PAPUA MINING PLC

Mineralisation Potential of the Kulu-Fulleborn Trend, New Britain, Papua New Guinea

EAST ASIA: Geology, Exploration Technologies and Mines Bali, May 2013

Copper & Gold

in Papua New Guinea

Chris Muller, Kieran Harrington, Hugh McCullough & Lindsay Bandy

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PAPUA MINING PLC

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SUMMARY

Outline

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• Potential for ‘Super World-Class’ Copper-Gold Porphyries in New Guinea (similar to Grasberg, Golpu, Ok Tedi, Frieda River and Panguna)

• Also potential for major gold deposits such as Porgera and Lihir

• New Britain – high concentration of volcanism and associated hydrothermal activity

• Kulu-Fulleborn Trend (Whiteman Range) – hosts major copper-gold mineralisedsystems, as demonstrated by previous exploration in the area

• The corridor is emerging as one of the most prospective belts for Cu/Au mineralisation in PNG

• Papua Mining plc actively exploring for economic mineral deposits in and adjacent to the Kulu-Fulleborn Trend using a pipeline strategy and systematic approach

PAPUA NEW GUINEA

• Numerous world class copper-gold deposits in the region

• Rediscovery at Golpuis the most recent world class deposit

• Much of PNG is under-explored

• High potential for discovering additional economic mineral deposits

PNG – Proven Potential

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Ambunti

Project

New Britain

Project

Mobile Belt

Tonnes Grade Metal

Mt Au (g/t) Cu (%) Au( Moz) Cu (Mt)

Grasberg 5212 0.7 0.8 116.5 41.5

Lihir 640 2.4 - 48.5 -

Porgera 134 4.4 - 19.1 -

Wafi1,000 0.82 0.89

6.2 -

Golpu 26.6 9.0

Frieda 1900 0.2 0.45 14.3 8.6

Ok Tedi 694 0.6 0.7 14 4.8

Bougainville 1064 0.4 0.3 12.7 3.5

Hidden Valley 103 1.6 - 5.6 -

Yandera 776 0.1 0.37 2.2 2.8

Misima 85 1.4 - 3.7 -

Data Source: Harmony Gold Mining website

Frieda

New Britain

Island

PN

G

Indonesi

a

PM Group Project Locations

Australia

PNG

MAPAREA

Port Moresby

VOLCANISM

New Britain Island - volcanism

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Tavurvur

Narage

Lolobau

Dakataua

Bamus

Ulawun

Sulu

HargusOto

MunduaGarove

Bola

Garua

GarbunaLangila

Ritter Island

Sakar Lolo

Pago

Tavui

Tavurvur

Ulawum

Tavurvur

Simuku

(Cu-Au)

Quaternary sediments/alluviumQuaternary volcanicsPliocene VolcanicsPliocene LimestonesMiocene LimestonesOligocene intrusivesEocene to Oligocene volcanics

Plesyumi

(Cu-Au)

Kulu

(Cu-Au)

KIMBEMt Pencke

(Au)

REGIONAL GEOLOGY

Regional Geology

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• Eocene – Oligocene Bainings Volcanics basement (essentially pyroclastics)

• Overlain by Oligocene – Miocene Kapuluk Volcanics (andesitic and dacitic lava flows); form the Whiteman Ranges

• Yalam Limestone (platform carbonate sequence) formed in Upper Miocene

• Post Miocene structural deformation with reactivation of faults

• Geological setting is favourable for porphyry Cu/Au/Mo, high & low sulphidation and skarn deposits

Nakru

(Cu-Au)

PREVIOUS WORK

Previous exploration

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Company Period (date) Work Completed Results of Work

CRA 1965 – 1966 Reconn. Geochem & drilling Kulu-Simiku Porphyry systems.

Placer 1967 - 1970 Detailed Geochemistry Plesyumi porphyry system.

