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Vol. 17, No. 46 Week of November 11, 2012
Providing coverage of Alaska and Northwest Canada's mineral industry

Mining Explorers 2012: TNR Gold Corp.

TNR: TSX-V

Executive Chairman and President: Gary Schellenberg

Vice President, Exploration: John Harrop

Following a five-year hiatus, TNR Gold Corp. returned to Alaska in 2012 to confirm a 1 million-ounce gold resource at its Shotgun project in the Kuskokwim Gold Belt of western Alaska. Located about 110 miles (175 kilometers) south of Donlin Gold and about the same distance northeast of Pebble, this property lies at the intersection of two trends known to host big deposits. When TNR Gold optioned Shotgun from NovaGold Resources Inc. in 2002 the property had a historical resource of 980,000 ounces grading 0.93 grams per metric ton at a zone known as Shotgun Ridge. By the end of 2006, TNR had spent C$4.5 million on exploration, more than enough to earn a 50 percent interest in the project. The Vancouver, B.C.-based explorer gained full ownership of Shotgun in 2010 by issuing 6 million TNR Gold shares and 3 million warrants to NovaGold. TNR’s early investigation of the property did not focus on the resource area, instead drilling targeted several other prospects — with a particular focus on Winchester, a promising intrusion-related zone about 10 miles (16 kilometers) south of Shotgun Ridge. Highlights from the drilling completed at Winchester include 23.6 meters averaging 1.9 grams per metric ton gold in hole 06-45; 1.6 g/t gold over 14.3 meters in hole 05-32; 1.4 g/t gold over 12.2 meters in hole 06-50; and 1.22 g/t gold over 13.4 meters in hole 06-53. Shot and King are two other prospects the junior has investigated. A small drill program targeting the historical resource area returned what could be the most significant hole of this past program. Hole 06-43, drilled at Shotgun Ridge, cut 210.5 meters averaging 1.29 g/t gold and includes a 27.4-meters section grading 2.3 g/t gold. While this long section of more than 1 g/t gold was encouraging, the geological insights gleaned from this hole is what captured the attention of TNR geologists. This hole transformed the understanding of structures controlling mineralization at Shotgun Ridge and revealed feeder zones, opening the gold resource to depth. A geophysical orientation survey conducted in 2011 revealed previously unknown structures within Shotgun Ridge that appear to correlate well with geology and mineralization identified in drilling. TNR secured a C$3.5 million loan from a private backer, providing the junior with the funds to mount an 814-meter drill program at Shotgun 2012. The loan — to be repaid by May 31, 2015 — is secured by a promissory note and general security agreement and bears an annual interest rate of 20 percent. The three-hole program carried out in 2012 targeted mineralization to depth along the southwest dipping feeder zones identified in hole 06-43. SR12-56 – drilled approximately 50 meters northwest of and parallel to hole 43 – cut 242 meters averaging 1.25 grams per metric ton gold. Holes 12-57 and 12-58 were drilled about 30 meters west of 06-43. TNR said the geology, sulfide mineralization and structural features encountered in the three holes drilled are similar to that found in 06-43, providing the company with confidence in extending this zone along strike and to depth with further drilling. Following up on the success of 2011 three-dimensional induced polarization-resistivity survey, the company carried out addition geophysical work in 2012. One grid was centered on a surface geochemical gold anomaly at the Winchester prospect. Two other grids were designed to extend the 2011 survey at Shotgun Ridge.

Cash and short-term deposits: C$1.86 million (June 30, 2012)

Working capital: C$367,570 (June 30, 2012)

Market capitalization: C$14.77 million (Sept. 13, 2012)

P.O. Box 11604

620 - 650 West Georgia St.

Vancouver, B.C. V6B 4N9, Canada

Tel: 604-687-7551 • Fax: 604-687-4670

www.tnrgoldcorp.com



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