General Disclaimer
This presentation may contain forward looking statements that are subject to risk factors associated with resource businesses. It is believedthat the expectations reflected in these statements and opinions are reasonable but may be affected by a variety of variables and changes inunderlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actualdemand, currency fluctuations, production results, reserve estimates, loss of market, industry competition, environmental risks, physicalrisks, legislative, fiscal regulatory developments, economic and financial market conditions in various countries and regions, political risks,project delay or advancement, approvals and cost estimates.
ASX Code: AAG
The Company
ASX CODES: AAG, AAGO
Shares: 202,530,775Listed options: 42,469,265 (expiring 2010 and 2013)
Cash Post Completion: (Jan 2010) ~$9M
Share Price: $0.16 ($0.06 – 0.27)
Investments: ~$2M
Vital Metals (VML) 13% shareholder plus convertible note
Current Major Shareholders:Westgold Resources Ltd (WGR) – 40,000,000 (19.75%)Metals X Ltd (MLX) – 17,661,858 (8.72%) (relevant interest 28.47%)
The Board
Strong Corporate Experience Coupled with Excellent History of Practical ResourceDevelopment and Production
• Peter Cook (Non Executive Chairman) is a geologist (BSc (AppliedGeology)) and mineral economist (MSc (Min. Econ)) and is theChairman of Metals X Ltd. Peter has extensive corporate experience inthe resources sector.
• Paul Benson (Executive Director/CEO) is a geologist (BSc (Geology),MAusIMM, MAICD) with 17 years experience in mining and exploration.Formally Geology Manager and General Manager with Metals X at theCollingwood Tin Project Queensland. Also currently Non ExecutiveDirector of Vital Metals Ltd.
• Simon Eley (Executive Director) is a Corporate/Commercial lawyerwith a focus on mining and resources. He brings legal, commercial andcontract skills to the Company which will compliment the currenttechnical and scientific skills-base of the Board as it moves forward withits planned expansions through 2010.
• Brian Thomas (Non Executive Director) is a geologist (BSc, MBA, SAFin, MAusIMM, MAICD) and former Managing Director of ASX listedChrome Corporation Ltd. Brian is one of the founding directors ofNavarre Resources Pty Ltd (now Aragon) prior to its takeover byWestgold Resources NL. .
• Ben Pollard (Non Executive Director) is a Geologist with significantmining, exploration and management experience in the gold industrythroughout Western Australia. He is also a Principal Geologist of BMGSPerth managing geological consulting services in Australia andoverseas.
Key Projects and Investments
Western Australia
Lake Darlot – goldMission / Cables – High grade gold system.
Lake Lefroy - nickelKambalda – Aztec Dome EM nickel target
CMGP – Core asset gold projectMajor historic mining centre, Cue
Northern Territory
Georgina Basin - phosphateAmmaroo – Proven phosphate mineralisation
Queensland
Vital Metals Ltd (13%) – Watershed tungstenStrategic Investment – Indicated Resource 15.1M tonnes @ 0.42% WO3
Focus on core gold asset of the Central Murchison Gold Project (CMGP)
CMGP
Lake DarlotLake Darlot – Located with structural corridor just
7km north of Barricks Darlot Mine- High grade gold results- Strategic review
Highlights at Mission include:• 3m @ 11.40g/t, including 1m @ 29.65g/t• 3m @ 11.20g/t, including 1m @ 24.60g/t• 2m @ 18.62g/t, including 1m @ 20.00g/t• 2m @ 28.29g/t, including 1m @ 55.85g/t• 7m @ 11.35g/t, including 2m @ 33.62g/t• 2m @ 9.45g/t, including 1m @ 14.00g/t• 1m @ 72.42g/t
Highlights at Cables include:• 2m @ 23.94g/t• 3m @ 6.63g/t, including 1m @ 17.30g/t• 7m @ 4.46g/t, including 1m @ 17.35g/t• 9m @ 1.58g/t, including 1m @ 5.53g/t• 3m @ 16.75g/t, including 1m @ 36.00g/t• 7m @ 27.53g/t, including 1m @ 77.60g/t• 4m @ 41.96g/t, including 1m @ 107.50g/t• 3m @ 18.85g/t, including 1m @ 72.20g/t
Lake Lefroy
Lake Lefroy –Nickel Prospect over the Aztec Domewhich shows a similar regional magnetic response tothat of the nickel rich Kambalda Dome some 15km to thewest.
