NEOMETALS LTD — Investor Presentation 2011

May 1, 2011

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INVESTOR PRESENTATION

MAY 2011

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Page 1

Important Notice

Disclaimer

This document has been prepared by Reed Resources Ltd (“Reed” or “the Company”) to provide an update of the Company to investors and potential new shareholders.

Any statements, opinions, projections, forecasts or other material contained in this document do not constitute any commitments, representations or warranties by Reed and associated entities or its directors, agents and employees. Except as required by law, and only to the extent so required, directors, agents and employees of Reed shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatsoever nature arising in any way out of, or in connection with, the information contained in the document.

This document includes certain statements, opinions, projections, forecasts and other material, which reflect various assumptions. The assumptions may or may not prove to be correct. Recipients of the document must make their own independent investigations, consideration and evaluation of the opportunity to invest in the Company. By accepting this document the recipient agrees that if it proceeds further with its investigations, consideration or evaluation of the opportunity to invest in the Company it shall make and rely solely upon its own investigations and inquiries and will not in any way rely upon the document.

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Outline

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Corporate Snapshot, Structure and Management Mt Marion Lithium Project Meekatharra Gold Project Barrambie Vanadium Project Summary

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Page 3

Reed Corporate Snapshot

Background

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• Reed Resources Ltd ( ASX: RDR ) is a WA-focused exploration and mining company, listed in 2002

• 3 main projects across gold, lithium and vanadium - proven strategy to acquire and develop undervalued assets across varying commodities

• Completed $40 million raising in February 2011 to fund the purchase and feasibility study of 2.5 Moz Meekatharra gold project in Murchison region of WA

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• Continuing to advance two world-class projects:

• » Mt Marion lithium (Reed 70%) - poised to be the world’s 2[nd] largest spodumene producer in 2012

• » Barrambie vanadium (Reed 100%) – project has the highest grade reserves in Australia and is forecast to produce +US$110 million EBITDA per year in operation

Market Capitalisation

Last price_(27-Apr-11)_	$	0.57
Shares on issue_(27-Apr-11)_* m		262.2
Market capitalisation	$m	149.5
Cash_(estimate end Apri_	$m	31.0
Debt_(due 30-Jun-11)_	$m	9.0
Enterprise value	$m	127.5

• RDR also has 20.5m unlisted executive options on issue (exercisable between $0.75 and $1.20)

12 Month Share Price

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$0.80 3.0m
$0.70 2.5m
$0.60
$0.50 2.0m
$0.40 1.5m
$0.30 1.0m
$0.20
$0.10 0.5m
$0.00 0.0m
Volume (RHS) Price (LHS)
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Reed Project Snapshot

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LITHIUM Mt Marion, 100% GOLD Meekatharra, 100% VANADIUM Barrambie, 100% Other Au, Fe, Ni Asset Stage Resource 10.5Mt @ 1.4% Li2O 2.5Moz (contained) 65.2Mt @ 0.82% V2O5 Under construction Care & maintenance Financing/Approvals JV Partners Mineral Resources Incorporated JV with MIN who are fully funding evaluation, construction and further exploration MIN earning 30% on completion of plant China Nonferrous Metal Industry (NFC) MOU with NFC for fixed price EPC and financing NFC are a Chinese-listed industrials company with a market cap of A$3.2bn Gold – care & maintenance Reed 100% Includes the high grade Comet Vale mine and 250ktpa Nimbus plant Iron ore (DSO) – exploration Reed 20% JV with Cliffs Natural Resources at Mt Finnerty Maiden JORC resource 4.7Mt @ 53.5% Fe Nickel – exploration Reed earning 60% JV with Barranco Resources at Mt Finnerty Prospective for massive nickel sulphide mineralisation Cost to Reed Production 0% December Qtr, 2011 200,000 tpa of +6% Li2O Mining approval granted (February 2011) Assessing downstream processing options $33 million (to DTM) Target late 2012 Target 120-150koz pa and 4-5 year production plan BFS underway Resource re-estimates, optimise reserves TBA Target 2014 US$110m EBITDA pa Fixed price EPC estimate from NFC due May 2011 NTA in place, PER lodged, EA by June Qtr 2011 Reed to fully fund and develop the project Near ready production with 3Mtpa mill and camp ($100m replacement cost) Assets may merge into wider gold play Total Funding $40 million (inc. BOO) 100% TBA	LITHIUM Mt Marion, 100%		GOLD Meekatharra, 100%		VANADIUM Barrambie, 100%		Other Au, Fe, Ni

