ERGO Mines JV

November 2007

INVESTOR PRESENTATION

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Disclaimer

This presentation contains includes certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements.

These factors include, among other things, commercial and other risks associated with estimation of uranium and gold resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to the Company or not currently considered material by the Company.

Mintails accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information.

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Agenda

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Mintails Overview

Significant Assets

West Rand WERGO• 305m tonnes of tailings • Mogale and WERGO plant (inc old East Dagga Plant)• Proposed Superdump deposition site (800,000 to 1,000m tonnes capacity)

East Rand ERGO Mines Joint Venture• 1,700m tonnes of tailings• Brakpan Plant• Deposition sites (approx 1 billion tonnes capacity)• Servitudes

HVH Heap Leach Operation

Corporate One of the largest open cast mining fleets in AfricaHighly qualified team

Mintails extracts gold from surface mining tailings.The tailings assets and processing plants are all located on the East and West Rand of the Witwatersrand Basin in South Africa. Mintails is undertaking a significant expansion of plant facilities to increase gold production and commence production of uranium and sulphuric acid.

Witwatersrand Basin

330mt

1,500mt

SuperDump

Johannesburg

ERGO Plant

Mogale & WERGO

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Executive Team

Bryan Frost, Executive Chairman and head of strategyBryan is responsible for strategy development and direction.  Bryan was a partner of a Melbourne based stockbroking firm until 1973, where he specialised in advising international investors, banks and investment funds on Australian arbitrage and investments. Over the past 32 years he has been involved in a number of public companies as an executive director and major shareholder and possesses extensive experience in financial engineering and management.

Bryan Frost, Executive Chairman and head of strategyBryan is responsible for strategy development and direction.  Bryan was a partner of a Melbourne based stockbroking firm until 1973, where he specialised in advising international investors, banks and investment funds on Australian arbitrage and investments. Over the past 32 years he has been involved in a number of public companies as an executive director and major shareholder and possesses extensive experience in financial engineering and management.

Dick van der Walt, Executive  Director and CEODick's background in law and investment banking has provided him with requisite skill and experience to confidently oversee and implement Mintails strategic goals. Dick has personally ensured that the company has been successfully able to negotiate and satisfy its obligations under South African Mining Law and the prevailing Black Economic Empowerment Code of Practice.

Dick van der Walt, Executive  Director and CEODick's background in law and investment banking has provided him with requisite skill and experience to confidently oversee and implement Mintails strategic goals. Dick has personally ensured that the company has been successfully able to negotiate and satisfy its obligations under South African Mining Law and the prevailing Black Economic Empowerment Code of Practice.

Lloyd Birrell, Executive Director responsible for Ergo JVLloyd practiced as a forensic and litigation accountant for ten years, appearing as an expert witness in the High Court on more than forty occasions. In 2000 he was appointed as the Southern African commercial and legal representative to Sonatrach, Algeria's Hydrocarbon and Petrochemical Co. After five years of intensive involvement in the energy industry he commenced work for SGM, dealing with commercial and legal issues.

Lloyd Birrell, Executive Director responsible for Ergo JVLloyd practiced as a forensic and litigation accountant for ten years, appearing as an expert witness in the High Court on more than forty occasions. In 2000 he was appointed as the Southern African commercial and legal representative to Sonatrach, Algeria's Hydrocarbon and Petrochemical Co. After five years of intensive involvement in the energy industry he commenced work for SGM, dealing with commercial and legal issues.F

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Financial Snapshot

Mintails is an Australian listed public company, with management and operations in South Africa.

ASX:  MLI

Share Price (26 Nov 07) 0.71

Shares Outstanding (Ms) 737

Market Cap (AU$) M 523.3

Shares Outstanding at 17 August 2007, Mintails Annual Report, 2007

Approx. $50m

Cash at November 07

2007 Annual Report

Revenues 16,883,238

Total Assets 182,431,402

Net Assets 131,482,721

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Agenda

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WERGO Project

Project Highlights

Tailings Assets305m tonnes of tailings JORC  resources:   31m lbs Uranium, 2.2m oz Au

WERGO Plant Phase I  [commissions October, 2008]Production capacity:           9.6m tonnes per annum• Uranium production:       1.1m lbs per annum• Gold production:              60,000 oz per annum• Cash costs: R44 (USD 7.30) per tonne

WERGO Plant Phase II [2Q, 2009]Production capacity:           30m tonnes per annum• Uranium production:        1.3 to 1.5m lbs per annum• Gold production:               150,000 oz per annum• Cash costs:                          To Be AnnouncedDepositionProposed Superdump complex800m to 1,000m tonnes capacity

Carbon-in-leach tanks at Mogale Plant

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Further Developments

• WERGO construction on time and on budget

• Phase 1 production to commence in Q3 to Q4 2008

• Continue discussions with other mining companies seeking to take advantage of Proposed Mintails Super Dump initiative

