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Safe Harbour

Safe Harbour

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Safe Harbour

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  1. “Building a World Class Uranium Project”MineAfrica Presents:Investing in African Mining - December 2008

  2. Safe Harbour This presentation contains certain forward-looking information about the Company that is intended to be covered by the safe harbour for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events. The information in this press release that relates to the Mineral Resources at the Etango Anomaly A Deposit is based on a resource estimate completed by Mr Neil Inwood who is a full time employee of Coffey Mining Ltd. Mr Inwood is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify as Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’, and is an independent consultant to Bannerman Resources and a Qualified Person as defined by NI 43-101. Mr Inwood consents to the inclusion in the press release of the matters based on his information in the form and context in which it appears. The information in this report that relates to the metallurgical test work undertaken on Etango Anomaly A Deposit samples was completed by Mr Gary Jobson who is a consulting metallurgist to Independent Metallurgical Operations Pty Ltd. Mr Jobson is a Member of The Australasian Institute of Mining and Metallurgy and has extensive experience relevant to the activity which is being undertaken. Mr Jobson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to the Exploration Results, is based on information reviewed by Mr. Clive Jones, who is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Jones is a non-executive Director of the company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.”

  3. Identified new resource growth areas Increased Mineral Resource from 26.9 to 106Mlb U3O8 Strengthened Board & Management capability Commenced Feasibility Studies Established Namibian infrastructure and country head Raised over A$20 million Signed term sheet for an additional A$20 million capital raising Appointed CEO with operational and project development experience Highlights of 2008 Activity An emerging world class uranium producer Page3

  4. The Nuclear Future • Uranium market not immune to the global credit crisis • Recent Spot price movements lead by Hedge fund redemptions • Spot Prices just now beginning to rebound • Production shortfall of ~10mlbs expected this year • Long term pricing still high, more relevant to Etango Rössing Lungmen, Taiwan Neckarwestheim, Germany Obrigheim, Germany

  5. Capital Structureas at 20 Nov 2008

  6. Management & Board • Geoffrey Stanley, Non-executive Chairman • New York based, 25 years experience as a highly ranked analyst in Australia, Canada and US equity markets • Len Jubber, Chief Executive Officer • Miningengineer with 20 years operations and leadership experience including an 8-year career launch at Rössing Mine, followed by 7 years as COO at Oceana Gold and most recently as MD and CEO for Perilya • Clive Jones, Non-executive Director • 25 years experience in mineral exploration; strong record of corporate and technical successes • Nathan McMahon, Non-executive Director • Proven track record of successful mining ventures; specialised in project negotiations and acquisitions • Alastair Clayton, Non-executive Director • UK based, financial, technical and corporate experience in the mining sector • David Tucker, Non-executive Director • 39 years industry experience largely as former Director for Homestake Gold’s Australian subsidiaries; and Barrick Mining Company (Australia) and Barrick Gold. Experience in uranium exploration. • Peter Christians, Chief Operating Officer • Namibian national, mining engineer with experience on large scale international projects. Also previously worked at Rössing uranium mine

  7. Namibia Modern, politically stable country with a long history of resource development & mining World class uranium province along mid-coastal region – produces ~8% of the world’s uranium Current uranium mining projects / operations include: Rössing Mine commenced in ‘76 (69% Rio Tinto) Langer Heinrich Mine commenced in ‘05 (Paladin) Trekkopje Project (Areva/CGNC) - in construction Valencia Project (Forsys / GFI) – near construction Etango Project (Bannerman) – feasibility study Rössing South Project (Extract/RIO) – resc drilling

  8. Erongo Uranium Province Trekkopje (238 Mlbs) Valencia (63 Mlbs) Bannerman Tenements Road Rossing (+300 Mlbs) Power Line Railway Primary Uranium Deposit Etango EPL3345 Rossing South (Nil) Secondary Uranium Deposit Swakop River EPL3346 ETANGO (106 Mlbs+) Europe Nth America Asia Langer Heinrich (208 Mlbs) Windhoek 50 0 Kilometres Johannesburg Cape Town

  9. ETANGO PROJECT WORLD CLASS URANIUM PROJECT

  10. Etango 2.5km long, 100m wide Target 150M lbs U3O8 Etango Project • In excess of 100Mlbs U3O8 • Alaskite (granite) hosted mineralisation analogous to Rössing • Over 37km of highly prospective stratigraphy • First target explored, yielded world class resource • Simple, low-cost, proven processing flow sheet • Long-life potential

