on the Company visit their website www.tonogold.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those Expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our rights through leases and the Mining Law, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold, silver and other minerals are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operational hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

CONTACT: Tonogold Resources, Inc.
         Jeff Janda
         Jerry Samaras
         858-456-1273
         jeff@tonogold.com
         www.tonogold.com

Related Categories

Press Releases

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?