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ASXASX:: KORwww.korab.com.au

INVESTOR BRIEFING

April 2010

INVESTOR BRIEFINGINVESTOR BRIEFING

April 2010April 2010

Andrej KarpinskiExecutive Chairman

Andrej KarpinskiExecutive Chairman

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ASX: KORASXASX:: KOR11 www.korab.com.au

OverviewOverview

ASX code: KOR

Market Cap: $31 M (@ $0.40)

Issued capital: 78.5 M

Top 20: 47%

Directors: 33%

Directors: Andrej KarpinskiExecutive Chairman

John McKenzieNon Executive Director

Rodney SkeetNon Executive Director

Melrose Project

Winchester and GeolSec

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Price HistoryPrice History

Trading ex-bonus issue (26cps)

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Company ProfileCompany Profile

Listed on ASX in August 2005

Magnesium, organic rock phosphate, gold and silver projects in Australia and Europe

Demerging development-ready gold projects

Bobrikovo gold and silver mine located in eastern Ukraine

Melrose gold project located 70km from Leinster in WA

Developing non-gold mining assets into a low-cost operations with a potential for longmine life

Winchester magnesium deposit located 65 km south from Darwin

GeolSec phosphate rock deposit located 65 km south from Darwin

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Why Korab?Why Korab?

Demerger 1 of gold assets into two ASX listed entities focusing on:

Melrose Gold Mines – Australia

Lugansk Gold – Europe, Asia, Africa

Korab offers low cost entry into 2 gold IPO’s (Korab shareholders to receive free sharesin two demerged entities) 1

Korab to retain low-cost long-life projects in markets with excellent growth potential(Winchester, GeolSec, Ashburton Downs)

Potential for near-term income from GeolSec

Korab has great iron ore and base metals exploration upside with early stage successesin WA and NT

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Strategy & ObjectivesStrategy & Objectives

Key objective is to maximise shareholder returns through project development,exploration and corporate actions

Establish Korab as a low cost niche operator in sectors with strong historical growth anda continuing long term growth potential

Organic phosphate rock - growing demand for organic produce, concerns overwater pollution and soil salinity

Magnesium – growing demand for fire-proof, environmentally friendly buildingmaterials, light-weight alloys, steel, advanced aerospace and missile designs, lightercars

Focus on projects with:

Long mine life

Located near existing infrastructure (mills, ports, rail, power, water)

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Immediate AimsImmediate Aims

Simplify corporate structure

Demerge gold operations into 2 separate listed entities (allow shareholders to optimisetheir portfolios by providing them with tradeable equity in each project)

Demerger benefits:

Allow each project to be evaluated by investors and analysts on its own merits

Fast-track development of gold mining projects to take advantage of the gold price

Provide CAPEX and working capital for the gold projects without dilutingshareholders equity in non-gold assets

Establish separate management teams to operate each project

Focus Korab on development of Winchester and GeolSec (long mine life, large andgrowing domestic and international markets)

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Melrose Project Info.Melrose Project Info.

Granted mining leases

Large existing resource base

Deposit starts at shallow depth

Potential for low cost operation

Great exploration upside below existingresource

Dedicated technical and managementteam with experience in open cut andunderground gold mine development

Resource contains near surface highgrade sections.

MELROSE

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Melrose Project LocationMelrose Project Location

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Melrose Project JORC ResourceMelrose Project JORC Resource

326,0001.427,152,000Total Resources

17,0001.31404,000Stirling

107,0001.562,140,000Bungarra

45,0001.56900,000Boundary

Inferred

127,0001.313,024,000Boundary

Indicated

30,0001.36684,000Boundary

Ounces GoldGrade g/t AuTonnesMeasured

Melrose Mineral Resources(above 0.5g/t cut-off)

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Melrose Project JORC Resource UpdateMelrose Project JORC Resource UpdateNew data for Boundary depositNew data for Boundary deposit

Table 2. Boundary Deposit – RC drilling significant intercepts (local grid)

