PACIFIC RESOURCES LIMITED — AGM Information 2012

Nov 25, 2012

Annual General Meeting Presentation

26 November 2012

General Disclaimer

• This document has been prepared by COALBANK Limited (the Company) to provide existing and prospective investors in COALBANK Limited with an update on the Company and its operations.
• This presentation, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither the presentation, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does not take into account your individual investment objectives, financial situation or particular needs. You must not act on the basis of any matter contained in this presentation, but must make your own assessment of the Company.
• No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness of any forecast, prospects, returns or statements in relation to future matters contained in the presentation ("forward-looking statements"). Such forward-looking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of COALBANK Limited and its directors) which may cause the actual results or performance of COALBANK Limited to be materially different from any future results or performance expressed or implied by such forward-looking statements.
• To the maximum extent permitted by law, none of COALBANK Limited, or their related corporations, directors, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

Executive Summary

COALBANK LIMITED ("COALBANK" or "the Company") is an ASX-listed company (ASX: CBQ) with an extensive portfolio of early stage coal projects in Queensland. The Company holds a large coal exploration permit footprint.

Queensland: Emerging Projects and Infrastructure

"Maiden Resource – 1.3 Billion Tonnes"

Sources: ABARE and company public presentations/media.

Recent Progress

• The Federal Government has given environmental approval for the Abbot Point Coal Terminal
• State and Federal Government approval received for GVK-Hancock Rail Project from Alpha Project to Abbot Point Coal Terminal
• State Government has provided greater certainty for Abbot Point coal terminal expansion – approving an annual capacity of 240MT (T2 & T3)

Wiggins Island Coal Terminal

(WICET) (at Gladstone port) has executed capacity deeds with four coal producers for 32.2Mtpa of additional export capacity to support the proposed second stage of the terminal (WEXO1). COALBANK is a Class-B Shareholder in

2011-2012 Highlights

• Coal discovery at Blackall September 2011
• Intensive 76 hole drilling programme completed at Blackall Project - June 2012

Blackall main street

• Achieved 1.3 billion tonne inferred coal resource reported by McElroy Bryan Geological Services in accordance with JORC guidelines – June 2012
• Initial mining study area containing 600Mt in-situ inferred coal resource identified –– September 2012
• Harvest Metals Independent Expert Report released February 2012
• Accepted farm-out offer for Mount Morgan Cu-Au project November 2012

2012 Drilling Program: 1.3 Billion tonnes of thermal coal

Maiden JORC-compliant Resource at Blackall Project

Maiden Resource Statement reported in accordance with the JORC Code for COALBANK's Blackall Coal Project was released on 20 June 2012 :

Total Inferred Coal Resource	1.3 Bt
< 50 metres depth	825 Mt
50 -100 metres depth	425 Mt

Other characteristics include

• Extensive, shallow and flat-lying
• Very low In-situ Strip Ratio
• Structurally uncomplicated

Blackall Coal Deposit

Characteristics

• Net coal thicknesses of up to 12m
• Shallow, flat-lying deposit
• Low waste to coal ratios

Raw Coal Quality

• Sub-bituminous thermal coal
• Raw ash 12-20%, sulphur generally < 0.5%
• Initial raw coal quality testing indicates a low-medium ash, low sulphur, subbituminous coal (seams up to 5,500kcal/kg adb)

Geological Cross Section AA' (NNW – SSE) – 24 Kilometres

Blackall Coal Initial Mining Study Area – Cross-sections

Blackall Mining Study Area – Cross-sections

Blackall Mining Study Area – Cross-sections

RAW COAL QUALITY EXAMPLE BL0065C

Proximity to Galilee Projects and Rail

De-commissioned Railway from Alpha to Blackall

Current end of the rail line at

Jericho The rail corridor remains available (owned by State Government)

COALBANK has formally registered its interest in using the Alpha to Abbot Point rail line being developed by GVK

COALBANK's Broader Coal Portfolio

Harvest Metals (100% CBQ): Mt Morgan Farm-out

CBQ has announced a farm-out transaction for its Mount Morgan Cu-Au project with Ashburton Minerals Ltd's 100% subsidiary Southern Pioneer Ltd (SPL)

Key Terms

SPL to earn a 30% beneficial interest in EPM17850 by spending $100k to meet the 2012-2013 expenditure commitment

SPL can then earn an additional 50% beneficial interest in EPM17850 by issuing to Harvest Metals Pty Ltd 75,000,000 fully paid shares in Ashburton Minerals Ltd (value approximately $300,000 at $0.04 per share)

SPL would then self fund exploration over EPM 17850

CBQ's remaining 20% interest free-carried by SPL to decision to mine, then subsequent expenditure on JV basis. Should either party's interest drop below 10% that party's interest converts to a 2% smelter royalty.

