PACIFIC RESOURCES LIMITED — Investor Presentation 2011

Nov 29, 2011

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Queensland Exploration Council Explorers’ Investor Forum

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General Disclaimer
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• 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.

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The Big Picture
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Energy Security : Increasing global long-term demand for energy resources expected

Leverage Mechanism : Upstream energy projects (focus on thermal coal) provide exposure to the energy security theme

Project Portfolio : COALBANK’s coal tenement portfolio strategy commenced during GFC#1 and has expanded each year since with this long-term view

Demand-side Unchanged : Current volatility in financial markets and geopolitical factors unlikely to change the long-term energy demand path

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New transmission lines, Mudanjiang: China Daily

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Indian coal mine: First Post, India

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Thermal Coal Markets: Lighting the Way Ahead
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Composite satellite image of the lights of Asia at night

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Thermal Coal: Spotlight on India and China
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India

Indian coal has high ash content (15-45%) and low calorific value (3300-4700kcal)

Thermal coal demand expected to increase exponentially over coming decade, due to completion of ongoing coal-fired power projects. 10.8% consumption gain in 2010/11

Annual coal imports expected to grow to 200mt in 2016 from 67mt in 2011

Coal of India unable to meet projected demand

Growing deficit must be met through imports

India investing offshore in major undeveloped thermal coal projects and related infrastructure (e.g. Queensland)

China

The world’s largest consumer of thermal coal

Chinese coal resources mostly concentrated in northern and western China. Limited coal resources in coal resources in coastal areas

Major infrastructure and cost constraints to transport domestic coal to coastal demand centres which are more reliant on imports

Coal from China’s southern deposits tends to be high in sulphur and ash – unsuitable for many purposes

Chinese thermal coal imports expected to rise to 200mt in 2015 from approximately 90mt in 2011

Chinese SOEs and private companies investing offshore in major undeveloped thermal coal projects (e.g. Queensland)

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Overview
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Initial Success : Significant coal intersections in drilling south of Blackall since September 2011

Potential for Scale : Extent and thickness of coal intersections to date suggest potential for very large tonnages

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Location : Blackall Project is located on an existing rail corridor, outside of strategic cropping land areas

Broader Portfolio : The Blackall Project represents a very small portion of COALBANK’s total exploration footprint in Queensland

Coal samples from recent drilling at COALBANK’s Blackall Project

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COALBANK Coal Project Portfolio
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BLACKALL
TAMBO
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Coal projects in several basins in Queensland Large footprint 24,000 sq km Multi-deposit potential in Surat/Eromanga portfolio

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BRISBANE
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Coal Projects in Our Region
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Long term economics are accelerating new coal project developments in Queensland

Large scale developments are in the pipeline

Major infrastructure planned for our region

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At Blackall East Energy Resources Ltd (30% Noble Group) has declared a JORC compliant coal resource in the adjoining EPC 1149 (469Mt indicated and 280Mt inferred). Carlow Coal Resource Tonnes: East Energy Resources Limited ASX Announcement 7 June 2011 – Xenith Consulting Estimate (April 2011)

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Blackall Project – Early Success
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26 km Initial drilling Coal Measures

Holes drilled to 23[rd] November 2011

Drilling commenced late August 2011 Targeting northward extensions of known coal deposits immediately to south Total coal >10 metres confirmed in CBQ holes at shallow depths Initial coal seam cores obtained for coal quality purposes Outside designated Strategic Cropping Land areas

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N-S Drill Hole Cross Section & Seam Correlations
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A A’ Depth (m) Sample Set of N-S Drill Holes

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E-W Drill Hole Cross Section & Seam Correlations
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Sample set of drill holes 7km

Sample Set of E-W Drill Holes

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Wireline Log Displaying Coal
Intersections in BL0003
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unscaled gap

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30.50m
1.63m
32.13m
3.37m
35.50m
0.28m
46.33m
2.54m
48.87m
53.76m
1.05m
54.81m
0.49m
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Drilling Operations Along Ravensbourne Rd

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Initial Coal Seam Cores Obtained
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Core from shallow coal seam – Blackall Project

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Blackall Project – Current Geological Program
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Continue broad drilling grid to

establish control correlation

determine eastward extent of Winton Formation coal seams identify areas with thickest coal seams

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Continue core sampling from selected sites for coal quality Continue infill drilling aimed at meeting JORC resource criteria

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Blackall Coal Project– Infrastructure
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Transport logistics study underway

Discussions commenced with QRN and QRL regarding existing Blackall rail corridor and route options

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Registered COALBANK’s interest in Hancock Rail Project

Discussions initiated with port operators

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	2011	2011	2011	2011	2012	2012	2012	2012	2013	2014	2015
Task	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
First-pass drilling on selected targets
Drill follow-up targets to JORC Resource level
First-pass drilling on next targets
Drill next-round targets to JORC Resource level
MINE 1
Concept Study
Pre-feasibility Study
Feasibility Study
Mine Development
MINE 2
Concept Study
Pre-feasibility Study
Feasibility Study

