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April-May 2007 Private Equity Financing

Exploring for GOLD in India. April-May 2007 Private Equity Financing. Indian JV Company. Indo Gold Mines Pvt Ltd. Indo Gold Limited 70%. Metal Mining India Pvt Ltd 30% Free Carry to BFS (Bhukia). Company Highlights 2 years since start of JV and incorporation of company

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April-May 2007 Private Equity Financing

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  1. Exploring for GOLD in India April-May 2007 Private Equity Financing April-May 2007 Private Equity Financing

  2. Indian JV Company Indo Gold Mines Pvt Ltd Indo Gold Limited 70% Metal Mining India Pvt Ltd 30% Free Carry to BFS (Bhukia) April-May 2007 Private Equity Financing

  3. Company Highlights • 2 years since start of JV and incorporation of company • A$5.8 million private equity financing (23.1 M shares) • No JORC-compliant resources at outset • Rapid build-up in JORC-compliant Inferred Mineral Resource gold inventory reported: • 22nd Aug 2005 0.57 Moz • 8th Sept 2006 1.0 Moz • 3rd Oct 2006 1.74 Moz (1.22 Moz attributable) • Huge upside; moving to list shares on AIM in 2007 April-May 2007 Private Equity Financing

  4. Properties • Rajasthan main focus • Jagpura Project • Applications pending elsewhere April-May 2007 Private Equity Financing

  5. Udaipur – our regional baseEarly morning on Lake Fateh SagarWater infrastructure built circa. 1678 by Maharana Jai Singh April-May 2007 Private Equity Financing

  6. Geology • Archaean – Proterozoic cratonic terrain similar to Australia • World-class deposits • Iron ore • Base metals • Gold • Diamonds • Coal • Chromite April-May 2007 Private Equity Financing

  7. RajasthanMining CultureOil/gas, Lignite Large Mines/Deposits Khetri 140 Mt @ 1.4% Cu, 0.5 g/t Au Rampura-Agucha 64 Mt @ 13.5%Zn,1.9%Pb,45 g/tAg Rajpura-Dariba 20 Mt @ 7% Zn, 2% Pb, 100 g/t Ag Zawar 69 Mt @ 4% Zn, 2% Pb, 50 g/t Ag Ambamata 8.3 Mt @ 2% Cu, 6% Zn, 6% Pb Bhukia ? >2 Moz Au April-May 2007 Private Equity Financing

  8. Rampura-Agucha World-class Proterozoic Zinc-Lead-Silver mine April-May 2007 Private Equity Financing

  9. We are Exploring in ‘Elephant Country’! April-May 2007 Private Equity Financing

  10. Tenements 2,135 km² 2 RPs granted 2 RPs applied 1 PL applied, ‘in process’ April-May 2007 Private Equity Financing

  11. Regional Geology New Gold (Copper) Province Ancient (?2000 years) gold and copper workings Very limited modern exploration April-May 2007 Private Equity Financing

  12. Bhukia Prospect Geology • Multiple zones defined by ancient workings, GSI/HZL drilling (wide-spaced) • Geology dominated by dolomites, quartzites and calc-silicates • Geology comparable to other Proterozoic terrains (e.g Mt Isa district ) April-May 2007 Private Equity Financing

  13. Lithology • Dolomitic Marble April-May 2007 Private Equity Financing

  14. Lithology • Quartz Albite Alteration April-May 2007 Private Equity Financing

  15. Lithology • Calc Silicate Alteration April-May 2007 Private Equity Financing

  16. Lithology • Gossan April-May 2007 Private Equity Financing

  17. Bhukia Gossan Outcrops Panch Mahuri Delwara South April-May 2007 Private Equity Financing

  18. BhukiaAncient Workings Panch Mahuri Delwara April-May 2007 Private Equity Financing

  19. Bhukia Prospect - Soils & Resource Zones • High-order soil anomaly, open • IGL’s soil sampling adds greater definition and discovers extensions • Soil sampling continuing April-May 2007 Private Equity Financing

  20. Bhukia Prospect JORC Mineral Resources April-May 2007 Private Equity Financing

  21. IGL Drilling at Panch Mahuri Zone at Mahi Zone April-May 2007 Private Equity Financing

  22. Mahi Zone • 24.1 Mt @ 1.3 g/t Au • Resource outline extends around ancient workings • More drilling required to close-off April-May 2007 Private Equity Financing

