AUSQUEST LIMITED — AGM Information 2008

Nov 17, 2008

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AusQuest Annual General Meeting November 2008

Managing Director Presentation

What Strategic Alliance means for AQD

• A well cashed-up junior (~$30M)

• Minimal capital dilution for shareholders (40c shares)

• Aggressive exploration in 2009 at our large scale – high potential projects

• Actively looking for new opportunities

• Support & back-up from major mining house

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AusQuest Projects
Skillion Hill Mn
Skillion Hill Mn
Rocklea Fe
Rocklea Fe
Table Hill Mn, Ni
Table Hill Mn, Ni
Tom Price South Fe Diamantina Cu-Au
Tom Price South Fe Diamantina Cu-Au
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Table Hill - Manganese

• Drilling in 2008 limited to one target (11 holes in 2008)

• High Mn grades confirmed at the MN1 prospect

• Controls on manganese better understood – (structure, stratigraphy, clay alteration)

• Numerous regional targets to test – (Mn Province?)

• Clearance, access, AEM, ground EM - 2008/09

• Drilling 5 to 10 targets - 2009

Table Hill – MN1 prospect

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Manganese mineralisation • Strike up to 2 km • Width up to 300 m • Depth ~300m

Table Hill – Manganese (+Ni) Targets

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Skillion Hill - Manganese

• Drill ready target areas

• High surface manganese grades (up to 55%Mn)

• Stratigraphic and structural controls on Mn

• Tenement grant expected late 2008/early 2009

• VTEM survey (2008), sampling & drilling (2009)

Skillion Hill - Manganese Prospects

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Diamantina Copper - Gold

• First holes drilled into two +20km² magnetic/gravity targets – early days

• Extensive Iron Oxide intrusive systems intersected at depth (+900m)

• Highly unusual rocks – metal source for IOCGs?

• Up to 8 targets defined by magnetic/gravity surveys

• Deep penetrating geophysics (MT/IP) trial – 2008

• Geophysics and target drilling - 2009

Diamantina Cu-Au Prospects

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Machattie
Mulligan Machattie
Drill-hole
Targets
Major Structure
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Diamantina Drill-core

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Magnetite
Machattie Core
Pyroxene
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Strong carbonate veining
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Diamantina Drill Core
Mulligan Core
Mt – Px Amphibole rock
Sulphide
Granite Dyke
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Diamantina IOCG schematic model ?

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Diamantina
Machattie ?
Mt-Px rock
An intrusion-related
origin for Cu-Au in
Diamantina
IOCG provinces
Mulligan ?
Schematic model after P J
Magma Mixing Pollard, James Cook
University
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• Iron Ore Exploration– Pilbara WA Rocklea Channel Iron (40km west Tom Price)

  • *Inferred Resource 38Mt @ 53.2%Fe (60%Fe Calcined)

  • *Exploration Target up to 23Mt @ similar grades

  • Potential for extensions and DSO tonnages

• Infill & step-out drilling, scoping study - 2009

• Tom Price South Channel Iron (7km south Tom Price Mine)

  • High surface Fe grades (54%-60%Fe)

  • • Channel 4 to 5km long and up to 500m wide

  • • Initial drilling planned for late 2008

* Resources as reported to the ASX on August 13, 2008.

Rocklea CID Resources

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• Resources as reported to the ASX on August 13, 2008.

Tom Price South CID Prospect

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Nameless - Marra Mamba Iron Drilling

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Exploration Program - Key Projects 2009

• Table Hill Manganese (+nickel)

• Complete AEM coverage, ground EM & sampling to optimise drill sites - drill 5 to 10 targets in 2009

• Skillion Hill Manganese

• AEM coverage over key area, ground EM & sampling to optimise drill sites – drill best targets in 2009

• Diamantina Copper-Gold

• Trial deep electrical geophysics at Machattie, survey key anomalies, drill best targets in 2009/2010

Exploration Program - Key Projects 2009

• Pilbara Iron Ore Prospects

• Resource drilling, scoping study at Rocklea CID

• Drill test CID potential at Tom Price South

• Reconnaissance drilling for CID near Paraburdoo

• Drill test Marra Mamba potential at Nameless

• Nickel, Gold

• Target drilling at Beasley, Bellary and Savory prospects

• Initial exploration at Dundas to define Au targets for drilling

New Opportunities - 2009

• Bear Market conditions expected to present numerous opportunities for cashed-up companies

• Company well placed to actively evaluate new opportunities

• Target advanced exploration projects with large size potential

• Focus on major commodities (Mn, Fe, Cu, Zn, Ni, Au) preferably in Australia but also off-shore

• Time frame – 6 to 12 months