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Presentation Gold-Copper Campaign Peru April 2005

Presentation Gold-Copper Campaign Peru April 2005. WESTMAG LIMITED. Listed on ASX Issued shares: 39.2 million Options (non listed): 7.85 million Share price: 10 cents Market Cap: US$ 3million Cash: US $850k Directors: Peter McAleer-Chairman Jim Malone- Managing Director

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Presentation Gold-Copper Campaign Peru April 2005

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  1. Presentation Gold-Copper Campaign Peru April 2005

  2. WESTMAG LIMITED • Listed on ASX • Issued shares: 39.2 million • Options (non listed): 7.85 million • Share price: 10 cents • Market Cap: US$ 3million • Cash: US $850k • Directors: Peter McAleer-Chairman • Jim Malone- Managing Director • Simon Titchener-Operations Director • Howard Dawson-Technical Director

  3. METAL ENDOWMENT AND MINERAL BELTS OF PERU Northern Peru Au-Cu Belt >70Moz Au, >35Mt Cu Central Cordillera Polymetallic Belt >24Mt Zn, >9Mt Cu Central Southern Peru Cu-Au Belt >6Mt Cu Coastal Batholith & Abancay vein gold • Peru: • Mining accounts for 26% of GDP • 6th largest gold producer (7% of world production) • 3rd largest copper producer Southern Peru Cu Belt >21Mt Cu

  4. WESTMAG- ANGLOGOLD-ASHANTI JV-AGREEMENT • Exclusive right to AGA Peruvian data base granted December 2004. • Initial review of database completed December 2004 through April 2005. • Covers all targets in AGA Area of interest (AOI) • AGA staked properties require individual “earn in agreements” of 1000 metres for 60%. • Westmag staked properties held 100% by Westmag. • AGA have “claw back” for all properties to 70% for any resource greater than 2 million oz gold equivalent at 2.5 times Westmag expenditure. • Westmag have pre-emptive rights to AGA farm outs within AOI

  5. THE AREA OF INTEREST Excluded 130,000km2 combined aerial extent of blocked-out project area covering: • Gold-belts of the Yanacocha region, the Cordillera Negra, the Southern Central Cordillera and the Mesozoic Coastal Belt • The southern Peru, Eastern Cordillera and Central Cordillera copper belts • The region of Eastern Cordillera copper-gold porphyry-alkaline potential • The Cordillera Blanca and Central Cordillera polymetallic skarn belt Excluded

  6. THE AREA OF INTEREST AND AGA ACTIVITIES • Following 5-years of data accumulation and campaign-style exploration AGA decided to bolster and apply their database and experience to a Peru wide generative program • This resulted in the AOI which was generated during an intensive 3 week in-house exercise conducted by AGA staff and specialist consultants in 2003 • Processed with TM-data • Limited field follow-up with target criteria 5MOz gold only • Several properties claimed

  7. THE DATABASE Developed over 5-years of exploration activity, used in the first pass AGA generative programme and comprising: • AGA rock geochemistry; 10,000 samples • AGA drainage geochemistry; 5000 samples • Digital geologic maps • Deposit location data; 5600 records • Complete 3-band TM coverage • 130,000km2 of specialist CROSTA alteration mapping • Occasional ASTER data • Regional gravity data • Country-scale structural interpretations (IDW grid, basin margins etc) • Tectonic and arc-magmatic reconstructions (geochronology) • SRTM 90m elevation model • Digital tenement information • Generated target areas

  8. WESTMAG EXPLORATION APPLICATION TO DATE Defined priority target criteria: Porphyry and Alkaline copper-gold: 6 known resources 4 of which contain over 2Moz Au LS and mesothermal vein gold: 3 mines in production • Undertook a generative program resulting in the identification of 92 discrete and ranked target areas • Secured 17 new tenement areas over Cu and Au targets • Identified at-least two regional plays with anomalous Cu-Au in unclaimed areas • Implemented program of reconnaissance field review

  9. EXAMPLE ARTURO Cu-Au PROSPECT In mountain belt behind the Cajamarca gold camp and deemed to host potential for porphyry/alkaline copper-gold deposits; under field review CROSTA 147 Known Gold Workings

  10. ARTURO Cu-Au PROSPECT Recent slip exposing alteration Strongly silicified and pyritic sediment Low-order gold drainage in mixed source sample (-200#)

  11. EXAMPLE PUMACAHUA PORPHYRY-SKARN Very strong Crosta response in polymetallic mining district 30km north of Toromocho (2.4Mt Cu in-situ resource) -Morococha camp, Grades from one small mine in the claim area are reportedly: Ag 8.6oz/t; Pb 5.82%; Zn 5.00%; Cu 1.95%.

  12. “LITHOCAP” EARN-IN TARGETS DRILL READY • Three drill targets • 28ñ • Lucanas 1 and; • Lucanas 2 • Well established model with • multi-million ounce potential

  13. LITHOCAP EARN-IN TARGETS: DRILL READY Barrick 28ñ Lucanas 1 and 2 Aster FeOx, AlOH, SiO2 Fe=red, Clay=green, Silica = blue, Clay-Fe= yellow, Clay silica=cyan, Clay-silica-Fe=white

  14. AZULMINA EARN-IN TARGET Porphyry, Cu-Au and epithermal gold potential AGA results 1.4 and 22.4g/t gold grab rock samples, WMG 14m at 0.49g/t

  15. WORK PROGRAMME 2005-2006 • Field follow-up of generated targets • Drilling of “lithocaps” and newly generated prospects • Advance other defined prospects with follow-up mapping, geochemistry and geophysics • Advance structural and spectral interpretation of Cu-Au belts (Eastern Cordillera) • Implement specialist statistical analysis of multi-element geochemistry • Known occurrence review, opportunities synthesis and acquistion

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