RAREX LIMITED — Investor Presentation 2011

Jul 31, 2011

ASX: CLY Clancy Exploration Limited

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Diggers & Dealers Presentation Kalgoorlie, August 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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Investment Highlights

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Clancy is well funded to continue its aggressive exploration program

• Clancy is a quality explorer with a scientific and strategic approach

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

• Approximately 22,000m of drilling proposed over the next 12 months at its 100% owned projects

• Aggressive field program underway at the Condobolin project with excellent results from first drill program

• Identified epithermal, skarn and porphyry mineralisation at other key project Trundle

• Exploration underway at numerous other projects:

• Yalgoo (WA), Roseholme, Cundumbul, Currumburrama & Billabong Creek (NSW)

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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

Major Shareholders

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15.9%
7.8%
76.3%
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Austock Capital Management Evolution Capital Management Other

1. Closing price 25 July 2011

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Vol ('000) Share Price Performance and Volume Price ($)
35,000 0.20
0.18
30,000
0.16
25,000 0.14
0.12
20,000
0.10
15,000
0.08
10,000 0.06
0.04
5,000
0.02
0 0.00
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11
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Company Structure	Company Structure
Market Capitalisation	$9,856,228
Share price1	$0.60
Shares on issue	164,270,471
Listed Options (ASX:CLYO)	92,134,786
Unlisted Options	7,050,000
Cash2	$4.69m
Debt	-

1. As at 30 June 2011

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Introduction to Clancy Exploration

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Clancy Introduction

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

• Clancy focuses on risk-managed exploration to improve the odds of exploration success Clancy has a total of 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

Clancy History

• Clancy was established in 2003 as a wholly owned subsidiary of Geoinformatics Exploration (GXL). GXL exploration targeted NSW and Tasmania

• Clancy commenced an alliance with Gold Fields Australasia Pty Ltd (“Gold Fields”) in NSW in 2004 and an alliance with Bass Metals Limited (“Bass”) in Tasmania in 2005

• • Probabilistic targeting commenced in 2005 to produce a target bank

• Clancy was listed in 2007. Post IPO, target testing commenced in earnest, with key targets Condobolin and Trundle being acquired in 2009

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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 Exploration before co-founding the Insight Geoscience Group. Gordon joined Clancy in 2007.
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

• Clancy has a focus on gold-copper porphyries, primarily located in the Macquarie Arc in NSW

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Western NSW
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• Epithermal gold-base metals also appear outside the Macquarie Arc

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

• 11 located in Central NSW

• 1 in Western NSW

• Additionally, Clancy has 7 gold-copper JV projects with Gold Fields which are also managed by the JV partner

Condobolin and Trundle acquisitons

• Clancy acquired the key Condobolin and Trundle projects in 2009

• Condobolin was acquired from Centaurus then optioned to Gold Fields for 12 months

• Gold Fields returned the project (100%) to Clancy in 2010 after limited exploration

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NSW Gold Fields Joint Ventures

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Historically greater focus on JV exploration

• Clancy has a JV with Gold Fields on 7 projects located within the Macquarie Arc area

• The JV projects take up approximately half of the total Clancy landholdings in the area

• Clancy’s interest in the JV projects varies between 18% and 49%

• Drilling in the area since 2007 has been heavily skewed towards the JV projects, accounting for approximately 85% of total drill metres

NSW drilling (89,865m)

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13,291
15%
76,574
85%
JV Clancy
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Clancy drilling: 13,291m

JV drilling: 76,574m

• The 100% Clancy owned projects remain underdrilled despite being equally as prospective as the JV projects

• Clancy is strongly focussed on 100% owned projects, with approximately 22,000m of drilling planned over the next 12 months

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16,024 2,178
6,484
7,189
3,924
54,066
AC RC DD AC RC DD
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Tasmania and WA Projects Overview

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Tasmania
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Tasmanian Projects

• Clancy has 4 JV projects in Tasmania which are all partner managed

• 2 base metal-gold projects

• Located in the Mount Read Volcanic Belt (NW Tasmania)

• The projects are JV’s with Bass

• 2 tin projects

• Located in NW Tasmania

• JV’s with Minemakers Ltd /TNT Mines

WA Project

• Clancy has one wholly owned and managed project in WA

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Murchison WA
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• It is a gold-base metal project located in the Murchison Province

