DISCLAIMER - Important Notice Tonogold Resources Inc (Tonogold).

It is not recommended that any person makes any investment decision in relation to Tonogold
based on this presentation.

This presentation contains certain statements which may constitute "forward-looking statements".
Such statements are only predictions and are subject to inherent risks and uncertainties which
could cause actual values, results, performance or achievements to differ materially from those
expressed, implied or projected in any forward-looking statements.

No representation or warranty, express or implied, is made by Tonogold that the material
contained in this presentation will be achieved or prove to be correct. Except for statutory liability
which cannot be excluded, each of Tonogold, its officers, employees and advisers expressly
disclaims any responsibility for the accuracy or completeness of the material contained in this
presentation and excludes all liability whatsoever (including in negligence) for any loss or damage
which may be suffered by any person as a consequence of any information in this presentation or
any error or omission there from. Tonogold accepts no responsibility to update any person
regarding any inaccuracy, omission or change in information in this presentation or any other
information made available to a person nor any obligation to furnish the person with any further
information.

Tonogold Iron Ore Mexico

Iron Ore Mexico
Located approx. 40km
north of Hermosillo (Capital
of Sonora)
Project accessed by sealed
highway.
180 km the port of Guaymas
where international
shipments are sent to China.
35,000 hectares under
ownership
In production since Jan 13
SUBSTANTIAL POTENTIAL
FOR GROWTH SHORT
TERM

TONOGOLD has negotiated an exclusive Option to acquire 34%
interest for $10 million in two stages


Major, thriving city
Capital of Sonora, Mexico
Population 800,000
Main industries manufacturing, electronics,
IT and commerce
26 major manufactures employing some
68,000 jobs
Major manufacturing company includes:
Ford Motor Company (3,300 employees
increasing t0 4,300 for the manufacture of the
Fusion for which Ford has invested $1.3 billion)
Caterpillar Mining
Cummings

Source: http://en.wikipedia.org/wiki/Hermosillo#Economy
Iron Ore Mexico
Hermosillo
Iron Ore Mexico
Project covers 35,000 hectares
(approx. 135 square miles, 350
square kms)
Currently privately owned by two
groups US individuals (50%) and
major Mexican construction
company (50%)
Commenced small scale
mining/processing in January 2013
on two deposits (highlighted in
yellow)
Simple ore beneficiation process
and product sold to China
Two shipments so far this year a
third expected within days.
All necessary permits are in place
Current production from two deposits - Ponderosa and Fito 3

Ponderosa
Drilling program commenced in November 2011.
134 holes were drilled for a total of 3,800 metres .
Drill holes ranged from 15 to 50 metres in depth.

Fito 3
81 holes were drilled for a total of 3,500 metres .
Drill holes range from 20 to 50 metres in depth.

No official Reserves or Resources calculated yet but production from
these two sources expected for at least 3 years




Iron Ore Mexico
Project has no debt.
All equipment bought
outright includes:
CAT excavators
CAT Trucks
Grader
CAT front end loaders
Cummins Generators
Jaw crusher
Cone crusher
Light towers
Dry Magnetic separation
Screens, conveyors,
maintenance equip etc
Laboratory equipment




Iron Ore Mexico
Company operates its own laboratory on-site

Iron Ore Mexico
Simple beneficiation process being used to
remove impurities and increase the grade
of iron in the final product.
Ore mined is crushed to ~2 inches and
processed via dry magnetic separation to
produce ~58% Iron ore
Off take agreement with Chinese producer
Flat 18% penalty on spot price applied for
product impurities
Impurities can be reduced by milling and
wet mag separation process (Future)
Based on current mining equipment,
project mines around 22,000 of ore
producing ~15,000 tonnes of final product
per month.

Iron Ore Mexico
Iron Ore Mexico
Iron Ore is transported by road 180kms to the main port of
Guaymas and shipped to China
Off-take agreement in place whereby 95% is paid once product is
loaded on ship
Project employs around 53 people (including administration staff)
Current costs of around US$61 per tonne of final product









Costs substantially less in Mexico due mainly to wage levels (approx. US$30/t saving).
Average worker in the Australian Iron Ore industry = $100,000 pa
Average worker in Mexico = $15,000 pa

Company receiving ~US$100* per tonne of iron ore providing a margin of ~US$39 per
tonne ($7 million per year)

* Basis: spot price of $124/t (58% Fe)

Iron Ore Mexico
Benefits of the Project
Low wage bill
Low strip ratio (~2:1)
Close to main city 40kms (no FIFO costs)
Close to main port (180kms by road)
Low road transportation costs of around 9c per tonne
km (compared with 15c in Australia) mainly the result
of lower wage rates.
Iron Ore Mexico
NEAR TERM (2-6 months)
Additional mining equipment purchased from cash
generated from previous shipment.
Due to arrive on site within a few weeks.
Project expected to double its mining rate to produce
~25,000 30,000 tonnes of iron ore in near term ($14
million cash PA)

