RAREX LIMITED — Investor Presentation 2011

Nov 13, 2011

ASX: CLY Clancy Exploration Limited

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NSW Miners & Explorers Presentation NSW Trade & Investment Sydney, November 14 2011

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Disclaimer

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The material in this presentation (“material”) is not and does not constitute an offer, invitation or recommendation to subscribe for, or purchase, any security in Clancy Exploration Limited (“CLY”) nor does it form the basis of any contract or commitment. CLY makes no representation or warranty, express or implied, as to the accuracy, reliability or completeness of this material. CLY, its directors, employees, agents and consultants, shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions from this material except liability under statute that cannot be excluded.

Statements contained in this material, particularly those regarding possible or assumed future performance, costs, prices, resources, reserves or potential growth of CLY or, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors and risks, many of which are outside the control of CLY and its directors. Investment in the securities of CLY is considered to be highly speculative.

The information in this material that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Gordon Barnes who is a Member of the Australian Institute of Geoscientists. Mr Barnes is a fulltime employee of Clancy Exploration Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Gordon Barnes consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Introduction to Clancy

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Clancy Introduction

• Clancy is an exploration company targeting gold, base metals, iron and tin in Australia

• Clancy is focused on risk-managed exploration to improve the odds of exploration success

• Clancy has 23 projects: 13 are wholly owned and the remainder are JVs

• The majority of Clancy’s projects are located in the Macquarie Arc in Central NSW

• Clancy’s other projects are located in Western NSW, Tasmania and WA

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Investment Highlights

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Clancy is well funded to continue its aggressive exploration program

• Quality explorer with a scientific and strategic approach

• Commanding position in a world class mineral province, the highly prospective Macquarie Arc (Lachlan Fold Belt)

• 9,000m of drilling planned in the next few months at 100% owned projects:

• Diamond drilling in progress testing gold targets at Condobolin (NSW)

• Iron-rich skarn drill targets defined at Gobondery and Trundle (NSW)

• Epithermal, skarn and porphyry copper-gold drill targets at Trundle (NSW)

• Gold and base metal drill targets at Murchison (WA)

• Exploration underway at several other 100% owned NSW projects:

  • Billabong Creek, Cundumbul and Orange East

• Seven gold-copper JV‘s with Gold Fields in NSW, managed by Gold Fields

• Extensive drilling campaign underway at several JV‘s

• $4M budget for calendar 2011

• Two base metal JV’s with Bass Metals in Tasmania, managed by Bass Metals

• Two tin JV’s with TNT Mines in Tasmania, managed by TNT Mines

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Clancy Snapshot

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Clancy is a quality exploration company with:

• High quality assets

• A promising outlook for targeted commodities

• A focussed exploration strategy

• JV partners with deep pockets

• Robust project targets

• Talented and experienced management team

• Risk managed exploration

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Major Shareholders

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16.5%
8.2%
75.3%
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1. Closing price 8 November 2011

Austock Capital Management Evolution Capital Management Other Top 20 – 54.4%

Company Structure	Company Structure
Market Capitalisation	$9,199,130
Share price1	$0.056
Shares on issue	164,270,471
Listed Options (ASX:CLYO)	92,134,786
Unlisted Options	4,800,000
Cash2	$4.25m
Debt	-

1. As at 30 September 2011

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Board and Senior Management

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Dr Mike Etheridge		Non-Executive Chairman Mike is a geologist who has had a varied career in academia, a government research organisation and in industry. Mike was Chairman of SRK Australasia until 2004, pursuing a career as a professional company director. He is currently non- executive chairman of ABM Resources Ltd (ASX: ABU) and Zeus Uranium Ltd, and a non-executive director of DET CRC Ltd.	Non-Executive Chairman Mike is a geologist who has had a varied career in academia, a government research organisation and in industry. Mike was Chairman of SRK Australasia until 2004, pursuing a career as a professional company director. He is currently non- executive chairman of ABM Resources Ltd (ASX: ABU) and Zeus Uranium Ltd, and a non-executive director of DET CRC Ltd.
Mr Gordon Barnes		Managing Director and Exploration Manager Gordon is an exploration geologist with a background in exploration project management and technical consulting services. He has 23 years of practical experience, ranging from active field based projects through to multi-commodity project generation initiatives. Gordon was a Senior Geologist with Normandy before co-founding the Insight Geoscience Group. Gordon joined Clancy in 2004.
Dr James Macdonald		Non-Executive Director James has over 30 years of experience in the global exploration and mining industries. He is a geoscientist who has operated a consultancy business providing professional geoscientific services to exploration and mining companies for several years. He has held chief Geoscientist and Management positions with a number of companies, including BHP Billiton, AGIP Resources, and Homestake Mining Company.
Mr Mark Lester		Non-Executive Director (Financial) Mark is a Chartered Accountant with experience working in both public accounting firms and also within the financial services and manufacturing sectors. Currently Mark is a partner in a Chartered Accounting practice based in Subiaco, Western Australia. Mark is also a Registered Auditor and a director of a Registered Tax Agent.
Dr Jeff Vassallo		Senior Exploration Geologist Jeff is an exploration geologist with nine years practical experience in studying and exploring the Lachlan Orogen in NSW. Jeff was previously the Team Leader of regional mapping for the Geological Survey of NSW. He has been with Clancy exploring the Macquarie Arc since 2008.
Senior Management		Chief Financial Officer	Gavin Doig
		Company Secretary	Rowan Caren
		Project Geologist	Kristy Vassallo
		Office Manager	Clarissa Lark