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Page 5

Reed Board and Senior Management

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David Reed FCPA, OAM

Executive Chairman

Fellow member of CPA Australia with 40 years experience in stockbroking. Extensive public company experience and has a long history in the gold mining industry, including chairman of fund raising for the Australian Prospectors and Miners Hall of Fame and a founder of the Diggers and Dealers forum in Kalgoorlie

Steven Cole Llb(Hons), FAICD

Non-Executive Director

35 years of professional, corporate and business experience through senior legal consultancy, as well as a range of executive management and non-executive appointments. Extensive experience across the industrial, financial, educational, professional services, health and resources sectors

Peter Collins BSc(Hons), PhD, MAIG

Non-Executive Director

Over 35 years experience as a geologist and has been an economic geologist and tin-tungsten commodity specialist with the Tasmanian Geological Survey. Has lectured in geology at Curtin University of Technology since 1987 and has been widely active in the investigation of mineral deposits in Western Australia

Ian Junk BEng(Hons), MAusIMM

Non-Executive Director

Highly respected mining engineer with considerable experience in narrow vein underground mining and project development, having managed several private mining companies and commissioned various mining operations. National finalist in the Ernst & Young – Entrepreneur of the Year awards

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Chris Reed BCom, GradCertMinEcon, MAusIMM Managing Director and CEO

Over 15 years experience in the mineral exploration and mining industry and is currently Vice-President of the Association of Mining and Exploration Companies. Graduated from the University of Notre Dame and holds a Graduate Certificate in Mineral Economics from the WA School of Mines. Also an Associate Member of CPA Australia

Craig Fawcett BSc(Hons), GDipMining General Manager – Gold

Qualified geologist and engineer who has previously held the positions of Chief Mine Geologist at Tanami Gold and Avoca Resources during both of their respective start-up phase of operations. Also held the position of Geology & Mining Manager at Apex’s Wiluna Gold Mine during their re-start of operations

Bill Crossley BApdSc, WA 1[st] Class Mine Manager Project Manager – Lithium/Gold

Mining engineer with over 35 years experience in the management of mines. Previously Project Manager of the Barrambie Vanadium Project for Reed Resources, General Manager of the Macraes Gold Mine in NZ and Operations Manager for Dominion Mining in the Northern Territory. Fellow of both AusIMM and AICD

Jason Carone BCom, CA

Financial Controller and Company Secretary

Member of the Institute of Chartered Accountants since 2000. Joined Reed in September 2007 as Financial Controller and in March 2009 was appointed joint Company Secretary. Over 10 years experience working in various professional and corporate capacities in Australia and South East Asia

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Mt Marion Lithium Project

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Mt Marion Lithium Project Update

Mt Marion (Reed 70%)

• Incorporated JV with Mineral Resources (ASX 200: MIN)

• » MIN is a diversified contractor with +A$2 billion market cap

• Under the JV terms, MIN will:

• » Operate the project

• » Fully fund evaluation and development costs

• » BOO processing plant - construction underway

• » Complete Wet Commissioning by 15 Dec 2011

• Initial output 200,000 tpa of +6% Li2O (chemical grade) – Mt Marion will be the world’s 2[nd] largest spodumene producer

• » First shipment March Q 2012

• » By-products include mica and tantalum

• Lithium carbonate PFS completed by Hatch in 2010 indicating:

• » NPV of US$404 million (12% discount) and IRR of 68% providing a <2 year pay back

• » Capital cost US$63m (China) - $70m (Malaysia)

• Gresham appointed December 2010 to advise on downstream processing options, partial/full sale – several under consideration

Construction and site preparation underway at Mt Marion: [1] part of the secondary cone crusher (top) and [2] administration office pad (foreground) and site construction offices (at rear)

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Lithium Resource Estimate

Resource Classification	Tonnes Li Grade Fe Grade (Mt) % Li2O % Fe2O3
Measured Indicated Inferred	2.1 1.5 1.1 3.9 1.4 1.2 4.5 1.3 1.9
Total	10.5 1.4 1.4

» All 5 deposits open along strike and at depth

Potential for significant addition to current resource base:

• » Only 1 of 3 pegmatite groups have been explored

• » Currently drilling with additional exploration target : 10-15Mt @1.1 –1.4% Li2O