BHP 1971 - 1973Reconn geochem, geological mapping & drilling

Kulu

Nord Resources 1979 Mapping & sampling Kulu system review

BHP 1982 Regional geochemistry Mt. Nakru

Esso/City Resources 1982 - 1987Photogeology, aeromag, regional geochem , ss & pan conc. sampling

Kulu/Simuku & regional surveys defined Talelumas, Iglik, Kulu, Dagi & Ru

City Resources 1987 - 1988 Grid soil sampling at Talelumas Anomalous values to 3% Cu, 20g/t Au

BHP-Utah 1988-1991Drilling Nakru, geochem at Kulu & Sumuku

Drilling intersected porphyry style min. at Mt. Nakru

Coppermoly/Placer 1994-1995 Trenching Simuku

Coppermoly/Niugini Gold 1996 - 1997 Trenching & drilling Simuku & Mt. Nakru

Coppermoly 1998 Costean/trenching Mt. Nakru

Coppermoly/Cyprus Amax Dec. 1998Airborne dighem, radiometrics & magnetics survey

Mt. Nakru, Whiteman Range

New Guinea Gold 2000 - 2006 Trenching & drilling Mt. Nakru

Coppermoly/Barrick 2010 – 2013 Drilling Mt. Nakru

1900Mt. NAKRU

NEW BRITAIN EXPLORATION HISTORY

1965 CRAESTAR SURVEY

Regional ship-based survey following the

Bougainville discovery

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UASILAU1966 CRA - geochemistry

1968CRA-drilling

1983Esso

SIMUKU-KULU1965 CRA – geochemistrydrilling (1968)

BHP-drilling (1973)1983Esso – drilling

2009-2012Coppermoly/Barrick -

PLESYUMI1965 CRA - geochemistry

1970 Placer/Triako - 21 DD holes

1973Placer - Trenching

Mt. PENCKE1970BHP geochemistry

1986Placer – drilling

1994-1997Indo-Pacific – drilling

2004-2012NGG/Vangold –trenching, drilling

PELAPUNA1966

NakanaiRange

Anomalies occurred largely within

a NW-SE corridor, the Kulu-

Fulleborn Trend

strong corellation with Oligocence volcanics

Mt Nakru1982-1992 Esso/BHP - 8 DD holes

1992-1999Macmin/Cyprus – trenching, drillingNiugini Gold - Drilling

2009-2012Coppermoly/Barrick - drilling

Craestar highlighted a number of geochemically anomalous zones mostly from stream sediment sampling

Papua Mining plc holds most of the ground along the Kulu-Fulleborn Trend

ATUI

1968CRA- geochemistry

2012Foyson resources

NEW BRITAIN TARGETS 10

Mt Du FaureKandoka

2010REMOTE SENSING Satellite Imagery

&Aeromagnetics

2010REMOTE SENSING Satellite Imagery

&Aeromagnetics

Tripela

2012Soil Geochemistry, Rock sampling

2013 Rock sampling TrenchingAlteration mapping

Junction

2011 Soil Geochemistry, Rock sampling

2012 Rock sampling Alteration mappingGround IP & EM

2013 – trenching, drilling

Kori-Dagi

2011Soil Geochemistry, Rock sampling2012Soil GeochemistryRock sampling

Kandoka

2012Soil Geochemistry, Rock samplingMapping

Simuku South

2011Soil Geochemistry, Rock samplingMapping

Mt Du Faure

2012Ridge & Spur soils, Rock sampling

Plesyumi South

2010 Soil Geochemistry, Rock sampling

2012 Soil GeochemistryRock sampling MappingGround IP & EM

Flying Fox

2011 Soil Geochemistry, Rock sampling

2012 Rock sampling Alteration mappingGround IP

2013Ground EM

STRATEGY

Systematic approach to exploration

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• Historical data collation

• Remote Sensing

• Airborne Geophysics

• Ridge and Spur Soil/Drainage Rock Chip Sampling

• Grid Soil Sampling

• Trenching

• Geological (Lithology, Alteration & Structural) Mapping

• Mineral analysis (Petrology, Micro-Probe, PIMA, XRD)

