TNR Gold prepares spinnoff of International Lithium Corp

TNR Gold Corp. States No Adverse Material Change/Proceeding as Proposed With International Lithium Spin-Off

September 28, 2010 - 07:43:24 PM

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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2010) - TNR Gold Corp. ("TNR") (TSX VENTURE:TNR) and wholly-owned International Lithium Corp. ("ILC") (jointly the "Company") is stating that the Company knows of no adverse material change that would explain the recent market activity and is proceeding with the plan of arrangement to spin-off of the Company's rare metal projects into International Lithium Corp.

In order to complete the plan of arrangement, the Company is intending to raise a minimum of $2.5 million to provide International Lithium with sufficient operating and administration funds to satisfy Exchange requirements for listing. The proposed financing will entail the offering of a minimum of 10 million units in ILC priced at $0.25 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of ILC at a price of $0.375 for a period of two years from the date of closing. Certain fees may be payable for a portion of the placement.

Company executives are focused on the completion of the private placement in an expeditious manner including traveling abroad to China and Europe to transact with potential investors and end product users that the Company has developed strong relationships with over the course of the last year.

Non-Executive Chairman and major shareholder Kirill Klip plans to participate in this financing along with other insiders.

Upon closing of the financing the Company will file the required final paperwork with the applicable regulatory bodies in order to complete the listing process of International Lithium Corp.

ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM CORP

The Company is a diversified international metals exploration company focusing on the continued advancement of existing properties and identifying and acquiring new prospective projects. The Company has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to the Company's wholly owned subsidiary International Lithium Corp upon completion of a proposed plan of arrangement.

The objective of the proposed plan of arrangement is to spin out the Company's rare metals property interests into a separate public company, International Lithium Corp. This proposed plan of arrangement has been approved by the Company's shareholders and the courts of British Columbia. The Company will now proceed with the spin out and will provide updates on the progress of the spinout in further news releases. For further details of the spinout, please refer to Stockwatch news dated May 26, 2010, or visit International Lithium's website.

The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the combined 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.


FOR FURTHER INFORMATION PLEASE CONTACT:

TNR Gold Corp.
Gary Schellenberg
President
(604) 687-7551 or 1-800-667-4470
(604) 687-4670(FAX)
info@tnrgoldcorp.com
www.tnrgoldcorp.com



International Lithium Corp.
info@internationallithium.com
www.internationallithium.com

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Court approves Talison-Salares Lithium Merger

Image via WikipediaPress Release from Salares Lithium.
VANCOUVER, BRITISH COLUMBIA--- Salares Lithium Inc. (TSX-V:LIT - News) ("Salares" or the "Company") is pleased to announce that the Company received today final approval from the Supreme Court of British Columbia regarding the previously announced plan of arrangement (the "Arrangement") to merge with Talison Lithium Limited ("Talison").

The Arrangement is subject to certain conditions, including the final approval of the TSX Venture Exchange ("TSXV"). Completion of the Arrangement and final approval from the TSXV is expected to occur on Wednesday, September 22, 2010.

The TSX has conditionally approved the listing of the Talison ordinary shares under the symbol "TLH", with trading expected to commence on the TSX at the market open on September 23, 2010.

Further details regarding the terms of the Arrangement are set out in the management information circular of Salares (the "Circular") issued in connection with its meeting held on September 16, 2010 at which securityholders approved the Arrangement. The Circular is available at www.sedar.com. A presentation of the transaction highlights can be accessed at the Salares and Talison websites.

About Salares Lithium Inc.
Salares Lithium Inc. is a lithium explorer in Chile that controls the 'Salares 7' lithium project made up of seven salars (brine lakes that are prospective for sub-surface lithium and potassium) and the surrounding concessions in Region III, Chile. Five of the seven salars are clustered within 155 kilometres and are 100% owned by Salares and its Chilean partner.

About Talison Lithium Limited
Talison Lithium Limited is the leading global producer of lithium. Talison mines and processes the lithium bearing mineral spodumene at the Greenbushes Lithium Operations in Western Australia. Talison has an extensive, well established global customer network and a leading position in the growing Chinese market.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This press release is for information purposes only.

Forward-Looking Statements
This release contains "forward-looking statements" which reflect the current expectations of the companies. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. Although the forward-looking statements contained in this release are based upon what the companies believes to be reasonable assumptions, the companies can not assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and the company does not assume any obligation to update or revise them to reflect new events or circumstances.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:

Contacts:
Salares Lithium Inc. - Investors
Todd Hilditch
President and CEO
(604) 443-3831
www.salareslithium.com
Talison Lithium Limited - Investors
Peter Oliver
CEO
+61 8 9263 5555
www.talisonlithium.com
FD - Media
Kim O'Halloran
Vice President, Corporate Communications
(312) 553-6733
kim.ohalloran@fd.com