OVERVIEW

Wholly owed subsidiary Murchison Copper Mines Pty Limited holds 100% beneficial interests in the Horseshoe Lights and Kumarina Projects, covering 297.1 square kilometres of mining tenements north of Meekatharra in central Western Australia (see figure 1).

The Horseshoe Lights Project includes the closed Horseshoe Lights mine which operated up until 1994, producing over 300,000 ounces of gold and 54,000 tonnes of copper.  The mine has an existing in-situ JORC compliant Inferred Mineral Resource of 4.9 million tonnes @ 1.0% copper containing 48,000 tonnes of copper metal.  Although the Horseshoe Lights project has a history of mining and exploration of over 50 years the potential remains to delineate additional near mine resources through systematic exploration.

Copper mineralisation was discovered at Kumarina in 1913.  Although approximately 580 tonnes of copper metal is reported to have been mined from the Kumarina Project, the current tenement area has been subjected to only limited modern exploration.  Consequently, the Kumarina Project is considered to be at a very early stage of assessment with good potential for the discovery of additional copper mineralisation.

The Board believes the Projects are located in a very prospective area as highlighted by the recent discovery of the nearby Doolgunna copper/gold deposit by Sandfire Resources NL (see figure 2).  The Doolgunna deposit is located in the Narracoota Volcanics geological unit, the same unit which hosts the Company’s Horseshoe Lights Mine.

Mr. Jeremy David Shervington - Non-Executive Chairman - B.Juris, LLB

Mr Shervington operates a legal practice in Western Australia.  Mr Shervington has 30 years experience as a lawyer.  He specialises in the laws regulating companies and the securities industry in Australia.  Since 1985 Mr Shervington has served as a director of various ASX listed companies as well as a number of unlisted public and private companies.

Mr Shervington is currently a director of the following ASX listed companies:

Altera Resources Limited,  Australian Zircon NL (Administrator Appointed),  Emerald Oil & Gas NL,  Industrial Minerals Corporation Limited,  Papillon Resources Limited,  Prairie Downs Metals Limited and Stirling Resources Limited.

Mr. Neil Andrew Marston - Managing Director - B.Com, ACIS

Mr Marston is a qualified accountant and chartered secretary with over 30 years experience working in the resources and other industry sectors. Mr Marston has served most recently as the Company Secretary and/or CFO of Grange Resources Limited and Gippsland Limited. He has extensive experience in the areas of accounting, capital raising, corporate governance and compliance, project management, mining and environmental approvals, contract negotiations and stakeholder engagement.

Mr Marston is not presently a director of any other ASX listed company.

Mr. Alec Christopher Pismiris - Non-Executive Director - B.Com, ICSA

Mr Pismiris has been a director, company secretary and chief financial officer of numerous private and public companies including publicly listed companies. His qualifications include a Bachelor of Commerce from the University of Western Australia. He is an Associate of the Chartered Secretaries & Administrators. Mr Pismiris has over 20 years experience in the securities and finance industry.

Mr Pismiris is currently a director of the following ASX listed companies:

Prairie Downs Metals Limited and Papillon Resources Ltd.

Mr. Stuart John Hall - Non- Executive Director - B.Sc Hons, FAusIMM, FGS.

Mr. Hall is a qualified geologist with over 40 years experience in exploration and mining projects located in Australia and Africa. He has extensive experience in the areas of exploration strategy, mine geology, open pit and underground mining operations, resources/reserve estimations & reconciliation, feasibility studies, mine project development and mine management. Mr. Hall has been involved in the feasibility, construction, commissioning and management of several open pit and underground mining operations. Mr. Hall currently operates his own geological consultancy.

Mr Hall is currently a director of the following ASX listed companies:

Prairie Downs Metals Limited, Groote Resources Ltd and Papillon Resources Ltd.

Top 20 Shareholders as at 29 July 2010.