PACIFIC RESOURCES LIMITED — Investor Presentation 2012

Jul 19, 2012

2012 Noosa Mining & Exploration Conference

20 July 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 one of the largest coal exploration 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 selected on the basis of historical waterbore drilling logs that displayed coal intersections
MAIDENRESOURCE	1.3 billion tonnes shallow inferred thermal coalresource 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 potentialfrom further exploration
PROVEN ANDSECURE REGION	All COALBANK projects neighbour producing or proven coal assets96% of COALBANK's coal exploration areas lie outside the Strategic Cropping LandProtection Areas
OTHERPROJECTS	100% owned subsidiary Harvest Metals Pty Limited with Cu-Au exploration tenements at Chillagoe andMount Morgan in Queensland100% owned subsidiary Surat Gas Pty Limited with petroleum and gas tenements in Queensland

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 :

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

Other structural and quality characteristics include

• Extensive, shallow and flat-lying
• Very low In-situ Strip Ratio
• Initial quality testing indicates a low-medium ash, low sulphur, subbituminous coal

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 additional export capacity to support the proposed second stage of the terminal (WEXO1) planned for completion 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 presentations/media.

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 - 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.

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.

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

Blackall Project – Borehole and Cross Section Location Plan

Resource Evaluation Drilling Phase

Update to June 2012

76 holes drilled (17 cored for coal quality analysis)

7400 metres drilled in total (880 metres cored)

Remediation currently being finalised

Geological Cross Section AA' (NNW – SSE)

Geological Cross Section BB' (West - East Seams)

9

Geological Cross Section CC' ( West-East Seams)

Blackall Coal Deposit

Structural 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%

Broader Portfolio: 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

All have coal intersections at shallow depths reported in the waterbore logs eg. 24.4 metres of coal in EPCA2239

Coalbank Coal Projects: Next Steps

Blackall Coal Project :

• o Further coal quality testing (including wash testing of the coal)
• o Data gathering and planning for relevant studies
• o Continue discussions regarding rail and port options
• o Additional targeted geological studies (including additional drilling)
• o Bulk sampling to provide data for the development of possible future mining scenarios utilising the shallowest and highest quality coal
• Surat Basin and Eastern Projects
  • o Currently reviewing and prioritising next targets

Metals Projects (100% owned) Harvest Metals Pty Limited (100% subsidiary)

Chillagoe

(EPM11980 and EPM applications 18325 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
• 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 identified in VMS province including Au, Cu & Zn skarns

Surat Gas Pty Ltd (100%-owned)

• More than 20,000 sq km of ATPs close to pipeline infrastructure
• Favourable settings for unconventional shale gas and CSG plays + conventional oil and gas
• Breakthrough in seismic reprocessing has brought to light the geometry of very large, unexplored down-faulted 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

Corporate Snapshot

Capital Structure (AUD)
Share Price	$0.05
Shares Outstanding	813 m
Market Capitalisation	$41 m

Exchange	Australian Stock Exchange: (ASX: CBQ)Total Shareholders:1,200 (approximately)
Ownership	Allegro Capital Nominees Pty Ltd (G. Baynton, Director)Affiliated Funds of Och-Ziff Capital Management LLCSquare Resources Pty Limited (S. Ever, Director)Other	49.4%11.9%3.0%35.7%

Summary

Coal resource statement reported in accordance with the JORC Code

for COALBANK's Blackall 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
• o Low indicative overburden/interburden-to-coal ratios

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