Aztec Dome structure has attracted the attention ofnickel producer Independence Group. Actively exploringthe Dome with positive results.
Aragon has completed a major SQUID EM survey overthe northern area of the tenement.
Drilling to test the identified conductor anomalies isplanned as soon as access to the Lake is possible.
Regional magnetic image of the Kambalda andAztec Dome.
Lake Lefroy
Kambalda Dome shown at samescale 15 km west of Aztec Dome
Planned drilling and EM target
Ammaroo - Phosphate
Highlight assays returned include:20m @ 16.7% P2O5 from 34m19m @ 11.0% P2O5 from 35m13m @ 14.2% P2O5 from 23m11m @ 12.2% P2O5 from 25m
• Southern Georgian Basin –proven prospective geological setting.
• Close to major roads and railinfrastructure.
• 33,400 hectares of highly prospectiveexploration ground.
• Located in the Meekatharra-Mount MagnetGreenstone belt in the Murchison Goldfieldwhere over 12M gold ounces have beenproduced since 1888.
Central Murchison Gold Project
Murchison Bell – 657 K oz JORC ResourcesCuddingwarra – 349 K oz JORC ResourcesDay Dawn (Cue) - 488K oz JORC Resources
1.49 million oz
Murchison Bell – 657 K oz JORC ResourcesCuddingwarra – 349 K oz JORC ResourcesDay Dawn (Cue) - 488K oz JORC Resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au Tonnes Au Au
('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz
1600N/Shocker Murchison Bell 415 2.5 33,000 359 3.2 37,000 774 2.8 70,000
Murchison Bell Murchison Bell 3,200 4.7 484,000 700 4.2 95,000 3,900 4.6 578,000
Fender Murchison Bell - 71 4.1 9,000 - - 71 4.1 9,000
Black Swan Cuddingwarra - 222 3.5 25,000 1 1.3 - 223 3.5 25,000
Black Swan South Cuddingwarra - 315 3.5 35,000 1,816 3.8 224,000 2,131 3.8 259,000
Chieftain Cuddingwarra - 50 3.1 5,000 75 3.4 8,000 125 3.3 13,000
City of Chester Cuddingwarra - 28 2.3 2,000 82 2.4 6,000 110 2.4 8,000
City of Sydney Cuddingwarra 4 1.6 62 2.1 4,000 - - 65 2.0 4,000
Golden Gate Cuddingwarra - 65 3.0 6,000 1 2.6 - 66 3.0 6,000
Rheingold Cuddingwarra - - - 89 3.8 11,000 89 3.8 11,000
Rheingold South Cuddingwarra 23 3.3 3,000 82 3.6 10,000 96 3.4 11,000 202 3.5 23,000
3210 Day Dawn - 50 3.3 5,000 - - 50 3.3 5,000
Golden Crown Day Dawn - 95 7.5 23,000 144 8.8 41,000 238 8.3 63,000
Great Fingall Day Dawn - 349 1.9 21,000 1,500 1.4 67,000 1,849 1.5 88,000
Great Fingall Day Dawn - 755 10.0 243,000 147 6.8 32,000 902 9.5 275,000
Kinsella Day Dawn 1 2.9 54 3.1 5,000 - - 55 3.1 6,000
Mt Fingall Day Dawn - - - 30 3.1 3,000 30 3.1 3,000
Rubicon Day Dawn 19 2.9 2,000 50 2.3 4,000 12 1.3 - 80 2.3 6,000
South Fingall Day Dawn - 36 2.8 3,000 28 3.1 3,000 65 3.0 6,000
Try Again Day Dawn 1 1.8 12 3.2 1,000 178 3.1 17,000 192 3.1 19,000
Yellow Taxi Day Dawn - 80 2.4 6,000 15 2.9 1,000 94 2.5 7,000
Yellow Taxi South Day Dawn - - - 37 4.3 5,000 37 4.3 5,000Sub Total In situ 47 3.3 5,000 5,992 4.8 924,000 5,309 3.3 561,000 11,348 4.1 1,490,000
STOCKPILES
Great Fingall - 108 1.0 3,000 - 108 1.0 3,000
