Tuesday, 30 June 2020

TNR Gold Royalty Holding On Los Azules Copper Project With McEwen Mining: "Copper Deposit Discovery Rate Remains Dismal, Says S&P."



Dr Copper is trying to tell us something after the best quarter on record.  It is very important to mention that this performance comes after a near-death experience during the outbreak of CoronaVirus. Pandemic is still here and with coming "Trillion-dollar Infrastructure Plans" Copper will have its place in the war against the deadly disease. Now you can better understand why I was talking about Copper Genius Club earlier in Spring




Mining Weekly draws our attention today to S&P report: "Copper deposit discovery rate remains dismal". Tesla Energy rEvolution collides with Copper Industry which was built by our great-grandfathers in the last century. 




Majority of the largest Copper operating mines are more than 70 years old. Copper Industry head grade is going lower every year. New major discoveries are coming few and far between. 




Resource Nationalism will bring its toll to this very concerning picture of the widening gap between supply and demand. 




Goldman Sachs was talking about "Severe Deficit" even before the pandemic, now we have even more delayed projects and mine developments.  




Any "return to normal" will be driving demand for Copper. I will not even calculate here "how many Copper door nobs can China install in the next 100 years to beat the virus". 




We have enough information with solid charts from industry leaders and "new-comers" like Barrick Gold, who is looking "for strategic copper" for the next phase of growth




In our very small interconnected mining world, we all are ready for the next phase of the brave "New World Without Any Order" which is run by the adepts of MMT theory. Now the noise of the money printing presses is overcoming the heavy machinery buzz, but it is not for long. The tide of Trillion dollars in QE and "Stimulus Plans" will be lifting mega yachts first, and the cargo ships next.




Our Team at TNR Gold have been working very hard these months and I am very pleased to report that we have survived and all Team is ready to Rock. Auditors gave us a clean bill of health and our website deserves the visit for all intrigued with our idea of building The Green Energy Metals Royalty and Gold Company




I would like to thank all our shareholders for your support and on your behalf all our GEM Royalty Team at TNR Gold. We have protected all our assets and counting down for the launch of our Story. GEM Royalty is on the launch pad ready for the next catalyst. 




There are only a very limited number of projects with the magnitude of Los Azules in the world which are opened for development. The Perfect Storm has reached the Gold market first and the Copper market is next. Rob McEwen is ready for a JV deal to move project fast forward into the development stage after receiving the bilateral agreement between Argentina and Chile supporting this development. 




TNR Gold is Plugged Into Energy rEVolution with our Lithium and Copper Royalty Holdings. This "Sleeping Giant" - as Rob McEwen calls Los Azules - is ready to be awakened by the industry majors and will provide the new catalyst for valuation for our NSR Royalty Holding on the entire deposit. Learn more about Copper and this unique market opportunity in the presentation below and do your own research as usual.  





Tesla Energy rEVolution And The Golden Age For Copper: Kirill Klip GEM Royalty TNR Gold Copper Presentation May 2020.




"Now it is time, at least judging from Nicholas Winton and Northstar brilliant charts, to dive into the Copper story again. FT reports: "Barrick Gold On The Hunt For Copper Deals." Barrick Gold's search for "Strategic Copper" was interrupted by Covid-19 pandemic, but now Mark Bristow is on his quest again. M&A deals we were talking about in January, are getting in the headlines. Below you can find the digest of our discussions which can help you with your own research on the value matrix among top world mining companies and world-class Copper mining assets. As you already know, TNR Gold has its own place among all these players and GEM Royalty is plugged into the Energy rEVolution with our Royalty Holdings on Los Azules Copper with McEwen Mining and Mariana Lithium with Ganfeng Lithium as JV Operator."







Please always read legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blog. Always consult a qualified financial adviser before any investment decisions. 
Do Your Own Research.






TNR Gold GEM Royalty And Energy rEVolution: There Is Time To Sow And Time To Reap The Rewards - "Barrick Gold On The Hunt For Copper Deals."




There is time to buy and time to sell. Your entry point will always define the success of every investment decision you ever make. Buy low, sell high. It is simple. If you know the future or if you know how to do it. Nobody knows the future. So the best decision-makers in this world are always important to follow. And the big decision-makers of this world can bend the gravity and markets, and the money will follow. 