Iron Ore Mexico
MEDIUM TERM OPPORTUNITIES
(6-12 months)

1. Evaluate tenements/patents
for additional deposits and
increasing mining and
processing rate.

1. Upgrade process facilities to
produce high quality product
and reduce the penalty
Iron Ore Mexico
Minimal exploration
has been carried out
over the extensive
tenements/patents.
Government flown
aero magnetics
highlight significant
magnetic anomalies
over the property
Anomalies confirmed
by significant
magnetite and
hematite outcropping

Iron Ore Mexico
EVALUATE LAND HOLDING

2. UPGRADE PROCESS FACILITY
Company has secured a property approx. 20 kms from
site which has:
Ample water supply
Mains power
Just 20 metres from rail line that is currently used to rail copper
concentrates from Arizona to Guaymas
Test work required to determine equipment, capital
cost and benefit of constructing milling and wet mag
plant.
Objective to produce quality product and increase sales
price
Iron Ore Mexico
Iron Ore Mexico
Site of potential Milling operation - 20 metres from rail
link and access to grid power



Iron Ore Mexico
Indicative cost per tonne savings with additional treatment facilities

However the principle benefit to emerge would be a lower penalty and thereby a
higher price for the final product.

Initial estimates highlight a margin increase from $39/t of final product currently to
+$70/t could be expected.

Mexican Company was seeking an industry
partner to bring mining expertise and
capital to help further develop and grow
the business.

TONOGOLD
Iron Ore Mexico
TONOGOLDS OPPORTUNITY
Tonogold has secured an option to acquire a 34% interest in the Mexican
company that owns the Project by investing US$10 million in two tranches.
Formal agreement executed provides:
Tonogold has to a free 6 week exclusive option (extendable by a further 30
days for $50,000) to subscribe for new shares in the Mexican entity (MIL-
LER) by investing $5 million to earn 17%.
Tonogold has a 6 month option (which commences when/if Tonogold elects
to exercise 1
st
Option) to subscribe for additional new shares (to provide with
34% on a fully diluted basis) in MIL-LER by investing a further $5 million.
Tonogold to pay $100,000 for this 2
nd
option.
Iron Ore Mexico
Implied value of MIL-LER - $29
million
Implied project value - $19 million
MIL-LER to have the option to be
issued with 20 million fully paid
ordinary shares in Tonogold
which if exercised would reduce
the cash component by $1 million
(to $4 million).

Tonogold will be investing in the
entity that owns the
tenements/patents, own the
plant and equipment and will
participate in its current cash
flows

Iron Ore Mexico
TONOGOLDS OPPORTUNITY
Initial $5 million investment:
To fund a significant exploration program over
tenements/patents (including ground magnetics, drilling
etc)
To fund metallurgical test work in Australia to determine
cost/benefit of further beneficiation

Second $5 million investment:
To provide equity funding to upgrade treatment facility
Further Exploration
New opportunities in the region
Iron Ore Mexico
Project currently cash flow positive and a low cost producer.
Trail mining/processing has virtually eliminated risks associated with
new start ups
Potential for significant share price accretion in the short term.
Spring board for further opportunities in Mexico
Tonogolds mining expertise and MIL-LERS high reputation and
competitive advantage in Mexico offers yet unknown future
opportunities
Tonogold well positioned to consolidate project ownership in the
future
Both management teams have like minded visions, aspirations
and values a unique relationship is expected to develop

Iron Ore Mexico
With minimal exploration success
production of +500,000 1,000,000 tonnes
of iron ore is achievable in the future.



Iron Ore Mexico
IRON ORE FUNDIMENTALS
World production 2.4 billion tonnes Iron Ore in 2010
China is the worlds largest producer ~ 900 million tonnes in 2010 data and
the largest consumer
Australia is the worlds second largest producer ~ 420 million tonnes (2010)
USA is the worlds 8
th
largest producer at around 49 million tonnes in 2010
Mexico is the worlds 14
th
largest producer ~ 12 million tonnes in 2010 data
China currently imports around 200 million tonnes per annum to
supplement its own production.
Chinas demand for Iron Ore has increased by 9.5% pa compounded since
2008
Iron Ore used to produce to produce steel and represents just under 95% of
all metals used.

IRON ORE FUNDIMENTALS
Historical pricing
Tonogold to raise ~$6 million via an issue of new shares within
the next 6-10 weeks ($5 million for investment in project and $1
million working capital).
Price and terms of capital raising yet to be determined
Details to be provided to the market shortly
Company invites current shareholders who are accredited to
consider participating in new issue.
Concurrent with the capital raising, Tonogold will apply to
immediately become fully reportable on the US Stock
Exchange

Iron Ore Mexico
Capital Raising