EQUATORIAL RESOURCES LIMITED - Investor Presentation 2012

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Africa’s Next Major Iron Company
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Developing Large Scale Iron Projects in the Republic of Congo

ASX: EQX

Africa Iron Ore Conference – June 2012

DISCLAIMER IMPORTANT NOTICE

needs of any recipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.

Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization 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. Mr Cooper consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

This document should be read in conjunction with any public announcements and reports (including financial reports and disclosure documents) released by Equatorial Resources Limited. This document has been prepared as a summary only, and does not contain all information about the Company’s assets and liabilities, financial position and performance, profits and losses, prospects and the rights and liabilities attaching to the Company’s securities.

• Exploration Targets: The estimates of exploration target sizes mentioned in this document should not be misunderstood or Resources and Ore Reserves. Mr Cooper consents to the inclusion in misconstrued as estimates of Mineral Resources. The estimates of the report of the matters based on his information in the form and exploration target sizes are conceptual in nature and there have been context in which it appears insufficient results received from drilling completed to date to estimate • The information in this report that relates to Metallurgical Test Results a Mineral Resource compliant with the JORC Code (2004) guidelines. is based on information compiled by Dr John Clout who is a Fellow of Furthermore, it is uncertain if further exploration will result in the the Australasian Institute of Mining and Metallurgy. Dr Clout is a determination of a Mineral Resource. consultant to Equatorial Resources Limited. Dr Clout has sufficient • 3D and 2D modelling of new aeromagnetic survey data over the exper ence, w i hi c h i s re evan l t t o e s y e o m nera th t l f i li sa ti on an d t ype o f* Company’s Mayoko‐ Moussondji iron project in the Republic of Congo ‐ Moussondji iron project in the Republic of Congo Moussondji iron project in the Republic of Congo deposit under consideration and to the activity, which he is has indicated a global exploration target estimate of between 2,300Mt undertaking to qualify as a Competent Person as defined in the 2004 to 3,900Mt. Of this, 1,800 to 3,000Mt represents primary itabirite and Edition of the ‘Australasian Code for Reporting of Exploration Results, 500Mt to 900Mt represents potentially enriched hematite cap Mineral Resources and Ore Reserves’. Dr Clout consents to the mineralisation above the primary bedrock itabirite iron mineralisation. inclusion in the report of the matters based on his information in the form and context in which it appears.

The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the Shares or that there will be an increase in the value of the Shares in the future.
Further details on risk factors associated with the Company’s operations and its securities are contained in the Company’s prospectus dated 1 September 2010 and subsequent announcements to the Australian Securities Exchange.
3D and 2D modelling of new aeromagnetic survey data over the Company’s Mayoko‐ Moussondji iron project in the Republic of Congo ‐ Moussondji iron project in the Republic of Congo Moussondji iron project in the Republic of Congo has indicated a global exploration target estimate of between 2,300Mt to 3,900Mt. Of this, 1,800 to 3,000Mt represents primary itabirite and 500Mt to 900Mt represents potentially enriched hematite cap mineralisation above the primary bedrock itabirite iron mineralisation. The enriched hematite cap mineralisation could potentially grade between 40% ‐ 65% Fe and the itabirite mineralisation from 30% ‐ 45% Fe.
Some of the statements contained in this release are forward‐looking statements. Forward looking statements include but are not limited to, statements concerning estimates of recoverable iron ore, expected iron ore prices, expected costs, statements relating to the continued advancement of the Company’s projects and other statements which are not historical facts. When used in this document, and on other published information of the Company, the words such as “aim” “could,” “estimate,” “expect,” “intend,” “may,” “potential,” “should,” and ‐
similar expressions are forward looking statements.
- The information in this report that relates to Exploration Results, other than Geophysical Exploration Results, is based on information compiled by Mr Sean Halpin, who is a member of the Australian Institute of Geoscientists. Mr Halpin is a full time employee of Equatorial Resources Limited. Mr Halpin 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’. Mr Halpin consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
3D and 2D modelling of new aeromagnetic survey data over the Company’s Badondo iron project in the Republic of Congo has indicated a global exploration target estimate of between 1,300Mt to 2,200Mt. Of this, 1,100Mt to 1,900Mt represents primary itabirite and 200Mt to 300Mt represents potentially enriched hematite cap mineralisation above the primary bedrock itabirite iron mineralisation. The enriched hematite cap mineralisation could potentially grade between 40% ‐ 65% Fe and the itabirite mineralisation from 30% ‐ 45% Fe.
Although the company believes that its expectations reflected in the forward‐looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward‐looking statements. Various factors could cause actual results to differ from these forward looking statements include the potential that the Company’s projects may experience technical, geological, metallurgical and mechanical problems, changes in product prices and other risks not anticipated by the Company or disclosed in the Company’s published material.