Chart by Nicholas Winton.


We have discussed with you Mark Bristow's - CEO of Barrick Gold - views on the internal drivers of the Gold Bull market and that the best Gold mining companies are "Self-funded Insurance Policies" in the world "gone mad" with MMT on steroids. 


Chart by Northstar.


Now it is time, at least judging from Nicholas Winton and Northstar brilliant charts, to dive into the Copper story again. FT reports: "Barrick Gold On The Hunt For Copper Deals." Barrick Gold's search for "Strategic Copper" was interrupted by Covid-19 pandemic, but now Mark Bristow is on his quest again. M&A deals we were talking about in January, are getting in the headlines. Below you can find the digest of our discussions which can help you with your own research on the value matrix among top world mining companies and world-class Copper mining assets. As you already know, TNR Gold has its own place among all these players and GEM Royalty is plugged into the Energy rEVolution with our Royalty Holdings on Los Azules Copper with McEwen Mining and Mariana Lithium with Ganfeng Lithium as JV Operator.


Chart by Nicholas Winton.



"TNR also holds a 0.36% NSR on the Los Azules Copper Project, located in San Juan Province of Argentina. The Los Azules Project is owned 100% by McEwen Mining Inc (NYSE:MUX) and is expected to be the 26th largest copper mine in the world once it reaches production. 
A PEA at the project completed in September 2017, demonstrated a post-tax NPV8 of US$2.2bn with a post-tax IRR of 20.1%. Based on the PEA figures the mine is expected to generate average revenue per annum of U$953mln, which could generate around US$3.5mln a year to TNR over 37 years."

Now investors can do their own research and start putting the different pieces into their own valuation puzzle. Rob McEwen has prepared Los Azules to the potential major JV deal in the copper space. Agreements between Argentina and Chile are signed in order to advance the Los Azules project and the new road is being under feasibility study. The new approach by Rob McEwen which he has articulated in order to jump-start the development is making a huge difference for any potential partners:

"McEwen Mining conference call, Robert McEwen -- Chairman and Chief Owner
Happy to. We had past discussions with a senior base metal producer. What we were looking for was recovering part of the cash we put in. We were looking for $100 million upfront that the partner would advance the project to feasibility and then into production and we would continue with an interest of 20% or 25% of the property going forward."

Needless to say that any potential deal will bring the new valuation drivers for all parties involved: McEwen Mining and TNR Goldas the project will be moving into the feasibility and construction stage. Development of Los Azules will provide enormous economic benefits for San Juan, which is ready to support this kind of responsible mining business for the benefit of proud people of Argentina. I have been calling Argentina the potential Energy Power House for many years, it can finally coming all together now."





Mining Weekly:


29th June 2020 BY: TASNEEM BULBULIA 

"Of the nearly 1.08-billion tonnes of copper resources discovered since 1990, only 8% is contained in deposits discovered in the past decade, a report published by S&P Global Market Intelligence shows.

The report outlines that 224 copper deposits have been discovered between 1990 and 2019 period, containing 1.08-billion tonnes of copper in reserves, resources and past production.

Of these, only 16 have been found in the last ten years, and only one since 2015, S&P points out.

S&P has been tracking the lower trend of new major discoveries for some time and says conditions have been worsening.

While S&P says this underperformance is mostly the result of less exploration for new discoveries, a portion of the shortfall reflects the additional exploration still required at recent discoveries to expand the endowment above the major discovery threshold.

To account for this, S&P estimates the amount of copper in discoveries will meet its criteria in the future. This has resulted in the amount of discovered copper increasing in recent years, with the total for the past decade having increased to 253-million tonnes.

While there is still an abundance of undeveloped discoveries, most are smaller or low grade, with relatively few high-quality assets available for development.  There is a lack of high-quality discoveries available for development, the report notes. 

Meanwhile, over the next five years, only seven of the undeveloped discoveries are expected to enter into production. 