Fingall Sands - 34 1.2 1,000 - 34 1.2 1,000
Stockpiles - 142 0.9 4,000 - - 142 0.9 4,000
TOTAL
RESOURCES 47 3.3 5,000 6,133 4.7 928,000 5,309 3.3 561,000 11,490 4.0 1,494,000
Inferred Total ResourceDeposit Mining Centre
Measured Indicated
Central Murchison Gold Project
Murchison Bell – 657 K oz JORC ResourcesCuddingwarra – 349 K oz JORC ResourcesDay Dawn (Cue) - 488K oz JORC Resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au Tonnes Au Au
('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz
1600N/Shocker Murchison Bell 415 2.5 33,000 359 3.2 37,000 774 2.8 70,000
Murchison Bell Murchison Bell 3,200 4.7 484,000 700 4.2 95,000 3,900 4.6 578,000
Fender Murchison Bell - 71 4.1 9,000 - - 71 4.1 9,000
Black Swan Cuddingwarra - 222 3.5 25,000 1 1.3 - 223 3.5 25,000
Black Swan South Cuddingwarra - 315 3.5 35,000 1,816 3.8 224,000 2,131 3.8 259,000
Chieftain Cuddingwarra - 50 3.1 5,000 75 3.4 8,000 125 3.3 13,000
City of Chester Cuddingwarra - 28 2.3 2,000 82 2.4 6,000 110 2.4 8,000
City of Sydney Cuddingwarra 4 1.6 62 2.1 4,000 - - 65 2.0 4,000
Golden Gate Cuddingwarra - 65 3.0 6,000 1 2.6 - 66 3.0 6,000
Rheingold Cuddingwarra - - - 89 3.8 11,000 89 3.8 11,000
Rheingold South Cuddingwarra 23 3.3 3,000 82 3.6 10,000 96 3.4 11,000 202 3.5 23,000
3210 Day Dawn - 50 3.3 5,000 - - 50 3.3 5,000
Golden Crown Day Dawn - 95 7.5 23,000 144 8.8 41,000 238 8.3 63,000
Great Fingall Day Dawn - 349 1.9 21,000 1,500 1.4 67,000 1,849 1.5 88,000
Great Fingall Day Dawn - 755 10.0 243,000 147 6.8 32,000 902 9.5 275,000
Kinsella Day Dawn 1 2.9 54 3.1 5,000 - - 55 3.1 6,000
Mt Fingall Day Dawn - - - 30 3.1 3,000 30 3.1 3,000
Rubicon Day Dawn 19 2.9 2,000 50 2.3 4,000 12 1.3 - 80 2.3 6,000
South Fingall Day Dawn - 36 2.8 3,000 28 3.1 3,000 65 3.0 6,000
Try Again Day Dawn 1 1.8 12 3.2 1,000 178 3.1 17,000 192 3.1 19,000
Yellow Taxi Day Dawn - 80 2.4 6,000 15 2.9 1,000 94 2.5 7,000
Yellow Taxi South Day Dawn - - - 37 4.3 5,000 37 4.3 5,000Sub Total In situ 47 3.3 5,000 5,992 4.8 924,000 5,309 3.3 561,000 11,348 4.1 1,490,000
STOCKPILES
Great Fingall - 108 1.0 3,000 - 108 1.0 3,000
Fingall Sands - 34 1.2 1,000 - 34 1.2 1,000
Stockpiles - 142 0.9 4,000 - - 142 0.9 4,000
TOTAL
RESOURCES 47 3.3 5,000 6,133 4.7 928,000 5,309 3.3 561,000 11,490 4.0 1,494,000
Inferred Total ResourceDeposit Mining Centre
Measured Indicated
Central Murchison Gold Project
Murchison Bell – 657 K oz Au JORC ResourcesCuddingwarra – 349 K oz Au JORC ResourcesDay Dawn (Cue) - 488K oz Au JORC Resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au Tonnes Au Au
('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz
1600N/Shocker Murchison Bell 415 2.5 33,000 359 3.2 37,000 774 2.8 70,000
Murchison Bell Murchison Bell 3,200 4.7 484,000 700 4.2 95,000 3,900 4.6 578,000
Fender Murchison Bell - 71 4.1 9,000 - - 71 4.1 9,000
Black Swan Cuddingwarra - 222 3.5 25,000 1 1.3 - 223 3.5 25,000
Black Swan South Cuddingwarra - 315 3.5 35,000 1,816 3.8 224,000 2,131 3.8 259,000