The information mentioned in this report that relates to Geophysical Exploration Results is based on information compiled by Mr Mathew Cooper (B.App.Sc (Geophysics) Hons.) of Resource Potentials Pty Ltd, who was engaged by Equatorial Resources Limited to provide geophysical consulting services. Mr Cooper is a member of The

The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or

UNLOCKING AFRICA’S IRON ORE RESOURCES

3.6 – 6.1 BILLION tonne Iron Exploration Target* across two 100% owned projects
Two large footprints in the Congo craton
Access to existing operational rail and port
Over A$85M in cash
Near term production potential at Mayoko-Moussondji
Massive regional potential at Badondo

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*Exploration Targets: The estimates of exploration target sizes mentioned above should not be misunderstood or misconstrued as estimates of Mineral Resources. The estimates of exploration target sizes are conceptual in nature and there have been insufficient results received from drilling completed to date to estimate a Mineral Resource compliant with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource. See page 2 for full disclaimer

GLOBAL IRON ORE DEMAND

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Source: Raw Materials Group

IF WORLD DEMAND DOUBLES BY 2030, WHERE COULD THE EXTRA PRODUCTION COME FROM?

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CENTRAL & WEST AFRICAN IRON ORE THE RACE TO PRODUCTION

Massive Scale
High Quality resources
Coarse Grained Ore Bodies
Low cost of production

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THE INFRASTRUCTURE REALITY

Currently only 4 producing iron ore mines amongst the many regional opportunities
N i d i i l i ew ron pro uct on s on y com ng on
stream where 2 conditions exist:
Ore bodies in close proximity to existing rail infrastructure; and
Presence of high grade, near surface iron

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BIENVENUE A BRAZZAVILLE!

STABLE “OIL COUNTRY” ACTIVELY GROWING ITS MINING SECTOR

Former French colony recently celebrated 50 years of independence
Oil majors including Total , Eni and Chevron operating uninterrupted for over 30 years and currently investing over US$2.5Bn per annum*
Real GDP Growth rate in 2010 of 9.1%**

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*Wood Mackenzie: Congo (Brazzaville) Country Overview July 2011, oil sector capital + operating expenditure forecasts 2011 – 2020 ** World Economic Outlook April 2011

MINING IN THE REPUBLIC OF CONGO

Congo Brazzaville now on the investor radar, attracting significant inward investment
Economic diversification away from dependence on oil
New mining code adopted in 2005
Favourable fiscal terms for miners
3% Royalty on Revenues
10% government participation on conversion to Mining Permit

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John Welborn, MD & CEO and Minister Pierre Oba, Minister of Mines ROC

MAYOKO-MOUSSONDJI IRON PROJECT

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WHAT WE HAVE ACHIEVED SO FAR… PROJECT DEVELOPMENT

23,809 metres of drilling

Airborne geophysics and data modelling

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Extensive bulk sampling and met test work

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Addition of 2 new iron permits

WHAT WE HAVE ACHIEVED SO FAR… SUPPORTING INFRASTRUCTURE

World class camp facilities

Major airstrip refurbishment

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On-site sample prep laboratory installed

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Road construction and upgrade program

WHAT WE HAVE ACHIEVED SO FAR… COMMUNITY & ENVIRONMENT

Employment of over 200 staff

Graduate training programs - geology & business

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ESIA Baseline & Scoping Work complete

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Major community development initiatives

EQUATORIAL & EXXARO


	EQUATORIAL	EXXARO
PROJECT	MAYOKO- MOUSSONDJI	MAYOKO- LEKOUMOU
Ownership	100%	92%
Magnetic strike – main prospect	12km	6.5km

