Ms. Karyn Legg reports

EARLY WARNING REPORT MAY 5, 2011

On May 2, 2011, Alexander Chistyakov acquired 2.5 million common shares at a price of 18 cents in the capital of TNR Gold Corp. through the exercise of 2.5 million warrants previously issued to Mr. Chistyakov. The warrant shares represent approximately 1.70 per cent of the outstanding common shares of TNR.

After giving effect to the issuance of the warrant shares, Mr. Chistyakov now holds, directly or indirectly, a total of 15,710,500 common shares and 400,000 stock options of TNR. As at May 2, 2011, TNR had 146,531,447 common shares outstanding, of which Mr. Chistyakov owned, or exercised control or direction, a 10.99-per-cent interest, assuming exercise of all of the foregoing stock options.

The warrant shares of TNR were acquired by Mr. Chistyakov for investment purposes. Subject to availability, price, the general state of the capital markets and the financial condition of TNR. From time to time, Mr. Chistyakov may purchase or sell securities of TNR.