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Metals Projects
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Chillagoe Project
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Harvest Metals Pty Limited (100% Owned)

Chillagoe (EPM11980 and EPM18325 application)

• “Leane’s” copper discovery in breccias in

• shallow (circa 50m) drilling

• High potential for similar porphyry breccia model to Mungana and Red Dome copper deposits

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Mt Morgan Project
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• Deeper drilling required to test for the total

• Mungana/Red Dome style porphyry orebody model

Mt Morgan (EPM17850)

Surrounds the historic gold mining town of Mt Morgan (265 sq kms) Targets include significant Cu in soil anomalies (> 500ppm Cu)

• 6 main targets identified in VMS province including Au, Cu & Zn skarns

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Mungana – Potential Model for “Leane’s”
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At Mungana the window of mineralisation extends >500m Breccia extends 200m from surface into skarn

The skarn stretches 200m into marble

Below, marble extends into intrusive porphyry

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Harvest Metals – Potential Spin-off
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JV approaches received on Chillagoe and Mt Morgan projects

Independent Expert’s Report draft received late November Legal and tax planning under way

Option for in specie distribution of Harvest Metals in early 2012

Discussions with potential partners for Chillagoe & Mt Morgan Projects continue

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Surat Gas (100% Owned): Strategic Acreage
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

More than 20,000 sq km close to pipeline infrastructure Breakthrough in seismic reprocessing has brought to light the geometry of very large, unexplored downfaulted basins

Favourable sedimentary history with abundance of source rocks from Devonian to Jurassic

Favourable structural /sedimentary traps and host rocks

Favourable maturation conditions to generate conventional oil & gas plays

Favourable settings for unconventional CSG and shale gas plays

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Experienced Board and Project Team
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Roger Clarke Chairman, B.Com, CA.

Chairman of the RBS Morgans Limited Board of Advice and former Chairman of ABN AMRO Morgans Limited. Over 30 years commercial experience in the investment banking industry, with responsibilities in fund management, banking and corporate finance. He has been involved in a large number of initial public offerings, capital raisings, advisory roles and corporate transactions. Mr Clarke is the Vice Chairman of Maverick Drilling and Exploration Limited, Chairman of Tissue Therapies Limited, and NEXTDC Limited. Former Chairman of PIPE Networks Limited.

Greg Baynton Deputy Chairman, 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 and Tissue Therapies Limited.

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, he has operated his own consultancy practice based principally upon his expertise in eastern Australian coal operations. He was a key geological consultant to Macarthur Coal Limited prior to its IPO and for approximately eight years following its IPO and remains a specialist consultant to Macarthur Coal.

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… continued
Experienced Board and Project Team
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William R Stubbs Director, LLB.

Mr Stubbs practised as a lawyer for 30 years. He is the co-founder of the legal firm Stubbs Barbeler. He practised in the area of commercial law, including stock exchange listings and all areas of mining law. He has held the position of director of various public companies over the past 25 years in the mineral exploration and biotech fields. He is also the former Chairman of Alchemia Limited, Bemax Resources N.L. and Arrow Energy Limited. He is also Chairman of D’agular Gold Limited.

Grahame L Baker Director , B.E., B.App.Sc., B.Econ., M.Sc., FIE Aust., F Aus IMM., CP Eng. Mr Baker is a chemical engineer by profession with over 40 years’ experience. He is an independent consultant in the energy industry with expertise in upstream petroleum, particularly in coal seam gas.

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.

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continued
Experienced Project Team …
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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.

Dr Peter Jorgensen 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.

Marcus Trost Project Geologist, BSc

Experienced project exploration geologist . Previous roles include project exploration geologist with Macarthur Coal, Senior Site Geologist/Site Manager REY Resources and Senior Project Geologist with McElroy Bryan Geological Services Pty Ltd.

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Summary
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COALBANK is an explorer and developer of early stage coal assets

Unlocking value through recent exploration successes

A significant landholding in an emerging coal basin

In excess of 21,000 km[2] across the Surat/Eromanga Basins west of Roma in Queensland Additional projects in other coal basins close to operating coal mines

Historical water bore records indicate significant coal intersections across tenement position

Evidence of a significant coal discovery near Blackall, with total coal >10 metres at shallow depths

Potential for multiple deposits and very large tonnages

The company holds metals and petroleum/gas interests in Queensland Funding strategy includes spin-offs, strategic and institutional investment and Joint Ventures

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Contact Details

Bruce Patrick Chief Executive COALBANK LIMITED email: Phone: Web: ASX: CBQ.AX

brucepatrick@coalbank.com 61 7 32296606

www.coalbank.com

CBQ.AX

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