Distance from rail	500m	2km
Exploration Target * – Total for project	2.3 – 3.9Bnt at 30-65% Fe	1.6 – 2.6Bnt at 30-65% Fe
Exploration Target * – Hematite only	500 – 900Mt at 40-65% Fe	300 – 500Mt at 40-65% Fe

Current JORC resource	Targeting Q3 2012	121Mt at 45% Fe incl. 44Mt at 55%
Exxaro Resources acquired African Iron and the Mayoko-Lekoumou Project, for ~A$350m in early 2012

EXPLORATION TARGET & AIRBORNE GEOPHYSICS

Airborne geophysics identified over 46km of magnetic anomalies on 5 prospects
2.3 - 3.9 BILLION TONNES ex loration p*
target of iron mineralisation (grade 30% - 65% Fe), of which:
500 to 900 MILLION TONNES* of enriched “hematite cap” potential estimated at a grade of 40% - 65% Fe
Main prospect “Makengui” is 12km long, up to 2km wide and lies 500m from the railway line

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DRILLING PROGRAM AIMED AT HEMATITE CAP

Geological model of enriched hematite caps overlaying extensive zones of magnetite BIF
O ngo ng i 70 , 000 m r d illi ng program arge t ti ng high grade DSO and pDSO hematite
3 drill rigs on site with 23,809m of RC and diamond drilling completed on 218 holes
DSO potential confirmed along 2.5km of strike with iron grades up to 61.7% Fe
Maiden Resource Estimate: Q3 2012

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GEOLOGICAL MODEL CONFIRMED

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METALLURGICAL TESTING PROGRAM

ORE TYPE TEST WORK PROGRESS DSO(Zone 1) Bulk samples and core Bulk samples collected, testing commenced	ORE TYPE TEST WORK PROGRESS DSO(Zone 1) Bulk samples and core Bulk samples collected, testing commenced	ORE TYPE TEST WORK PROGRESS DSO(Zone 1) Bulk samples and core Bulk samples collected, testing commenced
ORE TYPE	TEST WORK	PROGRESS
DSO(Zone 1)	Bulk samples and core	Bulk samples collected, testing commenced
pDSO(Zone 2)	Bulk samples and core	Bulk samples collected, testing commenced
Colluvium(Zone 3)	Bulk samples	Bulk samples collected, initial tests completed (Refer ASX Announcement dated 26 April 2012)

Magnetite BIF(Zone 4)	HQ core	Initial DTR tests completed (Refer ASX Announcement dated 24 April 2012)

FOCUS ON PREMIUM IRON PRODUCTS

Metallurgical test program being managed by leading industry expert Dr John Clout
R esu ts to ate are extreme y encourag ng an l d l i d demonstrate potential for high quality premium iron products
Promising metallurgical properties of Mayoko ore:
Hematite and magnetite ore minerals appear to be well liberated
Potential for simple, low cost beneficiation

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EXCELLENT DAVIS TUBE RECOVERY RESULTS

DTR testing carried out on samples of fresh Magnetite BIF from Makengui
High quality magnetite concentrate produced with a very high mass recovery (50%) and coarse grind size (63 microns)
DTR results superior to other regional and international magnetite projects
Results confirm the significant advantages and long term mine life potential of the Project

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COLLUVIAL IRON MINERALISATION

TEST WORK

Colluvial material (DSO and pDSO) deposited over time on hill sides
Samples collected from central part of Makengui Prospect for met testing
� Initial tests used wet screens and simple wet gravity separation
Final flow sheet represents a typical Pilbara desanding plant circuit

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COLLUVIAL IRON MINERALISATION

Summary bulk sample testing results

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RAILWAY ACCESS AND DEVELOPMENT

Equatorial has a current agreement with rail authority (CFCO) allowing access to the railway line
Framework in place for 25 year User Agreement

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Rail Engineering & Investment Study completed by R&H Railway Consultants for the operating parameters of a 5mtpa project
Railway Funding Agreement (MOU) signed with CFCO in October 2011:
Parties will co-operate to complete a rail DFS
CFCO to treat Equatorial’s upfront capex for refurbishment of rail line as a prepayment against future rail charges

