VERITY RESOURCES LIMITED — AGM Information 2010

Nov 29, 2010

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TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

Market Cap

DATE: 30 November 2010

Cash

DRILLING PROGRESS AND 2010 ANNUAL GENERAL MEETING PRESENTATION

Issued Capital

Unlisted Options

The Board of Botswana Metals Limited wish to advise the market on the progressive drilling of its recent exploration program in Botswana.

The table below details the metres drilled since July 2010. The Diamond Drill program has an additional 50 metres to be drilled which is expected to be completed this week.

Substantial shareholders

Results of samples delivered to the independent laboratory are still pending.

Magogaphate drilling up to 30/11/2010

Magogaphate drilling up to 30/11/2010	Magogaphate drilling up to 30/11/2010	Magogaphate drilling up to 30/11/2010	Magogaphate drilling up to 30/11/2010	Magogaphate drilling up to 30/11/2010
Prospect	Holes	RC metres	Diamond metres	Total Metres
Airstrip Copper	40	3265	2179	5291
Dibete	22	1934	653	2588
Mashambe	22	1553	318	1871
TOTALS	84	6753	3150	9750

Directors

Registered Office

The Company is still awaiting approvals to extensions applied for on four of its tenements to be issued by the Department of Geological Survey, Botswana, in accordance with the Mines and Minerals Act of Botswana 1999. Details of these tenements are in the attached presentation document.

Contact

The Department’s advice is expected shortly.

Media Relations

Attached is the presentation to be presented at today’s Annual General Meeting.

Pat Volpe Chairman

Prospect Summaries Magogaphate Tenements Progress to November 2010

Disclaimer

This presentation has been prepared by Botswana Metals Limited (“BML”). The information contained in this presentation is for informational purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of BML, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. No representation is made that, in relation to the tenements the subject of this presentation, BML has now or will at any time in the future develop further resources or reserves within the meaning of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. You should have consideration to the risks involved in investment in BML some of which are detailed in BML’s prospectus dated 26 October 2007 as lodged with Australian Securities and Investment Commission and available from either Australian Stock Exchange Limited or BML on request.

By accepting this presentation, the recipient represents and warrants that it is a person to whom this presentation may be delivered or distributed without a violation of the laws of any relevant jurisdiction. This presentation is not to be disclosed to any other person or used for any other purpose and any other person who receives this presentation should not rely or act upon it. Information contained in this presentation is confidential information and the property of BML. It is made available stri ~~ctl~~ y for the purposes referred to above. The presentation and any further confidential information made available to any recipient must be held in complete confidence and documents containing such information may not be reproduced, used or disclosed without the prior written consent of BML. This presentation must not be disclosed, copied, published, reproduced or distributed in whole or in part at any time without the prior written consent of BML and by accepting the delivery or making to it of this presentation, the recipient agrees not to do so and to return any written copy of this presentation to BML at the request of BML.

Overview

Current BML tenements including those for which extensions have been requested.

Overview

Tenements that expired 30[th] September 2010 PL 110/94, PL 111/94, PL 54/98, PL 14/2003

Two tenements (PL 59/2008 & 70/2008) will require renewals to be lodged prior to the end of November 2010 Tenements renewal 2011 are PL requiring during 44/2004, 45/2004, 47/2004, 48/2004 Renewals h ~~av~~ e been lodged for the 2010 expiring tenements

Overview

Magogaphate prospects worked by BML

Overview

Prospects identified as requiring more work by BML

Airstrip Copper Airstrip Cu geochemistry and Maibele North

Airstrip Copper

Airstrip Cu Conductors Part of the IP Survey area at Airstrip Cu showing interpreted conductors in pink. Many conductors (total strike 1900 m in IP area) are barely drilled or not yet drilled area Discovery conductors may have a strike length of 900 m

Airstrip Copper

Drill Out Area Initial drilling in December 2009January 10 intersected the Airstrip Cu-Ag discovery in holes 3, 6, 7, 10 and 11.

Holes 12-52 have now been drilled, some to drill out the Five Element type veins found to be present.

Airstrip Copper

Ground Magnetics 25 metre by 5 metre ground magnetics has a detailed given very subsurface view of the magnetic bodies present. There is no magnetic signature with the Airstrip Copper mineralisation

Dibete

IP Survey – Dipole dipole IP carried out surveys over 1250 metres of strike at Dibete. Prospect open in both SW and NE directions.

3D modelling carried out to assist in target definition.

Dibete

IP Survey – Dipole dipole IP surveys carried out over 1250 metres of strike at Dibete. Prospect open in both SW and NE directions.

Subsurface view of chargeable zone from east to west

3D modelling carried out to assist in target definition.

Dibete

Initial Drilling Initial was drilling aimed at ground EM conductors and at geochemical anomalies. Later was drilling aimed at IP anomalies

Green is conductor axis, yellow pins are initial drill holes

Supergene Cu workings shown in on satellite orange image

Dibete

Supergene Cu A supergene blanket of silver copper mineralisation of to 18 up metres thick is present.

