Diapositiva 1

1
Presentation Gold-Copper Campaign Peru April
2005
2
WESTMAG LIMITED

• Listed on ASX
• Issued shares 39.2 million
• Options (non listed) 7.85 million
• Share price 10 cents
• Market Cap US 3million
• Cash US 850k
• Directors Peter McAleer-Chairman
• Jim Malone- Managing Director
• Simon Titchener-Operations Director
• Howard Dawson-Technical Director

3
METAL ENDOWMENT AND MINERAL BELTS OF PERU
Northern Peru Au-Cu Belt gt70Moz Au, gt35Mt Cu
Central Cordillera Polymetallic Belt gt24Mt Zn,
gt9Mt Cu
Central Southern Peru Cu-Au Belt gt6Mt Cu
Coastal Batholith Abancay vein gold

• Peru
• Mining accounts for 26 of GDP
• 6th largest gold producer (7 of world
  production)
• 3rd largest copper producer

Southern Peru Cu Belt gt21Mt Cu
4
WESTMAG- ANGLOGOLD-ASHANTI JV-AGREEMENT

• Exclusive right to AGA Peruvian data base granted
  December 2004.
• Initial review of database completed December
  2004 through April 2005.
• Covers all targets in AGA Area of interest (AOI)
• AGA staked properties require individual earn in
  agreements of 1000 metres for 60.
• Westmag staked properties held 100 by Westmag.
• AGA have claw back for all properties to 70
  for any resource greater than 2 million oz gold
  equivalent at 2.5 times Westmag expenditure.
• Westmag have pre-emptive rights to AGA farm outs
  within AOI

5
THE AREA OF INTEREST
Excluded
130,000km2 combined aerial extent of blocked-out
project area covering

• Gold-belts of the Yanacocha region, the
  Cordillera Negra, the Southern Central Cordillera
  and the Mesozoic Coastal Belt
• The southern Peru, Eastern Cordillera and Central
  Cordillera copper belts
• The region of Eastern Cordillera copper-gold
  porphyry-alkaline potential
• The Cordillera Blanca and Central Cordillera
  polymetallic skarn belt

Excluded
6
THE AREA OF INTEREST AND AGA ACTIVITIES

• Following 5-years of data accumulation and
  campaign-style exploration AGA decided to bolster
  and apply their database and experience to a Peru
  wide generative program
• This resulted in the AOI which was generated
  during an intensive 3 week in-house exercise
  conducted by AGA staff and specialist consultants
  in 2003
• Processed with TM-data
• Limited field follow-up with target criteria 5MOz
  gold only
• Several properties claimed

7
THE DATABASE
Developed over 5-years of exploration activity,
used in the first pass AGA generative programme
and comprising

• AGA rock geochemistry 10,000 samples
• AGA drainage geochemistry 5000 samples
• Digital geologic maps
• Deposit location data 5600 records
• Complete 3-band TM coverage
• 130,000km2 of specialist CROSTA alteration
  mapping
• Occasional ASTER data
• Regional gravity data
• Country-scale structural interpretations (IDW
  grid, basin margins etc)
• Tectonic and arc-magmatic reconstructions
  (geochronology)
• SRTM 90m elevation model
• Digital tenement information
• Generated target areas

8
WESTMAG EXPLORATION APPLICATION TO DATE
Defined priority target criteria Porphyry and
Alkaline copper-gold 6 known resources 4 of
which contain over 2Moz Au LS and mesothermal
vein gold 3 mines in production

• Undertook a generative program resulting in the
  identification of 92 discrete and ranked target
  areas
• Secured 17 new tenement areas over Cu and Au
  targets
• Identified at-least two regional plays with
  anomalous Cu-Au in unclaimed areas
• Implemented program of reconnaissance field review

9
EXAMPLE ARTURO Cu-Au PROSPECT
In mountain belt behind the Cajamarca gold camp
and deemed to host potential for
porphyry/alkaline copper-gold deposits under
field review
CROSTA
147
Known Gold Workings
10
ARTURO Cu-Au PROSPECT
Recent slip exposing alteration
Strongly silicified and pyritic sediment
Low-order gold drainage in mixed source sample
(-200)
11
EXAMPLE PUMACAHUA PORPHYRY-SKARN
Very strong Crosta response in polymetallic
mining district 30km north of Toromocho (2.4Mt Cu
in-situ resource) -Morococha camp, Grades from
one small mine in the claim area are reportedly
Ag 8.6oz/t Pb 5.82 Zn 5.00 Cu 1.95.
12
LITHOCAP EARN-IN TARGETS DRILL READY

• Three drill targets
• 28ñ
• Lucanas 1 and
• Lucanas 2
• Well established model with
• multi-million ounce potential

13
LITHOCAP EARN-IN TARGETS DRILL READY
Barrick
28ñ
Lucanas 1 and 2
Aster FeOx, AlOH, SiO2 Fered, Claygreen,
Silica blue, Clay-Fe yellow, Clay
silicacyan, Clay-silica-Fewhite
14
AZULMINA EARN-IN TARGET
Porphyry, Cu-Au and epithermal gold potential AGA
results 1.4 and 22.4g/t gold grab rock samples,
WMG 14m at 0.49g/t
15
WORK PROGRAMME 2005-2006

• Field follow-up of generated targets
• Drilling of lithocaps and newly generated
  prospects
• Advance other defined prospects with follow-up
  mapping, geochemistry and geophysics
• Advance structural and spectral interpretation of
  Cu-Au belts (Eastern Cordillera)
• Implement specialist statistical analysis of
  multi-element geochemistry
• Known occurrence review, opportunities synthesis
  and acquistion