Update Update 2011 Se pte mbe r Inve stor Inve stor Disc laime - PDF document

Update Update 2011 Se pte mbe r Inve stor Inve stor

Disc laime r & Compe te nt Pe r son’s State me nt Disc laime r and forward- looking state me nts  Ce rta in sta te me nts c o nta ine d in this pre se ntatio n, inc luding info rmatio n as to the future fina nc ial o r o pe ra ting pe rfo rma nc e o f Orio n Go ld NL a nd its pro je c ts, a re fo rwa rd-lo o king sta te me nts. Suc h fo rwa rd-lo o king sta te me nts:  are ne c e ssarily base d upo n a numbe r o f e stimate s and assumptio ns that, while c o nside re d re aso nable by Orio n Go ld NL are ne c e ssarily base d upo n a numbe r o f e stimate s and assumptio ns that, while c o nside re d re aso nable by Orio n Go ld NL , are , are inhe re ntly subje c t to sig nific ant te c hnic al, busine ss, e c o no mic , c o mpe titive , po litic al and so c ial unc e rtaintie s and c o nting e nc ie s;  invo lve kno wn and unkno wn risks and unc e rtaintie s that c o uld c ause ac tual e ve nts o r re sults to diffe r mate rially fro m e stimate d o r antic ipate d e ve nts o r re sults re fle c te d in suc h fo rward-lo o king state me nts; and   may inc lu e am may inc lude , amo ng o the r thing s, state me nts re g arding targ e ts, e stimate s and assumptio ns in re spe c t o f me tal pro duc tio n and re ing targ e ts e sti ate s and as u ptio ns in re sp c t o f me tal pro duc tio n nd pric e s, o pe rating c o sts and re sults, c apital e xpe nditure s, mine ral re se rve s and mine ral re so urc e s and antic ipate d g rade s and re c o ve ry rate s, and are o r may be base d o n assumptio ns and e stimate s re late d to future te c hnic al, e c o no mic , marke t, po litic al, so c ial and o the r c o nditio ns.  Orio n Go ld NL disc la ims a ny inte nt o r o blig a tio n to upda te public ly a ny fo rwa rd-lo o king sta te me nts whe the r a s a re sult o f ne w info rmatio n future e ve nts o r re sults o r o the rwise info rmatio n, future e ve nts o r re sults o r o the rwise .  T he wo rds 'be lie ve ', 'e xpe c t', 'a ntic ipate ', 'indic a te ', 'c o nte mplate ', 'ta rg e t', 'pla n', 'inte nds', 'c o ntinue ', 'budg e t', 'e stimate ', 'ma y', 'will', 'sc he dule ' a nd simila r e xpre ssio ns ide ntify fo rwa rd-lo o king sta te me nts.  All fo rwa rd-lo o king sta te me nts ma de in this pre se nta tio n a re qualifie d by the fo re g o ing c autio nary state me nts. I nve sto rs are c a utio ne d tha t fo rwa rd-lo o kin sta te me nts a re no t uarante e s o f future e rfo rma nc e a nd a c c o rdin l inve sto rs a re g g g y c a utio ne d no t to put undue re lia nc e o n fo rwa rd-lo o king sta te me nts due to the inhe re nt unc e rta inty the re in. Compe te nt Pe r sons State me nt  T he info rma tio n re la ting to the Mine ra l Re so urc e is ba se d o n a nd a c c urate ly re fle c ts g ra de e stima tio n a nd mo de lling unde rta ke n by Mr P. Ba ll B Sc MAusI MM fo r Orio n Go ld NL in his c a pa c ity a s Co nsulta nt Ge o lo g ist to Orio n Go ld. T he Mine ra l Re so urc e info rma tio n ha s unde rg o ne a udit by e xte rnal c o nsulta nts. Mr Ba ll ha s the suffic ie nt e xpe rie nc e in re la tio n to the style Re so urc e info rma tio n ha s unde rg o ne a udit by e xte rnal c o ns l l su i e in re la tio n to the style o f mine ralisatio n unde r c o nside ratio n to qualify as a Co mpe te nt Pe rso n a s de fine d in 2004 e ditio n o f the “Austra lia n Co de fo r Re po rting o f e xplo ratio n re sults, mine ra l re so urc e s a nd o re re se rve s”. Mr Ba ll c o nse nts to the inc lusio n o f the mine ra l re so urc e info rmatio n in the fo rm and c o nte xt in whic h it appe ars.  Othe r e xplo ratio n info rmatio n in this re po rt has be e n c o mpile d and asse sse d unde r the supe rvisio n o f Dr Ja me s Ande rso n, Orio n Go ld NL Orio n Go ld NL s Ge ne ra l Ma na g e r – E ’ s Ge ne ra l Ma na g e r – E xplo ratio n fro m histo ric a l re c o rds a nd fie ld inve stig a tio n Dr Ande rso n is a me mbe r o f xplo ratio n, fro m histo ric a l re c o rds a nd fie ld inve stig a tio n. Dr Ande rso n is a me mbe r o f the AusI MM (CP) a nd ha s e xte nsive e xpe rie nc e in the ide ntific a tio n o f g o ld mine ra lisa tio n o f this style . Dr Ande rso n c o nse nts to the public re le a se o f the info rma tio n in the c o nte xt c o nta ine d within this re le a se .

