Investor PresentationNovember 2009

Investment Highlights

• Senior and mid-tier joint venture partners

• Large portfolio of precious and base metal projects at various stages of development – Security of metal in the ground balanced with blue sky

potential

• Large percentage owned by institutions, insiders and mining companies– Industry recognition and network of potential joint venture

partners and stakeholders

Structure

Trading Symbol: TNR : TSX

Issued: 92,859,441

Fully Diluted: 112,236,220

Listing: TSX-V

Management and Insiders: 51%

Institutional Holdings: 27% (11 Institutions including: BarrickGold, Pinetree Capital, Tocqueville Fund, Solitario, and NovaGold)

Transfer Agent: ComputerShare

Minera SolitarioArgentina Projects

Cu-Au

Bristol ExplorationAlaskan Projects

Au

International Lithium CorpLi + REE

3 Subsidiaries

Project Generator

TNR Shareholders proposed dividendup to 1 unit in ILC for every 4 shares of TNR

PlannedSpin-off

of LithiumSubsidiary

TargetCompletion

Q1 2010

TNR to maintain a minimum of 25% interestin ILC

Opportunity to participate at early stage in tightly controlled companyExposure to ‘Lithium and Rare Earth Elements’ growth sectorWarrant provides potential future benefit at no additional costContinued investment in TNR a Lead Project Generator

TNR Gold Corp.TNR:TSXV

Corporate Structure

Company Overview

• Focused on exploration of base and precious metal projects with a strategic focus on Argentina

• Strategically explore portfolio of 14 properties in Argentina

• Directing exploration & development of TNR’s wholly-owned Canadian subsidiary, International Lithium Corp.

• Overseeing the exploration and development of the Iliamna and Shotgun projects in Alaska thorough wholly-owned US subsidiary, Bristol Explorations Ltd.

Management

• Gary Schellenberg, B.Sc. (Geol.), President, CEO• Paul Chung, B.Sc. (Geol.), MBA, Director • Jerry Bella, CGA, CFO• Mike Sieb, B.Sc (Geol), MBA, COO• Roberto Lara, Managing Director (South America)• John Harrop, P.Geo, Senior Geologist (Bristol Exploration Ltd)• Ike Osmani, P. Geo, Chief Geologist (South America)• Dr. Frederick Breaks P.Geo, Special Adviser to Board• Jerry Huang, BBA, VP Corporate Development

• Gary Schellenberg, B.Sc. (Geol.) – Executive Chairman of Board• Kirill Klip, MBA – Non-Executive Chairman of Board• Paul Chung, B.Sc. (Geol.), MBA• John Fraser, B.Sc. (Geophysics), M.Sc. (Geol.)• Hari Varshney, FCA

Directors

Rare Earth Elements Projects

–Big BeaverhouseRare Earth Elements – large carbonatite project spanning 16km

– Ce = Cerium– La = Lanthanum– Nd = Neodynium

• One of the largest carbonatite complexes in Ontario over460.8 hectares

• Ontario Geological Survey analyzed historic drill core and confirmed Rare-Earth Elements mineralization

• Rock types similar to REE deposit of Molycorp in California and Bear Lodge carbonate

• Accessible year round, infrastructure (power/water) nearby

• OGS reported up to 3,200 PPM La+Ce+Nd (Sage 1982)

Historic La, Ce, Nd from OGS

Big Beaverhouse Carbonatite, Ontario

Argentina ProjectsPrimary Projects

El Salto Property, Gold-Copper -Molybdenum Porphyry

El Tapau Property, Gold - Copper Porphyry

Gold = AuCopper = Cu

Molybdenum = Mo

Argentina Projects Overview

• Argentinean project base includes:– 9 Au-Cu Porphyry

– 3 Epithermal Au

– 2 Cu Porphyry

• Primary focus-- El Salto Property, San Juan Province

– El Tapau Property, San Juan Province

• Drill tested 8 Argentinean Properties so far

Argentina:Project

Ownership Status / Drill

Test

Retained Interest

Target Type Status

El Salto Earn-in (Drilled)

100% Au-Cu-Mo Porphyry

12-Hole Drill ProgramCompleted

El Tapau Earn-in (Drilled)

70% Au-Cu 7 Drill Hole Program completed

Los Azules (Xstrata option) *Currently under clarification with MIM Argentina/Xstrata

0% (Drilled)

25% back-in right; 1%

NSR

Au-Cu Porphyry Minera Andes Inferred Resource 43-101

11 billion lbs Copper

Escorpio IV *Currently under dispute with MIM Argentina/Xstrata

100% 100% Cu Porphyry Adjacent to Los Azules Ownership in dispute

with Xstrata

Las Carachas 100%(Drilled)

