PRESENTATION BY JOHN GREEVE, MANAGING DIRECTOR OF MUTINY GOLD LIMITED (MYG)

“MYG - AMEC Investor Briefing”

http://www.brr.com.au/event/50147

TUESDAY, AUGUST 26, 2008, 2:00 PM.

            MYG    Thank you very much and it is a great pleasure to be given the opportunity to present our new project, Mutiny on Cue. We all know that the resource sector

10                    has taken a bit of a belting, but it has now made a resurge. Yesterday was the highest gain for 30 years in the market index and 60% increase in metals prices. I still think we are in for a few tough times through September, but I think you will see some settling down. At the moment, it has been a very disorderly market, and I will go through a little bit on that later.

15

                        Mutiny prides itself from being a very active company. One of the problems here is that -- let me answer some of these questions. Just bear in mind that behind the MDs is a lot of people, and we really like our people. Behind companies -- they are not just companies listed on the ASX with little initials

20                    like MYG, but behind the company is a lot of people doing a lot of hard work on projects. Projects are tough. Some projects go well and some projects do not. We really rely on our team.

                        Mutiny is an extremely active company. Recent acquisition for us has been

25                    the White Well project 30 kilometres east of Cue which is going very well, and it is the main focus of our presentation today. We acquired it in June and we have just recently completed our RC drill program. Next week, we will commence our diamond program. Our diamond drill program will culminate in us being able to announce our resource, and our resource target should be

30                    early in Q4 2008.

                        The program of work also that we have done has been in the Ashburton region were we have lodged our programs of work to drill a copper project up there. We have recently announced a defined resource in our Victoria

35                    Cassilis project and we have completed two surface drill programs in Victoria.

                        We have a track record of hard work in fast tracking our exploration plays. Our game is not to buy a project, sit on it, buy another project until we get the right one. We only buy a project that we are genuinely interested in. We put

40                    our plans together before we buy the project and then we develop the project. We listed the project in Victoria and since then acquired two projects. What you get with Mutiny is you get a company with its heart on its projects and we do a lot of hard work and we got a very good team, a very dedicated team. You get constant news programs. You get constant news programs from our

45                    drill programs and our field work.

                        Our White Well project is expected to be in production by Q4 2009, and as I said, the resource will be out very shortly.

                        We have got exposure to highly prospective historical projects in both WA and Victoria. For instance, our Ashburton project has Bayley’s shaft in there which was where Ford and Bayley were active prior to getting down to five flat.

5

                        We have potential for major resources in WA. Our biggest resource potential, we believe, is in the Ashburton in the future, like Donnelly’s copper and also the potential (inaudible) (0:03:26) and gold structures that we have up there.

10                    We have a Board committed to achieving results. It is a very calm board, a very practical board and a very well-working knitted group.

                        So just quickly going through our locations. We originally started with the Swifts Creek in Victoria and we then acquired Secret Creek in WA which is up

15                    in the Ashburton. Then, we recently acquired the White Well project.

                        One important thing we would like you to remember about Mutiny is that Mutiny Gold has gold. We think that is pretty important for a gold mining company. We think that a favourable project factor is that gold will rebound to

20                    over US$1000, and I will go through that later and explain where a large amount of new gold acquisition is coming. Other favourable project factors, you have heard a lot of them, items like the fact that the decline in gold production and the fact that costs are making some of these marginal low-grade gold mines you are going to see probably a series of more closures

25                    and I do not think we are going to see for a long time production increasing.

                        The copper price is also a very favourable for Mutiny, and as I said, we have a resource definition coming out shortly and that is going to be very important. It is going to be very important as you pick through the market over the next

30                    12 months on where to invest. It would be very important that you invest in companies that have projects that are going to go forward and projects with change of the developed resources and to develop from a resource. It is not just important to have a resource. It is very important to have a measured resource, a resource that could be economically extracted and put into

35                    production, which is what we are working hard on at White Well.

                        So, you have probably seen this graph a few times today. Copper price trending up very nicely over the last 10 years, as is gold, falling off a little bit at the moment in a very disorderly fashion due to the very poor banking

40                    practices globally. If you look, there were 500-billion losses in the world’s major banks, and in the last six months, to date, they have raised something like $370 billion to repair the damage. A lot of the smaller banks had had to resort to asset sales, and the asset that they have been selling is gold. You have seen a massive doubling of gold over the last couple of weeks. Last

45                    week was a hell of a ride for gold, shortfall below 800. We were all tied in gold stabilizing at around 870 and it just went straight through that. You are seeing that in return, it made really a ridiculous recovery. You are seeing it going in three days from 790 to 830. That is a very disorderly market. The market does not know where it is going. We can assure you the way the market is going, this is a market that is going to move up. What you are going to see is you are going to see banks, as they get their cash back into order and they get their cash back into production and they get their revenue streams coming back, you are going to see the banks buying back into gold.