  11. Block Model & Pit Shell Snapshot Western extensions • Mineralisation from near surface over 2.6km • Large tonnage provides economies of scale • Moderate to low strip ratio • Mineralisation open at depth and to N, W and S. • Higher grade ‘starter’ pit zones available Oshiveli extensions Includes; 81m @309, 83m @ 213 & 30m @552ppm U3O8 Ondjamba

  12. Etango Resource Estimateas at August 2008 • Total Resource of 145mt for 66.9mlbs (Indicated) & 91.6mt for 39.7mlbs (Inferred) • 505 holes completed for 140,558m over a 2.6 km strike length • Large amounts of metal also present at the higher cut-offs • 67% Indicated & 33% Inferred - drilling ongoing to further upgrade confidence • Current scale and mineral resource classification adequate to support full Feasibility Study 1 “(Mt)” refers to metric million tonnes equivalent to 2.204 mlbs. Reported at various cut offs using a bulk density of 2.62t/m3. Ordinary kriged estimate based upon 3m cut U3O8 composites. Block dimensions of 25m NS by 25m EW by 10m RL

  13. Project Focus – Recent Activity • Updated resource estimate at the Etango open pit • Advanced feasibility studies underway • Excellent preliminary metallurgical results • High recoveries at coarse grind sizes (~1000µm) • Low to moderate acid consumption (15- 20 kg/t) is highly probable • Recoveries up to 90% deemed achievable at ambient pressures and temperature • Potential for processing via Heap Leach being investigated • Geotechnical, hydrological, infrastructure studies underway • Environmental & Social Impact Studies • Exploration commenced to build resource pipeline • Exploration re-focused to near pit environment • Community and Stakeholder meetings undertaken

  14. Etango Pit Environs • Highly prospective targets adjacent to Etango pit area • If proven, new resources here would significantly improve the project’s economics • Numerous alaskite outcrops ranging from 1.3 to 3 km long over 22 km • Recent Oshiveli drilling; 81m@309, 83m@213 & 30m@552ppm U3O8 • Ondjamba zone equivalent to the “Rössing position”

  15. The Aim… To become a Top 10 World Producer Expand Exploration Resource Finalised Resource Base increasing ‘A’ Construction & Development Financing & permitting EIA and Feasibility Studies Etango Development Timetable 2007 2008 2009 2010 2006 2011 Licences Granted …Rapidly progressing towards production EPA Approvals Res. Drilling (Etango) Resource upgrade Interim Res. ‘A’ ‘A’ Scoping Study TSX Listing Capital Raising 2012 Mining

  16. ‘Gohare’ 2km long Target ??M lbs U3O8 ‘Ombuga’ 2 x 2km long each Target ??M lbs U3O8 Rossingburg ’13’ Rio 57.2m @ 230 ppm Target ??M lbs U3O8 ‘Ombepo’ 2km long, ~100m wide Target ??M lbs U3O8 ‘Ompo’ >2km long, 100m wide Target ??M lbs U3O8 “Oshiveli” & ‘Onkelo’ 2 Bodies; 1.2 & 3km long, ~100m wide each Target ??M lbs U3O8 Etango 2.5km long, 100m wide Target 150M lbs U3O8 Ondjamba SE flank of dome extensive area under cover Exploration – Targets Galore • Over 37 km of prospective alaskite stratigraphy • Etango Pit A: First target drilled • 15 targets already identified • Numerous large look-alike outcropping alaskite intrusions identified in region • Oshiveli – Onkelo • Rossingburg • Ombuga • Ompo • Ombepo etc…

  17. Surrounds Paladin Resources’ LANGER HEINRICH U deposit Bloedkoppie Prospect; Extension of Langer Heinrich orebody Extensive exposed areas of carnotite bearing calcretised sediments Fieldwork confirms several square kilometers of potential Outstanding target, not yet drilled Langer Heinrich Exploration: Swakop River Project

  18. BUILDING A WORLD CLASS URANIUM PROJECT Summary • Resource base in excess of 100mlbs U3O8 • Advanced feasibility study • Fully funded to development decision • Building development & operations capability • Sole remaining independent company with major uranium project in established region • First mine could project Bannerman into the top 10 U producers • Substantial exploration upside at Etango and Swakop projects