Chieftain Cuddingwarra - 50 3.1 5,000 75 3.4 8,000 125 3.3 13,000
City of Chester Cuddingwarra - 28 2.3 2,000 82 2.4 6,000 110 2.4 8,000
City of Sydney Cuddingwarra 4 1.6 62 2.1 4,000 - - 65 2.0 4,000
Golden Gate Cuddingwarra - 65 3.0 6,000 1 2.6 - 66 3.0 6,000
Rheingold Cuddingwarra - - - 89 3.8 11,000 89 3.8 11,000
Rheingold South Cuddingwarra 23 3.3 3,000 82 3.6 10,000 96 3.4 11,000 202 3.5 23,000
3210 Day Dawn - 50 3.3 5,000 - - 50 3.3 5,000
Golden Crown Day Dawn - 95 7.5 23,000 144 8.8 41,000 238 8.3 63,000
Great Fingall Day Dawn - 349 1.9 21,000 1,500 1.4 67,000 1,849 1.5 88,000
Great Fingall Day Dawn - 755 10.0 243,000 147 6.8 32,000 902 9.5 275,000
Kinsella Day Dawn 1 2.9 54 3.1 5,000 - - 55 3.1 6,000
Mt Fingall Day Dawn - - - 30 3.1 3,000 30 3.1 3,000
Rubicon Day Dawn 19 2.9 2,000 50 2.3 4,000 12 1.3 - 80 2.3 6,000
South Fingall Day Dawn - 36 2.8 3,000 28 3.1 3,000 65 3.0 6,000
Try Again Day Dawn 1 1.8 12 3.2 1,000 178 3.1 17,000 192 3.1 19,000
Yellow Taxi Day Dawn - 80 2.4 6,000 15 2.9 1,000 94 2.5 7,000
Yellow Taxi South Day Dawn - - - 37 4.3 5,000 37 4.3 5,000Sub Total In situ 47 3.3 5,000 5,992 4.8 924,000 5,309 3.3 561,000 11,348 4.1 1,490,000
STOCKPILES
Great Fingall - 108 1.0 3,000 - 108 1.0 3,000
Fingall Sands - 34 1.2 1,000 - 34 1.2 1,000
Stockpiles - 142 0.9 4,000 - - 142 0.9 4,000
TOTAL
RESOURCES 47 3.3 5,000 6,133 4.7 928,000 5,309 3.3 561,000 11,490 4.0 1,494,000
Inferred Total ResourceDeposit Mining Centre
Measured Indicated
Central Murchison Gold Project
Mafeking Bore – Underexplored- Anomalous gold in limited shallow drilling.- Interpreted Great Fingall Dolerite
sequence north of tonalite intrusion
Central Murchison Gold Project
Cuddingwarra - Exploration of underexplored tenure
• Past production of 800 K oz Au• Current Resource 349 K oz Au• Focus on new discovery targeting large shallow lower grade deposits• Integration of new high quality data set (SAM survey 2009) into
extensive database• numerous untested high priority targets
Central Murchison Gold Project
Fluid PathwaysFaults and offsetsShear zonesAnomalous trendsPorphyries
Fluid TrapsPorphyriesDilatational bendsin stratigraphy
Mineralising FluidsGold anomalismMagnetite destructionQuartz veining
Target Generation
Cuddingwarra - Near Mine Targets
Resource additions - Cuddingwarra Mining Centre
Regional Geology Cuddingwarra Mining Centre
Central Murchison Gold Project
High grade quartz vein in DDH from Pit 2.Mineralisation associated with shearingon porphyry contacts
Cuddingwarra - Near Mine TargetsTargeting resource additions – Rheingold, Black Swan South, Black Swan and Golden Gate
mineralised trend over 3km strike. Strong opportunity to definedepth continuity
Central Murchison Gold Project
Black SwanBlack SwanSouth
Golden Gate
Cuddingwarra Mining Center Long-section
349 K oz JORC Resources
250m
Murchison Bell Shear - Near Mine Targets• Historic production of 2.6 Moz Au.• Current Resource 657 K oz Au.
