RAREX LIMITED — Investor Presentation 2008

Feb 11, 2008

ASX RELEASE

12 February 2008

CLANCY EXPLORATION PRESENTS TO RIU EXPLORERS CONFERENCE

Copper, gold and base metals explorer, Clancy Exploration (ASX: CLY) is pleased to announce that Managing Director, Mr Mark Stewart will present a corporate overview at the RIU Explorers Conference in Fremantle, Western Australia.

The conference will highlight the latest news from a wide range of Australian-based junior explorers. Attached is a copy of Clancy's presentation.

The presentation is available on the Company's website www.clancyexploration.com

-ENDS-

Please direct enquiries to:

Mark Stewart Ann Nahajski Managing Director Porter Novelli Tel: +61 8 9481 8241 Tel: +61 8 9386 1233 Email: info@clancyexploration.com Mob: +61 (0)400 205 433

Web: www.clancyexploration.com

About Clancy

Clancy Exploration (ASX: CLY) is an Australian-focused copper, gold and base metals explorer. Although a relatively new listing on the ASX (July 2007), the Company's portfolio has been built up over the past four years to consist of highly prospective copper-gold projects in the Lachlan Fold Belt of NSW and base metal projects in the Mount Read Volcanic Belt of Tasmania.

Clancy's competitive advantages include support from major shareholder, Geoinformatics (TSX-V), having one of the largest ground positions of any explorer in the prospective Macquarie Arc (>1850km2 ), and the innovative use of digital geological and geophysical data in probability based targeting.

The Company's objective is to advance its properties to a stage of commercial development by applying faster, less expensive and more reliable analytical methods to resource exploration. The exploration activities are well-funded, applying its own funds and those of its joint venture partners, and substantial upside exists with the potential addition of resources.

Additionally, Clancy has established joint ventures with Gold Fields Limited on three projects in NSW (managed by Clancy) and with Bass Metals Limited on the Tasmanian tenement package (managed by Bass Metals). Clancy, in conjunction with its JV partners, has spent significant funds on the projects to date, with a combined $7.4 million to be spent on the Company's tenement package over the two years from date of listing.

Clancy Exploration Limited Improving the Odds of Exploration Success

Mark StewartManaging Director Clancy Exploration Limited RIU Explorers Conference Fremantle WAFebruary 2008

Clancy listed on the ASX on 11 July 2007 (ASX symbol CLY)

Clancy is an innovative greenfields explorer searching for world-class:

• Copper-gold deposits in NSW
• Base metal and tin deposits in Tasmania

Clancy is the product of four years of:

• Strategic planning
• Optimised exploration targeting and ground acquisition

Clancy aims to improve the odds of exploration success:

• Our edge: unique targeting methodology
• The Geoinformatics Process
• Our aim is to discover world-class deposits

Project Portfolio

• • 17 EL's (12 projects) in the Lachlan Fold Belt, NSW –3 JV's with Gold Fields
• • 12 EL's (7 projects) in the Mount Read Volcanic Belt, Tasmania
  • –JV'd to Bass Metals

Board & Management

Dr. James MacdonaldNon-Exec. Chairman

• • Global Geoscience Leader BHP Billiton 2001-05
• • Former exploration executive with Homestake & Billiton
• • Non-executive director Mantle Diamonds Ltd (UK)

Mark StewartManaging Director

• • Formerly VP Business Development Geoinformatics
• • Former executive Business and Acquisitions Division Anglo American plc

Dr. Nick Archibald Non-Exec. Director

• •CEO Geoinformatics
• •Former MD Fractal Graphics
• • Non-Executive director Sanatana Diamonds (UK)

Mark LesterNon-Exec. Director

• • Auditing / finance background with major accounting firm
• • Former Company Secretary and CFO Meditech Research Ltd

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Board & Management

Gordon Barnes – Exploration Manager

• –Former Exploration Manager Australasia Geoinformatics
• –Former senior explorationist Normandy Mining

David Ward and Dr Jeff Vassallo – Senior Exploration Geologists

• –Based in Orange NSW
• –Former exploration / mine geologist Cadia Newcrest
• – Team Leader and structural geologist with Geological Survey of NSW

Offices

• –Head office, West Perth
• –Exploration office, Orange NSW

Experienced and skilled board and management – we have the right people

West Perth head office

Orange NSW exploration office

Corporate Snapshot

47.8M shares, 4.9M options

Share Price: 16 cents (4/02/08)

$7.6M market capitalisation (at 16 cents)

12 month range: 10 cents – 29.5 cents

Top Shareholders (4/02/08)

• Geoinformatics 47.7%
• Geologic Resource Fund 7.8%
• Arnold & Ruth Getz 4.0%
• Martin Place 2.8%
• Alcardo Investments 2.3%
• -Damplin Investments 2.1%
• Top 20 Holding 74.6%

Exploration Spend: $7.4M for 2 years from date of listing - 11 July 2007 (incl JV partners)

$4.0M Cash, Exploration Exp $1.4m since July 2007 (1/02/08)

Clancy's targeting – process & validation

The Geoinformatics Process:

• State-of-the-art targeting methodology
• Probabilistic approach that incorporates risk and uncertainty
• Rigorously defined, robust targets (probability of success)

Targeting validation:

• Targeting by Geoinformatics:
  • –Six million ounces of gold discovered on targets at the Red Lake mine, Ontario
  • –Ten virgin mineralised systems discovered in 2007 in North America
• Targeting by Clancy:
  • –In NSW, intrusive systems identified under cover, confirmed by drilling
  • –In Tasmania, new mineralisation identified in Hellyer – Que River corridor

