PACIFIC RESOURCES LIMITED — Investor Presentation 2012

Jul 29, 2012

Corporate Update

30 July 2012

General Disclaimer

• This document has been prepared by COALBANK Limited (the Company) to provide exisFng and prospecFve investors in COALBANK Limited with an update on the Company and its operaFons.
• This presentaFon, including the informaFon contained in this disclaimer, does not consFtute an offer, invitaFon or recommendaFon to subscribe for or purchase any security and neither the presentaFon, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentaFon does not take into account your individual investment objecFves, financial situaFon or parFcular needs. You must not act on the basis of any maQer contained in this presentaFon, but must make your own assessment of the Company.
• No representaFon, express or implied, is made as to the fairness, accuracy, completeness or correctness of informaFon contained in this presentaFon, including the accuracy, likelihood of achievement or reasonableness of any forecast, prospects, returns or statements in relaFon to future maQers contained in the presentaFon ("forward-looking statements"). Such forward-looking statements are by their nature subject to significant uncertainFes and conFngencies and are based on a number of esFmates and assumpFons 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 permiQed by law, none of COALBANK Limited, or their related corporaFons, directors, employees or agents, nor any other person, accepts any liability, including, without limitaFon, any liability arising from fault or negligence, for any loss arising from the use of this presentaFon or its contents or otherwise arising in connecFon with it.

ExecuFve Summary

COALBANK LIMITED ("COALBANK" or "the Company") is an ASX-listed company (ASX: CBQ) with an extensive porKolio of early stage coal projects in Queensland. The Company holds one of the largest coal exploraQon permit footprint in Australia of any ASX-listed company.

SCALE	Tenements exceeding 24,000 square kilometres in the Surat, Galilee, Eromanga and Bowen Basins
SELECTIVE	Coal tenements all selected on the basis of historical waterbore drilling logs that displayed coal intersecQons
CONCEPTPROVEN	1.3 billion tonnes shallow inferred thermal coal resource announced June 2012 for Blackall Project
SUCCESSFULTEAM	A proven team of explorers and developers of early stage coal projects, with world-leading coal geologyconsultants
UPSIDE	Large upside potenQal from further exploraFon, with iniQal concept proven at Blackall Coal Project
PROVEN ANDSECURE REGION	All COALBANK projects neighbour producing or proven coal assets96% of COALBANK's coal exploraFon areas lie outside the Strategic Cropping Land ProtecFon Areas
GAS & METALSPROJECTS	100% owned subsidiary Surat Gas with shale gas and convenQonal oil & gas targets in Queensland100% owned subsidiary Harvest Metals with Cu-Au exploraFon tenements at Chillagoe and Mount Morganin Queensland
CORPORATE	ConQnue discussions with strategic investors and qualifying corporates with a view to unlocking value

Queensland: Emerging Projects and Infrastructure

Recent Progress

• State Government approval for GVK-Hancock Rail Project from Alpha Project to Abbot Point Coal Terminal (29 May 2012)
• WICET (Gladstone) has executed capacity deeds with four coal producers for 32.2Mtpa of addiFonal export capacity to support the proposed second stage of the terminal (WEXO1) planned for compleFon in 2016

State Government has provided greater certainty for Abbot Point coal terminal expansion – approving an annual capacity of 240MT (T2 & T3)

1 COALBANK ASX Release 20 June 2012: "Maiden Resource – 1.3 Billion Tonnes"

Sources: ABARE and company public presentaFons/media.

Maiden JORC-compliant Resource at Blackall Project

Maiden Resource Statement for COALBANK's Blackall Coal Project (Inverness Deposit) released 20 June 2012 in accordance with the JORC Code :

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

Source: Competent Person Report, Blackall Coal Project, Inverness Deposit, McElroy Bryan Geological Services, June 2012

• Other structural and quality characterisFcs include
  • Extensive, shallow and flat-lying
  • Very low In-situ Strip RaFo
  • IniFal quality tesFng indicates a low-medium ash, low sulphur, subbituminous coal

Outside of designated Strategic Cropping Land areas in Queensland

Blackall Coal Resource

Structural CharacterisQcs

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

Raw Coal Quality

• Sub-bituminous thermal coal
• Raw ash 12-20%, sulphur generally < 0.5%

PotenQal Uses

• Export thermal coal
• Blending
• DomesFc power generaFon
• Coal-to-Liquids

Geological Cross SecFon AA' (NNW – SSE Coal Seams)

Geological Cross SecFon BB' (West - East Coal Seams)

14 Kilometres Long

Geological Cross SecFon CC' ( West-East Coal Seams)

7 Kilometres Long

Broader Pormolio: Blackall-Roma Project Areas & New Targets

East Surat and Bowen Basin Projects

Three Eastern Queensland projects all close to major coal deposits, rail infrastructure and ports

EPC 2241 - Biloela South

• 20km south of Callide Mine
• 40km west of proposed Monto Mine

EPCA 2239 - Coal Creek

• 45km south east of Meandu Mine
• 55km north of Jeebropilly Mine

EPC 2240 & EPCA 2359 - Coalbank South

15km east of New Acland Mine

Coal intersecQons in water bores

All have coal intersecQons at shallow depths reported in the waterbore logs eg. 24.4 metres of coal in EPCA2239 from 10 metres depth

Coalbank Coal Projects: Next Steps

Blackall Coal Project :

• o Further coal quality tesFng (including wash tesFng of the coal)
• o Data gathering and planning for relevant studies
• o ConFnue discussions regarding rail and port opFons
• o AddiFonal targeted geological studies (including addiFonal drilling)
• o Bulk sampling to provide data for the development of possible future mining scenarios uFlising the shallowest and highest quality coal
• Surat Basin and Eastern Projects
  • o Currently reviewing and prioriFsing next targets

