Investor Presentaiton

DRILLING PROGRAM . . . Recent reconnaissance RAB drilling and surface sampling confirmed iron ore mineralisation with a 1,000 metre, 22 hole program, 18 of the 22 holes returned significant assays up to 48% Fe The magnetite-haematite diamictite ores in this area are different to Australian examples and beneficiate easily to product grades in excess of 65% Fe with low impurities suitable for high grade pellet feed Regional grades MIBA resource grades are ~30%Fe Salinas resource grades are ~ 20%Fe Bamin resource grades are ~32%Fe MINAS NORTE MINERACAO LTDA 13

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