5

                        You have also got the traditional markets that have changed in nature a little bit. You have got -- for instance, we all know about the Indian so-called flea market, but the reality is you need to also know there is a (inaudible) (0:07:16) their economy’s drain, the stock markets are massive and very

10                    efficient, and what you see happening is that many Indians are actually selling gold and they tell you the gold is back into shared stocks, but I think that some (inaudible) (0:07:32) would be recent decline in stock markets and you are going to see those traditional securities coming back in favour.

15                    Finally, it is the reality that if you want gold, you are going to pay for it because there is only a certain price that gold will be produced for.

                        Our White Well project is 30 kilometres east of Cue. By transport, it is about 40 kilometres. It is in the Murchison region of Western Australia. It is at the

20                    northeast end of the Tuckabianna field, which was operated by Westgold and Newcrest in the 1990s.

                        The White Well tenement is a mining lease, and that is very important. The mining lease makes it very easy for us to get approvals. For instance, to get

25                    our RC drill program, it took us only three weeks to get approval. We have recently completed 2000 metres, but more importantly, there is 42,000 metres of previous drilling at White Well which has enabled us to go in and do a considerable amount of (inaudible) (0:08:31) prior to the commencement of our project. So with our drilling in place, there is now 24,000 metres of RC

30                    drilling and we are commencing next week the diamond drill program. Following that, following the assay and modelling, we expect to resource, hopefully by early October.

                        The other benefit of this project is that it is very weathered. Gold is fully

35                    oxidized. It appears to be free digging in nature which makes it a very cheap project to operate. Also, our test work to date indicates that we can beneficiate our gold up to about 8 grams. What this project is unlike the rest over the Tuckabianna field is that the gold in our project is in quartz. Quartz is in (inaudible) (0:09:21), but there is no gold in the (inaudible) (0:09:24), so we

40                    will be probably separating the (inaudible) (0:09:27) from the quartz and then transport the quartz to the CIL plant which is located in Cue.

                        So our market timeframe which we have set out here. We have finished the RC drilling. We are moving through to our diamond program which should be

45                    completed by the end of the quarter. We expect our JORC resource, and ultimately, we also hope to anticipate by December to have a measured resource out. Then, we will be moving through to our scoping studies where we will be upgrading and inform the market fully of where this project will take us. Ultimately, following that gold sample and then moving through the logical closing of the feasibility study. Now the one area in this table which I will point out is that it says that production will start in June 2009, but there needs to be a capital raising and a small permitting phase from completion of the feasibility in June and naturally the production schedule is for a bit later than

5                      that.

                        Now the purpose of this slide here is really, first of all, to get you familiar with what we are dealing with at White Well. But secondly, I would like you to have a look at the table. I think more important to raise is the weathering effect of

10                    the ore body. So the fact that the body is well weathered, it is easy. It is going to be free digging. It is going to be very cheap. It is very, very important what they could cause on a project like this in time.

                        Here we have here, you can see this is the test pit for the drilling process.

15                    What we have here is we have the (inaudible) (0:11:20) here which had been taken out of the top, and then on the top we have, that is about 100 thousand tonnes there for about 2000 ounces of gold sitting in there. That would be what we would be doing our initial gold sampling on.

20                    The next slide shows really where the high grade is coming in and you can also see -- so the white markings running through are where the drilling has gotten. You can see it is extensively drilled. This is the area where the high grade gold is. It actually extends further down. It has been covered from the map.

25

                        Just before I finish. The purpose on White Well for us is that what we saw a while ago was that the market was tightening up and that what we needed was a project where we could bring in our production quickly, the cash flow to rebuild the company and then enable us to develop our larger projects. So

30                    our focus as of the moment is really on White Well and getting White Well into production.

                        Following that, we really want to get in there and develop what we think will be the (inaudible) (0:12:35) country and that is our copper pride in the

35                    Ashburton which we call Donnelly’s. We have recently acquired the extensions for Donnelly’s. We originally acquired the Ashburton as a copper-gold plant, and apart from being a very old project and being held for a long time by a (inaudible) (0:12:56), but we have been able to construct that, put that back together and the Donnelly’s project has now become our number

40                    one target naturally. But I am not saying that we are not focused on the gold (inaudible) (0:13:13) gold, but our number one target in Ashburton is Donnelly’s copper.

