EASTERN RESOURCES LIMITED — Investor Presentation 2011

Jun 22, 2011

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Resources Roadshow

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June 2011
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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 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.

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.

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 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 the matters based on his information in the form and context in which it appears.

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Eastern Iron Corporate Summary

Board and Management

• Directors:

• •Glenn Goodacre (Chair), Greg De Ross (Managing Director)

• •Greg Jones (PTS), Steve Gemmell, Wendy Corbett, Ivo Polovineo (Non Executive Directors).

• Capital Structure

• 65.3 million shares

• market capitalization $11.5 million

• $3.6 million cash

• PlatSearch NL major shareholder (48.2%)

• Major Projects

• Central Queensland iron Project (Hawkwood, Eulogie)

• NSW Iron Pisolite JV

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• June 10

2010-11 A YEAR OF ACHIEVMENT

• •Airborne magnetic survey at Hawkwood

• Sept 10

• •Hawkwood preliminary drilling

• October 10

• 3E JV – NSW Iron pisolite project

• •Acquired Eulogie Project

• November 10

• Hawkwood preliminary metallurgical testwork

• Jan 11

• Completed Eulogie Sale Agreement

• March 11

• •Initiated Eulogie concept development study

• April 11

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• •Updated resource potential for Hawkwood and Eulogie

• June 11

• Commenced resource drilling at Eulogie

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NSW Pisolite Iron JV

• Innovative approach to converting the large resource of low grade iron pisolites in western NSW into marketable iron ore feed.

•Exploration of less than 10% of the potential target areas identified from geophysics yielded a resource of 650Mt

• •Product easily mined from shallow free dig material

• •Iron product low in Fe and high in deleterious elements

•JV: 3E Steel committed $1.9M to upgrading the product to market specifications.

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CENTRAL QUEENSLAND IRON PROJECT

A unique juxtaposition of large iron resources in an area of established infrastructure

• Hawkwood project

• (EFE earning 80%)

• Eulogie Project (EFE 100%) • Auburn exploration permit (EFE 100%)

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AUBURN
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Hawkwood Project

• Eastern Iron earning 80%

 Expenditure to date around $700,000 including:

• High resolution airborne magnetic survey

• Ground magnetics

• 19 hole 1848m RC drilling program (2010)

• Diamond drilling (2011)

• Metallurgical testwork (2010) • Cooperative study into transport options study for the North Burnett Region (2011)

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Hawkwood

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• Layered gabbroic igneous complex with magnetite “ferrigabbro” layers

• Little previous exploration

• Poor outcrop

• •12km magnetic anomaly (mineralised zone)

• +500Mt exploration target resource

Hawkwood Drilling

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• •12 km zone of mineralisation

• •Multiple layers of magnetite bearing ferrigabbro up to 100m thick • Suitable for low strip open cut

• mining.

	Metallurgical Testwork Davis Tube results indicate a high grade iron concentrate with low impurities 80% of TiO2 goes to tail with potential for ilmenite by product Fe% V2O5% TiO2 SiO2 Al2O3% P% S% DTR% 66.6 0.67 2.2 1.8 1.7 <.001 0.14 17

Hawkwood – Premium Iron Product

	**Fe % **	Al203%	Si02%	Ti02%	V205%	P%		DTR
Hawkwood	66	1.7	1.8	2.2	0.735	0.001	75 um	17%
Karara (GBG)	68.2	0.1	4.75			0.01	-30 um	40%
Ridley (AGO)	68.3	0.03	4.3			0.01	-20 um	37%
Balla Balla (AGO)	57	1.2	2.3	14.3	0.8		106 um	65%
Hawsons (CAP)	69		3			0.005	30 um	17%
Pilbara (Rio)	62.2	2.1	3.6			0.1		NA
Fortescue reserve	58.8	2.4	4.2			.06		NA

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Eulogie Project

• Magnetite bearing ferrigabbro • Expln target tonnage 500Mt1000Mt

• Located 80km from Gladstone

• Resource drilling underway

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Eulogie: Concept Study Resource drilling (May – June 2011) 3500m RC drilling to identify JORC 100-200Mt magnetite ore. Hellman & Schofield resource consultants Transport Study (June 2011) Identify preferred ore transport options Met. Study; METS (WA) (June 2011) Preliminary process design and product specs Mining study – (July 2011) Marketing Study – (August 2011) Concept Study – (September 2011)

Eulogie and Hawkwood Projects Local infrastructure supports rapid potential development

Eulogie:

•Two rail options – inc road transport to Blackwater line (North) or Moura line (south) – total 190km to Gladstone

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•Gladstone Port access to cape size wharfs with existing and planned expansions.

•Possible low (operating) cost slurry pipeline option (80km).

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Hawkwood:

• •Close to Maryborough line (needs upgrading)

•Joint Study with Qld Govt into regional transport options

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Gladstone Port: • Aust’s 3[rd] largest coal export port • Capesize berths • Planned expansions

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Central Queensland Iron Project – Development Strategy

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• •Two resource areas – Eulogie and Hawkwood total resource potential 1-2Bt.

•Eulogie first development due to proximity to established infrastructure and potentially lowest cost

•Intention to progress Eulogie to DFS in 2012 inc. pre committing to environmental base line studies and port access to accelerate development timetable.

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Eastern Iron - Summary

Central Queensland Iron Project (Hawkwood, Eulogie)

• Large potential iron resources in an area of established

• infrastructure.

• Close to Gladstone - major export port and potentially

• Australia’s largest industrial city.

• High quality magnetite iron product

• Potential for titanium by product.

• Eulogie located 80km trucking distance from Gladstone.

• Concept study due for completion in Sept quarter, inc

• Metallurgical study – July

• Transport Options study – July

• Resource estimate – August

• Marketing Study - September

• Study results – Sept quarter.

• Ongoing beneficiation testwork for NSW Pisolite iron

• project.

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Suite 3, Level 1, 80 Chandos Street St Leonards,2065, Australia PO Box 956, Crows Nest,1585 Ph: 02 9906 7551 Fax: 02 9906 5233 www.easterniron.com.au

Thankyou Questions?

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