1630 ian lawrence

Our Vision in Silver

The Gold Symposium

Ian Lawrence, Managing Director

Cobar Consolidated Resources Limited

15 November 2011

Contents

Our Strategy 04

Key Project Parameters 06

Updated Resource Estimate 07

Construction Progress 08

Project Timeline 21

Permitting progress and

milestones 22

Exploration Upside 23

Summary 25

Disclaimer

Cobar Consolidated Resources 03

Certain statements contained in this presentation, including information as to the future financial or operating performance of Cobar

Consolidated Resources (ASX:CCU) and its projects, are forward looking statements. Such forward looking statements:

- may include, among other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral

resources and anticipated grades and recovery rates, production and prices, operating costs and results, capital expenditures, and are or

may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions;

- are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Cobar, are inherently subject

to significant technical, business, economic, competitive, political and social uncertainties and contingencies; and

- involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or

anticipated events or results reflected in such forward looking statements.

Cobar disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information,

future events or results or otherwise. The words: “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”,

“intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward looking

statements.

All forward looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are

cautioned that forward looking statements are not guarantees of future performance and accordingly investors are cautioned not to put

undue reliance on forward looking statements due to the inherent uncertainty therein.

The information to which this statement is attached that relates to exploration results is based on information compiled by Martin

Lenard who is a Fellow of the Australasian Institute of Mining and Metallurgy. Martin Lenard is an employee of Cobar Consolidated

Resources Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration

and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code

for Reporting of Mineral Resources and Ore Reserves” (the “JORC Code”). Martin Lenard consents to the inclusion in this report of

these matters based on the information in the form and context in which it appears.

BM Geological Services was engaged in October 2009 by Cobar Consolidated Resources Ltd, to prepare a mineral resource estimate

for the Wonawinta silver-zinc-lead deposit in New South Wales. A W Bewsher, Senior Geologist, prepared this report.

The mineral resource estimates in this report have been classified and reported in accordance with the JORC Code. The following

statement is made in accordance with Clause 8 of the JORC Code:

The information in this report that relates to mineral resources is based on information compiled by A W Bewsher, who is a Member of

The Australian Institute of Geoscientists.

A W Bewsher is a full-time employee of BM Geological Services, and has sufficient experience, which is relevant to the style of

mineralisation and type of deposit under consideration and to mineral resource estimation processes to qualify as a Competent Person

as defined in the JORC Code. A W Bewsher consents to and has provided his prior written consent to the inclusion in this report of

these matters based on the documentation in the form and in the context in which it appears.

Our Strategy


Explore Develop Produce

2012 2008

► Value engineering approach allows the significant time and cost pressures faced by junior companies developing a project to be effectively managed

► Enhance shareholder value by fast tracking through the value chain

Our Strategy

► Production based strategy rather than a resource growth strategy

► Mine the highest value material first

► Convert resource to reserves with expansion in throughput and flow sheet

development

► Add additional resources from exploration in local area

► Explore for other targets in highly prospective exploration tenements


Key Project Parameters

► Bankable feasibility study completed December 2010

– 51Moz indicated and inferred resource, 14Moz probable reserve

– 4 shallow open pits

– 800,000tpa ore throughput, expanding to 1Mtpa in year 3

– 2.5Moz per annum silver production over 5 years

– Gravity circuit to produce lead concentrate

– $29.5M capex - processing plant and infrastructure

– $44M total project capital

– ~$10.50/oz cash operating cost (no Pb)

– Less than 1 year payback at current silver price (>$35/oz)

– 7 cents per ounce discovery cost to feasibility study

► The resource estimate has been revised. Reserve estimate underway.


Updated Resource Estimate – October 2011


Tonnes Grade Grade Cont Cont

Mt Ag g/t Pb % Moz ‘000t

Indicated 21.7 55.3 0.8 38.6 171

Inferred 11.8 48.4 0.6 18.4 68

Total 33.5 52.9 0.7 57.0 239

► Infill and grade control drilling programs in Boundary and Manuka pits

► Results applied to calculate a revised resource estimate

– Integrity of resource validated

– 65% of resource now classified as indicated

► 12g/t cut off grade applied (22g/t used previously)

– Recognizing increased silver price and carrying full project cost

► Revised resource estimate will be used for new pit designs, mine schedule

and ore reserve calculation

Construction Progress

► Estimated Completion overall -65%

► Engineering and Construction Cost –

– on budget, commitment $14.22M

► TimeLine – 4 to 6 weeks behind plan

– (weather delays and bank finance issue )

► Critical Path –

– CIL and Elution Areas

► Commissioning to commence

– March 2012


Construction Progressrogress


Project Timeline


Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Permitting

Infrastructure

Mining

Processing

Procurement / Eng & Design

Plant construction

Commissioning

2011 2012

Wonawinta Silver Project

Permitting progress and milestones

► Mining Lease

– Terms accepted, security bond lodged, awaiting grant

► Mining Operations Plan

– To be lodged following grant of mining lease

► Water Licence Transfer

– Application lodged, awaiting approval

► Critical to the start of mining operation and mining contractor


Exploration Upside

► New 0.7M oz Ag resource drilled out in

Wonawinta Mine area

► Target areas identified from 1622 line

km VTEM survey over Gundaroo and

Wonawinta tenements

► Soil anomalies better defined by infill

sampling in Wonawinta area


Exploration Upside – Base metals

► 1,622 line km VTEM survey

► Airborne geophysics to identify

conductors to 200m below surface

► Covered Jackermaroo and Dusty Tank

faults

► Significant conductors (blue) identified

in initial geophysical interpretation

► Geological assessment in progress


Gundaroo

Wonawinta

Summary

► Project advancing to commissioning in March 2012

► Modest capital , low cash costs - attractive margins, short payback period

► Highly leveraged to silver price - $1/oz = $2.5M

► Exploration upside – silver and base metals


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