HAWSONS IRON LTD — Investor Presentation 2009

Oct 28, 2009

ASX ANNOUNCEMENT

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28 October 2009

ASX Limited 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

Re: Executive Chairman’s Presentation to Mining 2009 in Brisbane October 2009

Following please find investor presentation made 28 October 2009.

Should you have any questions regarding this announcement please contact me.

Yours sincerely,

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Chris J Powell Company Secretary

55 Little Edward Street, Ground Level, Boundary Court, Spring Hill, Queensland 4000 PO Box 1019 Spring Hill QLD 4004 Phone: + 61 7 3161 3801 Fax: + 61 7 3161 3786 e-mail: info@capex.net.au Website: www.carpentariaex.com.au

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Carpentaria Exploration Limited

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CARPENTARIA EXPLORATION LIMITED Portfolio as of Oct’ 2009

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Carpentaria’s Aim:

• Discover through exploration or acquisition, a profitable mine to develop a cash flow to further grow the company by additional discovery

Thermal Coal Galilee Basin (Terms Sheet signed)

Copper / Gold Cloncurry District

Copper / Gold / NIckel / Nickel Lachlan Fold Belt

Strategy :

• Explore economically, leveraging success through rapid turnover of quality projects in areas that are known to be mineralized in NSW and Qld

Tin / Tantalum Copper / Gold Broken Hill District

Iron (New Discovery) Broken Hill District

CARPENTARIA EXPLORATION LIMITED The Team

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Charlie Foster - Tech’ Services Supplier Global geotechnical experience Doug Brewster – Exploration Manager Global geological experience

John Donohue – Senior Geophysicist Global geophysical experience

Nick Sheard – Exec’ Chairman Global exploration experience

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Quentin Hill – Senior Geologist

HUGHENDEN COAL Applications and Basin Extents

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Applications

• 7500 sq kms

• Coal delineated in water bores

Infrastructure

• Townsville – Mt Isa Railway

• Sealed Flinders Highway

Geology

• Northern margin of Galilee Basin

• � Galilee plunges regionally to south

Opportunity

• Large open cut export quality thermal coal

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Galilee Basin
Linc
Indicated Inferred
161.4 Mt 78.3Mt
Hancock
2.6 Bt, in measured,
indicated and inferred
resources
Waratah
Eromanga Basin 4.3 Bt Inferred
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LACHLAN FOLD BELT PROJECT Gold, Copper, Nickel Potential

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Project area covers

• Prospective Macquarie Arc host rocks

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(c.f. : Cadia, North Parkes – Cu, Au)

• �Mineralised Gilmore Suture

(e.g. :Cowal, Gidginbung - Au)

Glen Isla (Gold)

Latest drilling

• 6m @ 1.91 g/t Au from 4 m

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Combaning / Dirnaseer (Gold Copper Nickel)

Rock Chips

• 21.3 g/t Au, and 6.13 g/t Au

LACHLAN FOLD BELT PROJECT Gold, Copper, Nickel

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New Application - Dirnaseer Target style examples :

• Cadia, Caloma – gold

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• Voisey’s Bay - nickel

Mother Shipton (30,000 oz production) Past drilling – 8m @ 2.17g/t Au incl. - 4m @ 3.95g/t Au from 2m CAP Rock Chips – 6.13 g/t Au

Hibernia CAP Rock Chips incl. 21.30 g/t Au & 4.47 g/t Au

BROKEN HILL PROJECTS

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Euriowie (JV)

• ore grade tantalum (1480 ppm Ta)

• and tin, elevated copper, nickel

Panama Hat (JV)

• e.g. 30.0g/t Au, 19.0g/t Au

• and 3.68 g/t at the William’s Prospect

Hawsons Project

• significant magnetite discovery

Exploration Target[1 ]

2.5 – 4.5 Billion Tonnes

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EURIOWIE PROJECT October Field Results

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• coarse tin as cassiterite (SnO2)

• in extensive pegmatite dyke

• �1.4 km x to 7 m

• not drill tested

• potential as direct tin concentrate feed

• additional pegmatite systems to test

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coarse cassiterite

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HAWSONS IRON PROJECT

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LOCATION :

� Close to infrastructure

• Broken Hill – 60 kms

• mining culture

• – work force

• supply base

• airport - daily services

� 30 km to rail line

• East – West major rail link – east to NSW ports

• – west to Port Pirie

• 30 km to Barrier Highway – 500 km to Adelaide

• 30km to NSW power grid

• 2 Exploration Licences

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SA NSW
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VIC
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HAWSONS IRON PROJECT Airborne Magnetics

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Scale of project in comparison to the size of Broken Hill city area

Image Legend

T Core Fold Wonga South L’

