Mr. Gary Schellenberg reports

TNR GOLD CORP. AMENDS ENGAGEMENT WITH PI FINANCIAL CORP. AS FINANCIAL ADVISOR FOR SALE OF TNR'S NSR ON THE LOS AZULES COPPER PROJECT, ARGENTINA

TNR Gold Corp. has amended its advisory agreement with PI Financial Corp., previously announced on May 8, 2013. As disclosed in the company's news release dated Oct. 17, 2014, the company now holds a 0.4-per-cent net smelter royalty (NSR) on the entire Los Azules copper project, owned 100 per cent by McEwen Mining Inc. The advisory agreement has been extended for one year and amended to address the sale or disposition of all or part of the company's interest in the NSR.

PI Financial was the exclusive adviser to TNR throughout negotiations with McEwen. The transfer agreement between the company and McEwen converted all of rights and interests under a Cordon de Los Azules exploration and option agreement, dated effective as of May 15, 2004, as amended April 26, 2005, and Nov. 8, 2012, including its 25-per-cent back-in right in the northern portion of the project to a 0.4-per-cent NSR on the entire project (see TNR news release dated Oct. 17, 2014).

In addition to the NSR, McEwen will also issue 850,000 common shares to TNR and pay TNR 1 per cent of any purchase price paid to and received by McEwen in respect of any sale, assignment of transfer of all of its 100-per-cent interest in the project, to a party other than to an affiliate of McEwen on or before the third anniversary of the transfer agreement.

Kirill Klip, non-executive chairman of TNR, stated: "I have commented regularly on the merits of the Los Azules project. It is a unique, long-life copper mining opportunity in Argentina. The acquisitions that include the Las Bambas copper mining project in Peru and the Taca Taca copper deposit in Argentina confirm there is significant value to be realized for projects in this region. We have had a good working relationship with PI Financial. They understand our needs and have great familiarity with the Los Azules asset. I am confident that this expanded engagement will have a favourable result for our stakeholders. Both TNR and PI Financial are of the opinion that the conversion of the back-in right will greatly enhance the ability for prospective purchasers to value the NSR and the deposit."

In a news release dated Sept. 23, 2013, McEwen summarizes an updated preliminary economic assessment completed on the project. In the release, Rob McEwen stated: "The results from the PEA demonstrate that Los Azules has the potential to become one of the largest, lowest-cost copper mines in the world. In addition, there remains excellent exploration potential to further expand the size of the existing mineral resource." This news release is available at SEDAR and on the McEwen website. TNR encourages its shareholders to read the news release issued by McEwen to gain a better understanding of the work performed and the potential impacts this will have on the project.

About Los Azules

The Los Azules copper deposit is located in the San Juan province of Argentina. McEwen is the operator of the Los Azules copper deposit, and the company has previously advised that, on May 15, March 28, and March 13, 2013, McEwen issued news releases in relation to the deposit, which are accessible on SEDAR and on McEwen's website.

McEwen Mining's news releases appear to be prepared by qualified persons and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no qualified person engaged by TNR Gold has done sufficient work to analyze, interpret, classify or verify McEwen Mining's information to determine the current mineral reserve or resource or other information referred to in its news releases. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.

John Harrop, PGeo, FGS, is a qualified person as defined under National Instrument 43-101 and has reviewed and approved the technical content of this news release.

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