Operations Overview

May 12, 2013

Dear Shareholders of TNR Gold Corp,

Following the successful listing of ILC in 2011 that TNR still retains a 21.18% ownership of, the company has strategically shifted focus to its key assets particularly the Shotgun project in Alaska and Los Azules property in Argentina for which has recently retained the services of PI Financial Corp. to provide financial advice regarding the sale of its back-in right to the northern portion of the project.

TNR Gold Corp. has a 90% ownership of the Shotgun gold project, which it acquired from NovaGold. The property is located 175 kilometres south of the Donlin Gold deposit (previously Donlin Creek) within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a world-class gold district. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and that of the Donlin Gold and other important intrusion-associated deposits.

After meeting our goals for the 2012 drill program, we intend to further identify and expand the mineralized zones on the Shotgun Gold property. Results from the program revealed that mineralized zones are open at depth and coincident with geophysical anomalies found in 2011. One of the highlights of the program is an interval of 18.35m averaging 2.03 grams per tonne gold (“g/t Au”) (For a summary of results please see our concluding drill program news release at http://www.tnrgoldcorp.com/NewsRelease).

Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects in North and South America and Europe. With the Company’s expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its current project portfolio. TNR remains committed to following this business model and the ability it provides to continue to unlock value for ourselves and its shareholders.

Exploration success begins with having the right people, patience, perseverance and timing. TNR believes it has these key ingredients in place for a successful 2013 and beyond.

I would love the opportunity to speak with you further about our plans and future developments. Please feel free to contact me at the TNR office number 604-687-7551 or via e-mail info@tnrgoldcorp.com.

Regards,

Gary Schellenberg
President
TNR Gold Corp