PORT OF POINTE-NOIRE ACCESS AND DEVELOPMENT

One of the largest ports in Central
& West Africa
Agreement signed with PAPN to cooperate on studies on the infrastructure required to export iron ore from the existing port
Developing options at both Pointe-Indienne and the existing port of Pointe-Noire

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EXISTING PORT OF POINTE-NOIRE

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PROPOSED PORT AT POINTE-INDIENNE

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THE RACE TO PRODUCTION

Near term DSO production potential using existing rail and port infrastructure
Maiden resource expected Q3 2012
Feasibility studies progressing
Strong rationale for regional cooperation

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COMMUNITY AND THE ENVIRONMENT

� Environment

Mayoko ESIA terms of reference completed by SRK and Genivar and submitted to government in early 2012
Permanent consultants on site at Ma oko and Badondo y

� Employment

Over 200 staff employed
Graduate training programs for geology and business administration

� Community

Water purification, medical supplies, educational materials
Congo Mining Community Foundation being set up

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BADONDO IRON PROJECT

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REGIONAL PROJECT POTENTIAL

PROJECT COMPANY INFERRED & INDICATED RESOURCE OTHER INFORMATION Mbalam 521Mt@ 61% Fe Takeover by Hanlong Mining for A$1.7 Billion	PROJECT COMPANY INFERRED & INDICATED RESOURCE OTHER INFORMATION Mbalam 521Mt@ 61% Fe Takeover by Hanlong Mining for A$1.7 Billion	PROJECT COMPANY INFERRED & INDICATED RESOURCE OTHER INFORMATION Mbalam 521Mt@ 61% Fe Takeover by Hanlong Mining for A$1.7 Billion	PROJECT COMPANY INFERRED & INDICATED RESOURCE OTHER INFORMATION Mbalam 521Mt@ 61% Fe Takeover by Hanlong Mining for A$1.7 Billion
PROJECT	COMPANY	INFERRED & INDICATED RESOURCE	OTHER INFORMATION
Mbalam		521Mt@ 61% Fe	Takeover by Hanlong Mining for A$1.7 Billion

Avima		580Mt@ 60% Fe	Strategic investment by Glencore and Severstal
Badondo		Drill program commencing	Exploration Target* of 1,300 – 2,200Mt @ 30-65% Fe

Belinga		566Mt@ 62% Fe**	Media speculation of involvement from BHP Billiton

* Exploration Targets: The estimates of exploration target sizes mentioned above should not be misunderstood or misconstrued as estimates of Mineral Resources. The estimates of exploration target sizes are conceptual in nature and there have been insufficient results received from drilling completed to date to estimate a Mineral Resource compliant with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource. See page 2 for full disclaimer

* * Non-JORC Compliant – Marelle 1970, Source: Porter Geoscience

IRON MOUNTAINS OF THE NORTHERN CONGO

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EXPLORATION TO DATE

Historical field reconnaissance by BRGM lead to the discovery of the Badondo deposit
Airborne geophysics program over entire project area
Over 22km of prospective iron strike identified within three distinct target prospects:
Badondo Prospect: 9km strike
Belinga North Prospect: 8km strike
Belinga North Extension Prospect: 5km strike
Exploration Target * modeled at 1.3 – 2.2Bnt at 30 – 65% Fe

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DRILL PROGRAM COMMENCING

� Strategy: Low cost, highly efficient scout drill program completed within short time frame

Diamond drill rig currently being mobilised to site
Initial results expected H2 2012

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MANAGEMENT TEAM

Ian Middlemas Chairman

John Welborn Mana in g g Director & CEO Mark Pearce Non Executive Director Peter Woodman Non Executive Director

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Henri De
Andrew Steers
Dinechin
Chief Financial
Country Manager,
Officer
ROC
Ian Cooper
Hugo Schumann Exploration
Executive – Head Manager,
of Business Mayoko-
Development Moussondji
Kate Harcourt
Sean Halpin Environmental
GM Geology Consultant
Phil Welten
Florent Deckous
Engineering
Government
Consultant
Relations & New
Projects
John Clout
Metallurgical
Consultant
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CAPITAL STRUCTURE