• Ground geophysics (Induced Polarization and Electro-magnetic surveys)

• Diamond drilling

STRATEGY

Systematic approach to exploration

12

Google EarthALOS

Landsat – Abrams RatioLandsat-Bands 321Aeromag-RTPSRTM-DEM

MAKING FRIENDSSTRATEGY 13

Remote Sensing

Imagery

LandsatAsterAlosIkonosGoogle EarthShuttle Radar Topography Mission (SRTM)

Helicopter Aerial PhotographyHelicopter GoPro Videos

AeromagneticsRadiometrics

All data - 3D model

NEW BRITAIN TARGETS

• blue areas represent aeromagnetic low anomalies, often a manifestation of zones of hydrothermal alteration which are associated with mineralising systems

• The deposits at Nakru and Plesyumi are known examples of such systems in New Britain

• blue areas represent aeromagnetic low anomalies, often a manifestation of zones of hydrothermal alteration which are associated with mineralising systems

• The deposits at Nakru and Plesyumi are known examples of such systems in New Britain

Nakru

Plesyumi

Simuku Kulu

ΝΝ

Ν

ΝΝ

Ν

AEROMAGNETICS 14

Reduced to Pole (RTP) image

PLESYUMI TARGETS

PlesyumiSouth

PlesyumiWest

PM Group Licence

5km

• PM Group soil and rock sample surveys in 2010 suggests continuity of a major mineralised zone southwards from Plesyumi

• Outcrop sample values of up to 11.95% copper

Cu in soil anomalies

ΝΝ

Ν

AEROMAGNETICS 15

EL1462 boundaryafter 2011 shedoff

Reduced to Pole (RTP) aeromagnetics image

PM

Gro

up Lice

nce

Plesyumi

Porphyry Copper deposit drilled in 1970s21 drillholes over a 4km 2 area Intersections include 40 m at 0.85% Cu

Metelen Creek/Plesyumi South

Strong copper in soil anomaly adjacent to Plesyumi Porphyry Copper deposit

Southern extent of soil geochemistry coverage to date

Further exploration along the SW extension of the hydrothermal alteration zone

Copper In outcrop

MAKING FRIENDSGEOCHEMISTRY - NAKRU 16

Cu/Pb rich sample from hyrdrothermal breccia at Flying Fox

13 Sep 2012Coppermoly announce positive Conceptual Mining Study at Nakru

Coppermoly/BarrickJV Ground

JunctionTripela

Flying Fox Cu soil contour >50ppm

Cu soil contour >100ppm

Prospect – drilling planned

Cu/Pb rich sample from hyrdrothermal breccia at

Flying Fox, Aug 2012

Cu rich (chalcocite) sample from Kokomo

Creek, Aug 2012

Massive chalcopyrite from outcrop at the Triplea prospect

Q3 2012

Chalcopyrite clasts in silica-matrix crackle breccia

Q3 2012

MAKING FRIENDSMAPPING - LITHOLOGY 17

Geological Mapping

Ash TuffBreccia ( Hydrothermal)DioriteMonzoniteAndesiteDolertiteLithic TuffPhylliteConglomerateCrystal Tuff