HOLE NO. NORTH EAST AZI/DECL. INTERCEPT

BDRC02 23250 8910 270/-60 5m at 12.34g/t Au from 145m













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Melrose Exploration UpsideMelrose Exploration Upside

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Project TimelineProject Timeline

Currently updating the resource statement to incorporate new drilling data (expectedcompletion end of April 2010)

Project to be spun-off into a separate company listed on ASX 1 (completion mid 2010)

Pre-money valuation AU$19-AU$22 million or AU$55-AU$65 per ounce

Indicative IPO issue price 20-24 cents per share

Following the spin-off continue with feasibility study (completion mid 2011)

Geotechnical drilling, metallurgy testing, process design and mine design

Development option selection (heap leach, toll treat or reconditioned mill)

Permitting

1 Subject to ASX, regulatory and shareholder approval

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Lugansk (Bobrikovo) Project LocationLugansk (Bobrikovo) Project Location

Bobrikovo

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Bobrikovo Project Info.Bobrikovo Project Info.

Well located project (old mining region)

Experienced, highly trained local workforce

Resource base over 1 million ounces (JORC code)

Deposit starts at surface

Potential for low cost operation (~US$250/ounce)

Great exploration upside below existing resource

Dedicated local technical and management team with experience in open cut andunderground gold mine development and exploration

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Bobrikovo Resource BaseBobrikovo Resource Base

Global resource at Bobrikovo mine is over 1 million ounces (20.2 Mt at 1.55 g/t Au)

This includes high grade component of 0.5 million ounces (3.7 Mt at 4.30 g/t Au)

Bobrikovo deposit remains open at depth and along strike with strong potential foradditional resource.

Measured and indicated resource totals 0.5 million ounces (5.77 Mt at 2.6 g/t Au)

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Metallurgy Testing CompletedMetallurgy Testing Completed

Metallurgy testing shows very good recoveries of gold

Hydrocyclone extraction; yield 72-79%

Gravitational extraction; yield 62%, hydrometallurgy with autoclave leaching; yield97-98%

Gravitational concentrate; yield 46-81% (average 60%) tail cyanidation; yield 90%.Total extraction after gravitation and cyanidation; yield 94-98%

Cyanide leaching of test sample of 10k tons of ore. 40kg of Au was extracted.Extraction yield: 92%

Heap leaching; yield 92%

Concentrate obtained by KNELSON thickener; mixed ores yield 77%

Gravity table; yield 63-76%

Concentrate obtained by KNELSON thickener; yield: low grade ores 40-50%, highgrade ores 90%. Combined gravitational-cyanidation; yield 90-95%F

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Bobrikovo Resource BaseBobrikovo Resource Base

Measured resource at Bobrikovo (corresponds to oxide zone)

40 m

300 m

Topography surface

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Bobrikovo TimelineBobrikovo Timeline

Lugansk Gold Ltd (holding company of Bobrikovo project) to be listed on ASX in an IPOraising $40-50 million 1 (completion mid 2010)

Pre-money valuation range US$26-US$34 million or US$35-US$45 per ounce

Indicative IPO issue price 26-34 cents per share

Currently mining and stockpiling oxide ore

Currently finalising the plant re-design to increase processing capacity

All permits in hand for mining and processing using gravity circuit

Plant construction to commence shortly after completion of the IPO

First gold production scheduled for second half of 2011

1 Subject to ASX, regulatory and shareholder approval

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Bobrikovo 1Bobrikovo 1stst Stage Mine DesignStage Mine Design

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Bobrikovo Pit Design (Oxide Zone)Bobrikovo Pit Design (Oxide Zone)

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Bobrikovo Plant Design (current)Bobrikovo Plant Design (current)

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Winchester and GeolSec LocationWinchester and GeolSec Location

WinchesterGeolSec

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Winchester DevelopmentWinchester Development –– MgOMgO

Production of MgO and MgO basedproducts

Prefabricated commercial andresidential buildings

Bushfire-proof and cyclone-proofhousing

Remote area housing

Internal and external cladding

Structural walls

Ceiling, wall and floor panels

Extruded and moulded productsFor

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Winchester Magnesium ProjectWinchester Magnesium Project