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Page 9

Lithium Strategy – Integrated Producer

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Comparison – Australian Lithium Mineral Producers

Mt Marion project valuation (EV) using: Talison = $261m

Galaxy = $398m Hatch study >$600m

Assumptions

[1] 1 AUD = 1.03 CAD

[2] Talison net cash position based on net debt of $2.6m as at Dec-10 and cash raise of C$80m in Feb-11

[3] Talison production annualised based on 36,600t LCE for the 9 months to 31-Mar-11

[4] Galaxy net cash position based on $91.5m raising (Nov-10), $120m raising (Apr-11), restricted cash of $48.1m (Dec-10) less bank debt and convertible bonds totalling $166.1m

[5] Galaxy production based on planned annual production from Mt Cattlin of 137,000t @ 6% Li2O

	Australian Lithium	Market Cap	Net Cash	EV	(1) Prodn	(2) EV/Prod	Implied
	Mineral Producers Talison Lithium (TSX: TLH)	$m	$m	$m	kt pa LCE	$/t LCE	EV (1x2)
	Greenbushes	504	75	429	48.8	8,781	$261m
	Concentrate producer
	Reed Resources (ASX: RDR) Mt Marion			?	29.7
	LiC developer
	Galaxy Resources (ASX: GXY)
	Mt Cattlin	362	89	273	20.3	13,417	$398m
	Integrated LiC developer

Deposit Comparisons

• Talison - Greenbushes Reed – Mt Marion Galaxy – Mt Cattlin

• Incline vein pegmatite  Flat lying vein pegmatite  Flat lying pegmatite

• Head grade 3% Li2O  Head grade 1.3% Li2O  Head grade 1% Li2O

• Glass, ceramic, chemical  Chemical grade  Chemical grade grade

• Strip ratio 3.3:1  Strip ratio 2.4:1

• Strip ratio 5.6 :1

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Source: Reed Resources Ltd

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Meekatharra Gold Project

Geology

• 800km[2] tenement holding covering

• 100km strike length over Murchison greenstone belt

• Proven, fertile greenstone

• Past production > 13 Moz

• Hosts multi-million ounce deposits at Mt.Magnet, Big Bell, Tuckabianna, Reedys, Yaloginda and Paddys Flat

• Project area past production circa 4.5Moz

History

• Mercator purchased the Meekatharra interests from St.Barbara Mines in 2004

• Mercator spent A$26m on exploration to establish a

• JORC resource of 2.5Moz and reserve of 0.4Moz by 2007  Mercator spent A$6m refurbishing Bluebird mill to

• produce 120koz pa

• Mining commenced in 2007 and produced 44,000oz prior to suspension of operations in October 2008

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Meekatharra Gold Project

RESOURCE 44MT @ 1.7g/t 2.5Moz RESERVE

3.8MT @ 3.4g/t 420Koz

3 Mtpa Processing Plant

180 Man Camp

Freshwater Bore Field

Immediate Mining Reserves

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Reed Turnaround Strategy

Target Initial 4-5 year sustainable production profile

First steps

• Dedicated gold team led by Reed’s chief geologist and GM–Gold, Craig Fawcett. Full team is now in place.

• Intensive evaluation of 18 open-pit and underground ore bodies

• Comprehensive remodelling and reestimation of resources using current economic parameters

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In Progress
Advanced
Advanced
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RESULTS - Substantial increases in grade and/or tonnes

• Commenced BFS – due Feb 2012

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Project Area 1 - Paddys Flat

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Northern
Corridor
“Old Mill”
Area
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 Historical Production

• 1.5 Moz Open pit mining 1989-2004

• 0.8 Moz Underground pre-1985

• Resources

• 25.8 Mt @ 1.6 g/t = 1.34 Moz

• Reserves (U/G)

• 1.99 Mt @ 4.8 g/t = 308 Koz

• Significant upside on current known orebodies

Secondary Targets:

• Northern Corridor

• “Old Mill”

• Fold axis defined by magnetics

• Mickey Doolan Metallurgical recovery work

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Prohibition Long Section

Project Area 1 - Paddys Flat

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• Probable U/G Reserve

• 1.37 Mt @ 4.1 g/t = 179,000 oz

• Ready for new Resource then Reserve Estimation this month

• Excellent widths x grades = immediate low-risk open-pit cutback

• Stacked parallel lode system (25-30m) is open at depth

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Consols-Vivians Long Section Project Area 1 - Paddys Flat

