TNR Gold Corp (TNR:TSX) November 2009


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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.

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TNR Gold Corp (TNR:TSX) November 2009

  1. 1. Investor Presentation November 2009
  2. 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. 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. 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. 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. 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. 7. Rare Earth Elements Projects –Big Beaverhouse Rare Earth Elements – large carbonatite project spanning 16km – Ce = Cerium – La = Lanthanum – Nd = Neodynium
  8. 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. 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. 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. 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. 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. 13. El Salto “Refining the Discovery” 6 km
  14. 14. El Salto Map
  15. 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. 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. 17. Drill Location Map (Chargeability overlay)
  18. 18. El Salto – Proximity to Infrastructures Paved Highway and Power
  19. 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. 20. El Tapau Map
  21. 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. 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. 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. 24. Los Azules Map
  25. 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. 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. 27. Bristol Exploration Ltd. Wholly-owned US Subsidiary Shotgun Gold Deposit Iliamna Property
  28. 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. 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. 30. Tintina Gold Province • Productive Province: Donlin, Fort Knox, Pogo, Brewery Creek, …
  31. 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. 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. 33. Shotgun Ridge Drilling A Feeder Zone A’
  34. 34. Iliamna Property Overview • Less than 50 miles away from Pebble Deposit of Northern Dynasty ( • 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. 35. Iliamna – Located on “Ring of Fire” As seen with various other major deposits around the world
  36. 36. Iliamna Property
  37. 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. 38. Iliamna Deep-Level Geochemistry • Unprecedented matching geochemistry results • Similarity to Pebble and provides next round of drill definition
  39. 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: E-mail:
  40. 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.
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