Fortune Favours the Bold

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• Fortune Favours the Bold
• Creating a mining company
• using proprietary
• mineral processing technology
• FINEX 08
• 23-24 September 2008

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Disclaimer

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• This document is being communicated in the
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  professional experience in matters relating to
  investments falling within Article 19(1) of the
  Financial Services and Markets Act 2000
  (Financial Promotion) Order 2001 (the Order) or
  (b) High Net Worth Entities within Article 49(2)
  of the Order (all such persons being referred to
  as relevant persons). This document is only
  directed at relevant persons, and any investment
  or investment activity to which this presentation
  relates is only available to relevant persons or
  will be engaged in only with relevant persons.
  Solicitations resulting from this document will
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  should inform themselves about, and observe, any
  such restrictions. The information in this
  document, is subject to updating, completion and
  revision, further verification and amendment. No
  representation is made by Alexander Mining plc or
  any of their principals, advisers,
  representatives, agents, officers, directors or
  employees as to, and no responsibility, warranty
  or liability is accepted for, the accuracy,
  reliability, or reasonableness or completeness of
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  to buy shares in Alexander Mining plc.
• This document is not an offer of securities for
  sale in the United States of America. Securities
  may not be offered or sold in the United States
  of America absent registration or an exemption
  from registration. Safe Harbour statement this
  document may contain forward-looking statements
  that reflect the Company's current expectations
  regarding future events, including the
  development of the Company's projects, as well as
  the Company's working capital requirements and
  future capital raising activities.
  Forward-looking statements involve risks and
  uncertainties. Actual events could differ
  materially from those projected herein and depend
  on a number of factors, including the success of
  the Company's development strategies, and the
  successful and timely completion of clinical
  studies, the ability of the Company to obtain
  additional financing for its operations and the
  market conditions affecting the availability and
  terms of such financing.

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Introduction

• LSE-AIM quoted mining company
• Admitted to AIM 4 April 2005, AIM ticker AXM
• Experienced board and senior management team
• Initial portfolio of copper, gold and silver
  properties in South America
• Fortuitous development of proprietary mineral
  processing technology
• New focus on growth by building a mining company
  using innovative and proprietary mineral
  processing technology

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Mining Companies Raison d'être

• Survival
• Profitability Stable earnings
• Earnings growth
• Disposals
• Growth

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Mining Basics - Theory

• Turnings rock in the ground into profits!
• Or more eloquently
• The fundamental value of a mineral deposit
  ultimately depends entirely on its capacity to
  support an economically viable mining operation
  in the future

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The best route to create shareholder value?

• Through exploration?
• Mine development?
• Project acquisition?
• Corporate MA?

A combination?
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A Risky Business in a Risky World

• Macro risks
• Country, commodity price, global economics
• Micro risks
• from exploration concept to mine production
• Exploration tenement acquisition, target
  concept, reconnaissance, anomalies, targets,
  detailed exploration, discovery, resource
  delineation/definition
• Project scoping study, pre-feasibility,
  bankable feasibility study, permitting,
  financing, construction, commissioning
• Mining technical, geotechnical, economics

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Mining Industry Reality

• Statistically its a tough business and getting
  harder
• Out of thousands of grass roots exploration
  prospects only a few ever make it to become mines
  with a satisfactory return on capital
• Constant pressure on the industry to improve the
  odds of success and to lower costs
• Environmental obligations for higher standards
• Notwithstanding industrys inherent conservatism,
  technology has a significant role

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Mining Industry Technology

• Buoyant international mining industry, plus
  upwards operating cost pressures, means desire to
  embrace new technologies will intensify.
• Major technology breakthroughs in the last few
  decades
• Exploration (geophysics/remote sensing),
• Mineral processing (gold copper heap
  leaching, smelting and HPAL) and
• Mining (explosives, underground mechanisation,
  open pit excavators and haulage trucks, and
  computer control).
• Deposits are becoming harder to find and mine
  more underground mines
• Arguably, most potential for technical innovation
  is in mineral processing.

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Leon Copper Project Salta Province,north-west
Argentina

• Advanced copper oxide heap leach SX-EW open pit
  mine project
• Sediment hosted stratabound deposit resource of
  6.66Mt _at_ 0.62 Cu 18g/t Ag
• Mineralisation (malachite (70) azurite)
  primarily in limestone to around 70m depth

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Leon Project

• The processing problem
• Very high acid consumption (up to 1,000kg/t of
  ore)

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Leon Project

• Necessity is the mother of invention Socrates
• Necessity is the mother of taking chances - Mark
  Twain

Heath Robinsons view
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Leon Project

• The solution
• Ammonia as the leachant and the development of
  the AmmLeach process.
• Successfully demonstrated in the Leon pilot
  plant.