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• Probable U/G Reserve

• 256,000t @ 10.4 g/t = 83,000 oz

• Resource model good

• Re-optimisation for both open-pit and underground exploitation

• Narrow Quartz Vein Lode (2-3m wide) system is open at depth

• Potential higher grade blending material

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Mudlode Long Section

Project Area 1 - Paddys Flat

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MUDLODE

• Total Resource

• 390,000t @ 5.5 g/t =

• 68,800 oz

• Continuation of historic Alberts Mine

• Quartz Veins (~ 5-6m wide)

FATTS

• Total Resource

• 710,000t @ 2.75 g/t =

• 63,000 oz

• Massive plunging stockwork mineralisation (~40m wide)

Combined Mudlode/Fatts Reserve

362,000 t @ 4.0 g/t =

46,000 oz

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Project Area 2 – Yaloginda

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• 3 Mtpa Bluebird Process Plant

• 18 historical open pits 3 underground operations

• Probable O/P Reserves 1.75 Mt @ 2 g/t = 114,000 oz

• Evaluating re-modelling and estimation of South Juntion (O/P) and Gibraltar (U/G)

• New (?) Copper-Gold Discovery at Chunderloo

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Bluebird Cross Section Project Area 2 – Yaloginda

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• Reserve (O/P)

• 1.4 Mt @ 1.92 g/t =

• 87,000 oz

• Porphyry/Felsic Host (~ 30m wide)

• De-risked through previous mining

• Projected cash cost A$885/oz

• Infill drilling planned to capture additional inferred 13,000 oz.

• Target Cash Cost A$700-750/oz

• Potential for bulk underground operations post open-pit phase

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Surprise Pit Project Area 2 – Yaloginda

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• Reserve (O/P)

136,000t @ 3 g/t =

• 13,000 oz

• Quartz/Porphyry Host (~ 20m wide)

• De-risked through previous mining

• New resource/reserve estimate to evaluate cutback to capture Jess (was under highway)

• Potential for underground operations post open-pit phase

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Chunderloo Copper-Gold Prospect Project Area 2 – Yaloginda

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Project Area 3 - Reedys

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Historical Production

~230,000 oz Triton Underground 1937-48

~750,000 oz Metana/Homestake 1990’s

• Closed in 1997 when gold price was US$300/oz

Total Resources

• 4.89 Mt @ 2.5 g/t = 395,000 oz

• Reserve Estimation in progress

• Initial review of southern 5 pits indicate significant immediate open pit and underground reserve conversion

Targets:

• Jack Ryan Repeats

• Culcilli Line

• South Emu

• Underground mining evaluation to be undertaken

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Southern Group Long Section

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Jack Ryan Long Section

Project Area 3 - Reedys

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Total Resource

• 1 Mt @ 2.5 g/t = 79,600 oz

Grade up 34%

Indicated Resource

341 Kt @ 2.9 g/t = 32,000oz Grade up 38%

• Felsic Host

• (~ 25m wide)

• De-risked through previous mining

• Planned infill drilling to upgrade Inferred resources

• Potential for underground operations post open-pit phase

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Rand Long Section

Project Area 3 - Reedys

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Total Resource

2.79 Mt @ 2.6 g/t = 233,600 oz Grade up 10% Ounces up 23%

Indicated Resource 642 Kt @ 2.4 g/t = 49,400oz Grade up 26%

De-risked through previous mining

Planned infill drilling to upgrade Inferred resources

Potential for underground operations post openpit phase

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Underground Potential

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• CONTINUITY  Structure  Geology  Tenor (Grade)  Depth