Junction

Tripela

MAKING FRIENDSMAPPING - ALTERATION 18

Geological Mapping

MAKING FRIENDSMAPPING - ALTERATION 19

Geological Mapping

Silica capDickiteSericite

Junction

Tripela

MAKING FRIENDSTRENCHING - TRIPELA 20

Trenching

>100ppm Cu in soil>50ppm Cu in soil

MAKING FRIENDSMINERAL ANALYSIS 21

Mineral analysis

• Petrography

• Electron Microprobe

• PIMA

• XRDNative Cu; Flying Fox Prospect

Sphalerite, Chalcopyrite; Tripela Prospect

MAKING FRIENDSGEOPHYSICS 22

Ground geophysics – Nakru IP

• Highly chargeable annulus interpreted as clay-pyrite concentration

Plan View

MAKING FRIENDSGEOPHYSICS 23

Ground geophysics – Nakru IP

• Highly chargeable annulus interpreted as clay-pyrite concentration

Cross Section – looking north

MAKING FRIENDSGEOPHYSICS 24

Ground geophysics – Nakru IP

• Highly chargeable annulus interpreted as clay-pyrite concentration

• Resistive core; possibly a highly silicified porphyritic intrusive

• Strong correlation of the two physical parameters

Cross Section – looking north

Chargeability high

Chargeability high

MAKING FRIENDSGEOPHYSICS 25

Ground geophysics - NakruGround geophysics – Nakru IP & EM

MAKING FRIENDSDRILLING 26

Drilling

Drilling commenced

at the Junction target

in April 2013

SE ASIA CU-AU DEPOSITS

Source: Harmony Gold Mining Co.website

INDO-PACIFIC CU-AU DEPOSITS27

Oyu Tolgoi3.75 Bt @0.4g/t Au, 0.98% Cu

45.9 Moz Au, 36.8 Mt Cu

Oyu Tolgoi3.75 Bt @0.4g/t Au, 0.98% Cu

45.9 Moz Au, 36.8 Mt Cu

Grasberg-Ertsberg5.2 Bt @0.7g/t Au, 0.8% Cu111.3 Moz Au, 41.6 Mt Cu

Grasberg-Ertsberg5.2 Bt @0.7g/t Au, 0.8% Cu111.3 Moz Au, 41.6 Mt Cu

Batu Hijau1.1 Bt @0.37g/t Au, 0.52% Cu

13.0 Moz Au, 5.5 Mt Cu

Batu Hijau1.1 Bt @0.37g/t Au, 0.52% Cu

13.0 Moz Au, 5.5 Mt Cu

Wafi Golpu1 Bt @0.82 g/t Au, 0.89% CuGolpu 26.6 Moz Au, 9 Mt Cu

Wafi Golpu1 Bt @0.82 g/t Au, 0.89% CuGolpu 26.6 Moz Au, 9 Mt Cu

Cadia2.8 Bt @0.44g/t Au, 0.26% Cu

39.3 Moz Au, 7.3 Mt Cu

Cadia2.8 Bt @0.44g/t Au, 0.26% Cu

39.3 Moz Au, 7.3 Mt Cu

Bougainville1.06 Bt @0.4 g/t Au, 0.3% Cu

12 Moz Au, 3.5 Mt Cu

Bougainville1.06 Bt @0.4 g/t Au, 0.3% Cu

12 Moz Au, 3.5 Mt Cu

Ok Tedi694 Bt @0.6 g/t Au, 0.7% Cu

16 Moz Au, 4.8 Mt Cu

Ok Tedi694 Bt @0.6 g/t Au, 0.7% Cu

16 Moz Au, 4.8 Mt Cu

Tampaken2.4 Bt @0.2 g/t Au, 0.6% Cu

16.9 Moz Au, 13.5 Mt Cu

Tampaken2.4 Bt @0.2 g/t Au, 0.6% Cu

16.9 Moz Au, 13.5 Mt Cu

New BritainNew Britain

PNGPNG

SUMMARY

Summary

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• The Kulu-Fulleborn Trend is highly prospective for Cu/Au porphyry and related deposits

• Historical exploration work has been focussed on very small areas but has shown significant copper-gold mineralised systems occur in the belt at several localities

• Papua Mining plc has been granted nine licences in New Britain and four under application. The Group has been actively exploring with a systematic field-based approach since 2010

• Combining new technologies with ‘boots on the ground’, systematic geochemistry and prospecting has already produced significant hitherto undiscovered new targets across the entire licence area

• Drilling commenced at the Junction target, the frst of at least three targets to be drill tested in the Mt Nakru area.

SUMMARY

Terima kasih banyak

Thank you!

Chris Muller

Papua Mining plc

Country Manager

chris@papuamining.com

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