                        So the tenement area is about the 71 kilometres square. It is about a 190-

45                    kilometre drive from Paraburdoo. If you fly into Paraburdoo, it is in the Ashburton Station. You can see here on this map that the area here is Mutiny-acquired tenements. In fact, Donnelly’s copper actually floats across here.

                        Sampling in Secret Creek. Secret Creek was actually discovered initially by a top camp (inaudible) (0:13:51) was discovered by Alexander Forrest in 1890, and led to a very substantial gold rush which ran in the area for about seven years. But it has always been about alluvial gold. Neighbouring ground has

5                      (inaudible) (0:14:10) which have been substantial (inaudible) (0:14:11) plus gold mines. But successive people have not been able to get at this point the Ashburton gold story really locked in. This made some very good surface drill samples, 44 grams in quartz and 29 grams in gossans, and there has also been 9.4 grams intercepted which was done by Shell Billiton in the 1970s.

10

                        Our rock chip samples on Donnelly’s have shown 47% lead which is very exciting and 26% copper. The copper was actually mined very briefly by our sample in 1960. There is very little data left standing on it, but it was mined by the company (inaudible) (0:15:07) which was very active then, various metals

15                    company, that took about 50 tonnes at about 30%, and we have gone back through the pits and they are the only people that we are aware of that has done any work previously on Donnelly’s prior to us, so we can find the data records.

20                    So what we have got here -- this is the Donnelly’s copper which we are doing the intercepts. Actually, we will be working up here in October on sampling the extensions which we have acquired. As I have said, we have already got a drill program in place, and we will probably be drilling that -- the latest at the moment probably in April because if we do not get in… we are probably going

25                    to have full ground repair until late October, and by December, up there it is 47 degrees so really it is getting a bit out of control.

                        We also have our primary focus at the primary project in Victoria Cassilis. The Victoria project at the moment, we have worked hard on. We have developed

30                    a preliminary resource. We originally intended to do a trial mining in Victoria, trial mining on the resource. But the resource (inaudible) (0:16:23) that we wanted to trial on was 20,000 ounces and we got 8. It was very disappointing. The development cost to go through. We know that there is gold over at Cassilis in substantial quantities, but we cannot quantify, and to go forward,

35                    we are going to do the deep drilling that we are required. The budget on that is something over $3.5 million. We looked at that budget and we thought, for that type of money we would be better off trying in this market to bring something into production which is why we have gone to White Wells and we believe the strategy is going to work for us. So we have a lot of (inaudible)

40                    (0:16:57) in Cassilis. Cassilis is on hold until we rebuild or books. We are continuing, for example, the drilling at Victoria. We have just completed Never Can Tell drilling and we have also done some drilling at Richmond. It is very slow again getting drilling approvals in Victoria, three weeks in WA, six months in Victoria. We have got 20 surface drill targets in Victoria, so at that

45                    rate, we are going to be there for a long time. Out of those, we have decided at this point to prioritize for and hopefully we could try and educate the government that this building process of taking six months is not acceptable. They have agreed to work with us and they have a review going on at the moment. So hopefully, in the future, we can get some news flow coming back out of Victoria, but that is the reason why it is quiet. It is just taking so much hard work to get the permitting, but we have basically (inaudible) (0:17:49) before we get back in there and spend the sort of money that is required for those projects.

5

                        Thank you very much.

PRESENTATION CONCLUDED

Contact brr@brr.com.au for more information

DISCLAIMER: Transcripts made available by Boardroomradio.com is a free service whereby the transcripts are created by one or more third party contractors without any involvement or oversight by Boardroomradio.com or the respective company, firm, partnership or individual that is being transcribed.  Boardroomradio.com and its contractors, client companies, firms, partnerships and guest speakers (paid or otherwise) do not invite reliance upon, nor accept responsibility for, the information they provide. Boardroomradio.com makes every effort to provide a high quality service. However, neither Boardroomradio.com, its transcript providers, nor the providers of any other written or oral data made available on the Boardoomradio.com site (and its partner sites) give any guarantees, undertakings or warranties concerning the accuracy, completeness or up-to-date nature of the information provided. Users should confirm information from another source if it is of sufficient importance for them to do so. Boardroomradio.com, its directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information in this site, or for any negligent misstatements, errors or omissions.