Project Area 3 - Reedys

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Page 28

Gold Peer Comparisons

Peers (*close to Reed project area) Apex Minerals NL Crescent Gold Limited	ASX Code AXM CRE	Shares (m) 5,550.2 1,077.9	Price ($) 0.01 0.06	Mkt Cap ($m) 61.1 60.4	Resource (Moz) 2.2 2.1	Mkt Cap/Res ($/oz) 27.5 29.1
Doray Minerals Limited*	DRM	61.8	0.93	57.2	0.1	410.9
Focus Minerals Ltd	FML	3,414.5	0.08	283.4	2.1	138.2
Navigator Resources Limited	NAV	465.8	0.19	88.5	1.7	52.6
Norton Gold Fields Limited	NGF	685.9	0.17	113.2	6.1	18.6
Ramelius Resources Limited*	RMS	291.7	1.37	399.6	3.5	115.0
Saracen Mineral Holdings Limited	SAR	492.2	0.74	364.2	3.3	110.4
Silver Lake Resources Limited*	SLR	178.9	2.20	393.5	3.0	132.6
St Barbara Limited	SBM	325.6	2.24	729.4	7.7	94.7
Westgold Resources Limited	WGR	394.3	0.29	114.3	3.0	38.1
Average (ex Doray) Reed Resources Ltd	RDR	262.2	0.57	149.5	2.7	73.7 56.4
Reed Resources Ltd - Meekatharra only				28.5	2.5	11.0

• Meekatharra represents a world class project that can develop into a strong long term producer of gold

• Reed is acquiring 100% of the Meekatharra project from Mercator for $28.5m with no outstanding obligations being passed onto Reed (refer ASX release 12 January 2011)

• Highly attractive pricing with an acquisition cost of $11/oz resource inclusive of +A$100m infrastructure

• Current peer median of $74 market cap per resource ounce

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$ Market Cap / Resource oz
$140
$120
$100
$80
$60
$40
$20
$0
DRM FML SLR RMS SAR SBM RDR NAV WGR CRE AXM NGF Reed
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Average $74/oz

Reed acq. $11/oz

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Page 29

Re-establishing the Integrity and Credibility of Meekatharra

• Careful planning and

• compliance

• Disciplined and thorough

• exploration

• Detailed evaluation and

• feasibility studies

• Reliable development

• schedules

• Sustainable operations

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Barrambie Vanadium Project

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Barrambie Vanadium Project

Location of the Barrambie vanadium project showing proximity to the Windimurra vanadium project and key infrastructure including the Midwest gas pipeline and Geraldton port

Barrambie (Reed 100%)

• Located 125km north-east of the Windimurra Vanadium Project in the Murchison region of WA, Barrambie has the highest grade vanadium reserves in Australia

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• DFS completed in May 2009 indicating total capex of A$630m, initial 12.5 year mine life and US$110 m annual EBITDA at five year average vanadium price

• Native Title Agreement in place and PER lodged, with Environmental Approval expected in June Quarter 2011

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• MOU signed with Chinese conglomerate NFC covering fixed price EPC arrangements and financing of the project (expected to deliver significant savings on DFS) - represents the next step towards the successful development of Barrambie

• NFC are a Chinese company, listed on Shenzhen stock exchange with a market capitalisation of +$3.2bn - primarily engaged in international projects including construction and development of non-ferrous metal resources and the manufacture and sale of nonferrous metal products

JORC Resources
Project	Classification	Tonnes (Mt)	V2O5 (%)	TiO2 (%)
Barrambie	Indicated	49.2	0.82	17.3
TOTAL INDICATED & INFERRED	Inferred	16.0 65.2	0.81 0.82	17.2 17.3
JORC Reserve
Project	Classification	Tonnes (Mt)	V2O5 (%)	TiO2 (%)
Barrambie	Probable	39.7	0.82	15.7
TOTAL PROBABLE		39.7	0.82	15.7

• Reed and NFC currently in discussion with lenders and potential equity financing partners

• Significant exploration upside along strike, at depth and at Virginia Hills, with potential to add to existing resources and extend project life

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Page 32

Vanadium Market – Strong Long Term Fundamentals

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$75

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= ?
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+
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+

+

Vanadium Redox (Liquid) Batteries

Titanium-Vanadium Alloys Increasing intenisy of use in aerospace

Lithium Vanadium EV Batteries

• Renewable energy storage, peak shaving, load levelling, backup

Highest voltage → POWER Highest energy density → RANGE Contains 4kg Li, 20kg of V

• High efficiency, long life >20yrs

• Variable input/fixed output

• Power (cell) and capacity (concentration and volume) varied to suit application.

• 1MWh storage = 9 t of V2O5

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Summary

• Deliberately diversified

• World-class projects

• Strategic commodity base

• Strong management

• Well-funded

• Significant discount to peer

• comparisons on all projects

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Page 34

Appendix 1

JORC Statement

COMPETENT PERSONS STATEMENT

Geological aspects of this report have been compiled by Mr Craig Fawcett (MAIMM), a full time employee of Reed Resources Ltd. Mr Fawcett has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being reported on to qualify as a Competent Person as defined in the Code for Reporting of Mineral Resources and Ore Reserves (2004). Mr Fawcett consents to the inclusion in this report of the matters in the form and context in which it appears.