100% Epithermal AuAu-Cu Porphyry

Surface Target Definition

La Ortiga (La Mancha) 100% (Drilled)

25% Epithermal AuAu-Cu Porphyry

La Mancha completed 4,000m program and

continuing exploration

Argentina Project Breakdown

Argentina:Project

Ownership Status& Drill Tested

Retained Interest

Target Type Status

Northern Project (4 properties)(CGH)

25% 25% / 2% NSR

Epithermal AuAu-Cu Porphyry

Exploration by: Canadian Gold

Hunter (CGH:TSX) Target Definition

Batidero (CGH) 25%(Drilled)

25% / 2% NSR

Au-Cu Porphyry Canadian Gold Hunter (CGH:TSX)

exploration operator

La Carolina (Latin American Minerals option)

12.5%(Drilled)

12.5% / 2%NSR

Epithermal Au Latin American Minerals

exploration operator

Ranchillios & La Brea 25% 25% / 2% NSR

Epithermal AuAu-Cu Porphyry

Exploration Stage

La Rica 75% (Drilled)

75% Epithermal Au Exploration Stage

Argentina Project Breakdown Cont’d

El Salto “Refining the Discovery”

6 km

El Salto Map

El Salto Mining 101

• Size of Inverse Polarity (IP) and geochemical anomoly (6km x 1.5km) can host up to 10 world class copper-moly deposits

• Logistics are excellent and conducive to lower-cost production methods

• Only 12 drill holes over 6 kilometres strike length leaves tremendous exploration potential– Has encouraged major companies to review this project

El Salto - Project Overview

• TNR owns 100%

• Porphyry Cu-Au-Mo targets

• 3,300 hectare property lies in the Precordillera of the eastern Andes; altitude of about 1600m

• Ideal infrastructures in place, power, water, road, & nearby town, Calingastas, for local labor.

• Area appears to be one of a series of porphyry copper molybdenum systems known as the “Yellow Belt” of San Juan Province

Drill Location Map (Chargeability overlay)

El Salto – Proximity to Infrastructures

Paved Highway and Power

El Salto

• Detailed geological mapping:

• Systematic rock sampling

• Geophysical IP survey

• Phase 1 12-Hole drill program of 6,500 metres completed

• Confirmed large chargeable anomaly: 5km by 1.5km

• Assays and results:– 55.35 metres of 0.205% Copper

& 0.012% Molybdenum

Confirms mineralization and large copper-molybdenum porphyry system

El Tapau Map

El Tapau Mining 101

• Unique in that it has 3 distinct targets– High grade gold– High grade copper-gold– Low grade copper-gold porphyry target

• Only 7 drill holes so far and have only tested part of high grade copper-gold and gold targets with very encouraging results.– Attractive infrastructure – near town, workable year-round– Follow up and geological work and additional drilling is

recommended believing this property has the potential to host a significant resource

• No drill holes on copper-gold porphyry target yet• High grade copper is over 4.5 km in strike length with record of

past producer at one end and over 80m of 0.55% copper at other end

El Tapau - Project Overview

• Intrusive-related high-sulphidation gold system

• 130 Km West of San Juan, in San Juan province, Eastern Andes

• Strategically located in proximity to El Salto property

• Road accessible year-round

• Option to acquire a 70% interest

• Systematic sampling yielded gold values averaging 2.2 g/t from 157 sample sites

• Underlying IP chargeability anomaly

• Open for expansion to the northwest

El Tapau – Project Summary

• Detailed geological mapping: completed

• Trenching: completed

• Geophysical IP survey complete

7-Hole Drill Program completed– Extended tourmaline breccia zone over 4.5 kilometres!– Hole #1 Results very positive – 82.25 metres of 0.49% Copper

Los Azules Map

Los Azules - Project Overview

• Joint Venture with MIM Argentina / Xstrata Copper

• 25% back-in right after feasibility study*

• Minera Andes has subsequently optioned project from Xstrata

• 8100 hectares located in El Indio gold belt

• Strategic Land Holding adjacent to Los Azules – Escorpio IV*

• Los Azules 43-101 Inferred Resource released September 2008

*Exact terms, Escorpio IV ownership, and expiration of back-in time frame currently under dispute with Xstrata

Los Azules – Large Copper Resource with Positive Mine Potential

• Inferred Resource 43-101 & Prelimenary Assessment Calculated– Mineral Resource of 922 million tonnes of 0.55% ~ 11.2 billion lbs Copper

– Net Present Value (NPV) of $2.9 Billion U SD, IRR of 22%, $70/tonne treatment charge, capital payback in 6.4 years

– 23.6 years mine life at $0.85 per pound copper mined

Bristol Exploration Ltd.Wholly-owned US Subsidiary

Shotgun Gold Deposit

Iliamna Property

Alaska Mining 101

• Shotgun is potentially a world-class sized gold deposit similar to Donlin Creek, being put into production by Barrick and has a resource of 25 million ounces gold.