The targeting is working exceptionally well and the methodology has been independently endorsed by SRK (NSW) and Snowdens (Tasmania)

What to take away about Clancy

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• 1. Large strategic ground holding in world-class mineral provinces, developed over several years (>1000km 2of ground turned over)
• 2. A rigorous, risk-managed approach to targeting with a pipeline of quality targets that are prioritised and ranked
• 3. Aggressive drilling campaign is underway (25,000m planned)
• 4. 13 targets to be tested over the next four to six months
• 5. We believe the next big discovery in the Lachlan Fold Belt is likely to be undercover – our technical edge positions the company well
• 6. Exploration budget is well-funded: ~$7.4M exploration spend over two years from listing
• 7. Good news flow as drilling results are received
• 8. Experienced and talented team that are committed to discovery

Partnerships

Joint venture with Gold Fields in NSW

• Enables exploration dollar to go further
• Provides backing for development of world-class to giant ore-systems

Alliance with majority shareholder Geoinformatics

• Access to expertise & infrastructure
• Cutting edge technologies
• Geoinformatics Process

Joint venture with Bass Metals in Tasmania

• Provides access to the Hellyer infrastructure
• Free-carried interest on Clancy properties

Collaborative partnerships – positioned for growth

Exploration Strategy

Exploration strategy

All-of-belt approach that rigorously integrates all regional data

Apply state-of-the-art targeting techniques – the Geoinformatics Process

• Reduces exploration cost and risk
• We know exactly where we want to be and where we don't want to be

Assemble the best regional ground position and explore it effectively

• Exceptional focus on highest ranked targets
• Follow-up or move on

Aggressive target monitoring

• We are ready when competitor's tenements lapse
• We have increased the area of A-Class targets held by 66% in the last year

Lachlan Fold Belt – our main focus

We chose the Lachlan Fold Belt because:

• Rich +100 year mining history, largest deposits discovered relatively recently
• Exceptional data quality regional geophysics, geology, geochemistry etc
• Good ground availability (in 2003)
• Low title, political and environmental risk
• Supportive government

The Macquarie Arc in the Lachlan Fold Belt – a richly endowed terrain:

• Ordovician porphyry copper-gold and related deposits
• Gold endowment >45Moz and growing
• Copper endowment > 6Mt and growing
• Big systems discovered in the last 15 years

The Target in the Macquarie Arc

Ordovician porphyry copper-gold systems

Cadia – Ridgeway

• • Ridgeway is Australia's most profitable gold mine
  • 2006 production: >360,000 oz gold, >39,000 t copper
• • Cadia Valley endowment

  • 35Moz Au, >4.9Mt Cu and growing

  • Production >615,000oz Au, >62,000t Cu per annum
  • Current mine life 30 years and growing

•Resources and reserves (June 2006)

• –Ridgeway 3.5Moz Au and 430,000t Cu
• Cadia 27.5Moz Au and 4Mt Cu

Project pipeline – NSW projects

Why IP surveys?

IP anomaly over Ridgeway

Ridgeway

•

• Tightly constrained Cu-Au pipelike orebody ~ 250m wide
• • Outer pyrite shell extends for up to 600m away from orebody
• • Detectable by IP, chargeable at ~6ms
• • IP increased the detectable footprint (100m vertical, top of the orebody is 550m vertical)

Source: Mackey et al 2001

Gobondery

• • Gobondery EL6534 covers prospective arc rocks 47km west of Northparkes
• •Similar geology and setting to Northparkes
• • Clancy drilling in 2006 defined porphyry-style rocks, alteration and mineralisation
• • IP surveys recently completed defined two significant anomalies
• • Diamond drilling in progress – 3 holes 970m completed to date

Gobondery – Allandale IP

Allandale IP and magnetic inversion models – oblique 3D view looking north

Hole completed and assay results awaited

Cross-section looking north showing the 5ms and 8ms isosurfaces of the Allandale IP anomlay and proposed hole

Gobondery – Forest View IP

exploration showing anomalous copper

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Cowal East

• • Two EL's (EL6553 and EL6554) in the Cowal Igneous Complex
• • 12km east of Cowal gold mine (Barrick), adjacent to Marsden prospect (Newcrest)
• • Significant basement aircore gold, copper and zinc anomalies
• • Prospective for porphyry-style and lowsulphidation epithermal style systems
• • Aircore drilling now >60m of cover, 21 holes 1841m completed to date

In conclusion Clancy has:

Advanced exploration portfolio with 'drill ready targets'

Targets more advanced than typical grassroots projects

Six month 25,000m drilling campaign commenced last quarter 2007

• Testing 13 of the most highly ranked targets in the Clancy portfolio in the Lachlan Fold Belt
• Diamond drilling since November 2007
• Second aircore rig operating since January 2008

Projects in highly mineralised terrains (Lachlan Fold Belt & Mt Read Volcanics)

Technical edge with increased probability of discovery

Exploration well-funded

Supportive strategic partners (Gold Fields & Bass Metals)

Substantial upside in valuation with exploration success

Contact Details

Mark Stewart Managing Director Clancy Exploration Ltd +61 8 9481 8241 mark.stewart@clancyexploration.com Ann M Nahajski Investor RelationsPorter Novelli+61 8 9386 1233 anahajski@wa.porternovelli.com.au

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