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NSW Projects Overview

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Central NSW
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Macquarie Arc Focus

• Gold-copper porphyry projects in the Macquarie Arc

• Epithermal gold-(silver)-base metals projects outside the Macquarie Arc

• 12 wholly owned and managed gold-copper projects in NSW

• 7 gold-copper JV projects with Gold Fields which are managed by Gold Fields

• Projects covered in today’s presentation:

• Condobolin gold-silver-base metals

• Trundle gold-copper and iron

• Gobondery gold-copper and iron

Western NSW

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Macquarie Arc and current activity in NSW

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Significant discoveries in the Macquarie Arc

• The Macquarie Arc has an endowment of > 80 Moz of gold and 13 Mt of copper

• Most of this gold and copper was discovered in the last 15 years

• Clancy has over 3,000km[2] in this richly endowed terrain

• There has been significant activity in the area in recent times

• Companies currently mining in the area include:

• Newcrest at Cadia Valley (>67 Moz Au, >10Mt Cu)

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Northparkes
Cadia
Cowal
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• Rio Tinto at Northparkes (>2.9 Moz Au, >2.1 Mt Cu)

• Barrick at Cowal (> 4.5 Moz Au)

• Newcrest and Goldminco also have large resources defined

Clancy current activity

• Condobolin : Diamond drilling now, RC and AC drilling to follow

• Gobondery & Trundle : Drilling December 2011 quarter

• Orange East : Drilling March 2012 quarter

• Billabong Creek & Cundumbul: Geochemistry in progress

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50 km
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Clancy has a large holding in the Lachlan Fold Belt

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Key:
Hera - Nymagee
Clancy and Gold
Fields JV’s
Mineral Hill
Blind Calf
Central NSW
tenement holders
February 2011
(Group 1, Metals)
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Tritton – Straits – 2010 production 81Kt of Cu con (25% Cu)

CSA – Glencore – 2010 production 150Kt of Cu con (29% Cu)

Mineral Hill – Kimberley Metals : Parkers Hill resource:

493.6Kt @ 2.17% Cu, 1.07% Zn, 0.85% Pb, 29.5g/t Ag & 0.43g/t Au Pearse intercepts:

21m @ 14.5g/t Au & 14g/t Ag 14m @ 16.7g/t Au & 8g/t Ag 49m @ 10.7g/t Au & 119g/t Ag

Hera / Nymagee – YTC : Hera : 2.18Mt @ 4g/t Au, 15.6g/t Ag, 2.8% Pb, 3.9% Zn, 0.2%Cu

Nymagee intercepts: 8.9m @ 7.2% Cu , 24g/t Ag & 0.16g/t Au from 370.5m

10m @ 7.1% Cu , 0.21g/t Au, 39.7g/t Ag from 379m

53m @ 2.3% Cu from 34m, incl 16m @ 4.2% Cu from 42m

Blind Calf – Kidman Resources : Recent intercepts: 23m @ 7.07% Cu & 8.87g/t Ag, incl. 5m @ 13.45% Cu & 16.98g/t Ag 40M @ 1.36% Cu, incl 9m @ 3.26% Cu

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Condobolin – gold and base metals

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Condobolin Background

• The Condobolin area was mined in the 1890’s to early 1900’s

• Since then, the area has been shallow drilled, but has not been effectively explored below the weathered zone

• Mineralisation at Condobolin shows strong similarities to the Mineral Hill deposit owned by Kimberley Metals Ltd (ASX:KBL)

• Kimberley Metals is about to commence production of Cu, Ag, Au, Pb and Zn from the Pearse and Parkers Hill deposits at Mineral Hill at a production rate per annum of 4,000t Cu, 20,000oz Au and 150,000oz Ag