Even when the additional exploration efforts are completed over the coming years, 2010 to 2019 is expected to remain the worst decade for copper discoveries, says S&P. It notes that one factor contributing to the lack of major discoveries is a key shift in focus within the exploration sectors, with companies focusing more on established assets.

Over the next decade, only three deposits discovered since 1990 are almost guaranteed to start production, as they are currently under development. A further four assets will likely come on line by 2030.

While there are enough quality assets being developed to meet increasing demand over the near term, additional assets will be required for the medium term as existing operations ramp down or close.

This means that companies of all sizes need to invest more in grassroots exploration to discover the deposits that will be required to supply demand 20 years from now.

REGIONAL BREAKDOWN

Latin America remains the most prolific region for copper discoveries, but the discovery rate is decreasing, the report notes.

The region hosts many of the world’s largest copper mines and accounted for almost half of the world's copper mines in 2019.

The region remained the top location for discoveries in the past ten years, with 24.5-million tonnes of copper discovered during the period; however, this is considerably lower than in any other decade since 1990.

Conversely, the discovery rate in Africa has increased considerably in the past ten years, accounting for one-quarter of the copper discovered during the period.

Further, although not traditionally prolific locations for copper discoveries, Canada and the US have languished over the past decade, with no major copper discoveries at all.

S&P says this trend is unlikely to change anytime soon, as there have been only ten copper deposits with initial resources in North America over the past five years, with none containing more than 100 000 t of copper. 

EDITED BY: Chanel de Bruyn CREAMER MEDIA SENIOR DEPUTY EDITOR ONLINE"




Sunday, 28 June 2020

TNR Gold Royalty Holding On Mariana Lithium Project Operated By Ganfeng: "Tesla, Terafactories And Lithium - The Race To Secure The Supply Chain".



We have been discussing here for quite a while the ongoing Tesla Energy rEVolution and exponential growth of sales for electric cars. The secure supply lines for this rEVolution are starting with the production of Lithium raw materials by the Lithium mining industry. Even before the CoronaVirus pandemic, Lithium industry was starving for capital available for its development. 




Now we have to make an enormous jump from just over 300,000 T of LCE produced in the last year to the required over 1 million T of LCE production annually by 2026. Even some major Lithium companies, like Tanqi Lithium from China, are struggling to deal with debt. 




Others, like Orocobre, have been battling technical problems ramping up production of battery-grade Lithium for years and now are facing even more trouble with the falling prices for its products. Junior miners are fighting for survival. Not everybody will be able to cross this desert, only the strongest Lithium companies will make it. And the so much needed capital will not be the only obstacle in order to build the secure supply chains of this strategic commodity. Lithium industry is riddled with technical problems and other challenges. 




Today you can have another perspective on the ongoing trends in the Lithium industry from this YouTube video produced by "EV Stock Channel". Howard Klein is diving deep into the lithium market and spelling out the internal drivers and dynamics of the Lithium supply chains. Digging through a lot of technical details you can start to appreciate the challenges all major players are facing now in order to meet the exponentially growing Lithium demand. Howard is talking about Lithium demand growing to 2 million T of LCE annual production by 2030. 




It means that we have to accelerate the output from the recent level of production by almost 7 times in a short 9 years. Typical Lithium mine can easily take 5-7 years just to develop it if you have resources and capital available. 




Listening to all the technical problems related to Lithium industry - starting with available capital and continued with numerous technical challenges which are unique to every project - you can better understand the leading role of the companies like giant Ganfeng Lithium from China. 




Ganfeng Lithium is one of the major "Top Lithium 5" in the world who has secured capital, developed technology and is building its own resource base all over the world to meet this exponential Lithium demand. As a testament to the leading position in the market, they have already secured Lithium supply deals with Tesla, Volkswagen and BMW




It looks like Ganfeng Lithium even managed to shake of the CoronaVirus fever and resumed its uptrend already as well. From the very early days, Ganfeng Lithium was taking strategic steps in order to build up its own Lithium raw materials base. 








