TNR Gold Corp. (“TNR”) is pleased to announce that it has signed an option agreement to acquire 75% of the Eureka Property, a copper-gold prospect located in the Jujuy province of Argentina. In a 2000 report on Eureka, Minera Peñoles geologically estimates a potential of 50 to 60 Mt @ 1% copper in oxides based on surface workings, trenching, underground sampling and the assumed continuity of 5 or 6 mineralized beds. Although Eureka has never been drilled, geological mapping on surface and underground suggests the continuity of 7 shallow dipping to flat lying mineralized beds. This geological estimate is conceptual in nature since insufficient exploration has been completed to define a mineral resource. It is useful for targeting of an exploration program designed to prove a resource. TNR expects to commence exploration immediately with the goal of defining targets for a subsequent, 2007 drill program.

Geological and exploration data and estimates contained herein are taken from historical records that predate NI 43-101 and/or from later reports not intended for use within the jurisdiction of NI 43-101. Although TNR has no reason to doubt the accuracy of this data, they have not yet been verified by a Qualified Person.

The Property vendor has granted to TNR an exclusive option to acquire a 75% undivided interest. In order to exercise this option, TNR will pay US$25,000 upon signing of a letter of agreement as part of a total of US$100,000 to be paid the Vendor on or before March 19, 2007. TNR is also required to spend a total of US$3 million in exploration and option payments before April 20, 2010, with a minimum expenditure of US$500,000 on exploration per year, to earn its 75%. TNR is investigating the possibility of making additional acquisitions in this area of Argentina.

The Eureka Property forms part of an extensive Bolivian-Argentinian belt of Tertiary Redbed-hosted copper prospects. The property is accessible year-round and covers an area of 3,281 hectares at an elevation of approximately 4000 meters. The property includes the historic Eureka underground mine as well as the wider Eureka mineral district. In 1999 Peñoles evaluated the property by the way of a sampling reconnaissance and a geophysics survey. It was found that the geological framework corresponds to conglomerates and gravels of the tertiary age.

At least three types of Cu and Au mineralization are known to occur on or near the property. Of particular interest are Redbed and exotic copper, where mineralization is hosted in the pore spaces of sedimentary rocks, particularly conglomerates. Mine and surface workings encountered 7 levels of Cu mineralization at the Eureka mine. Zones of near surface enrichment include intervals of 5% copper. In addition, grades of 0.5 g/t Au have been reported at the base of copper-bearing conglomerates. The copper-oxide mineralization found on the property is expected to be amenable to Solvent Extraction Electrowinning (SXEW), a relatively low-cost hydrometallurgy technology used to extract metals by dissolving the metals in an acid solution.

A finders fee within regulatory guidelines is payable with respect to this transaction. The above agreement is subject to regulatory approval.

In order to facilitate the purchase and exploration of this new acquisition, TNR has arranged a brokered private placement of up to 10,000,000 units at $0.20 per unit, to raise up to $2,000,000. Each unit consists of one common share and one half of one transferable share purchase warrant. Each warrant is exercisable into one additional common share of TNR for two years from the closing date of the private placements at an exercise price of $0.30 per common share for the first year and $0.50 per share the second year.

The agent for the brokered private placement is Pacific International Securities Inc. (“Pacific”). Pacific has the option at any time prior to closing to increase the size of the offering by up to 2,000,000 units. Pacific will receive a commission of 7% of the gross proceeds of the offering, payable in a combination of cash and units at Pacific’s election. Pacific will also receive compensation options equal in number to 9% of the aggregate number of units sold entitling Pacific to purchase, at an exercise price of $0.25, one common share of the company for a period of two years following the placement closing date.

Proceeds of the private placement will be used to fund TNR’s exploration projects in North and South America, and for general corporate purposes.

The private placement is subject to regulatory approval.

This news release has been prepared under the supervision of John Harrop, P.Geo, TNR’s qualified person on this news release.

On Behalf of the Board,

Gary Schellenberg,
Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release 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. News release 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 may vary materially from those described in the forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.