The Sydney Mining Club November 2004

2 Introduction Tianshan Goldfields Limited (ASX:TGF) is earning a controlling interest in the Gold Mountain Project in North West China TGF offers: –Experienced management –World class location –Multi-million oz potential –High production potential –Leverage is in exploration –Aggressive activity program –New project pipeline

3 Corporate Structure Leveraged Capital Structure: –Attractive market capitalisation of A$13m –Tight shareholder base with top 20 holding over 62% Prominent reputable management team has proven market and resource company management experience: –Warwick Grigor (Chairman) –Keith Liddell (Executive Director) –Grant Thomas (Exploration Director) –Dr Shuang Kui Ren (Consultant) –Mark Bolton (Company Secretary)

4 Significant Shareholders Number Shareholder (million) Mineral Securities Limited % ANZ Nominees % Westpac Custodians Nominees % HSBC Custody Nominees % Macquarie Bank % Australian Heritage Group % National Nominees Limited % Zie Zhong % Julie Grigor % Gregorach Pty Ltd % Total Top 10 Shareholders % Total other shareholders % TOTAL SHARES ON ISSUE % (As at 19 October 2004)

5 Gold Mountain Stop Press 2004 exploration results confirm that the Jinxi-Yelmand prospects sit in a large gold mineralised system within a 3.5km diameter caldera Gold mineralisation model is analogous in style to Barrick Mines Peruvian Alto Chicama gold project (7.2m oz) These systems, including the Jinxi-Yelmand target, are typically: –extensive near surface blankets of disseminated gold mineralisation in breccias –underlying the blankets are high grade feeder structures (like Arxi Gold Mine million oz reserve only 10km SE of Jinxi) All drill holes assayed to date from 2004 programme have gold mineralisation Assays from the remaining 10 holes and 473 surface samples awaited - two holes from Jinxi have intersected very wide breccia zones

6 Local Operating Expertise For the past several years Grant has held senior positions with Rio Tinto Exploration (Brazil and China) Prior to his role in Brazil, Grant was Country Manager and Chief Representative for Rio Tinto Mining and Exploration (China) in Beijing from 1997 to In China Grant managed a team of Chinese geologists exploring for gold, copper, coal and base metal mineralization in various geological terrains Grant successfully negotiated Rio Tinto Mining and Explorations first Project Establishment in China as well as negotiating the first exploration licenses in China (Xinjiang province) Prior to China, Grant was Manager Exploration for Hamersley Iron Resources Task Force Grant THOMAS (Exploration Director – TGF) (General Manager – Gold Mountain JV ) Grant was Country Manager and Chief Representative for Rio Tinto Mining and Exploration (China) in Beijing from 1997 to 2000

7 Gold Mountain Project Diamond drilling at the Jinxi Prospect in July 2004 showing three rigs on the 10025N line and two rigs to the north on lines 10050N and 10100N. Looking north Grant Thomas - Exploration Director Project history Outstanding location Efficient operating environment 2004 Programme highlights Discovery of a substantial gold system New project pipeline

8 Project History Chinese exploration and research parties discovered Jinxi, Yelmand and the Arxi gold mine (3.8m oz reserve) in Carboniferous Tulasi Basin in the mid 1990s WMC began exploring the Tulasi Basin in 1996 and drilled 8 diamond core holes (1,741m) at Jinxi-Yelmand, 7 gold mineralised WMC withdrew 2001, concluding Jinxi-Yelmand target prospective for 80Mt at >1.0g/t Au Chinese parties continued exploration by developing adits at Yelmand and Jinxi and conducted small scale mining at Yelmand and Jinxi Mineral Securities Limited took an interest in the property in late 2002, and Xinjiang Gold Mountain Company Limited (XGM) joint venture company was formed in 2003 TGF acquired its interest in 2003, and XGM began a limited test drilling programme late in 2003 (1,297m)

9 Outstanding Location Resource rich Xinjiang Province in NW China Established infrastructure including international airport and hotels, national highways and rail links Ready road access to project areas located in undulating grasslands at 1,200m to 2,000m On site water supply and power from the grid nearby Adjacent operating gold mine (3.8m oz Au reserve) Yining Urumqi (Yining: >300,000 population) Yining (40km) Gold Mountain

10 Efficient Operating Environment

11 Photo Gallery

Project Highlights Large near surface disseminated blanket with potential for >1.0g/t Au at Jinxi-Yelmand Analogous to major discoveries in South America and USA – Yanacocha (34Moz), Pierina (8Moz), Alto Chicama (7Moz), and Hollister (3.8Moz) Potential for high grade feeder structures below the blanket to be targeted in possible veins, intrusion stockworks and siliceous breccia pipes Project status: –major drilling programme completed in 2004 (5,756m) has defined the first two targets for resource drill-out –pipeline of regional targets similar to Jinxi-Yelmand –further tenement acquisitions underway

13 Jinshan West Jinshan Gold Mountain – Regional Context Yelmand Jinxi Jinshan West Jinshan Arxi Gold Mine

14 Jinxi – Yelmand Caldera A Large Gold Mineralised System

15 Extensive Near Surface Blanket of Breccias Gold mineralisation blanket grading g/t Au with high grade intersections to 7g/t Au Disseminated high sulphidation system in breccias Coeval with rhyolite volcanism and high angle faulting

16 Jinxi Prospect Schematic Cross Section

17 Gold Mineralised Breccia

18 Jinxi Drill Intersections

19 Drill Results Pre 2004 Drill Intersections –TULD 2.04g/t Au –TULD 2.41g/t Au –Adit 2.86g/t Au 5.13g/t Au 1.96g/t Au Significant 2004 Drill Intersections –JX 1.26g/t Au –JX 1.95g/t Au –JX 1.17g/t Au 4.03g/t Au 7.33g/t Au

20 Analogous Deposits Source: Great Basin Gold Examples of world class high sulphidation systems Yanacocha (Peru) 0.8g/t Au (34Moz) Pierina (Peru) 8Moz Alto Chicama (Peru) 1.04g/t Au (7.2Moz) Hollister (USA) 1.04g/t Au (2.8Moz) 40g/t Au (1.0Moz) High Grade feeder veins a priority target below blanket

21 Regional Targeting Mayituobi - a Jinxi–Yelmand lookalike, with surface colormetric assays to 3g/t Au Kezele – 1-2km south of Jinxi- Yelmand within another caldera system, with surface samples to 2.5g/t Au Chart – new zone located in the Jinshan NW target, with coincident IP anomaly Further prospects under negotiation Active project pipeline delivering early results:

22 Summary Low market capitalisation with tight shareholder base – highly leveraged results The Project is lead by an experienced Australian and Chinese geological and corporate team Gold Mountain Project has multi-million ounce resource potential - located in the world class Tianshan Gold Belt in an established gold producing area Multiple mineralised gold targets (early stage and advanced) Ten 2004 drill hole assay results expected shortly Active prospect pipeline delivering early results

23 Questions