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PURSUIT MINERALS LTD Management Reports 2011

Jul 5, 2011

65626_rns_2011-07-05_c6cc1c88-dd4d-4870-b85c-9e3b60bcedf1.pdf

Management Reports

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The only ASX-listed pure-play iron ore producer in Brazil

Update to Stakeholders

Philip Hopkins Chief Executive Officer

Perth – July 2011

www.safml.com

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SFZ

S&P/ASX200

2

Ponto Verde Iron Ore Project

  • •Mineral rights and property 100% owned by SAFM
  • • Located in the heart of the Iron Ore Quadrilateral in Brazil – prolific iron ore mining area
  • • In close proximity to established mining operations (Vale, CSN, Gerdau), iron and steel plants and existing infrastructure
  • •Commenced production in November 2010
  • •Geology is well understood
  • • Local steel producers provide current market for product
  • • Indicative exploration target of 140-150m tons of hematite-rich Itabirite ore (33-41% Fe)
  • • Clear development pathway with production ramp up targeting full permitted rate of 1.5Mtpa by end December quarter 2011

Operations Update

  • •Restructured Leadership Team in May – Positioned for production & growth
  • •Chief Operating Officer transitioned in May – Glauco Mol appointed Acting COO
  • •Country President transitioning end of July – may stay on a contract basis
  • •Currently recruiting for COO, Projects Director and Geologist
  • •Management reporting systems in place – close tracking of site performance
  • •Moved to two shifts per day at the end in May 2011
  • •Phase I of a staged resource definition program commenced in June 2011
  • • Operating initiatives:
  • •Plant, office & site upgrades;
  • •Debottlenecking of secondary crusher circuit;
  • •Concentrator Project progressed; and
  • •Further mine site enhancements
  • Focused on three shift operation by end of December quarter 2011

Site Enhancements

Site Enhancements

Operational Issues

•Milestones delayed

  • •Resource definition program
  • •Concentrator Project construction
  • •Second shift start up

•Issues

  • •Management alignment and focus
  • •Team orientation
  • •Projects skills and support

•Resolutions

  • •Expansion and strengthening of senior management team
  • •COO transition
  • •Country President transition
  • •Recruitment for Projects Director
  • •Priority setting and tracking

Production Update

Throughput

Sinter & Lump Production

  • • Production ramp up targeting full permitted production rate of 120,000tpm (1.5Mtpa)
  • • Throughput rate of 250tph over the last 10 days
  • •Waste stripping increased to 1:0.65

• Quality: consistent at ~60% Fe for both Sinter Feed and Lump

Projects Update – Resource Definition

  • • Staged resource drilling program has commenced – Phase I focused on confirming a JORC compliant resource
  • •Four rigs on site
  • •Two additional rigs by mid-July 2011
  • • Coffey Mining appointed to undertake the Resource Definition Program to confirm the Ponto Verde deposit to the JORC standards
  • • Includes supervision and data management, resource model and report completion
  • •Expected completion: End of December Quarter 2011

Projects Update – Fines Concentrator

  • •Design work completed by Brazilian consulting firm, Senior Consultants
  • •Final detailed design report received in June 2011
  • •Project justification to be completed by end July 2011
  • •Initial economics for the concentrator are strong
  • •Should the project progress, commissioning is targeted for end Q1 CY2012

Key Milestones for FY2012

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Conclusion

Recalibrated SAFM Story

  • •Focus on completing the Leadership Team – defining collaborative focus
  • • Focus on continuing strong work to date and 'closing of gaps' to deliver on Plan
  • • Phase I resource definition program focused on confirming a JORC compliant resource
  • •Focus on product quality and maximisation
  • •Cash flow management
  • •Project fundamentals remain sound with some upside
  • •Targeting full permitted production rate of 1.5Mtpa
  • •Growth opportunities are being evaluated

Disclaimer

South American Ferro Metals Limited and each of its respective directors, officers and agents believe that the information contained in this presentation is correct and that any estimates, opinions or conclusions contained in this presentation are reasonably held or made as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions or other information contained in this document.

South American Ferro Metals and its directors, officers and agents disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this presentation.

This presentation is for the intended recipient. No part of this document may be reproduced without the permission of South American Ferro Metals Limited.

For more information:

Philip Hopkins, Chief Executive Officer Tel: +61 4 5902 5255

Australia

Level 11, 151 Macquarie Street Sydney, NSW 2000 Tel: +61 2 8298 2000Fax: +61 2 8298 2028

Brazil

Av Afonso Pena 3130SL903 – Parte Cruzeiro30130 – 009Belo Horizonte MGTel: +55 31 3281 8777Fax: +55 31 3281 8997

www.safml.com

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