Hancock’s Pilbara Projects Strengthening Australia Presented by Bianca Rinehart Director Hancock Prospecting Pty Ltd Metal Bulletin’s 1 4 th I nternational I ron Ore Sym posium 30 May – 1 June 2006, Hotel Grande Bretagne, Athens, Greece Hancock Prospecting
Hancock Prospecting Photo courtesy Rio Tinto 2 Rio Tinto’s New Shiploader, Parker Point – Dampier Port Upgrade Phase A
Hancock Prospecting Lang Hancock, Gina Rinehart and Bianca Rinehart, Hong Kong 3
Hancock Prospecting The Hope Downs Project area 4
Hancock Prospecting HPPL I ron Ore Deposits. Existing Rail I nfrastructure and the Lang Hancock Railw ay 5
Hancock Prospecting Photo courtesy Rio Tinto Hope Downs will benefit from proximity to, and experience gained at the West Angelas Marra Mamba mine 6
Hancock Prospecting Photo courtesy Rio Tinto The Lang Hancock Railway will connect to Rio Tinto Iron Ore’s rail line to West Angelas 7
Hancock Prospecting Exploration/Construction camp in progress at Hope Downs 1 8
Hancock Prospecting Water Treatment Plant under construction 9
Hancock Prospecting In-fill drilling on site 10
Hancock Prospecting Signing of Letter of Intent with a leading Steel Mill, October 2005 11
Hancock Prospecting Photo courtesy Rio Tinto 12 Rio Tinto’s Stockyard Extension – Parker Point, Dampier Port Upgrade Phase A
Hancock Prospecting Form al Project Approval for Hope Dow ns by the Prem ier of W est Australia, April 2 0 0 6 13
Hancock Prospecting Hancock’s Current Position � Hope Downs Project under construction, estimated commencement of production 1 st Qtr 2008. Other tenements in the Iron Ore (Hope Downs) State Agreement are being jointly studied � Additional Hancock tenements require further exploration and consequential development � Two projects currently under way � Roy Hill, advanced stage of pre-feasibility study, geographically suited for the existing rail and port at Port Hedland/ or new Port Facility at Harriet Point � Mulga Downs areas, early stage of pre-feasibility study � Hancock has other potential areas and areas under application 14
Hancock Prospecting Roy Hill Location and Proposed Infrastructure 15
Hancock Prospecting Roy Hill 1 Prefeasibility Study Update � Roy Hill c urrently has 850MT of identified mineralisation, ~550MT of which is a classified resource � This significant resource has been identified in the Chichester Ranges, hosted by the Nammuldi Member of the Marra Mamba Iron Formation, and within this resource is a significant amount of Microplaty Hematite � Grades vary from mid 50’s Fe for goethitic detrital material to 68% Fe for microplaty hematite mineralisation � Phosphorous grades are good, ranging from 0.025 – 0.055% P � Various steel mills up-dated on Roy Hill Project in 2005 and 2006 16
Hancock Prospecting Roy Hill 1 Prefeasibility Study Update ( cont.) � Reverse Circulation Drilling on a 400x400m extensional grid has been completed at Roy Hill. Drilling Sum m ary – May 2 0 0 6 Leases Area RC HQ W DC 4 7 .5 km 2 E4 6 / 3 3 4 1 1 0 0 holes 2 6 holes 9 holes 4 7 .6 km 2 E4 6 / 3 3 5 5 2 9 6 0 7 9 0 m etres 3 7 7 m etres 1 7 7 .5 km 2 m etres Used for Used for E4 6 / 5 9 2 density w ork lum p:fines and and ore m etallurgical classification w ork 1 9 0 .0 km 2 E4 6 / 5 8 6 Planning 2 2 1 .5 km 2 E4 7 / 1 3 2 6 dependent on E4 6 / 5 9 2 � Based on the results from 400x400m grid, areas are currently being infilled to 200x200m for better definition, expected completion mid 2006 – subject to weather 17