Initial field work at Condobolin

• Field work in September 2010 produced excellent rock chip results

• 7 of 12 samples >5g/t Au

• 2 samples >5% Cu

• Max 26g/t Au and 8.53% Cu

• 1 sample 25.3% Zn

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Condobolin Historic Mining

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Historic Mining

• Actively mined in the 1890’s to early 1900’s at Phoenix, Mascotte and Bluebell for Au, Cu, Pb, Ag and Zn

• Mining ceased due to water at 70-90m depth

• Drilling occurred between the 1970’s and 2000’s

• More than 500 shallow holes drilled (mostly RAB), with an average depth of 24m as underpowered rigs were used

• Drilling was again halted by water

• The mineral field has not been effectively explored below the weathered zone (30m)

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Numerous mineral
occurrences
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CONDOBOLIN HISTORIC MINING DETAILS

• PHOENIX BLUEBELL MASCOTTE POTTERS

• • Active 1893 – 1907: Au, • Active 1898-1906: Au and • Active 1899-1914: Pb, Au • Active 1905-1925: Ag, Pb Cu, Pb and Ag Cu and Ag and Zn

• • • • • ~6 g/t Au, ~5% Cu, ~10% ~9% Cu, ~6 g/t Au ~15% Pb, 5g/t Au, 12oz/t ~25oz/t Ag, ~55% Pb Pb • 30m depth, 26m along Ag • 100m depth, 90m along

• • 70m depth, 10m wide strike • 94m depth and 105m strike • along strike Epithermal veins • Epithermal veins

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Condobolin Geology and exploration potential

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Geology

• Poorly exposed basement (Ordovician Girilambone Group and younger(?) volcanics)

• Mostly residual (in-situ) soil profile

• Average depth of cover in nonoutcropping areas is <5m  very easy to explore

• Numerous gold, lead-zinc and copper mineral occurrences

• Only 8 % of tenement is outcrop or subcrop and 98% of historic mineral occurrences are within

200m

• 90% of tenement area is

• unexplored

• Clancy 100% owned tenement EL7748 covers entire Condobolin Mineral Field

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Significant intercepts in Clancy RC drill program

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Phoenix Potters Mascotte Significant drill intercepts at each prospect drilled in first RC drill program 8m @ 3.73g/t Au, 17g/t Ag, 0.85% Cu Phoenix incl 2m @ 10.4g/t Au Mascotte 4m @ 3.7% Zn, 1.3g/t Au, 12g/t Ag Bluebell 4m @ 0.29g/t Au, 1.14% Cu Bluebell Note that drilling was cut short before the target was reached 6m @ 2.7% Zn, 2.7% Pb, 30g/t Ag Potters Note that this is the first hole greater than 40m drilled at the prospect!

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Condobolin – Phoenix RC drill section

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NW SE
8m @ 3.7g/t Au, 7.1g/t Ag,
Footprint of old workings 0.62% Pb, 0.26% Zn
8m @ 3.73g/t Au, 17.0g/t Ag,
0.47% Cu, 0.35% Pb, 0.42% Zn
Legend
<0.05 <0.01
2m @ 3.1g/t Au, 17.2g/t Ag, 0.05 – 0.2 0.01 – 0.05
0.85% Cu, 0.17% Pb, 0.5% Zn 100m 0.2 – 0.5 0.05 – 0.1
0.5 – 1 0.1 – 0.5
112m >1 >0.5
Open at depth &
Au (g/t) Cu (%)
along strike
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Pearse deposit – Mineral Hill

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• Gold-silver system, recently drilled by Kimberley Metals

• Pinch and swell geometry; e.g. 10m @ 3.2g/t Au  49m @ 10.7g/t Au

• Condobolin gold-silver mineralisation is very similar, particularly at Phoenix

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Note – highly variable geometry in section

Source: http://www.kimberleymetals.com.au – presentation 8 June 2011

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Condobolin Screen Fire Assay Results

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• 1m resplits from lode zones at Phoenix, Mascotte, Bluebell and Potters submitted for screen fire assay

• on an

• The screen fire assay results indicate gold intercepts uplifted by >30% equivalent interval basis:

• Phoenix: 9m @ 4.08g/t Au incl 2m @ 14.18g/t Au

• Significant upgrades of gold, silver and base metal intercepts were also returned at the Bluebell and Potters prospects

Prospect	Hole		2m composites	2m composites	2m composites	1m re-splits	1m re-splits	1m re-splits	Cutoff Au (g/t)	Uplift
			Interval (m)	Au (g/t)	From (m)	Interval (m)	Au (g/t)	From (m)
Phoenix	CORC008		10	3.06	72	9	4.08	72	0.1	33.4%
			8	3.74	72	7	5.18	73	0.5	38.7%
			6	4.73	72	5	6.90	73	1.0	45.9%
			2	10.35	76	2	14.18	76	5.0	37.0%
Mascotte	CORC015		4	1.33	76	4	2.28	76	0.1	71.4%
Bluebell	CORC012		4	0.29	98	4	0.39	98	0.1	34.5%

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Condobolin Aeromagnetic Survey Results

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RTP

• Substantial deep-seated (long wavelength) magnetic gradient in the south of the survey area

• Deep-seated magnetic source in south

• NW-trending linear magnetic bodies  skarn?

