EASTERN RESOURCES LIMITED — AGM Information 2009

Nov 24, 2009

2009 Annual General Meeting

01

DISCLAIMER

This release may include forward-looking statements. These forward-looking statements are based on management’s expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Eastern Iron Limited, that could cause actual results to differ materially from such statements. Eastern Ion Limited makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release.

The information relating to the terms “iron ore”, “exploration target”, direct shipping ore”, “beneficiation” and “upgrade” should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2004) and therefore the terms have not been used in this context. It is uncertain if further exploration or feasibility study will result in the determination of a Mineral Resource or Mining Reserve.

This overview of Eastern Iron does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation and making any investment decision.

The information contained herein is general in nature and does not constitute financial product advice. If necessary, you should seek specific financial advice of your stockbroker prior to making any investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any investor.

JORC Statement

The information in this report that relates to mineral resources for Eastern Iron Limited is based on information compiled by Mr Arnold van der Heyden who is a Member of the Australian Institute of Mining and Metallurgy and a full time employee of Hellman & Schofield Pty Ltd. The data used to derive the mineral resource estimate was supplied by Eastern Iron Limited and compiled by Mr Peter Buckley who is a Member of the Australian Institute of Geoscientists and a full time employee of Eastern Iron Limited. Mr van der Heyden, and Mr Buckley have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as "Competent Persons" as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr van der Heyden and Mr Buckley consent to the inclusion in this Report of the information compiled by them in the form and context in which they appear

Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

� Eastern Iron - Snapshot

EXECUTIVE SUMMARY

• ASX Listed - 16 May 2008

• Major Shareholder - PlatSearch NL

• � Cash on hand - circa $3.0 Million

• 17 granted licences and a JV

� Cobar & Main Line Project

• Channel Iron Ore deposits and potential sinter blend pisolite

• � Main iron mineral is maghemite, a magnetic equivalent of hematite � ~50% Fe at the “mine gate”, studies show potential for further beneficiation � Road and rail links to existing port and loading infrastructure in Newcastle � Investigation (through JV) of downstream processing, pig iron or sinter blending…

� Project Evaluation / Acquisition

� Targeting iron and steel-related minerals, gold, copper/gold and various other commodities � Also evaluating precious metals on Eastern Iron Licence areas � Seeking more advanced projects that are potential cash generators…

ASX Code: EFE 26 March 2009 Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

• Defined a Resource of 627 million tonnes @ 10.7% Fe from scout drill tested areas above a 5% Fe cut-off. Resource has similar characteristics to existing iron sand mines and projects in New Zealand, PNG and South America.

• Resource represents scout drilling of between 5 and 10% of the originally identified iron-rich channel targets. A significantly larger exploration target tonnage remains untested.

• Test work on resource areas show potential to produce dry ex-mine products grading approximately 45-47% Fe, “magnet direct ore”. Wet processing of dry preconcentrates without grinding produces 50-55% Fe (at +75 and -200 micron size).

• � Completed work required to continue our JV agreement with Drysdale Resources to explore a major, prospective palaeochannel system, close to Cobar rail infrastructure.

• � Completed a preliminary concept study examinig potential for DSO shipment of dry pre-concentrates from the Cobar and Main Line projects.

• Continued to evaluate, and in some cases are negotiating to earn into, a number of exploration and development projects that have the possibility of adding value to Eastern Iron’s iron ore assets.

• The company has conducted all operations in environmental compliance, safely and without incident, providing a new commodity to the NSW mineral exploration industry.

• Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon

New Resource

Bimbella Iron Prospect & Gold Target BWRP05

8m @ 0.41 g/t Au (24-32 metres) 10m @ 0.42 g/t Au (44-54 metres) 6m @ 0.16 g/t Au (70-76 metres) 4m @ 0.14 g/t Au (116-120 metres) 8m @ 0.16 g/t Au (140-148 metres)

Yellow Streak Gold Mine Historic Production 293t @ 34.9 g/t

Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

New Resource

Belah Tank Prospect (Preliminary economic study)

Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon

Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon

Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon

Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon

Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon

Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon

Amphitheatre Prospect Only a small percentage of potential target kilometres have been drill tested

Google Sketch Up by:

Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

Voids representing dessication cracks

Red represents maghemite (Fe2O3)

Blue represents aluminosilicates (Al2SO3)

Green represents the quartz (SiO2), Occuring in both the “core” and “shell” NSW Mineral Exploration & Investment Conference 13 August 2009 (ASX Code: EFE) ASX Code: EFE 26 March 2009 Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon

Red represents maghemite (Fe2O3)

Green represents the quartz (SiO2),

Blue represents aluminosilicates (Al2SO3)

Small amounts of maghemite attract Contaminants into the magnetic product

Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

CONCEPTUAL OPERATION

• Excavators and/or loaders and trucks mining all material

• No Drilling or blasting, although some ripping may be required

• � Haulage to a relatively mobile separation plant

• On site loading of half-height shipping containers and road haulage to an existing rail side container loading facility at Hermidale

• Rail freight to an owner operated container storage and mobile ship loading facility at the Port of Newcastle

CONCLUSIONS

• Eastern Iron licences contain very large tonnages of iron. However, like ironsand projects, grades are low and the scale of mining large.

• Transportation costs are high, with rail costs only reduced by high capex large economies of scale

• Possibly economic at times of high spot prices. However, the low iron grade and presence of contaminant phases within dry pre-concentrate impacts product value and with these combined issues, there is no small, low cap-ex start-up option.

Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

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Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon

COBAR AND MAINLINE IRON PROJECTS

• Bulk tonnage iron, the metal of growth discovered in infrastructure rich NSW. However, direct shipping may only be possible in times of high spot Fe price (unlikely at current prices).

• Similar to Iron-sand projects currently in production, development or BFS. Similar Fe Grades to iron-sand in dry “Pre-Concentrate” (same mining rate).

• Alumina issue akin to Titanium issue in iron-sand (not a problem once molten). JV partner being sought to fund further beneficiation study, sintering / pyro-metallurgy test work (AusMelt etc) and marketing.

PROJECT EVALUATION / ACQUISITION / GENERATION…

• Targeting iron and steel making minerals, gold, copper/gold.

• � Also evaluating precious metals on Eastern Iron Licence areas.

• � More advanced projects, not grass roots.

Annual General Meeting 25 November 2009 (ASX Code: EFE)

…iron’s new horizon

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Annual General Meeting 25 November 2009 (ASX Code: EFE) …iron’s new horizon