– Intrusively related gold system – one of few in world and could host several million of ounces

– Currently has one million ounces gold deposit which TNR owns 50%

• Iliamna is a large porphyry copper target similar geologically to Pebble deposit, currently developed by Anglo American.

• This area has seen a lot of interest this year due to development of Donlin Creek and Pebble and will likely see more interest due to higher price of gold

• Both these assets are being held by Bristol Explorations to be spun off in similar fashion as International Lithium to bring additional shareholder value

– We believe a well structured spin-off company would be better suited to raise capital for projects of this magnitude

Shotgun: Intrusion Related Gold

• Project objectives: build a large, economic resource comprising both high-grade and low-grade deposits

• TNR earned a 50% interest by spending US$3.1 Million over 4 years

• Shotgun Zone • Resource of 980,000 ounces

grading 0.93 g/t gold at a 0.5 g/t cut-off*

• *Non-compliant resource• In 2006 DDH 06-43 returned

210m of 1.29g/t Au indicating zone is open at depth. Feeder zone identified

• Feeder zone open at depth!• Winchester: Gold Bearing Sills

Tintina Gold Province

• Productive Province: Donlin, Fort Knox, Pogo, Brewery Creek, …

Claims and Target Areas

• Shotgun Ridge

– Open at depth, feeder zone identified

• King South

– New drill ready target

– Mineralized breccia (like Shotgun Ridge)

• Winchester

– Ongoing development of gold bearing sill targets

• 55 holes, 6,194m drilling

Geophysics Conclusions1. Better understanding of extent of Shotgun

Pluton

2. Intrusive phases indicated by subtle lows: too subtle, too many targets

3. Structural breaks and other related results

4. Highs often hornfels (pluton exception)

Shotgun Ridge Style:

Strongly albitized, silicified, bleached and brecciated core from 06-43. Breccia and veining could extend into the hornfels.

Shotgun Ridge Drilling

A

A’

Feeder Zone

Iliamna Property Overview

• Less than 50 miles away from Pebble Deposit of Northern Dynasty (NDM.to)

• Pebble is one of largest copper-porphyry systems in the world containing 18.8 billion lbs Copper31.3 million ounce Gold265 million pounds Molybdenum 3026 million tonnes of ore – just at Pebble West!

• Northern Dynasty partners with London-Based Anglo American

• Pebble is estimated to be worth $100 Billion given 2007 metal prices

• Iliamna is a large porphyry copper target similar geologically to Pebble deposit, currently developed by AngloGold.

• This area has seen a lot of interest this year due to development of Donlin Creek and Pebble and will likely see more interest due to higher price of gold

Iliamna – Located on “Ring of Fire”As seen with various other major deposits around the world

Iliamna Property

Rio Algom 1999:targeted as part of regional Cu program(Pebble mag signature)BHPB 2000:airborne mag surveyIP lines on priority targetsGEOCOM 2003:4 DDHs – monzodiorite with low but consistent CuGEOCOM 2004:3D IP survey4 DDHsGEOCOM 2006:2 DDHsTNR 2008New Drill Targets being identified using new deep-looking geochemistry survey completed recently

Iliamna Exploration History

Iliamna Deep-Level Geochemistry

• Unprecedented matching geochemistry results• Similarity to Pebble and provides next round of drill definition

Contact Information

Address P.O. Box 11604

620 - 650 West Georgia St.Vancouver, British Columbia

V6B 4N9, Canada

Phone: (604) 687-7551Fax: (604) 687-4670

Toll Free: 1-800-667-4470E-mail: info@tnrgoldcorp.com

Investor Relations

Jerry Huang

TNR Goldcorp

Phone: (604) 687-7551Fax: (604) 687-4670

Toll Free: 1-800-667-4470E-mail:

jerryhuang@tnrgoldcorp.com

Disclaimer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this presentation. Statements in this presentation 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. This presentation 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 might vary materially from those described in this presentation. Readers should verify any & all claims and do their due diligence before investing in any securities mentioned. Investing in securities is speculative and carries a high degree of risk.