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Berenice / Cygnus project overview

Ownership

40%, earn into 50% with option to 74%

Coal resource

1.3Bt Gross mineable in-situ measured, indicated and inferred resource (7.9Mt measured)

Product

Coking coal

Exploration

• Phase 2 drilling to upgrade resource to the Measured Category – Q2/2012

Project highlights

• Phase 1 drilling: 1.3Bt inferred/indicated
• Coal Zones: shallow, consistently developed coking coal and thermal coal
• Rail: 30km from railway siding linked to Maputo (680km) and Richards Bay ports
• Scoping study initiated with DRA appointed
• Phase 2 drilling – commences in Q2/2012

The Berenice Coking Coal Project is located in the Soutpansberg coalfield, which is situated north of the Soutpansberg mountain range in South Africa’s Limpopo province. This is outside environmentally sensitive areas, including the Mapungupwe World Heritage Site and proposed buffer zone.

52 slim diameter and 8 large diameter holes were completed during Phase 1 drilling. This first phase resource drilling resulted in a significant upgrade in resources and confidence levels. Confirmed shallow, consistently developed coal zones containing coking coal exploitable by open cast mining methods.

Detailed coking coal test work on large diameter holes is in progress and samples submitted for detailed coking coal and coke analyses, including Grey King, Gieseler Plasticity, Arnu Dilatation and Petrographic Analysis. These results are expected at the end of October 2011.

Phase 2 drilling to upgrade a portion of the resource to the Measured Category is due to commence in Q1 2012, with the Feasibility study commencing in H2 2012.

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