• Further consolidation opportunities continue to be examined on the West Rand

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ERGO Mines JV

Project Highlights

Tailings Assets1,700m tonnes of tailings 

ERGO Plant Phase 1Refurbishment of one CIL (gold) circuit at ERGO PlantTotal production capacity:       15m tonnes per annum• Gold production:                      75,000 ozs Au per annum

ERGO Plant Phase 2Expansion of gold plant and development of uranium and acid plantsTotal production capacity:        30m tonnes per annum• Uranium production:               660,000 lbs per annum• Gold production:                      150,000 ozs Au per annum• Sulphuric Acid production      855,000 tonnes per annum

DepositionDeposition Sites:                      Approx 1 billion tonnes capacity

50/50 JV: Mintails & DRDGold *Phase II announced 26 November 2007

Brakpan Plant on the East Rand

* 50% interest before allowing for BEE participation

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ERGO Mines JV Phase I and II

Phase I (June 07 Transaction)

Phase II(November 07 Transaction)

50/50 JV:  Mintails & DRDGold

• Elsburg Tailings Complex (195m  tonnes of tailings)• East Daggafontein deposition complex• Refurbishment of one CIL (gold) circuit  at  Brakpan

Production capacity:         15m tonnes per annum

• Gold production:              75,000 ozs Au per annum

• Cash costs:                         R18.00 per tonne (USD 545 per oz)

50/50 JV:  Mintails & DRDGold

• 1,500 million tonnes of additional  tailings• Withok deposition complex• Expansion of gold plant• Development of a uranium and acid plant

Production Capacity:       30m tonnes per annum• Uranium production:     660,000 lbs of uranium 

per annum• Gold Production:             150,000 ozs Au per annum• Acid production               855,000 tonnes per annum

• Cash costs:                        To Be Announced

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• The JV will own the right to process and extract uranium, gold and sulphuric acid from approximately 1,700 million tonnes of tailings materials.

• The majority of the large tailings sites have never been treated for the extraction of uranium and acid.

• The ERGO Plant is in close proximity to the existing large tailings deposits and the servitudes for transport (via slurry pipelines) have been secured.

• Potential to reinstate acid production at Brakpan as an initiative to supply internal and market need for acid in uranium extraction.

• Managing gold, uranium and sulphuric acid processes as an integrated circuit will allow realization of significant operational synergies.

ERGO Mines JV Transaction Rationale

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Project Implementation – Ergo Mines J.V.

• Implement Phase 1 production of gold

• Plan gold expansion Phase II

• Feasibility study for the uranium and acid production of Phase II

• Analyse funding options for Phase II

• Further consolidation opportunities continue to be examined on the East Rand

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Mintails Investment Case

Large Tailings BaseLarge Tailings Base

Proven TechnologyProven Technology

Remediation Solutions Provider

Remediation Solutions Provider

Low Cost ProducerLow Cost Producer

Mintails has acquired access to over 1,700 m tonnes of tailings containing significant  amounts of uranium, gold and sulphur.Mintails has acquired access to over 1,700 m tonnes of tailings containing significant  amounts of uranium, gold and sulphur.

Processing techniques have been proven over 27 years.  Low implementation risks provide for quick production ramp‐up. Processing techniques have been proven over 27 years.  Low implementation risks provide for quick production ramp‐up. 

Surface level materials are being processed.Processing facilities are in close proximity to tailings.

Surface level materials are being processed.Processing facilities are in close proximity to tailings.

Mintails can provide a final disposal solution for companies with environmental liabilities thereby lowering the cost to 

Mintails of acquiring the relevant assets.

Mintails can provide a final disposal solution for companies with environmental liabilities thereby lowering the cost to 

Mintails of acquiring the relevant assets.

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Summary of Resources

2,000+

1,715.0

130.0

15.5

Tonnes (m) of tailings

Complex JORC Category g/t Au Ounces (‘000s)

West Rand Measured & Indicated 0.55 300.6

Inferred 0.41 1,872.3

East Rand To be determined (TBD) TBD TBD

Total TBD

Gold Resources

Uranium Resources

2,000+

1,715.0

13154

138

Tonnes (m) of tailings

Complex JORC Category g/t U Lbs (m)

West Rand Measured & Indicated 48 14.71

InferredInferred (Additional – vleis, silts, etc.)

3351

9.596.00

East Rand To be determined (TBD) TBD TBD

Total  TBD

Gold Resources

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Appendices

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Contacts

Australian Office: South African Office:

Suite 2, 1233 High Street 1st Floor – North WingArmadale Victoria 3143 Lord Charles Office ParkAustralia 337 Brooklyn Road, Brooklyn

Pretoria, South Africa

Richard Revelins Dick van der Walt

Phone: + 61 3 9824 8166 Phone: + 27 (12) 346 4406Fax: + 61 3 9824 8161 Fax: + 27 (12) 346 4409

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