Located 65 km from Darwin, all infrastructure on site,

Best logistics in Australia, access to rail, port, highway

Close proximity to Asian markets

Low operating cost potential

Large resource base sufficient for 50 year mine life:

Indicated Resource of 12.2Mt @ 43.1%Magnesium Oxide (MgO)

Inferred Resource of 4.4Mt @ 43.6% MagnesiumOxide (MgO)

Initial focus on MgO based building products at a rateof 75,000 tpa MgO

Potential for future production of magnesium metal at50,000 tpa Mg

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Winchester TimelineWinchester Timeline

BFS completed

Test mining completed

Mine design completed

Process design for Mg productioncompleted

Finalising modifications to equipmentspecifications for MgO production

Permitting process partly completed

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Winchester Project SiteWinchester Project Site

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GeolSec Project Info.GeolSec Project Info.

Located 65 km from Darwin port

All basic infrastructure (rail, highways,water, power) located near site

Excellent local market in northernAustralia

Easy access to Asia and India

Resilient recession-proof market: 17%market growth in USA during 2008/2009year

Strong environmental credentials of theproduct

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Geolsec TimelineGeolsec Timeline

Granted mining lease

1st half of 2010 - permitting,contracting, procurement

2nd half of 2010 – start productionand sales 1

Initial sales targets 15,000 to 20,000tpa

Potential for 1st year profit of $5million (pre-tax) 2

Potential for 2nd year profit of $9million (pre-tax) 2

1 Subject to receiving all permits and approvals

2 Subject to meeting targeted sales and margins

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ContactsContacts

Investor relations - Andrej K. Karpinski, Executive Chairman

Tel: (08) 9474 6166

Fax: (08) 9474 6266

Korab Resources Ltd, Korab HouseLevel 2, 100 Mill Point RoadSouth Perth WA 6151

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Important InformationImportant Information

This presentation has been prepared by Korab Resources Limited (“Korab” or the “Company”). It should not be considered as an offer or invitation to subscribefor or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities nor a securitiesrecommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In makinginvestment decisions, investors should rely on their own examination of Korab and consult with their own legal, tax, business and/or financial advisers inconnection with any acquisition of securities. The information contained in this presentation has been prepared in good faith, however, no representation orwarranty, express or implied, is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other informationcontained in this presentation. It is believed that the expectations reflected in these statements and opinions are reasonable but may be affected by a variety ofvariables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations,actual demand, currency fluctuations, production results, reserve estimates, loss of market share, industry competition, environmental risks, physical risks,legislative, fiscal regulatory developments, economic and financial market conditions in various countries and regions, political risks, project approvals delaysand cost estimates. To the maximum extent permitted by law, Korab, its directors, officers, employees and agents disclaim liability for any loss or damage whichmay be suffered by any person through the use of, or reliance on, anything contained in or omitted from this presentation. Certain information in thispresentation refers to the intentions of the Company, but these are not intended to be forecasts, forward looking statements, or statements about future mattersfor the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factorsthat may cause Korab’s actual results, performance, or achievements to differ from those referred to in this presentation. The presentation contains only asynopsis of more detailed information published in relation to the matters described in this document and accordingly no reliance may be placed for any purposewhatsoever on the sufficiency or completeness of such information and to do so could potentially expose you to a significant risk of financial loss or incurring byyou of additional liability. Recipients of this presentation should conduct their own investigation, evaluation and analysis of the business, data and propertydescribed in this document. In particular any estimates or projections or opinions contained herein necessarily involve significant elements of subjectivejudgment, analysis and assumptions and you should satisfy yourself in relation to such matters. The drilling rigs and equipment featured in this presentation isgenerally not the property of the Company.

Competent Person: The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled byMalcolm Castle, who is an independent geological consultant and is a corporate member of The Australasian Institute of Mining and Metallurgy. Malcolm Castlehas in excess of 5 years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resourcesand Ore Reserves’. Malcolm Castle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

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