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Leon AmmLeach pilot plant
First 500t heap test leached ore on pad
SX-EW pilot plant
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• MetaLeach owns the intellectual property to two
  hydrometallurgical technologies where provisional
  patents have been filed, namely

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• Key personnel
• Garry Johnston - Technical Director
• B.Sc. Chemistry, University of Western Australia
• M.Sc. (dist.), Mineral Economics, Curtin
  University and University Medal
• 11years with BHP/Newcrest as Manager
• 4 years as CEO and Director of Gold Mines of
  Sardinia
• 5 years as MD/Principal of junior explorer and
  innovative exploration project generator
• 3 years as a consultant
• 2 provisional patents

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• Key personnel
• Associate Professor Nicholas Welham - Principal
  Technological Consultant
• B.Eng. (Hons) in Minerals Engineering, University
  of Leeds, Ph.D. Royal School of Mines, Imperial
  College, London
• 8 years as researcher at Australian National
  University
• 6 years, Senior Lecturer in Hydrometallurgy at
  Murdoch University
• Currently, Xstrata Zinc Alliance Associate
  Professor at University of Ballarat
• Two edited proceedings, gt70 journal papers, R. W.
  Raymond Award for best paper published by AIME in
  2003 plenary conference
• Over 30 conference presentations and
  Editor-in-Chief of the journal Hydrometallurgy

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Background

• Favourable environment to embrace new
  technologies.
• Focused on hydrometallurgical solutions that add
  value at the mine site.
• Cost effective ambient whole ore leaching process
  using either agitated tanks or heaps.
• Conventional and marketable intermediate products
• Purification and concentration using SX-EW.

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• Copper extractive metallurgy
• Global mined copper production is around 16.5Mtpa
  .
• .. Approx. a quarter produced using
  hydrometallurgy and rising. Main process is
  copper acid leaching and SX-EW of oxides and
  secondary sulphide ores but acid prices have
  risen sharply.
• Heap and dump leaching dominates as the leaching
  process.
• Chalcopyrite (CuFeS2) concentrates are invariably
  smelted and account for around three-quarters of
  global copper produced

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• Copper heap leach, SX-EW
• Production using leaching recorded in 17/18th
  century at Rio Tinto mine in southern Spain
• First commercial leach SX-EW plant started in
  late 1960 s in Arizona _at_ 6ktpa
• First large plant in 1973 in Zambia _at_ 100ktpa
• By 1980s major plants in USA, Mexico and Chile
• Now accounts for 3.5Mtpa (21) of world copper
  production

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• Zinc extractive metallurgy
• Global mined zinc production is around 12.7Mtpa
• Most world zinc metal production uses smelting to
  recover and refine zinc metal from zinc
  concentrates or zinc oxides.
• A new hydrometallurgical process route for zinc
  oxides has the potential to simplify zinc
  refining.

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Schematic hydrometallurgical recovery flow sheet

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Typical copper leach/solvent extraction/electro
winning processing plant
Courtesy of Cytec Industries, suppliers of
chemicals to the minerals industry
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• Notable historical use, with mixed results, of
  ammonia as a leaching agent
• 1916 - Kennecott Copper and Hecla Mining plant
  to precipitate copper oxide
• 1950s - Sherritt Gordon developed a process to
  recover Ni, Cu Co from a complex sulphide
  flotation concentrate using autoclave leaching
• 1970s - Anacondas Arbiter process for
  dissolution of copper sulphides with ammonia and
  oxygen
• 1980s - Adelaide Chemical company ammonia leach
  plant, stripping with steam to precipitate copper
  oxide product
• 1990s Escondida process

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AmmLeach

• Alkaline/ammonia leach process at ambient
  pressure and temperature
• Proprietary two stage leaching process
• Ore specific cure/pre-treatment stage
• Heap or tank leaching
• Proprietary solvent extraction step to avoid
  ammonia carry-over into electrolyte
• Uses conventional equipment
• Electro-winning is identical to conventional acid
  circuits
• Direct replacement for acid leaching in current
  operations
• Minimal changes to plant
• Higher organic transfer efficiencies requires
  smaller plant
• Environmental benefits a green process for a
  green metal
• Reduced transport/shipping impact and costs
• Minimal likelihood of Acid Mine Drainage (AMD)

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AmmLeach - Leon test results

• Limestone hosted copper oxide deposit (av. grade
  0.62 Cu) with high acid consumption
• Two separate campaigns 500t trial dumps SX-EW
  pilot plant
• Recoveries 70-80 in 130 days
• Ammonia consumption 3kg (US1.80) per tonne ore
  processed
• Ammonia cost (_at_ US600/t) is US0.18/lb copper
  produced

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AmmLeach extraction from ammonia more efficient
than extraction from acid and needs half as many
extraction stages c.f. acid system to get the
same metal concentration
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AmmLeach - Advantages I
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AmmLeach - Advantages II
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AmmLeach - Potential applications

