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Investor Presentaiton

PROJECT OVERVIEW • Major iron ore project in world class iron ore province in Brazil Potential multi billion tonnes at 30-40% Fe with regional infrastructure being developed High acquisition prices paid recently for adjoining ground demonstrates value Ground floor entry with opportunity to build substantial value with money spent in ground Drilling & other work underway to define initial JORC compliant resource & scoping study by mid 2011 Upside of plus US$200M value added within 18 months Experienced management group MINAS NORTE MINERACAO LTDA 1994

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