Corporate Snapshot

Capital Structure (AUD)
Share Price	$0.022
Shares Outstanding	845,708,015
Market Capitalisation	$18,605,576
Convertible Bonds	$1,900,000

Exchange	Australian Stock Exchange: (ASX: CBQ)Total Shareholders: 1,200 (approximately)
	Allegro Capital Nominees Pty Ltd & Orbit Capital (G. Baynton, Director)	48.8%
	Affiliated Funds of Och-Ziff Capital Management LLC	11.9%
	Square Resources Pty Limited (S. Ever, Director)	2.8%
Ownership	Other	36.5%
Convertible Bonds held by funds associated with Och-Ziff Capital Management LLC($1,900,000)

Summary

• Intensive 76 hole drilling programme completed at Blackall Project
• Achieved 1.3 billion tonne inferred coal resource reported by McElroy Bryan Geological Services in accordance with JORC guidelines – June 2012

Total Inferred Coal Resource	1.3 Bt
$<$ 50 metres depth	825 Mt
50 - 100 metres depth	425 Mt

• Initial mining study area containing 600Mt in-situ coal resource identified –– September 2012
• Accepted farm-out offer for Mount Morgan Cu-Au project November 2012
• Discussions continue with strategic investors, qualifying corporates and intermediaries for coal & other projects

Key Personnel

Bruce Patrick - Chief Executive, B.Sc, (Hons), Grad Dip Mgt, Cert. in Mining, MAusIMM

Project Manager for Anglo Coal's $800m Lake Lindsay Project, managing the project from initial exploration, through feasibility and approvals, to construction. Open-cut mining project management roles in Anglo Coal's Operations and Projects and Engineering Group. Early career as a geologist for Coal and Allied Industries and Thiess Mining Division where he assisted in further defining the stratigraphy of the Surat Basin. At Callide Mine in Central Queensland he moved to mining engineering and mine operational management roles.

Lance Grimstone - Director, B.Sc*. (Hons) Geol. Grad.Dipl. Mangt., F.AusIMM, CPGeo.M.MICA.*

An expert geologist with over 40 years' experience in the exploration, mining and civil engineering industries. For the last 25 years, has consulted to eastern Australian coal operations. He was a key geological consultant to Macarthur Coal Limited prior and post its IPO.

Staffan Ever - Director, MBA, M.Sc, (Civil Eng)

Former CEO of QCoal, former General Manager of AMCI Australia (12 years with AMCI). Strong experience in managing and financing coal projects from greenfields to production and marketing. Previously undertook and oversaw equity investments in Gunnedah, Glennies Creek, Coppabella and Moorvale mines.

Dr Peter Jorgensen - Consulting Senior Geologist, BSc (Hons), PhD, MAusIMM

Over 18 years experience in the Queensland coal industry, more than 20 years general geological experience. Previous roles in exploration, mine site geology and resource evaluation with Anglo Coal, Shell Coal and as a self-employed contract geologist.

Greg Baynton - Deputy Chairman (Executive), M.Econ St., MBA, B.Bus (Accounting), Grad.Dip. Finance and Investment, FFINSIA.

Founder of Tambo Coal & Gas, Moreton Energy and Coalbank. Expertise in new project generation, capital raisings, corporate structuring, tenure application and administration, government relations and Joint Ventures. Founder and Director of Orbit Capital, former Director of PIPE Networks Limited, current Director of NEXTDC Limited.

Key Technical Consultants - McElroy Bryan Geological Services Pty Ltd (MBGS).

The Company has been assisted by the MBGS team including Mr. Rowan Johnson and Mr. Kerry Whitby.

Board of Directors
Roger Clarke	Chairman
Greg Baynton	Deputy
	Chairman
	(Executive)
Lance Grimstone	Director
Staffan Ever	Director
William Stubbs	Director
Grahame Baker	Director

Competent Person's Statement

• The Competent Persons Statements below relate to this Presentation made by COALBANK Limited.
• The information in this announcement that relates to the Resource Statement for COALBANK's Blackall Coal Project has been based on information compiled by Mr. Rowan Johnson who is a Member of the Australasian Institute of Mining and Metallurgy and is a Senior Geologist employed by McElroy Bryan Geological Services Pty Ltd (MBGS).

Mr Johnson has more than 30 years experience as a geologist in the resources industry and more than 15 years experience in the estimation of coal resources for coal projects and coal mines in Australia and overseas. This expertise has been acquired principally through exploration and evaluation assignments at operating coal mines and for coal exploration areas in Australia's major coal basins and in other coal basins overseas. This experience is more than adequate to qualify him as a Competent Person for the purpose of Resource Reporting as defined in the 2004 edition of the JORC Code. Mr Johnson consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

The information and results in this report that relate to COALBANK's exploration activities other than its Blackall Coal Project including COALBANK's drilling results, previous waterbore and petroleum well drilling results derived from data provided by the Queensland Government Department of Natural Resources and Water and open file reports obtained via the Queensland Department of Mines and Energy, were compiled by Dr Peter Jorgensen BSc(Hons), PhD, MAusIMM. Dr Jorgensen is employed by Jorgensen Geological Services Pty Ltd (ABN 32 080 949 775). Dr Jorgensen has sufficient coal geology experience to qualify as a Competent Person as defined by the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Jorgensen consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

Contact Details

Bruce Patrick

Chief Executive COALBANK LIMITED e: brucepatrick@coalbank.com t: +61 7 3229 6606

Greg Baynton

Deputy Chairman COALBANK LIMITED e: gregbaynton@coalbank.com t: +61 7 3229 6606

Website: www.**coalbank**.com

ASX Code: CBQ.AX