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Legacy Iron Ore Limited‟S Planned Exploration Program and Other Statements That Are Not Historical Facts

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Legacy Iron Ore Limited‟S Planned Exploration Program and Other Statements That Are Not Historical Facts PERTH WESTERN AUSTRALIA November 2010 Annual General Meeting – Exploration Update Forward Looking Statement IRON ORE LIMITED 2 This document or presentation may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Legacy Iron Ore Limited‟s planned exploration program and other statements that are not historical facts. When used in this document, the words such as “could,” “target,” “plan,” “estimate,” “intend,” “may,” “potential,” “should,” and similar expressions reflected in these forward-looking statements are reasonable, such as statements involving risks and uncertainties and no assurance can be given that actual results be consistent with these forward-looking statements. Executive Summary IRON ORE LIMITED 5 A diversified Australian exploration company with an exploration focus on iron ore, manganese, base metals and gold Recent farm – in to the Mt Bevan hematite – magnetite project in the Yilgarn. Major funded project with extensive drilling in 2011 Tenements highly prospective for iron and manganese mineralisation in the Pilbara - Hamersley Iron province of Western Australia Extensive tenements in the South Laverton and East Kimberley regions of Western Australia that are highly prospective for gold mineralisation Highly prospective base metal project at Koongie Park, East Kimberley Aim of delivering major mineral resources within a 24 month period Generating new projects through focused exploration, low cost acquisition and joint ventures Legacy Project Locations IRON ORE LIMITED 4 Iron Ore Projects Mt Bevan Robertson Range Hamersley Manganese Projects Robertson Range Gold Projects Mt Bevan South Laverton East Kimberley Base metal Projects East Kimberley – Koongie Park Mt Bevan Iron Ore Project IRON ORE LIMITED 5 A joint venture between Legacy and Hawthorn Resources Ltd – Legacy can earn 60% by expending $3.5m to develop the project to prefeasibility. The project covers the northern parts of the Mt Ida Archaean greenstone belt. Holds excellent potential for definition of substantial DSO hematite, and magnetite iron resources located close to existing road, rail and port facilities Location of Mt Bevan Iron Ore Project Mt Bevan Iron Ore Project IRON ORE LIMITED 6 Located within the Yilgarn Iron Ore Province – a potential world class source of iron ore Numerous major projects under drilling/pre feasibility: Mt Mason/Mt Ida/Mt Alfred - Jupiter Mines Cashmere Downs - Cashmere Iron Mt Richardson – Cliffs Asia Pacific Mt Forrest – Mindax Limited Mt Elvire – Fe Limited A potential world class iron ore province Mt Bevan Iron Ore Project IRON ORE LIMITED 7 The Mt Bevan Project is located approximately 100km west of the Leonora township in the Yilgarn Iron Ore Province of Western Australia The project area lies immediately north and along strike of the iron ore resources defined by Jupiter Mining. Jupiter Mining Resources to date (currently drilling): 5.75Mt @ 59.9% Fe DSO hematite at Mt Mason. Mineral target estimate of 1.1–1.3 billion tonnes of magnetite ore grading between 30-40% Fe Mt Bevan Iron Ore Project in the Yilgarn Iron Ore Province Mt Bevan Iron Ore Project IRON ORE LIMITED 8 Aeromagnetics and field mapping shows the presence of at least two extensive BIF horizons. These BIF units host shallow hematite and underlying magnetite iron mineralisation The BIF horizons are interrupted in the middle of the tenement by a granitoid stock, with the northern and southern horizons extending for some 10-12km each. Aeromagnetic image of Mt Bevan Project – showing BIF horizons as highly magnetic features Mt Bevan Iron Ore Project IRON ORE LIMITED 9 Iron mineralisation noted to date in outcrop or subcrop includes pods of hematite of up to 20m in width and several hundred metres in strike length. Most work has been directed to the southern portion of the tenement where it abuts the Mt Mason hematite prospect defined by Jupiter Mines Limited. Mt Bevan Project – TM image showing BIF horizons and main target areas to date Mt Bevan Iron Ore Project IRON ORE LIMITED 10 3 types of iron mineralisation have been intersected in early drilling: Hematite – shallow, small pods defined to date Magnetite – limited drilling has shown large thicknesses of magnetite bearing BIF of ore grade and quality. This is the major target Surficial Hematite – Goethite - DID style - as a blanket over hematite and magnetite mineralisation Mt Bevan Iron Ore Project IRON ORE LIMITED 11 Cross section showing the three types of iron mineralisation Mt Bevan Iron Ore Project