• The project is adjacent to the Golden Grove base metal-gold mine

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Recent Activity in The Macquarie Arc, NSW

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Significant discoveries in the Macquarie Arc

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Drilling
Aeromagnetic
surveys
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• The Macquarie Arc has over 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)

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

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• Barrick at Cowal (> 4.5 Moz Au)

• Newcrest and Goldminco also have large resources defined

Clancy recent drilling activity

• Condobolin : RC drilling completed Feb 2011

• Trundle : RC drilling completed Jan 2011

• Orange East : DD drilling completed Oct 2010

Recent aeromagnetic and radiometric surveys

• Roseholme & Currumburrama

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50 km
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• Condobolin & Billabong Creek

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Clancy has a large holding in the Lachlan Fold Belt

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Key:
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 Mineral Field

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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

Review of previous work at Condobolin

• The first prospects Clancy is following up are Phoenix, Surprise, Mascotte and Bluebell

• Field work in September 2010 produced strong results

• Spectacular 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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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 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	CONDOBOLIN HISTORIC MINING DETAILS	CONDOBOLIN HISTORIC MINING DETAILS	CONDOBOLIN HISTORIC MINING DETAILS
PHOENIX	BLUEBELL	MASCOTTE	POTTERS
• Active 1893 – 1907: Au, Cu, Pb and Ag • ~6 g/t Au, ~5% Cu, ~10% Pb • 70m depth, 10m wide • Epithermal veins	• Active 1898-1906: Au and Cu • ~9% Cu, ~6 g/t Au • 30m depth, 26m along strike	• Active 1899-1914: Pb, Au and Ag • ~15% Pb, 5g/t Au, 12oz/t Ag • 94m depth and 105m along strike • Epithermal veins	• Active 1905-1925: Ag, Pb and Zn • ~25oz/t Ag, ~55% Pb • 100m depth, 90m along strike

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Condobolin Screen Fire Assay Results

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• Following significant drill intercepts at the Phoenix, Mascotte, Bluebell and Potters prospects, further samples were collected at 1m intervals from the lode zones and submitted for screen fire assay

• The screen fire assay results indicate gold intercepts uplifted by >30% on an 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 Work Program CONDOBOLIN Upcoming work

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Work program in progress

• Follow-up drilling, targeting extensions to high grade Au - Cu lodes

• Aeromagnetic / radiometric survey recently completed

• Large soil geochemical program in progress

• A trial prospect scale 3D IP survey covering the Phoenix area is planned for August 2011  sulphide-rich target definition

• Process magnetic data to provide structure definition

• Process radiometric data to provide alteration and regolith mapping

• Drill target definition underway, with follow-up drilling planned for September 2011

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Trundle Mineral Field TRUNDLE EL4512 & EL7187

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Cu, Au and Magnetite mineralisation

• 100% owned by Clancy (with 2.5% NSR to vendors)

• Porphyry and skarn-style copper-gold mineralisation

• Extensive skarn horizons defined with gold, copper and magnetite

• Strong similarities to Big Cadia skarn, which is peripheral to Cadia

• Poorly explored below 50m with only 2.8% of previous drill holes deeper than 50m

• Potential for deeper porphyry due to limited exploration at depth

• High-grade epithermal gold veins and native copper

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Trundle acqusition

• Trundle was one of Clancy’s highly ranked targets

• Acquired 70% of Trundle in May 2009 from Western Plains Resources (acquiring Calibre Mining’s farm-in rights)

• Moved to 100% ownership in August 2009

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Trundle Mineralisation Similar to Northparkes TRUNDLE and Northparkes

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Rift Basin
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Trundle split from Northparkes

• Trundle has the same geophysical characteristics as Northparkes, with the same rock types and same mineralisation styles

• Trundle was part of the Northparkes complex and split from Northparkes during rift development

• Trundle restores to a position on the western edge of the Northparkes complex

• Gravity lows, signalling an intrusive complex, are prominent at Northparkes and also present at Trundle