Hancock Prospecting Current Roy Hill 1 Drill Coverage May 2 0 0 6 Drill spacing at 200x200m over initial exploration area Scout lines testing for North mineralisation up to 8km from outcrop 4 km Extension areas drilled out to 400x400m drill spacing, completed November 2005. Infill to 200x200 in progress, now ~70% complete. 18
Hancock Prospecting Roy Hill 1 I nfill Drilling to 2 0 0 x2 0 0 m , Projected m id 2 0 0 6 Both detrital and bedrock mineralisation North found under Tertiary alluvial cover, warrants further investigation 4 km Preliminary results from 400x400m scout drilling shows mineralisation continuing undercover from microplaty hematite outcrop at ‘Red Hill’ 19
Hancock Prospecting Roy Hill 2 – EL applications granted in August 2 0 0 5 � Roy Hill 2 is located on the southern margin of the Fortescue Valley � It is covered by three exploration leases – E47/1324 (221.9 km 2 ), E47/1325 (221.6 km 2 ), and E47/1327 (221.4 km 2 ), giving a combined area of 664.9 km 2 � These areas have potential to host detrital and Channel Iron Deposit mineralisation, with material shed from the Brockman orebodies in the Hamersley Ranges � Hancock is organising to explore these, with aerial surveys and initial drilling prior to determining at its election further BFS and development plans. 20
Hancock Prospecting Roy Hill 1 Cross Section 21
Hancock Prospecting Roy Hill 1 Overview 22
Hancock Prospecting Roy Hill 1 Topography – Spinifex grassland with sparse mulga trees 23
Hancock Prospecting Roy Hill 1 Camp Roy Hill 1 Exploration Camp – comprises office, accommodation, messing and ablution facilities 24
Hancock Prospecting Microplaty Hematite 100µm 400µm • Majority ore type • Hard, high grade, high density, low porosity, low LOI, low Phosphorous • Rare, fine grained ‘blue- dust’ hematite Microplaty Hematite-goethite Channel Iron Deposit 100µm • Common ore type • Minor ore type • Varying-sized hematite • Overlies bedrock mineralisation plates cemented by within mixed cemented detritals goethite infill • Upgradeability under investigation Polished sections from CSIRO (Australia) study into Roy Hill ore types & textures Roy Hill 1 Ore Textures 25
Hancock Prospecting Roy Hill 1 High Grade Microplaty Hematite in HQ (63.5mm) Core 26
Hancock Prospecting • Microplaty hematite with goethitic infill, hard, high lump ore. • 61.0% Fe, 1.29% SiO2, 0.99% Al2O3, 0.06% P, 9.57% LOI • Microplaty hematite with hematite infill, moderately hard, moderate lump ore. • 67.5% Fe, 1.09% SiO2, 0.46% Al2O3, 0.04% P, 1.40% LOI 200mm Wide Diameter Core Samples 27
Hancock Prospecting Roy Hill 1 Prefeasibility Surveys and Drilling ONGOING PROGRAM � Hydrogeological field-work completed during 2005, groundwater monitoring and modelling ongoing � Initial flora and fauna baseline surveys completed during 2005, reports prepared and ongoing environmental surveys in progress � Project referred to EPA and assessed as required PER � Aboriginal Heritage Agreement in place, surveys are completed prior to each drilling campaign and discussions commencing on Native Title Agreement in 2006 � Infill drilling, database compilation and resource modelling ongoing � Up-date market during 2006 as work progresses � Investigate infrastructure options 28
Hancock Prospecting Roy Hill 1 Mine Planning o MINE PLANNING TASKS, 2007 � Selectivity/Dilution and ore reserves estimation � Ore blending and mining schedule � Detailed pit design, overburden storage, and backfill options � Mining method and equipment selection � LOI’s 2007 � Investigate financing options 2007 29
Hancock Prospecting Roy Hill Rail Terrain 30
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