• Demonstrated at pilot heap scale
• Copper from strata-bound carbonate and weathered
  oxide deposits
• Demonstrated at laboratory scale
• Zinc from mixed oxide/carbonate/silicate deposits
  right through to metal
• Zinc from roaster calcine
• Under investigation at laboratory scale
• Pre-leaching copper from copper-gold ores, oxide
  molybdenum, oxide nickel and polymetallic oxides

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• AmmLeach vs acid economics

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HyperLeach - New sulphide leaching technology

• Because most base metal sulphides are processed
  to produce a concentrate at the mine site, with
  the associated selling costs and payment terms
  involved, there is considerable scope to do more
  on site processing to generate higher returns for
  mine owners.
• Indeed, in many cases miners may receive payment
  for as little as 60 of the in situ metal content
  of the concentrate.

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HyperLeach - New sulphide leaching technology

• Leaches base metal sulphides including
  chalcopyrite, bornite, chalcocite, millerite,
  pentlandite, pyrrhotite, violarite, sphalerite,
  molybdenite and enargite
• Provisional patents filed.
• Major technological advance, with significant
  market potential and opportunities to add value
  at the mine gate.
• Potential to safely dispose of arsenic from
  dissolution of arsenopyrite and enargite.
• Environmentally better 1t of copper from
  smelting produces gt1.6t slag and gt2t SO2

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HyperLeach - Key Features

• Unlike previous chlorine based processes,
  HyperLeach does not require chlorine gas to
  operate.
• The oxidant can be generated on-site via industry
  standard chlor-alkali technology low reagent
  consumption.
• Operates at ambient temperatures and pressure and
  is eminently suitable for heap leaching as well
  as tank leaching rapid kinetics.
• Suitable for both low grade heap leaching and
  higher grade tank leaching the choice is
  dictated by the grade and deposit economics.
• Polymetallic deposits can be readily handled
  using standard solvent extraction and solution
  purification techniques.

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HyperLeach - The technology and how it works

• Three major stages leaching, separation/concentra
  tion and recovery.
• Lab scale gt95 recovery from gt1mm nickel
  sulphide in 72h
• Leaching either in a heap or tank by contacting
  the ore/concentrate with a solution at an
  appropriate concentration.
• SX is used to separate and concentrate the
  metal(s) from solution whilst also changing from
  a mixed chloride/sulphate media to acid sulphate
  media.
• Most metals can either be directly electrowon
  using industry standard unit operations or
  produce marketable intermediates to reduce CAPEX.
  
• Key benefits are no special purpose plant
  required, operates under ambient conditions, and
  relatively coarse grinds and amenable to heap
  leaching

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HyperLeach - Potential applications

• TANK LEACHING
• Nickel sulphide concentrates
• Nickel mattes
• Copper flotation concentrates
• Arsenical copper ores
• Arsenical gold ores
• Gold bearing sulphides
• Concentrate cleaning
• PGM bearing sulphides / matte
• Molybdenum sulphide
• Polymetallic ores and concentrates

• HEAP LEACHING
• Nickel sulphide ores
• Copper sulphide ores
• Native copper ores
• Mixed copper sulphide / oxide ores
• Copper-gold ores
• Uranium
• Molybdenum sulphide / oxide
• Polymetallic ores and concentrates

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MetaLeach - Focused on commercialisation and
revenue generation

• Two pronged approach to commercialise the
  MetaLeachTM technologies.
• Firstly, third parties to use technology in
  exchange for a royalty and/or under a licence fee
  structure, or indeed a minority project interest.
• Secondly, by identifying and securing direct
  equity interests in amenable base metals
  deposits.
• Discussions with over thirty five companies
• Confidentiality agreements with several majors
  and juniors signed.
• Negotiations in progress about potential specific
  projects/deposits amenable to processing with
  AmmLeach and HyperLeach technologies.
• Eight companies have committed to carry out
  metallurgical testwork programmes.

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Summary

• Serendipity saw Alexander develop two proprietary
  hydrometallurgical ambient temperature and
  pressure processes.
• AmmLeach has significant economic and
  environmental benefits cf. acid.
• Main AmmLeach use is for high acid consuming
  copper oxides and zinc oxides.
• Sister HyperLeach technology for sulphides
  adding value at mine site.
• Commercialisation and revenue generation via two
  pronged approach
• Firstly, third parties users in exchange for a
  royalty and/or a licence fee
• Secondly, direct equity interests in amenable
  base metals deposits.

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• Enquiries
• Alexander Mining plc
• Martin Rosser and Matthew Sutcliffe
• 1st Floor 35 Piccadilly London, W1J 0DW
• Tel   [phone] Fax 44 (0) 20
  7292 1313
• Email mail_at_alexandermining.com
• Web alexandermining.com
• Britton Financial PR
• Tim Blackstone, tel [phone]
• 44 (0) 7957 140 416

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Discovering value