EASTERN RESOURCES LIMITED — AGM Information 2010

Nov 22, 2010

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EASTERN IRON LIMITED
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ANNUAL GENERAL MEETING
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November 23, 2010
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ASX Code: EFE 26 March 2009

…iron’s new horizon

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Disclaimer
This release may include forward-looking statements. These forward-looking statements are based on
’
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. -
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 Iron 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.
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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 ex loration or feasibilit stud will result in the determination of a Mineral Resource or Minin Reserve.
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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
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,
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
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d ec s on. i i Thi s presentat on as een prepare i h b d w t i h out ta ki ng nto account t i h e nvestment o i bj ect ves, nanc a i fi i l
situation or particular needs of any investor.
Competent Persons Statement: The information in this report that relates to Exploration Results,
Mineral Resources or Ore Reserves is based on information compiled by Gregory J De Ross, BSc , who is a
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Fellow of the Australasian Institute of Mining and Metallurgy. Mr De Ross is Managing Director of and a full
time employee of Eastern Iron Limited and has sufficient experience which is relevant to the style of
mineralisation and type of deposit 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”. Gregory J De Ross consents to the inclusion in the report of
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

2010 – A YEAR OF ACHIEVEMENT

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�
January
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Joint Venture Agreement Hawkwood Project
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New board appointments; Greg De Ross - as Managing
Director, Steve Gemell – Non-Executive Director
�
A p ril – Ac q uired Auburn Pro j ect
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�
May – Hawkwood airborne magnetic survey completed
�
September
-
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3E Joint Venture for NSW Iron Project
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Platsearch tenement Swap Agreement
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�
O c o t b er – A i d E l i P t
cqu re u og e ro ec j
�
November
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shareholder approval for PlatSearch agreement
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Hawkwood preliminary metallurgical testwork completed
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

CENTRAL QUEENSLAND IRON PROJECT

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�
Hawkwood Iron-Vanadium magnetite JV (Eastern earning 80%)
�
Eulogie Iron-Vanadium magnetite project (Eastern 100%)
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�
Auburn Exploration Permit (Eastern Iron 100%)
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AUBURN
IRON EPM
2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)
…iron’s new horizon
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…iron’s new horizon

CENTRAL QUEENSLAND IRON PROJECT

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�
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deposits
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�
Deposits are similar – similar processing and
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mar e s t
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Significant advantages with available port, road
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and rail infrastructure, water, grid power and local
workforce.
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

CENTRAL QUEENSLAND IRON PROJECT (CQIP)

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�
CQIP - only major iron project on East coast
�
Other second tier iron/magnetite proposals in WA
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an d SA :
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Pilbara; require new port development and/or third
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par y access o t t o or escue ra t
infrastructure
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and rail development
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

Hawkwood Project

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�
E as ern can earn t 80% b y
completing a BFS and
spending a total of $4.3M
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�
Expenditure to date around
$350,000 including:
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High resolution airborne
magnetic survey
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Ground magnetic
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traversing
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19 hole 1848m RC
drillin ro ram
g p g
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Metallurgical testwork
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

Hawkwood – RC Drilling

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�
Thick layers of magnetite-bearing gabbro in layered
igneous complex
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20-25% contained ma netite ex loration tar et tonna e of
g p g g
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300-400Mt (this is not a resource and will need to be confirmed by further drilling)
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Hawkwood - Metallur ical Testwork g

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�
Davis Tube results indicate a high grade iron
concentrate with low impurities
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

Eulogie

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�
R ecen tl y acqu re i d 100% f rom
RMM Capital for $450,000 in EFE
shares.
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�
Magnetite-bearing ferrigabbro in
layered igneous complex identical
to Hawkwood.
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�
PFS completed by Theiss in 1986
for proposed Steel plant in
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a s one – t e ne a s or c t
resource.
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Ideall located 25km unformed
y
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roads to Burnett Highway and
25km to Moura – Gladstone rail
line.
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Potential for rapid low cost
development.
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

CQIP – The case for development

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–
Hawkwood : power, water, 45km road
to rail, 150km upgrade of existing rail
–
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Eulogie Gladstone

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67% Fe)
�
Karara WA Development
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–
8Mtpa, 85km spur line, upgrade to
250km existing line, 240km power
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Auburn Hawkwood 2010 AGM Presentation: 23 November 2010 (ASX Code: EFE) …iron’s new horizon

2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE) …iron’s new horizon

NSW Iron Project -3E Joint Venture

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�
JV between Eastern Iron and 3E Steel Pty Ltd (PlatSearch not a party
to the agreement) covers 13 of the 17 project tenements
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�
3E to spend a minimum $600,000 in first year on agreed program of
bulk sampling and metallurgical testwork
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3E can earn u to a 77.5% interest b sole fundin ex enditure to the
p y g p
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completion of a BFS into a mine development producing at least 2Mtpa
iron product
�
JV re uired Eastern Iron and PlatSearch to restructure their interests in
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the project tenements (Tenement Swap Agreement) - approved by
Eastern Iron shareholders at an EGM on the 3 [rd] of November
�
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venture between Eastern and PlatSearch
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

Eastern Iron – Snapshot

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�
Advanced projects in Iron, Coal and Gold both
nationally and internationally
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Develop promising Hawkwood Iron Project
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Seek round ositions for metallur ical coal in
g p g
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proven areas such as the Hunter and Bowen
Basins
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Seek acquisitions in other iron and gold projects
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon

Coal

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Basin – proven coal areas
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EFE Applications

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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)
…iron’s new horizon
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…iron’s new horizon
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Suite 3, Level 1, 80 Chandos Street
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St L eonar d s, 2065 , us ra A t li a
PO Box 956, Crows Nest,1585
Ph: 02 9906 7551 Fax: 02 9906 5233
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www.easterniron.com.au Q uestions ?
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2010 AGM Presentation: 23 November 2010 (ASX Code: EFE)

…iron’s new horizon