The Green Energy Metals Royalty and Gold Company is plugged into the Tesla Energy rEVolution with our unique business model. We do not have to contribute any capital to the development of this project. Analysts, like Dr Ryan D Long, are already applying some of their valuations to our Royalty Holdings





Now the world is waking up to the realities of the post-pandemic economy and cheap Lithium batteries change everything. Electric cars are already cheaper to own than comparable ICE models. The ICE Age Is Over. Electric cars are better and will be cheaper to buy as well very soon. We have The World Just Before The Internet - we are entering the mass market for electric cars. This kind of unique investment opportunities comes once a generation. 









Lithium Will Power Us For The Next 50 Years And Then Robots: Kirill Klip GEM Royalty TNR Gold Lithium Presentation May 2020.




"Kirill Klip, Executive Chairman of the Company commented, “We are very pleased to see this more than 250% increase in measured and indicated resources from the 2017 resource estimate at Mariana and that Ganfeng Lithium is advancing this project in Argentina towards further updated PEA and pre-feasibility studies. The Mariana Project preliminary economic assessment (“PEA”), as announced in our news release of January 28, 2019, was the first PEA on the project that provided a potential value for the total NSR Royalty from Mariana’s life of mine cashflow. TNR Gold does not have to contribute any capital for development of Mariana and our NSR Royalty does not depend on the size of ILC’s potentially diluted ownership in the Mariana Project. The 1.8% Mariana NSR Royalty is an important part of TNR Gold’s portfolio. The essence of our business model is to have industry leaders like Ganfeng Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”






Please always read legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blog. Always consult a qualified financial adviser before any investment decisions. 
Do Your Own Research.






TNR Gold Mariana Lithium NSR Royalty Holding: Ganfeng Lithium - "The Feasibility Study Of Mariana Project In Argentina Was Completed In 2019, And Environmental Assessment And Construction Of The Project Are Planned To Be Conducted."





The supersonic boom has brought to us the great public news from China to brighten the universal gloom. Ganfeng Lithium has released publicly its Annual Report 2019 and we can finally find more public information on the development of Mariana Lithium. 





We have the catalyst in place for TNR Gold NSR Royalty Holding on Mariana Lithium project under the operation by the giant from China Ganfeng Lithium.


"Kirill Klip, Executive Chairman of the Company commented, “We are very pleased to see this more than 250% increase in measured and indicated resources from the 2017 resource estimate at Mariana and that Ganfeng Lithium is advancing this project in Argentina towards further updated PEA and pre-feasibility studies. The Mariana Project preliminary economic assessment (“PEA”), as announced in our news release of January 28, 2019, was the first PEA on the project that provided a potential value for the total NSR Royalty from Mariana’s life of mine cashflow. TNR Gold does not have to contribute any capital for development of Mariana and our NSR Royalty does not depend on the size of ILC’s potentially diluted ownership in the Mariana Project. The 1.8% Mariana NSR Royalty is an important part of TNR Gold’s portfolio. The essence of our business model is to have industry leaders like Ganfeng Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”





"The feasibility study of Mariana Project in Argentina was completed in 2019 smoothly, and environmental assessments and construction of the project were planned to be conducted gradually." Ganfeng Lithium Annual Report 2019.





"The feasibility study of Mariana Project in Argentina was completed in 2019 smoothly, and environmental assessments and construction of the project are planned to be conducted gradually." Ganfeng Lithium Annual Report 2019.



TNR Gold Reports On Royalty Holding: Ganfeng Provides Technical Report With Increase Of Measured + Indicated Resource To 4.41 Million Tonnes LCE At Mariana Lithium Brine Project.




Kirill Klip, Executive Chairman of the Company commented, “We are very pleased to see this more than 250% increase in measured and indicated resources from the 2017 resource estimate at Mariana and that Ganfeng Lithium is advancing this project in Argentina towards further updated PEA and pre-feasibility studies. The Mariana Project preliminary economic assessment (“PEA”), as announced in our news release of January 28, 2019, was the first PEA on the project that provided a potential value for the total NSR Royalty from Mariana’s life of mine cashflow. TNR Gold does not have to contribute any capital for development of Mariana and our NSR Royalty does not depend on the size of ILC’s potentially diluted ownership in the Mariana Project. The 1.8% Mariana NSR Royalty is an important part of TNR Gold’s portfolio. The essence of our business model is to have industry leaders like Ganfeng Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”





Saturday, 27 June 2020

Gold In The USA, Alaskan Elephant Country: "Investors Are Coming Back Home." Says Thomas Kaplan - Chairman Of NovaGold Developing Giant Donlin Gold Project Together With Barrick Gold.



