November 2009 Investor presentation for TNR Gold Corp, a publicly-listed minerals exploration company on the Toronto Stock Exchange (TSX) Venture. TNR is diversified project generator with a successful management team and large portfolio of gold, copper, and molybdenum projects. Q1 2010, TNR Gold plans to spin off its lithium and rare earth metals company International Lithium Corp as a separate company through IPO. TNR shareholders are expected to receive up to 1 share of ILC for every 4 TNR held on record date. For more info please refer to http://www.tnrgoldcorp.com or http://www.internationallithium.com

1. Investor Presentation
November 2009

2. 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

3. 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: Barrick
Gold, Pinetree Capital, Tocqueville Fund,
Solitario, and NovaGold)
Transfer Agent: ComputerShare

4. Corporate Structure
TNR Gold Corp. Project Generator
TNR:TSXV
3 Subsidiaries
Planned
Minera Solitario Bristol Exploration
Spin-off Target
of Lithium Argentina Projects Alaskan Projects
Completion
Subsidiary Cu-Au Au
Q1 2010
TNR Shareholders proposed dividend
International Lithium Corp up to 1 unit in ILC for every 4 shares of TNR
Li + REE TNR to maintain a minimum of 25% interest
in ILC
 Opportunity to participate at early stage in tightly controlled company
 Exposure to ‘Lithium and Rare Earth Elements’ growth sector
 Warrant provides potential future benefit at no additional cost
 Continued investment in TNR a Lead Project Generator

5. 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.

6. 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
Directors
• 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

7. Rare Earth
Elements Projects
–Big Beaverhouse
Rare Earth Elements – large
carbonatite project spanning 16km
– Ce = Cerium
– La = Lanthanum
– Nd = Neodynium

8. Big Beaverhouse Carbonatite, Ontario
Historic La, Ce, Nd from OGS
• One of the largest carbonatite
complexes in Ontario over
460.8 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)

9. Argentina Projects
Primary Projects
El Salto Property, Gold-Copper -
Molybdenum Porphyry
El Tapau Property, Gold - Copper
Porphyry
Gold = Au
Copper = Cu
Molybdenum = Mo

10. 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

11. Argentina Project Breakdown
Argentina: Ownership Retained Target Type Status
Project Status / Drill Interest
Test
El Salto Earn-in 100% Au-Cu-Mo 12-Hole Drill Program
(Drilled) Porphyry Completed
El Tapau Earn-in 70% Au-Cu 7 Drill Hole Program
(Drilled) completed
Los Azules (Xstrata option) 0% 25% back- Au-Cu Porphyry Minera Andes
(Drilled) in right; 1% Inferred Resource 43-101
*Currently under clarification
NSR
with MIM Argentina/Xstrata 11 billion lbs Copper
Escorpio IV 100% 100% Cu Porphyry Adjacent to Los Azules
*Currently under dispute with Ownership in dispute
MIM Argentina/Xstrata with Xstrata
Las Carachas 100% 100% Epithermal Au Surface Target Definition
(Drilled) Au-Cu Porphyry
La Ortiga (La Mancha) 100% 25% Epithermal Au La Mancha completed
(Drilled) Au-Cu Porphyry 4,000m program and
continuing exploration

12. Argentina Project Breakdown Cont’d
Argentina: Ownership Retained Target Type Status
Project Status Interest
& Drill
Tested
Northern Project 25% 25% / 2% Epithermal Au Exploration by:
(4 properties) NSR Au-Cu Porphyry Canadian Gold
Hunter (CGH:TSX)
(CGH)
Target Definition
Batidero (CGH) 25% 25% / 2% Au-Cu Porphyry Canadian Gold
(Drilled) NSR Hunter (CGH:TSX)
exploration
operator
La Carolina (Latin 12.5% 12.5% / 2% Epithermal Au Latin American
American Minerals (Drilled) NSR Minerals
option) exploration
operator
Ranchillios & La Brea 25% 25% / 2% Epithermal Au Exploration Stage
NSR Au-Cu Porphyry
La Rica 75% 75% Epithermal Au Exploration Stage
(Drilled)

13. El Salto “Refining the Discovery”
6 km

14. El Salto Map

15. 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

16. 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

17. Drill Location Map (Chargeability overlay)

18. El Salto – Proximity to Infrastructures
Paved Highway and Power

19. 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 Confirms mineralization and
& 0.012% Molybdenum large copper-molybdenum
porphyry system

20. El Tapau Map

21. 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

22. 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

23. 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

24. Los Azules Map

25. 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

26. 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

27. Bristol Exploration Ltd.
Wholly-owned US Subsidiary
Shotgun Gold Deposit
Iliamna Property

28. 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

29. 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

30. Tintina Gold Province
• Productive Province: Donlin, Fort Knox, Pogo, Brewery Creek, …

31. 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

32. Geophysics Conclusions
1. 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.

33. Shotgun Ridge Drilling
A
Feeder Zone
A’

34. 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 Copper
31.3 million ounce Gold
265 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

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

36. Iliamna Property

37. Iliamna Exploration History
Rio Algom 1999:
targeted as part of regional Cu
program
(Pebble mag signature)
BHPB 2000:
airborne mag survey
IP lines on priority targets
GEOCOM 2003:
4 DDHs – monzodiorite with low but
consistent Cu
GEOCOM 2004:
3D IP survey
4 DDHs
GEOCOM 2006:
2 DDHs
TNR 2008
New Drill Targets being identified
using new deep-looking geochemistry
survey completed recently

38. Iliamna Deep-Level Geochemistry
• Unprecedented matching geochemistry results
• Similarity to Pebble and provides next round of drill
definition

39. Contact Information
Address Investor Relations
P.O. Box 11604
620 - 650 West Georgia St. Jerry Huang
Vancouver, British Columbia
V6B 4N9, Canada TNR Goldcorp
Phone: (604) 687-7551
Phone: (604) 687-7551 Fax: (604) 687-4670
Fax: (604) 687-4670
Toll Free: 1-800-667-4470
Toll Free: 1-800-667-4470
E-mail: info@tnrgoldcorp.com E-mail:
jerryhuang@tnrgoldcorp.com

40. 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.