oc ality oje c t L Pr

Intr oduc tion  F oc use d on Walhalla Gold Pr oje c t - a goldfie ld with signific ant high gr ade histor ic al pr oduc tion of ove r 4 million ounc e s  G Ge ology and ge ome tr l d t y of histor f hi t i ic al de posits e nable d str l d it bl d t aight for i ht f war d mining me thods d i i th d  Highly pr ospe c tive te ne me nt pac kage :  c ove r c ove r ing 75 kilome tr ing 75 kilome tr e s of str e s of str ike le ngth ike le ngth  with nume rous advanc e d drill targe ts  Str uc tur al r e vie w of Cohe n’s Re e f de posit following 6,500 me tr e diamond dr ill pr ogr am in 2010 pr in 2010 pr ovide s ne w mode l and insights into c ontr ovide s ne w mode l and insights into c ontr ols on mine r ols on mine r alisation alisation, loc ally and l d r e gionally  Re vie w of r e gional te ne me nt holdings highlights nume r ous dr ill tar ge ts  2,400 me tr e diamond dr illing pr ogr am c omme nc e d this we e k dr illing highly r anke d tar ge ts at Ne w Dawn, L ongfe llow’s and Happy Go L uc ky  T ar ge ts de r ive d fr om ne w str uc tur al mode l also to be dr ill te ste d:  Cohe n’s – L omond’s  Cohe n’s – E mpre ss   Shor Shor tfe llow’s (CMI) tfe llow s (CMI)

Walhalla Histor y  T he Cohe n’s r e e f syste m (mine d late 1800s to e ar ly 1900s) has Vic tor ia’s highe st pr oduc tion fr om a single shoot at ~1.5 million ounc e s at a he ad gr ade ar ound 40 Au g/ t  Afte r appr oximate ly 40 ye ar s of mining many basic fe atur basic fe atur e s of the syste m r e s of the syste m r e maine d unknown e maine d unknown or poor ly de fine d  2010 dr illing and inte r pr e tation has r e sulte d in br e akthr ough unde r standing of str uc tur al c ontr ols on mine r alisation at Cohe n’s and the ne wly inte r pr e te d r e gional Cohe n’s tr e nd

T e ne me nt Holdings  Appr ox 730 squar e kilome tr e s  Gold pr Gold pr oduc tion in the r oduc tion in the r e gion of e gion of ove r 4 million ounc e s  420 histor ic wor kings - indic ate g the loc ation of mine r alisation and outline the mine r alise d ‘tr e nds’  Minimal mode r n day e xplor ation  Re c e nt se le c tive gr ound ac quisitions following r e gional ge ologic al and e xplor ation r e vie w

Pr ior ity E xplor ation Ar e as - Walhalla  Ne w str uc tur al inte r pr e tation - high pr ospe c tivity ar e as at Walhalla and r e gionally  Cohe n’s str uc tur al mode l de fine s patte r de fine s patte r n of n of mine r alisation r e gionally  Impor tant c ontr ols on mine r alisation ide ntifie d at inte r se c tions of N- S r e gional tr e nds and c r c r ossc utting str ossc utting str uc tur uc tur e s e s  A numbe r of pr ior ity tar ge ts to te st  Ne w Da wn  L ongfe llow’s  Happy Go L uc ky   Cohe n s Cohe n’s – L L omond’s omond s  Cohe n’s – E mpr e ss  Shor tfe llow’s (CMI)

Cohe n’s Re e f - Ne w Str uc tur al Unde r standing S N SPL AY F AUL T L omond Zone m 1,000 m Ste e ply plunging shoot at c onjunc tion of faults f f lt CROSSCUT CROSSCUT T T ING ING T E RMINAT ING ST RUCT URE

Cohe n’s Re e f - Ne w Str uc tur al Unde r standing  Re -asse ss Cohe n’s Re e f, with ne w S N de taile d 3D str str uc tur uc tur al mode l in al mode l in SPL AY F AUL T pr ogr e ss tar ge ting L omond  Bulk shallow Zone re sourc e s  High grade Cohe n’s style shoots 000 m 1,  We alth of Steeply plung ing shoot a t c onjunc tion infor mation of fa ults available for ne w mode lling: g  Histor ic al L e ve l CROSSCUT T ING Plans T ERMINAT ING ST RUCT URE  Grade and width data data – r r e fine e fine struc tural mode l  Grade and width c ontours – de fine mine ralise d struc ture s

Cohe n’s Re e f - Ne w Str uc tur al Unde r standing  Oppor tunitie s ar ising fr om ne w S N str uc tur al mode l SPL AY F AUL T  E xte nsions to L omond Zone “Stoc kwor k mine r mine r alisation alisation” pr e viously ide ntifie d by Nor mandy 000 m Pose idon Pose idon 1, Steeply plung ing inte r pr e te d as par t shoot a t c onjunc tion of the L omond of fa ults Zone  L omond’s Zone – CROSSCUT T ING T ERMINAT ING r e asse ssme nt ST RUCT URE within ne w str str uc tur uc tur al al fr ame wor k  E mpr e ss shoot r r e mains ope n to e mains ope n to the nor th