We have just discussed with you recent developments at Donlin Gold in Alaska and the best answer delivered by NovaGold to all naysayers any Gold mining and development company can give:

"Nothing is ever perfect in this world, but NovaGold is coming back with even a stronger answer than any "purple prose" for the attention of all mining industry and investors involved. Drills will be turning very soon on the project again: "The 2020 exploration programme consists of about 80 holes, totalling 22,000 m, centred on the ACMA and Lewis resource areas." 




Now Mohamed A. El-Erian is talking about Gold and it will bring more institutional attention to the Rock Pet marching towards the new all-time-highs, this time in the US Dollars. 




Share of Gold in equity portfolios is still only at ... 0.57%! The real fireworks will come to the Gold market after insurance companies start moving funds increasing their allocations to Gold.




Frank Holmes is talking about his GoGold theme and projecting the next pit stop in this race with the FED printing money like there is no tomorrow at USD $4,000. The stars are aligned for the Gold finally to reflect the fundamentals of "The New World Without Any Order."




Thomas Kaplan, the chairman of NovaGold and the largest shareholder of the Company with his Electrum Group is on a crusade against the short-sellers caught with their pants on fire during the parabolic rise of his Company. NovaGold shoot over USD $12 in April hitting USD $4 Billion market cap




Location, location, location - all the best Real Estate has one thing in common, the best possible location. Alaska is rising in its ranks of the safest global mining jurisdictions and now jumped to the 4th place according to Fraser Institute. "Aquire the category-killer asset," says Kaplan - "Leverage in a place where you can keep the rewards."




Our Team at TNR Gold is wishing all the luck to our shareholders at NovaGold in the next stage for the development of Donlin Gold and we hope this exploration program will demonstrate that exploration and mining business can be done safely in the US even now. On our side of the great Alaskan Elephant Country, Shotgun Gold is ready for a major Gold mining Company to join our Story




It was tough, but we used our "staying at home time" wisely. Auditors gave us the clean bill of health, Q1 MD&A and Financials are filed and I have finally received my newly acquired block of shares after closing our final tranche of the private placement. 

"Vancouver, British Columbia – June 23, 2020: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or the “Company”) is pleased to announce the close of the final tranche of the non-brokered private placement (the “Private Placement”) of up to 13,3333,333 units (each a “Unit”) announced on April 14, 2020 and May 21, 2020. On closing of the final tranche, the Company issued 3,400,000 Units at $0.03 per Unit for proceeds of $102,000. Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant exercisable into one common share of the Company at an exercise price of $0.05 per share for five years from the date of issue.

The proceeds of the Private Placement will be used for exploration and maintenance of the Company’s projects in Alaska and Argentina, management consulting fees, office administration, regulatory fees, audit, legal and IT.

All Private Placement securities will be restricted from trading for a period of four months plus one day from the date of closing.

Kirill Klip, Executive Chairman of the Company and a non-arms’ length party, participated in this Private Placement. The issuance of private placement securities to non-arms’ length parties constitutes related-party transactions under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Because the Company’s shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Section 5.7(b). The Company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the Company had not been confirmed at that time."

 
New freshly printed digitally, no - not US Dollars this time, but rather our maps with mining claims are ready for the top industry players level DD. Our website deserves your visit to stay tuned with all our latest developments and updated presentations now. As always, do not allow yourself to be carried away from your money with other brave Robinhood traders, do your own research and you can find all related information on the links below. All our official filings can be found on SEDAR.ca and SEDI.ca 

Stay safe and thank you. 




“We are not dreamers,” he says. “We did it with the copper. We did it with the lithium. I would like to make it even bigger with the gold. I would like to do better, to keep a 25% stake.” 

It’s a vision for growth that makes a lot of sense. In tough markets, where capital is scarce, this kind of approach may well end up being a model that others choose to follow too."