Central Murchison Gold Project
Under explored along strike
Murchison Bell / Fender - Near Mine Targets
Targeting significant resource additions - Murchison Bell to Fender mineralised trend.
Central Murchison Gold Project
Total of 657 K oz JORC Resources with excellent UG production potential
Day Dawn – Great Fingall Dolerite (GFD) Exploration• high grade targets of the GFD (past production of 1.6 million oz Au)
extending over 12kms• targeting of high grade reef repetitions similar to that at Golden Crown and
Great Fingall
Central Murchison Gold Project
Day Dawn – Great Fingall Dolerite (GFD) Exploration• numerous open resources (Rubicon, Yellow Taxi etc)
Central Murchison Gold Project
IP survey over GFD highlighting subsurface faults in thedolerite where ore bearing fluids become trapped producingquartz reefs and splays like those seen at Great Fingall andGolden Crown
Day Dawn - Underground Resource Potential
• Golden Crown, Great Fingall, Rubicon
Central Murchison Gold Project
Current ResourcesGreat Fingall UG - 275,000 oz AuGolden Crown - 63,000 oz Au
Current ResourcesRubicon - 6,000 oz Au
Day Dawn – Historic Production
Central Murchison Gold Project
Golden Crown – Historic production 648Kt @ 13.8g/t (288Koz)
First mined in 1897 to 1902 down to 80m.
1935 WMC estimated up to 80,000tns @ 12g/t then relinquished to ACM
1983 ACM realised a depleted zone to 120m.Defined resource of 350,000tns @ 21g/t (237,000 oz).
1986 ACM sunk a shaft and commenced mining
1991 ACM taken over by Normandy.
1996 Mining ceased due to UG development being unable to keep up with therequired production rate to feed the Big Bell processing facility
Great Fingall – Historic production 1.9Mt @ 19.5g/t (1.2Moz)
First discovered in 1891 and mined until 1918.
Known as one of the world greatest mines during production before closure dueto WW1 and decline in economy
Current ResourcesGolden Crown - 63,000 oz Au Great Fingall UG - 275,000 oz Au
Quartz Reef
• Great Fingall and Golden Crown
• Within GFD as dilational fill of shears/faults
• 2-3m thick , high to very high grade
• Moderate dip (45-65)
Quartz Stockwork
•Gt Fingall, 3210, Try Again, Yellow Taxi, Mt Fingall
•Stacked Quartz sheets
•cm- several m thick, lower overall grade
•Flat dips (15-30)
Great Fingall and Golden Crown – Mineralisation
Central Murchison Gold Project
Schematic Cross Section Looking West
Central Murchison Gold Project
Exploration targeting depthextensions and possibleconvergence of lodes
500m
Central Murchison Gold Project
• Past production 800K oz Au. Current resources 349K oz Au.• Large scale low grade open pit style deposits.• Fresh approach with new data set targeting new discoveries.• Drill testing of high priority targets.
• Past production 2.6M oz Au. Current resources 657K oz Au.• Extensive mineralised shear hosting significant resources.• Drilling at Murchison Bell and Fender to significantly increase resource
inventory.
• Past production 1.6M oz Au. Current resources 488K oz Au.• Proven high grade underground potential.• Drilling for repeat high grade quartz lodes along Great Fingall Dolerite.• Drill targeting of depth extensions and possible convergence of Golden
Crown and Great Fingall reef and splays.
2010 Activity Focus
Cuddingwarra
Murchison Bell
Day Dawn
Drilling preparations complete.RC and Diamond Drill Programs due to commence at
Murchison Bell late February and continue atCuddingwarra and Day Dawn in the coming months.
Thankyou
The information in this presentation that relates to exploration, mineral resources or ore reserves is based on informationcompiled by Mr Paul Benson (B.Sc.) who is a full time employee of Aragon Resources Ltd, is a member of the AusIMM. MrBenson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration andto the activity which he is undertaking to qualify as a competent person as described by the 2004 Edition of the“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Benson consents tothe inclusion in this report of the matters based on his information in the form and context in which it appears.