Northparkes Snapshot

• Northparkes is a Rio Tinto porphyry Cu-Au mine

• • Discovered in 1976, Production commenced 1993

• • Endowment of 3.8Moz Au, 2.8Mt Cu

• 2010 production of 65Koz Au, 39Kt Cu

• • Value of 2010 production: A$470M

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RTP horizontal gradient image
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• 2010 average grades of 0.33g/t Au, 0.88% Cu

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Trundle Park RC Drilling by Clancy TRUNDLE PARK Clancy RC drilling

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28m @ 0.3g/t Au,
0.15% Cu, from 24m
1930’s copper-gold
workings
2m @ 20g/t Au, 6.97%
Cu, 81g/t Ag from 64m
52m @ 0.45g/t Au
from 32m
58m @ 0.44g/t Au,
0.17% Cu, from 22m
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Previous drilling

• Only 2.8% of holes are >50m deep - Average hole depth in Trundle Park area is 20m

• The majority of these are shallow RAB

• Most holes only assayed for Au and Cu

• Excellent potential at depth

Clancy RC drilling

• Skarn and vein-hosted mineralisation was intersected

• Broad widths (30-50m) of skarn ~0.3g/t Au, 0.15% Cu

• Epithermal vein-hosted high-grade gold and copper – 20g/t Au, 6.97% Cu

• Also broad intersection of epithermal style gold; e.g. TPRC009

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Trundle Magnetite Potential TRUNDLE Magnetite Potential

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Magnetite potential

• Ground magnetic data shows an extensive magnetite skarn

• The Trundle magnetite may host economically significant magnetite resources with copper and gold credits

• A crude estimate of Trundle Park magnetite grade:

• Based on ICP Fe assays

• ~20-25% magnetite

• Requires Davis Tube assays to confirm

• Large areas remain effectively untested

• Current mines that exploit this style of deposit include:

• Xstrata, Ernest Henry, Qld (Head grade: 1/gt Au, 0.5% Cu, 22% magnetite)

• IMX Resources, Cairn Hill, SA (Resource: 11.4Mt @ 49.5% Fe, 0.4%Cu, 0.1g/t Au)

• Some sk Hole Id	arn intercepts are Interval (m)	shown belo Au (g/t)	w: Cu %	Company
TPRC001	28	0.30	0.15	Clancy
TPRC005	58	0.44	0.17	Clancy
TD025	No Au or Cu,but mgt &gt(?)logged			Newcrest
TD028	23	0.35	0.17	Newcrest

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Dunns
skarn
Untested Probable
magnetite skarn
strike length at
TPRC001
least 2.8km
TPRC005
TD025
TD026
Botfield
magnetite skarn
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Trundle Work Program TRUNDLE Upcoming work

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Continuing drilling program

• Drilling to continue in October/November 2011 - most areas are now under winter cereal crops

• Drilling and assessment of magnetite potential

• Follow-up drilling epithermal Au-Cu intercept in TPRC003

• Step out drilling to follow-up TPRC009 intercept

• Drill test porphyry target south of TPRC010

• Submit Davis Tube assays for magnetite in TPRC001 and TPRC005

• If successful, then further drillling to evaluate extent of magnetite

• Also assess skarn potential elsewhere; e.g. Mordialloc

• Aircore drilling: geophysical targets

• Continue to target deeper (larger) porphyry source

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Mordialloc
Ravenswood
Trundle Park
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Clancy Summary

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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 22,000m of drilling proposed, 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), Roseholme, Currumburrama & Billabong Creek (NSW)

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Appendices

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Appendix	Content
1	Other Clancy and Gold Fields JV Projects
2	Condobolin RC drill program results
3	Condobolin Previous Exploration
4	Gold Fields Drilling at Mascotte, Condobolin
5	Condobolin Aeromagnetic Survey
6	Trundle Park Clancy RC Drilling
7	Cadia Discovery History
8	Contact details
9	References

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1. Other Clancy and Gold Fields JV Projects

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Moonagee

CLY: 100% It was previously under option to Gold Fields, who did not complete any work on the project.

Myall JV

CLY: 49%, Gold Fields: 51%, earning 80% Regional aircore drilling program underway. 111 holes drilled thus far.

Moorefield JV

CLY: 20%, Gold Fields: 80% Covers 285km[2. ] IP Survey to be carried out in September quarter.

