ASF GROUP LIMITED — Investor Presentation 2009

Nov 29, 2009

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Canning Basin Ellendale South Coal Project Update

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Project Location Map

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South Ellendale Tenements

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Granted Green Application Blue

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Tenement Register November 09

	Western Australia Tenements	Western Australia Tenements	Western Australia Tenements	Western Australia Tenements	Western Australia Tenements
		T enement Number	Tenement Name	T Si enement ze (Square Km)	Current Status
	1	E04 /1428	GUM BORE	114	Granted
	2	E04 /1433	ANETTE BORE	114	Granted
	3	E04 /1434	BOYD CREEK	3	Granted
	4	E04/1435	MERILEE BORE	114	Granted
	5	E04/1436	LUCKY BORE	114	Granted
	6	E/	UARTZRIDGEBORE		Gd
		041512	Q	114	rante
	7	E04/1670	BOUNDARY BORE	290	Granted
	8	E04/1774	MOUNT HARDMAN	228	Granted
	9	ELA04/1886	NIPPER CREEK	114	Pending
	10	ELA04/1887	VERITY BORE	687	Pending

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Fitzroy Trough Stratigraphy

	Early Triassic				Blina Shale	Blina Shale	Grey and brown siltstone and sandy shale.
	Late Permian				Hardman Formation		Mudstone, fine sandstone, cross-bedded.
							C l i d oa ntersecte .
		Liveringa Group			Condren Sandstone		Medium to coarse sandstones, cross- bedded, poorly sorted, minor coal
	Early to Late Permian			Lightjack Formation FOCUS OF ASFR COAL EXPLORATION			Lower shale and siltstone, middle and upper fine cross-bedded sandstone. Coal intersected in middle and upper .
	Early Permian			Noonkanbah Formation			Interbedded mudstone, shale, fine grained sandstone. Minor coal intersections
	Early Permian			Sandstone			Micaeceous silty sandstone, cross-bedded, ripple marked. Minor coal intersected.
	Late Carboniferous to	Grant Group					Poorly sorted silty and conglomeratic
	Early Permian						sandstone, siltstone, shale. Minor coal intersected.

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Target ‐Lightjack Formation

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The Canning Basin has been the focus for petroleum exploration for many years with the main exploration tool being i i se sm c surveys

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Seismic Survey Lines

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Typical Seismic Section

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PLANNED DRILLING PROGRAM AND CONTOURED “DEPTH TO COAL” HORIZONS INTERPRETED FROM SEISMIC DATA

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Coal intersection from ASF Resources 2009 Drilling

	HOLE(ARCMR)	DEPTH FROM(meters)	DEPTH TO(meters)	THICKNESS OF COAL
	17	60	62	1‐1.5m
	5	120	121	0.25m
	6	186	186	Trace
	7	26	26	T
				race
	9	31	31	Trace
	14	87	87	Trace
	15	21	21	Trace
	19	46	46	Trace
	29	148	149	1m(coal + shaleycoal)

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2009 Completed Drill Holes

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Summary Of 2009 Drilling Program

• Historical seismic data interpreted to define “depth to coal”.

• 31 Mud Rotary drill holes completed – much less than projected.

• Average depth of drilling – 191 metres.

• Sub bituminous coal mineralisation intersected in 9 drill holes.

• 30 drill holes surveyed using gamma, density, resistivity, caliper and sonic geophysical probes.

• .

• All drill sites and access tracks rehabilitated as per DMP guidelines

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Typical Geology/Geophysical Cross Section

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3D View Of Drill Program

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2009 Drill ble ing Program Timeta

• Due to the Kimberley Land Councils (KLC) work program the heritage clearance survey was delayed until August .

• Four Aboriginal groups had to be brought to the project area from various locations in the Kimberley Region by the KLC .

• u ust 09 and concluded November 09.

• Drilling program commenced A g

• The original drilling company chosen operated too slowly and we had to change drilli t id ng eams m program.

• The original drill rig was not able to traverse some of the sandy tracks and required bulldozer support resulting in several delays

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Looking Ahead 2010

• Follow up of coal intersection from 2009 drilling to commence in April/May 2010.

• Two new tenements granted to south of current granted tenements with seismic processed “depth to coal” completed: investigations to commence in April/May 2010.

• Two new tenement applications (Nipper Creek and Verity Bore) to the south east

• of current granted tenements encompass 57 strike kilometres of the untested Noonkanbah / Lightjack contact.

• Historical drilling within Verity Bore tenement indicates presence of coal mineralisation.

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