	*CAPITAL STRUCTURE*	*CAPITAL STRUCTURE*	*CAPITAL STRUCTURE*
	EQUATORIAL RESOURCES LTD(ASX: EQX) As at5 June 2012 Current Issued Capital 117.2 million shares Fully Diluted 130.7 million shares Market Capitalisation (Undiluted @ A$2.01) A$235.6 million
	Current Issued Capital	117.2 million shares
	Fully Diluted	130.7 million shares
	Market Capitalisation (Undiluted @ A$2.01)	A$235.6 million
	Cash	A$85.0 million

	Top 20 Shareholders:	79.6%
		16.1%

		10.2%
		6.7%
	Directors & Associates	10.7%

THE EQUATORIAL ADVANTAGE

Access to Existing Infrastructure
Massive Scale of Projects
High Quality Product Potential
Well Funded
Rapid Development Progress

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ASX: EQX
www.equatorialresources.com.au
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AUSTRALIA:

Level 2, BGC Centre 28 The Esplanade Perth WA 6000 Australia Tel : +61 8 9466 5030 Fax : +61 8 9466 5029

REPUBLIC OF CONGO:

03 Avenue de Loango, 2eme. Etage, Ndjindji, Arrondissement 1 EP Lumumba, Pointe-Noire Republicof Congo

UNITED KINGDOM:

6[th] Floor, 56 Haymarket London SW1Y 4RN United Kingdom Tel : +44 203 463 9751 Fax : +44 207 930 1077

AI assistant

EQUATORIAL RESOURCES LIMITED — Investor Presentation 2012

64870_rns_2012-06-06_c48d86d8-0665-492c-95ad-98ed6525d3f2.pdf

DISCLAIMER IMPORTANT NOTICE

UNLOCKING AFRICA’S IRON ORE RESOURCES

GLOBAL IRON ORE DEMAND

IF WORLD DEMAND DOUBLES BY 2030, WHERE COULD THE EXTRA PRODUCTION COME FROM?

CENTRAL & WEST AFRICAN IRON ORE THE RACE TO PRODUCTION

THE INFRASTRUCTURE REALITY

BIENVENUE A BRAZZAVILLE!

STABLE “OIL COUNTRY” ACTIVELY GROWING ITS MINING SECTOR

MINING IN THE REPUBLIC OF CONGO

MAYOKO-MOUSSONDJI IRON PROJECT

WHAT WE HAVE ACHIEVED SO FAR… PROJECT DEVELOPMENT

WHAT WE HAVE ACHIEVED SO FAR… SUPPORTING INFRASTRUCTURE

WHAT WE HAVE ACHIEVED SO FAR… COMMUNITY & ENVIRONMENT

EQUATORIAL & EXXARO

EXPLORATION TARGET & AIRBORNE GEOPHYSICS

DRILLING PROGRAM AIMED AT HEMATITE CAP

GEOLOGICAL MODEL CONFIRMED

METALLURGICAL TESTING PROGRAM

FOCUS ON PREMIUM IRON PRODUCTS

EXCELLENT DAVIS TUBE RECOVERY RESULTS

COLLUVIAL IRON MINERALISATION

TEST WORK

COLLUVIAL IRON MINERALISATION

Summary bulk sample testing results

RAILWAY ACCESS AND DEVELOPMENT

PORT OF POINTE-NOIRE ACCESS AND DEVELOPMENT

EXISTING PORT OF POINTE-NOIRE

PROPOSED PORT AT POINTE-INDIENNE

THE RACE TO PRODUCTION

COMMUNITY AND THE ENVIRONMENT

� Environment

� Employment

� Community

BADONDO IRON PROJECT

REGIONAL PROJECT POTENTIAL

IRON MOUNTAINS OF THE NORTHERN CONGO

EXPLORATION TO DATE

DRILL PROGRAM COMMENCING

MANAGEMENT TEAM

CAPITAL STRUCTURE

THE EQUATORIAL ADVANTAGE

AUSTRALIA:

REPUBLIC OF CONGO:

UNITED KINGDOM:

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EQUATORIAL RESOURCES LIMITED Investor Presentation 2012