Fairholme

CLY: 100% Highly prospective but underexplored tenement.

East Parkes

CLY: 100% Recently granted, work to commence soon.

Jemalong JV

CLY: 20%, Gold Fields: 80% Aircore drilling planned in 2011.

Cowal East JV

CLY: 18%, Gold Fields: 82% Eurowie prospect – IP anomaly within phyllic alteration zone. Diamond drilling required.

Currumburrama

CLY: 100% Aeromagnetic survey completed. It was previously under option to Gold Fields.

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Wellington North JV

CLY: 18%, Gold Fields: 82%

Covers 30km of strike of the Molong Volcanic Belt. RC drilling completed with assay results awaited.

Roseholme

CLY: 100%

Aeromagnetic survey completed. It was previously under option to Gold Fields.

Cundumbul

CLY: 100%

Highly prospective but underexplored tenement. Soil/stream survey planned.

Gobondery

CLY: 100%

It was previously a JV with Gold Fields. Auger soil sampling in progress.

Parkes JV

CLY: 20%, Gold Fields: 80% Covers 474km[2] of the Northparkes Igneous Complex. RC drilling recently completed.

Orange East

CLY: 100%

Diamond drilling completed October 2010. Soil sampling in progress

Billabong Creek

CLY: 100%

Aeromagnetic survey completed and soil sampling planned.

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2. Condobolin RC and Rock Chip Results

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Drill hole / Sampno	Results
COR0001 (rock chip)	22.5g/t Au, 58.1g/t Ag &1.15% Pb
COR0002 (rock chip)	1.0g/t Au, 57.1g/t Ag & 8.52% Cu
COR0003 (rock chip)	14.6g/t Au, 23g/t Ag, 2.72% Pb, 1.49% Cu
COR0004 (rock chip)	1.9g/t Au, 40g/t Ag, 25.3% Zn & 1.38% Pb
CORC005	12.2g/t Au, 23.1g/t Ag & 2.08% Pb incl. 2m @ 9.8g/t Au, 13.5g/t Ag from 64m, and 8m @ 3.7g/t Au, 7.1g/t Ag,0.62% Pb, 0.26% Zn, and 2m @ 3.1g/t Au, 17.2g/t Ag, 0.85% Cu, 0.17% Pb, 0.5% Zn
CORC008	13.6g/t Au, 21.3g/t Ag, 2.8% Zn & 0.85% Pb incl. 2m @ 10.4g/t Au, 10.7g/t Ag from 76m, and 8m @ 3.73g/t Au, 17.0g/t Ag, 0.47% Cu, 0.35% Pb, 0.42% Zn
COR0009 (rock chip)	26g/t Au, 27g/t Ag & 1.35% Zn
CORC012	4m @ 0.29g/t Au, 1.14% Cu, 8.17g/t Ag from 98m (Note – drilling cut short by rain before best zone could be tested)
COR0012 (rock chip)	3.6g/t Au, 71g/t Ag and 7.89% Cu
CORC015	18m @ 1.1% Zn, 0.36g/t Au from 70m incl. 4m @ 3.7% Zn, 1.3g/t Au, 12g/t Ag from 76m
CORC017	24m @ 0.9% Zn from 88m incl. 6m @ 2.7% Zn, 2.7% Pb, 30g/t Ag from 100m (Note only one hole completed)

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3. Condobolin Previous Exploration CONDOBOLIN Previous Exploration

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Previous Explorers

• 1987-1981: Mines Proprietary

• 1993-1995: North Mining

• 1996-1999: Conquest Mining

• 2000-2007: Triako

• 2007-2009: Centaurus (no work)

• Conquest Mining and Triako highlights:

• Phoenix: 4m @ 4.07g/t Au

• Mascotte: 6m @ 4.59g/t Au

• Bluebell: 3m @18.12 g/t Au, 0.68% Cu, 1m @ 45.65 g/t Au, 1.42% Cu

• Surprise: 2m @ 5.42g/t Au

• Note that the average drill depth of previous holes was a very shallow 24m

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Previous drilling over magnetics
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Previous drilling breakdown by type	Previous drilling breakdown by type	Previous drilling breakdown by type	Previous drilling breakdown by type	Previous drilling breakdown by type	Previous drilling breakdown by type
Type	n	m	Min	Max	Avg
AC	102	947	2	105	9
DD	3	373	101	151	124
RC	78	4,589	30	250	59
RAB	336	6,630	1	150	20
Total	519	12,539			24

