AUSQUEST LIMITED — Investor Presentation 2010

Oct 19, 2010

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MD Presentation West Africa October 2010

DISCLAIMERS

Forward-Looking Statements

This presentation contains forward looking statements concerning the projects owned by AusQuest Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates only. All such information and data is currently under review as part of AusQuest Limited’s ongoing development and feasibility studies. Accordingly, AusQuest Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the feasibility studies are completed.

Competent Person’s Statement

The information in this presentation that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Graeme Drew who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Drew is employed by AusQuest Limited and is the Company’s Managing Director. Mr Drew has sufficient experience which is relevant to the style of mineralisation and the type of deposits 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 Drew consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

JORC – Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

Currency

All dollar amounts shown in this presentation are in Australian dollars unless otherwise stated.

Capital Structure

• Listed securities

228m

• Unlisted Options

56m (incl 48m options to Cliffs @ 40c in May 2011, & 8m staff options)

• Major shareholders

Cliffs 30%, Passport Capital 6.5%, Hamersley 4.6%, C Ellis 4.7%

• Cash Position A$16.5M (Sept 2010)

West Africa Project – Burkina Faso

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West Africa Exploration Update

• First round of drilling completed (July) to rank initial targets

• 5 of the 8 gold targets (>1g/tAu) to be tested by further RC drilling (10,000m) commencing in late October

• Diamond drilling to start at Phaco Hill in late November.

• Large VTEM response at Phaco Hill where high grade Ag, Au, Zn, Pb intersected

• At least 5 massive sulphide targets located by the VTEM survey

• Magnetics provides structural controls for second round of drilling

Banfora Gold Prospects

• •Eight prospects tested by initial RC drilling (47holes/ 5800m)

• •Many kms of gold anomalies still to be tested

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Kangounadeni
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• •Bedrock gold (>1g/tAu) confirmed at each site drilled

• •Results highlight the Komoe area and Phaco Hill prospect

• •Large aluminous alteration

• •Gold and base metals

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Komoe
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• •High silver contents

• •Strong EM targets

• •Magnetics outlines key structures to guide future drilling

Komoe Gold Prospects

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Baboro Baboro
VTEM targets closely Key Structures associated
associated with gold soil with gold soil anomalies
anomalies evident in magnetic data
Siniko West Siniko West
Phaco Hill Phaco Hill
Siniko
Siniko
East
East
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Phaco Hill – Initial Drill Results

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Phaco Hill – A VMS System?
EM Model
EM Model
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Komoe – A Cluster of EM Targets

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• 6 EM targets located by VTEM survey

• Several EM targets associated with anomalous gold in soils

• Largest EM response coincides with the Phaco Hill Prospect

• Modelling indicates target 400m long – easterly plunge - large depth extent

• Target occurs along strike from narrow high grade Ag, Au, Zn, Pb intersection

• Strong EM response south of Phaco reflects graphitic shear(?) associated with gold anomaly

• Drilling of EM targets scheduled for December

Siniko Gold Prospects

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• Extensive surface gold anomalies >5km strike

• Limited initial drilling reported several gold intersections

• Magnetics defines NNE trending structures associated with gold prospects

• Second round drilling to be guided by gold and structure

• Cross cutting faults of particular interest

• RC drilling (4400m) planned to start in December

Baboro Gold Prospect

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• Extensive surface gold anomaly 2km x 1km in size

• Limited drilling completed to date

• Many narrow gold intercepts within broad (30m) low grade zones

• Gold occurs within mafic host rock

• Magnetics implies favourable structural setting - intersecting NE and NW structures

• Follow-up RC drilling (3200m) planned within current program

Kangounadeni - Structural Gold Targets

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West Africa – Estimated Drill Schedule

Exploration Program	Oct	Nov	Dec	Jan	Feb	Mar
RC Drilling:
Phaco Hill (1800m)
EM Targets (950m)
Siniko West (3600m)
Siniko Central (750m)
Baboro (3200m)
Diamond Drilling:
Phaco Hill (2000m)					?	?
EM Targets (1000m)