• • High-frequency dendritic anomaly pattern  palaeodrainage

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Condobolin Radiometric Survey Results

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K radiometrics
Untested
•
•
•
K anomalies near
historic workings
•
completed
Soil survey recently
completed in this area
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• Strong K anomalies map potassic alteration in vicinity of historic workings

• Suggests presence of large scale hydrothermal system

• Strong K anomaly in north of survey area maps another potassic alteration zone which remains untested

• Soil survey recently completed

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Condobolin Soil Survey Results

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Arsenic over K radiometrics

• Strong correlation between anomalous As (>100ppm) and K channel high

• Previously defined prospects are on the periphery

Newly defined Meritilga prospect could be the core of the system

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Condobolin Telescoped System

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The emerging concept is that there is a deep intrusive which could be driving a large hydrothermal system

Numerous polymetallic historic mines and workings

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The various styles of Au, Cu, Pb, Ag and Zn mineralisation in the district could be a manifestation of a substantial zoned hydrothermal system

Mineralisation and alteration identified to date is consistent with a low-sulphidation epithermal system

• Skarn mineralisation is also present

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Trundle and Gobondery TRUNDLE EL4512 & EL7187

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Porphyry copper-gold and iron skarn

• Extensive skarn horizons intersected by drilling of porphyry Cu-Au targets at Trundle in early 2011

• Trundle skarn is associated with gold, copper (see table below) and magnetite, and is similar to Big Cadia skarn, which is peripheral to Cadia

• Trundle also has high-grade gold-copper epithermal veins; e.g. 2m @ 20g/t Au, 6.97% Cu (also similar to Cadia)

• An assessment of the iron potential of the skarns is in progress; ground magnetic survey completed; expert consultant engaged

• Drill testing to commence in December 2011 quarter

Hole Id	Interval (m)	Au (g/t)	Cu %	Company
TPRC001	28	0.30	0.15	Clancy
TPRC005	58	0.44	0.17	Clancy
TD028	23	0.35	0.17	Newcrest

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Trundle and Gobondery iron skarns TRUNDLE Magnetite Potential

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Unnamed iron
skarn occurrences
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Regional RTP magnetics, infrastructure and iron skarn occurrences

Well located, adjacent to existing rail and road networks

Strong regional magnetic anomalies map the magnetite-rich skarn sections

Skarns explored for copper-gold at Trundle, however the iron potential was ignored previously

Gobondery skarn mined for iron in the 1920’s Botfield skarn at Trundle mined for iron in the 1940’s

The skarns at Gobondery and Trundle are regionally extensive and have not been drill tested

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Gobondery ground magnetic survey TRUNDLE Magnetite Potential

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Strike length of iron-rich
skarn at least 3km long,
thickness unknown
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Gobondery iron skarn TRUNDLE Magnetite Potential

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Magnetite and hematite rich

• 3-4km strike length

• Hematite-rich sections are non-magnetic

• Thickness unknown – requires drilling

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Trundle ground magnetic survey TRUNDLE Magnetite Potential

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Strike length of iron-rich
skarn at least 2km long,
drilled thickness up to
58m and most of the
skarn is untested.
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Wrap up

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Clancy is an active explorer with outstanding prospects

• Clancy holds a commanding position in a world class mineral province

• Strong focus on 100% owned projects in 2011 / 2012

• Approximately 9,000m of drilling planned in the next few months, focussed on the NSW projects and Yalgoo in WA

• The proposed drilling will follow up excellent first round drilling at:

• Condobolin e.g. 9m @ 4.08g/t Au incl 2m @ 14.18g/t Au

• Trundle e.g. 2m @ 20g/t Au, 6.97% Cu

• Exploration is also underway at numerous other Clancy projects:

• Yalgoo (WA), Orange East, Cundumbul & Billabong Creek (NSW)

• Evaluation of skarn for iron potential in progress at Gobondery & Trundle

• RC drilling planned for December 2011 quarter

• Substantial JV budget approved by Gold Fields for 2011 >$4M

• Drilling underway at several JV‘s

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Contact details

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Contact details Phone: +61 2 6361 1285 Fax: +61 2 6361 1202 Email: info@clancyexploration.com www.clancyexploration.com Orange NSW head office 3 Corporation Place Orange NSW 2800 PO Box 7040 Orange NSW 2800

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