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4. Gold Fields Drilling at Mascotte, Condobolin CONDOBOLIN Gold Fields Drilling

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Gold Fields RC drilling at Mascotte
Conquest RC holes (1990’s)
Conquest holes not
surveyed  highly
unlikely to be straight
Note hole deviation:
17 [o] lift, 21 [o] swing 
target missed?
Gold Fields RC holes (2010)
Conclusion: mineralisation geometry
poorly understood
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5. Condobolin Aeromagnetic Survey CONDOBOLIN Aeromagnetic Survey

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Aeromagnetic and radiometric survey: High resolution aeromagnetic and • 2,106 line km survey over radiometric survey the Condobolin field was completed May 2011 completed in May 2011 • 50m traverse spacing • 40m terrain clearance • Numerous anomalies to follow up

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6. Trundle Park RC Drilling by Clancy TRUNDLE PARK Clancy RC drilling

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75m
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2m @ 20g/t Au, 6.97%
Cu, 81g/t Ag from 64m
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Open at depth and along strike

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Open at depth and along strike
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Hole Id	Interval (m)	Au (g/t)	Cu %	Ag (g/t)	from (m)	Cutoff Au (g/t)
TPRC001 including	28	0.30	0.15		24	0.1
	2	0.92	0.35		32	0.9
TPRC002	2	0.13			14	0.1
TPRC002	4	0.17			98	0.1
TPRC002	10	0.13			124	0.1
TPRC003	20	0.18	0.28		0	0.1
TPRC003	56	0.88	0.35	3.74	34	0.1
including	2	20.00	6.97	81	64	0.9
TPRC004	2	1.13	0.29		4	0.1
TPRC005	58	0.44	0.17		22	0.1
including	4	1.19	0.41		28	0.9
including	2	1.06	0.36		70	0.9
TPRC005	2	0.13			90	0.1
TPRC006	20	0.19	0.11		0	0.1
TPRC009	52	0.45			32	0.1
including	6	0.99			52	0.9
including	2	0.99			64	0.9
TPRC010	2	0.11			14	0.1
TPRC010	22	0.24	0.17		60	0.1

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7. Cadia Discovery History CADIA Discovery History

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Cadia copper veins mined from 1870’s. Magnetite exploited for iron around WWII

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Porphyry discovery at Cadia:

• Mapping identified large scale hydrothermal system: – Covering Little and Big Cadia and Cadia Hill

• Strong structural control for sulphides & alteration

• November 1992 - Cadia discovery hole:

Sources: Wood and Holliday, 1995; Holliday et al, 1999; Forster et al, 2004.

• NC40: 217m @ 1.36g/t Au, 0.15% Cu from 56m

• November 1996 – Ridgeway discovery hole:

• NC498: 145m @ 4.30g/t Au, 1.2% Cu from 598m

• 84m @ 7.4g/t Au, 1.3% Cu from 821m

 The Trundle Park skarn has many similarities to the Big Cadia skarn  deeper porphyry potential?

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8. 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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9. References

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Forster, D.B., Seccombe, P.K. and Phillips, D., 2004 - Controls on skarn mineralization and alteration at the Cadia deposits, New South Wales, Australia. Econ. Geol. 99: pp 761-788. Holliday, J.R., 2004 – Past, present and future exploration in the NSW Lachlan Fold Belt. Evening presentation given to MORE-SGEG conference, Orange, NSW, July 6-8 2004. Available from www.newcrest.com.au.

Holliday, J.R., McMillan, C. and Tedder, I., 1999 - Discovery of the Cadia Ridgeway gold-copper porphyry deposit. Proceedings of New Generation Gold Mines 1999. Case histories of discovery. Australian Mineral Foundation, Adelaide.

Wood, D.G. and Holliday, J.R., 1995 - Discovery of the Cadia gold-copper deposit in New south Wales - by refocussing the results of previous work. Proceedings of New Generation Gold Mines 1995. Case histories of discovery. Australian Mineral Foundation, Adelaide.

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