Please always read legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blog. Always consult a qualified financial adviser before any investment decisions. 
Do Your Own Research.







Mining Weekly:

Location has become the existential investment criteria for gold, says Kaplan


26th June 2020 BY: MARIAAN WEBB 

"The frontier spirit that sent gold investors into riskier hunting grounds is a bygone era and investors are “coming back home”, to jurisdictions where the rule of law is not a novelty, says US businessman Thomas Kaplan.

Kaplan is chairperson of NYSE American- and TSX-listed Novagold, which owns the multimillion-ounce Donlin Gold project, in Alaska, in an equal joint venture (JV) with Barrick Gold.

“Our belief is that the era of ‘go-where-the-gold-is’ mentality, that took me to South America, Africa and Asia is over,” said the seasoned gold investor, who had sought out rewarding opportunities all over the world, making his first fortune in Bolivia and his second in Zimbabwe and South Africa.

“I know what is going on in the developing world from an investor standpoint. I made my bones there,” Kaplan said in a conference call on Thursday, but stated that times had changed.

“The key is not just being able to acquire category-killer assets that give the greatest leverage to the underlying investment thesis – which was my mantra for 15-plus years – but in jurisdictions that will allow one to keep the fruits of that leverage.”

He described the recent developments in Papua New Guinea, where the government refused the Barrick and Zijin Mining JV a new lease for the Porgera mine as a “bad omen” for the mining industry.

“When you have the guts to nationalise Chinese assets, you really know that it is an inexorable trend.”

Some countries, like Zambia, are also designating gold as a national strategic resource that has to be exchanged for local currency.

Location, he said, had become the existential investment criterion for gold mining at a time when some countries are leaning towards nationalisation – both stealth and brazen.

“. . . the place where investors will be channelled, like salmon moving upstream, is in the great assets that are located in safe places,” said Kaplan.

“If it is not in a place where I can go gambling, or take my kids, like Las Vegas, or go swimming in the Great Barrier Reef, in Australia, or go whale watching or salmon fishing, in Alaska, I don’t think I want to make a career risk.”

He said that Donlin was located in one of the best jurisdictions.

Canadian think-tank, the Fraser Institute’s annual survey of mining companies, ranks Alaska as the fourth-most attractive jurisdiction for mining investment, after Western Australia, Finland and Nevada.

Alaska is already the second-largest gold producing state in the US.  “They understand mining. They understand infrastructure and they understand making sure that there is access to it,” said Kaplan.

Novagold CEO Greg Lang added that, if Donlin was built today, it would be one of the world’s largest gold mines, producing an average of 1.1-million ounces a year over its 30-year mine life.

“There are few mines in the world, existing or proposed, that have that level of production.”

In fact, only three mines produced one-million ounces a year in 2019, said Lang. Of those, only one – Nevada Gold Mines – was in a safe jurisdiction. The others were in Russia and Uzbekistan, which the Fraser Institute did not rank.

Donlin has “extraordinary size and quality”, said Kaplan. The size of the resource at Donlin – at about 39-million ounces of gold in measured and indicated mineral resources – defines its rarity.

“Very few gold assets began production with a mine life measured in decades and, despite billions spent globally on gold exploration over the past decade, there have been very few discoveries of any consequence and Novagold believes none are anywhere comparable to Donlin.”

With an average measured and indicated resource grade of 2.24 g/t, the Donlin project has more than twice the industry average grade of 1.05 g/t.

Kaplan said that, if you consider the existential factor of where deposits were located, there were not that many assets to choose from. “We are going to be one of those go-to stocks. Whether you buy us at 8, or 9 or 18 or 19, 28 or 29, I believe that you are going to own us.”

Novagold closed at $8.59 a share on Thursday, giving the company a market capitalisation of $2.82-billion.

The company’s stock traded at about $12 a share in May, before a report by short-seller J Capital Research (JCAP) expressed doubt over the Donlin project. JCAP argues that the deposit is “so remote and technically challenging that the mine will never be built”.

At the time, Novagold and Kaplan issued lengthy responses to the JCAP report and said that that the company was assessing legal options available to it. 

EDITED BY: Creamer Media Reporter"