Grades of to up 1.78% Cu and over 28gAg/t an 18 metre intersection.

Supergene Cu-Ag is shown in brown overlay

Dibete

Drilling Program An initial program of 12 holes RC an diamond holes was drilled.

the second of holes program 13-22 was predominantly RC with some drilling diamond tails.

Supergene Cu workings shown in yellow-orange

Dibete

Supergene Cu-Ag target zone is shown in yellow overlay

Maibele North

IP Surveys The Airstrip IP Surveys overlapped the Maibele North prospect and strong anomalies were present. The deep target is currently being drilled

Maibele North

Magnetic Surveys The Airstrip magnetic Surveys overlapped the Maibele North prospect and strong anomalies were present.

The deep target is currently being drilled.

View to the NE along strike

Maibele North

Magnetic Surveys The Maibele North host magnetic body is down faulted to the west by 150 metres and that part was not previously recognised or drilled. A further 600 metres of strike has been identified.

Horizontal subsurface view to the north showing new holes in progress currently.

Maibele North

Geostatistics Study The Maibele North mineralisation was studied geostatistically to detemine whether it could be classified JORC and to determine what was by categories to raise the status to indicated or better. zones indicate areas required Target where closer will confidence in the resource. drilling improve

Maibele North

Geostatistics Study An was able to be defined on the exploration target basis of the geostatistical study which divided the prospect into 100,000 separate blocks, each of which was independently assessed.

. An exploration target in the order of 1.1-1.7 million tonnes is expected to be present at a cut off grade of approximately 0.6% Ni or alternately a target of 4-7 million tonnes at a cut off grade of 0.3% Ni. Grades of Ni would be expected to be in the order of 1% and 0.6% respectively without any estimates having been made for PGE and Cu.

Mmamanaka

Geophysical and Geochemical Study

EM Conductors shown in brown

Mmamanaka

Drilling Program

Mmamanaka

Drilling Program Results of the were as the results program disappointing assay have shown the sulphides to be nickel-poor. Elevated nickel – values of between 0.1% 0.24% have, however, been recorded in broad intersections from the ultramafic host rocks though little or no nickel sulphides are associated with these zones. The nickel is associated with rock forming minerals. Barren or near barren sulphide lenses are often found in close association with highly mineralized zones of sulphides in both nickel provinces and in other base metal VMS provinces. The scale of the deposits found is encouraging and demonstrates that the Shear Zone can still Magogaphate contain preserved major sulphide bodies.

Mashambe

Geochemical Program

Mashambe

IP Survey

Mashambe

IP Survey Chargeability image with resistivity contours and conductor axis in blue. Interpretation at 70 metres depth. This was the main on the drilling target which has a prospect total strike length of about 7 kilometres.

Mashambe

Drilling Program

Drill holes over a 900 metre strike length of the 7 km anomaly. Results were disappointing but did not eliminate the prospect potential

Matsiane

TARGET AREA

A Cu-Pb-Zn-Au anomaly in a fold nose is associated with an extensive GEOTEM anomaly. IP and ground EM were over surveyed the zone with the yellow overlay.

Dolerite dykes pink, roads dark green, GEOTEM axis light green, EM cut lines dark pink

Matsiane

IP Survey Initial Gradient Array IP gave the resistivity data shown in colour and the chargeability data shown as contours. Yellow lines are lines dipole-dipole Interpretation of the dipole-dipole IP is shown on the at the same right scale as the Gradient Array image. Conductors shown in magenta.

Jumbo

TARGET AREA

A Cu-Pb-Zn-Au anomaly in a fold limb along strike from Mmatsiane is associated with an extensive GEOTEM anomaly.

IP and ground EM were over the zone surveyed with the yellow overlay.

Dolerite dykes pink, roads dark green, GEOTEM axis light green, EM cut lines dark pink

Matsiane

IP Survey

Four lines tatalling 5 kilometres of IP was dipole-dpole surveyed. Interpretation of the dipoledipole IP shows strong conductive axes shown in magenta on contoured chargeability data.

Matsiane

IP Survey

Interpretation of the dipoledipole IP shows strong conductive axes shown in magenta on contoured resistivity data.

SUMMARY

Recent drilling has been carried out on four prospects with significant results for two of those and results not in for Maibele North. A total of 84 holes have been drilled for 9750 metres.

Potential vein style copper silver and supergene copper deposits have been discovered in the current drilling.

Further potential in newly recognised extensions to Maibele North is considered likely and the geostatistics study showed up areas for further work. VTEM airborne EM are about to commence over some of the surveys highly prospective ground the Company holds. Two additional prospects are approaching drill ready with additional geophysics desirable to close off anomalies. Further data interpretation and development of targets is ongoing.