  23. Mahi Zone • 200 Level Mineral Resource Blocks April-May 2007 Private Equity Financing

  24. Mahi Zone • Section 6110 N Mineral Resource Blocks April-May 2007 Private Equity Financing

  25. Mahi Zone • Section 6360 N Mineral Resource Blocks April-May 2007 Private Equity Financing

  26. Panch Mahuri Zone • Section 6960 N Mineral Resource Blocks April-May 2007 Private Equity Financing

  27. N 0 m 500 m Resource Zones Plan View showing ancient workings April-May 2007 Private Equity Financing

  28. 0 m N 500 m Resource Zones Isometric View showing ancient workings April-May 2007 Private Equity Financing

  29. 0 m N 500 m Bhukia Perspective Quickbird Satellite Image showing resource zones at surface April-May 2007 Private Equity Financing

  30. Mahi Resource • Section 6300 N - Preliminary Pit Optimization April-May 2007 Private Equity Financing

  31. Grassy Hill April-May 2007 Private Equity Financing

  32. Drill Core • Early Barren Massive Pyrrhotite Breccia • 0.35g/tAu, 0.02%As, 0.04%Cu April-May 2007 Private Equity Financing

  33. Drill Core • Mineralised Massive Pyrrhotite Breccia, With Asp • 3.72g/tAu, 1.18%As, 0.11%Cu April-May 2007 Private Equity Financing

  34. Drill Core • Mod to High Grade Shear Controlled Asp Mineralisation • 1.63/2.64g/tAu, 0.38/2.62%As, 0.25/0.18%Cu April-May 2007 Private Equity Financing

  35. Drill Core • Low Sulphide Mineralisation • 2.51/7.49g/tAu, 0.07/0.01%As, 0.13/0.05%Cu April-May 2007 Private Equity Financing

  36. Drill Core • Late Cross-cutting Chalcopyrite Mineralisation • Tourmaline Flooding • 0.50/3.2g/tAu, 0.87/1.02%As, 0.33/0.27%Cu April-May 2007 Private Equity Financing

  37. Metallurgical Considerations • HZL Results: • Deemed partially refractory • Maximum 75% recovery by direct leach (CIL) • Flotation concentrate & regrind – up to 85% recovery • IGL Preliminary Results: • 3 composites tested so far, low, medium and high sulphur types • Recoveries 79% and 84% by combined gravity+leach (CIL) with conventional grind; expect 90% with fine grind • 90% of gold reports to concentrates April-May 2007 Private Equity Financing

  38. Permitting Issues Bureaucracy! Environmental & Forestry approvals granted (first foreign company in Rajasthan) Pioneering project so we lead, but suffer the steep learning curve! Final approval of PL awaited April-May 2007 Private Equity Financing

  39. Targets Bhukia • Drill-out to commence first half 2007 subject to permitting approvals • 65,000 metres in first phase • Target +5 Mozs (+3.5 Mozs equity) in Meas + Ind + Inf Resources • Explore 60 km along the Jagpura province where Bhukia-like targets are present • Maximize our pioneering position in India Elsewhere April-May 2007 Private Equity Financing

  40. Bhukia Prospect - Soils & Target Zones • High-order soil anomaly, open • IGL’s soil sampling adds greater definition and discovers extensions • Soil sampling continuing April-May 2007 Private Equity Financing

  41. BhukiaAncient Workings Person standing at edge of open pit here Timran Mata Largest Ancient Open Pit No GSI ‘Resource’ Estimates Available High order soil anomaly April-May 2007 Private Equity Financing

  42. Bhukia Prospect – Size Comparisons • Cadia Total 27.9Moz • Cadia Open Pit 11.9Moz • Telfer Open Pit 13.0Moz • Bhukia ??????? April-May 2007 Private Equity Financing

  43. Bhukia Prospect – Size Comparisons April-May 2007 Private Equity Financing

  44. Indo Gold Limited • Exciting new gold (copper) province in India • Multi-million ounce potential • Growth by own exploration • Bhukia – a possible very large, future mining centre? April-May 2007 Private Equity Financing

  45. IGL - Financials • 23.1 M shares on issue, 8.65 M Options • A$2.7 M cash • Apr-May Private Equity Round • Max A$10M at A$1.25 (8M shares) Planned • Resulting in 31.1 M shares on issue (undiluted) • New notional market cap. will be A$39 M • Sets up company to commence Bhukia drill-out prior to IPO if necessary April-May 2007 Private Equity Financing

  46. IGL – Planned IPO • Still on track for planned Admission London AIM in late-2007 or early-2008 subject to permitting and market • In parallel, new Placement for +A$10 M • Bhukia – target for first 2 years after permitting is +5 Moz (+3.5 Moz equity) in resources April-May 2007 Private Equity Financing

  47. THE END? Thank you April-May 2007 Private Equity Financing

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