HISTORICAL RESOURCES – PAGE 8

Information in this report that relates to Indicated and Inferred Resources at Reedys was published in the St Barbara Mines Ltd 2005 Annual Report and is based upon reports prepared by Cube Consulting Pty Ltd who were commissioned by St Barbara Mines Ltd in July 2005 and its consultant Ms Ruth Vernon to undertake a new resource estimation for the Reedys Project. Information in this report that relates to Indicated and Inferred Resources at Meekatharra was published by Mercator Gold Ltd in 2007 and is based upon information reports prepared by Snowden Consulting Pty Ltd who were commissioned by Mercator Gold Ltd to undertake a new resource estimation of the Bluebird Pit and several select orebodies from the Paddy’s Flat area near Meekatharra.

HISTORICAL RESERVES – PAGE 8

Information in this report that relates to Probable Reserves at Meekatharra was published by Mercator Gold Ltd in 2007 and is based upon information reports prepared by Snowden Consulting Pty Ltd who were commissioned by Mercator Gold Ltd to undertake a reserve estimate of the ore around the Bluebird Pit and Paddy’s Flat revised resource estimate.

MINERAL RESOURCE ESTIMATES 2011

Information in this report that relates to Indicates and Inferred Mineral Resources for 2011 at Reedys (Rand, Jack Ryan and Callisto) is based upon geological domains constructed by Reed Resources internal geological team (under Craig Fawcett BSc MAusIMM – General Manager Gold) and estimates prepared by J Graindorge Bsc MAusIMM(CP) of Snowden Mining Industry Consultants Pty Ltd. Both Mr Fawcett and Mr Graindorge have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being reported on to qualify as a Competent Person as defined in the Code for Reporting of Mineral Resources and Ore Reserves (2004). Both Mr Fawcett and Mr Graindorge consent to the inclusion in this report of the matters in the form and context in which it appears.

ORE RESERVE ESTIMATES 2011

Information in this report that relates to the Surface Ore Reserves at Reedys (Rand, Jack Ryan) was compiled by Gary McCrae, a full time employee of Minecomp Pty Ltd which is a corporate member of the Australian Institute of Mining and Metallurgy. Gary McCrae is a qualified mining engineer who 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 Code for Reporting of Mineral Resources and Ore Reserves (2004). Gary McCrae consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

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Appendix 2

Meekatharra Mineral Resources and Ore Reserves

~~Project~~ Meekatharra North	~~Classification~~ Indicated	~~Tonnes~~ 706,000	~~(g/t)~~ 1.3	~~Ounces~~ 29,000
	Inferred	174,000	1.2	6,000
	Sub-Total	880,000	1.3	35,000
Paddy's Flat	Indicated	17,879,000	1.7	986,000
	Inferred	7,925,000	1.4	349,000
	Sub-Total	25,804,000	1.6	1,335,000
Yaloginda	Indicated	9,693,000	1.7	528,000
	Inferred	3,856,000	1.8	227,000
	Sub-Total	13,549,000	1.7	755,000
Reedys TOTAL	Indicated	1,794,000	2.7	153,400
	Inferred	3,095,000	2.4	241,200
	Sub-Total ~~Indicated~~ ~~Ifd~~	4,889,000 ~~30,072,000~~ ~~15050000~~	2.5 ~~1.7~~ ~~17~~	394,600 ~~1,696,400~~ ~~823200~~

~~Type~~ Open Pit	~~Project~~ Bluebird	~~Classification~~ Probable	~~Tonnes~~ 1,410,000	~~(g/t)~~ 1.9	~~Ounces~~ 87,000
	Surprise	Probable	136,000	3.0	13,000
	Batavia	Probable	200,000	2.4	14,000
	Sub-Total	Probable	1,746,000	2.0	114,000
Underground	Prohbition	Probable	1,372,000	4.1	179,000
	Vivian/Consols	Probable	256,000	10.4	83,000
	Fatts/Mudlode	Probable	362,000	4.0	46,000
Sub-Total		Probable	1,990,000	4.8	308,000

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