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Investor Presentaiton

• PROJECT FOOTPRINT Potential for multi billion tonnes of mineralization 156km² • Grade up to 40% hematite / magnetite Rio Pardo de Minas • Beneficiation to 68% Fe, low impurities • Adjacent to MIBA - sold for US$304M in November 2010 • Rio Pardo 1 340km2 Salinas US$430M MIBA US$250M Salinas deal signed 26th April 2010 US$430M Nova Aurora MINAS NORTE MINERACAO LTDA 383km² Taiobeiras 6
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