� Red to White : High magnetic intensity Suggesting magnetite units CAP Holes Previous drilling : CRAE Placer

HAWSONS IRON PROJECT Processed Airborne Magnetics / Drilling

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RTP – Tilt Magnetics � highlights magnetic units Drill Holes

Unit 3

RC Drilling July 09

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HAWSONS IRON PROJECT Drilling Results - July 2009

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Results :

• Magnetite siltstone dip 45 degs to SW

• Thick units encountered (+ 130 m true width)

• Open at depth

• Excellent concentrate

• Low deleterious elements

• Significant strike length 2300m (from magnetic data)

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HAWSONS IRON PROJECT Davis Tube Results

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Drill Hole	From (m)	To (m)	Interval (m)	DTR%	DTRG Fe%
RC09BRP01	160	198	38	18.2	70.6
Incl.	194	198	4	24.7	70.6
RC09BRP02	99	214(EOH)	115	18.0	69.8
Incl.	163	177	14	21.9	69.7
	183	196	13	20.3	70.1
RC09BRP03	105	130	25	18.1	70.6

Good concentrate grades

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Low deleterious elements

%Fe %SiO %Al O %TiO %V %P %S 2 2 3 2 70.1 2.4 0.18 0.04 0.023 0.004 0.002

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HAWSONS IRON PROJECT Field Views

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The Camp

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Outcrop

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HAWSONS IRON PROJECT Exploration Targets[1 ] – Unit 3

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Carpentaria Exploration Target[1] Estimate

200 - 220 million tonnes at 18 – 19% DTR with a DTRG of 69 - 71% Fe to 250m

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Assumptions for target [1] - Unit 3
Unit 3
Magnetic True Oxidation Vertical DTR DTR Specific
Dip Tonnage
strike thickness base depth depth concentrate Concentrate Gravity
(deg) Range(Mt)
length (m) (m) (m) extent (m) (Wt%) Fe% - Grade g/cc
2300 130 -140 80 45 250 18-19% 69.0-71.0% 3.1 – 3.3 200 - 220
1 The potential quantity and grade of the exploration targets is conceptual in nature and there
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HAWSONS IRON PROJECT Regional Magnetite Targets

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Independent Exploration Target[1] Estimate

2.5 to 4.5 billion tonnes

at 18 % magnetite DTR with concentrate grade of 69 -71% Fe, to a depth of 250 m over an estimated strike length of 42.8 to 46.4 km As reported by : Hellman and Schofield Independent Experts

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T
Fold
Core
South Limb
Wonga
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HAWSONS IRON PROJECT Conceptual Pit Section Unit 3

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Mining Unit 3

• Efficient, simple, open cut

• Siltstone host

• 18 % DTR

• 2300m long

• Vertical depth 250m

• Strip ratio 1.6 :1

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HAWSONS IRON PROJECT Future Work

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� Detailed magnetics to assist modeling

• Drilling other targets

• higher grade

• thickness

• Resource Drilling

Estimate :

• 12,000m of drilling to define large resource

• 6 months

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HAWSONS IRON PROJECT Key Points

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• New magnetite discovery in Western NSW

� Estimate Exploration Target[1] of 2.5 to 4.5 billion tonnes

� Additional magnetic targets not included in estimate

• Close to infrastructure

• Broken Hill / Work-force / Rail / Power

• Clean, high grade, pellet quality concentrate

• Conceptually mining at strip ratio of 1.6 : 1

• Low cost to evaluate potential and define resources

• 6 month time frame to prove up inferred resources

CARPENTARIA EXPLORATION LIMITED In Brief

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GROWTH THROUGH SUCCESS

• Major magnetite iron discovery at Hawsons in NSW

• Coal project terms sheet signed

• Quality gold projects nearing drill ready stage

• Early stage very encouraging tin / tantalum project – drill ready

• Rapidly turning over projects to maximise possibility of success

• Strong, flexible, geoscientific team providing good results

• Committed to exploration / mining

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CARPENTARIA EXPLORATION LIMITED Competent persons statement and explanatory note

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The information in this presentation that relates to Exploration Results is based on information compiled by S.N.Sheard, who is a Member of the Australian Institute of Geoscientists and has had 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'. S.N.Sheard is an employee of Carpentaria and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The data in this report that relates to Exploration Targets for the Hawsons Project is based on information evaluated by Mr Simon Tear and Mr Arnold van der Heyden who are Members of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who have sufficient experience 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 (the “JORC Code”). Mr Tear and Mr van der Heyden are full-time employees of Hellman & Schofield Pty Ltd and they consent to the inclusion in the report of the Mineral Resources in the form and context in which they appear.

NOTES

1 The potential quantity and grade of the exploration targets is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration

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Carpentaria Exploration Limited

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