ConFnue discussions with potenFal strategic partners and qualifying corporates o Aim to unlock value

Surat Gas Pty Ltd (100%-owned)

• More than 20,000 sq km of ATPs close to pipelines
• New gas anomalies idenFfied in three separate shale horizons (Triassic, HuQon and Birkhead zones)
• Favourable seqngs for convenQonal oil and gas & CSG
• 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 & host rocks
• Favourable maturaFon condiFons to generate convenFonal oil & gas plays

Partnering/farm-out etc structures under consideraFon

Surat Gas – New Shale Gas Targets (Triassic Shales)

Triassic shales within ATP1020P are the equivalent of the Peera Peera Formation which is prospective oil and gas source rock in the west.

These shales which are inter-bedded with sandstones are present within ATP1020P and they show gas anomaly in Barwinock-1 (western part of the tenement) well at depth a zone of 1400-1600m.

Three wells within ATP 1020 intercepted the Triassic shale-sandstone sequence in a depth zone ranging from 1,005m to 1,341m:

Well	Depth From (m)	Depth To (m)
Valetta-1	740	1,210
Bolfour-1	1,036	1341
Westbourne-1	1,005	1,341

Additional gas anomaly from the Triassic Shale zones in nearby petroleum well Barwinock-1 (immediately west of ATP 1020)

New Shale Gas Targets (HuQon Sandstone Shale)

Shale and carbonaceous zones in the Eromanga Basin are gas prone – as observed in many wells in western part of the basin.

The gas anomalies for different zones clearly indicate the possible gas accumulations in the formation in ATP1020P.

The Barwinock-1 log (left) shows one of these gas anomaly zones in the Hutton Sandstone (located immediately west of ATP 1020P)

Gas anomaly from the Hutton Sandstone Formation's shale zones in nearby petroleum well Barwinock-1 (immediately west of ATP 1020)

New Shale Gas Targets (Birkhead FormaFon Shale)

Additional gas anomaly from the Birkhead Formation's shale zones in nearby petroleum well Barwinock-1 (immediately west of ATP 1020)

Metals Projects (100% owned)

Harvest Metals Pty Limited (100% subsidiary)

Chillagoe

(EPM11980 and EPM applicaQons 18325 applicaQon)

• "Leane's" copper discovery in breccias in shallow (circa 50m) drilling
• High potenFal for similar porphyry breccia model to Mungana and Red Dome copper deposits
• Deeper drilling required to test for the total Mungana/Red Dome style porphyry orebody model

Metals Projects (100% owned)

Harvest Metals Pty Limited (100% subsidiary)

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 idenFfied in VMS province including Au, Cu & Zn skarns

Corporate Snapshot

Capital Structure (AUD)
Share Price	$0.046
Shares Outstanding	813 m
Market CapitalisaQon	$37 m

Key Personnel

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

Project Manager for Anglo Coal's $800m Lake Lindsay Project, managing the project from iniFal exploraFon, through feasibility and approvals, to construcFon. Open-cut mining project management roles in Anglo Coal's OperaFons 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 straFgraphy of the Surat Basin. At Callide Mine in Central Queensland he moved to mining engineering and mine operaFonal 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 exploraFon, mining and civil engineering industries. For the last 25 years, has consulted to eastern Australian coal operaFons. 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 producFon and markeFng. Previously undertook and oversaw equity investments in Gunnedah, Glennies Creek, Coppabella and Moorvale mines.

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 exploraFon, mine site geology and resource evaluaFon with Anglo Coal, Shell Coal and as a self-employed contract geologist.

Marcus Trost - Project Geologist, BSc

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

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

Founder of Tambo Coal & Gas, Moreton Energy and Coalbank. ExperFse in new project generaFon, capital raisings, corporate structuring, tenure applicaFon and administraFon, government relaFons and Joint Ventures. Founder and Director of Orbit Capital, former Director of PIPE Networks Limited, current Director of NEXTDC Limited.

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

Summary

COALBANK's exploration concept has been successfully validated

o Large initial coal resource at Blackall Coal Project

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

Exciting initial indications

• o Extensive, shallow and flat-lying thermal coal deposit
• o Low indicative waste-to-coal ratios

Plans to continue discussions with partners/corporates

o Continue strategy to unlock the value of the COALBANK Portfolio

Competent Person's Statement

The Competent Persons Statements below relate to this PresentaFon made by COALBANK Limited.

The informaFon in this announcement that relates to the Resource Statement for COALBANK's Blackall Coal Project has been based on informaFon compiled by Mr. Rowan Johnson who is a Member of the Australasian InsFtute 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 esFmaFon of coal resources for coal projects and coal mines in Australia and overseas. This experFse has been acquired principally through exploraFon and evaluaFon assignments at operaFng coal mines and for coal exploraFon 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 ReporFng as defined in the 2004 ediFon of the JORC Code. Mr Johnson consents to the inclusion in the presentaFon of the maQers based on his informaFon in the form and context in which it appears.

The informaFon and results in this report that relate to COALBANK's exploraFon acFviFes 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 Natural Resources & Mines, 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 EdiFon of the Australasian Code for ReporFng of ExploraFon Results, Mineral Resources and Ore Reserves. Dr Jorgensen consents to the inclusion in the presentaFon of the maQers based on his informaFon in the form and context in which it appears.

Contact Details

Bruce Patrick

Chief ExecuFve 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