IRON ORE LIMITED 12 RC drilling and Drilling chip trays showing hematite and magnetite mineralisation Mt Bevan Iron Ore Project IRON ORE LIMITED 13 Exploration has only tackled a fraction of the prospective BIF horizons to date. Substantial potential for hematite DSO iron ore, but there is major potential for a very large tonnage of magnetite iron ore. Last phase of drilling by Hawthorn encountered shallow dipping coarse grained magnetite bearing units. Mt Bevan Iron Ore Project IRON ORE LIMITED 14 Footwall of magnetite units not reached in most instances – thicknesses of circa 100m evident in limited drilling Similar thicknesses and geometry seen along strike to south by Jupiter Mines in recent drilling Davis Tube Recovery testing returned very good results comprising over 69% Fe with low deleterious impurities of Si, Al and P, from the sampled weathered near surface portions of the magnetite units. Mt Bevan Iron Ore Project IRON ORE LIMITED 15 Excellent potential for the project to contain very large tonnages of high grade, impurity free magnetite with potentially low strip ratios. On present knowledge, we consider the project area to hold an exploration target for magnetite mineralisation in the order of 1 – 1.5 billion tonnes grading between 30 – 40% Fe* Shallow hematite DSO ore is present, and could provide an early cash flow as at the Koolanooka iron ore mine east of Geraldton operated by Sinosteel Midwest. * The exploration target should be considered in line with clause 18 of the JORC code. The potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource. Mt Bevan Iron Ore Project IRON ORE LIMITED 16 FROM MINE TO SMELTER WATER SUPPLY Potable water is required for magnetite processing. One option is to use dry extraction, and/or to produce a concentrate that can be finally processed overseas (China). POWER Potential sources for power include the Goldfields Gas Pipeline that runs from the WA Pilbara coast south to Kambalda. This supplies many mining operations in the Goldfields. TRANSPORT A rail link to Menzies is the most favoured method at present. There is a rail line through Menzies south to the major port of Esperance. PORT This is largest port in the southern hemisphere and is the major export port for WA nickel concentrates, and a major port for iron ore – iron ore exports account for 70% of the throughput. Mt Bevan Iron Ore Project IRON ORE LIMITED 17 Potential Transportation Scenario Esperance Port Facilities Mt Bevan Iron Ore Project IRON ORE LIMITED 18 Initial 5000m RC drilling programmed for early 2011. Flora survey completed, awaiting final government approval Drilling to test to depths of approx. 200m over a 5km strike Program objective to provide an initial JORC compliant resource for this part of the project area. Pilbara Iron Ore and Manganese IRON ORE LIMITED 19 Projects are close to significant iron ore and manganese resources Both projects located within 60km of existing railway infrastructure Significant mineralisation already defined in both project areas – drilling targets identified Most areas now have government approval for drilling. Robertson Range Project IRON ORE LIMITED 20 Exploration licences in the eastern Pilbara region, covering an area of 800km2. The 2 major licences granted recently. FerrAus Ltd and Atlas Iron Ltd have defined approximately 460Mt of high grade hematite iron ore in adjoining ground. (e.g. FerrAus: 454Mt at circa 59% Fe*) * JORC resource and reserve FerrAus Ltd November 2010 Robertson Range Project IRON ORE LIMITED 21 *FerrAus November 2010 Legacy Regional Ground Position Robertson Range Project IRON ORE LIMITED 22 High resolution satellite imagery has identified: fourteen iron ore targets four manganese targets four fault controlled alteration targets Reconnaissance sampling has returned results to 55.7% Fe Reconnaissance RC drilling planned over Jim Jim targets Satellite Image of tenement E45/3395, Iron Ore targets in magenta, Manganese targets in red/white, Fault-controlled alteration targets in blue/white Robertson Range Project IRON ORE LIMITED 23 Jim Jim 1 Base of hill showing iron Jim Jim 3 Outcropping hematite rich iron mineralisation scree and local dune cover mineralisation Robertson Range Project IRON ORE LIMITED 24 Magnetic anomalies in the northeast sector of E45/3395, potentially representing extensive Channel Iron Deposit (CID) mineralisation. Magnetic features extend for at least 7km, in a southwest to northeast direction If CIDs, these are likely to extend much further to the southwest - the potential source area being the eastern part of the Hamersley Basin. Aeromagnetics image of E45/3395 showing magnetic anomalies potentially representing CID mineralisation Robertson Range Project IRON ORE LIMITED 25 NE area
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