1. Gold. Production. Growth. Presentation to the Sydney Mining Club Choosing New Milestones 03 February 2005

2. Our Strategy Growth in China Environmentally advanced gold treatment business Cash flow Access to existing producers Emerging opportunities Growth in the Pacific Gold Ridge 2.3M ozs @ 150,000ozs/y Growth through Exploration potential Long term refractory ore potential using Bacox Growth through competitive advantage in refractory ore processing

3. Our Value China Imminent cash flow from 82% of expected 170k ozs of production in China China experienced management Potential for increase in production as Environmental laws take effect in China for some 4M ozs of refractory ore Access to existing and new projects in worlds 4 th largest gold producer Mkt Cap 1 Feb 04 - A$55M For this you get; Pacific 20% with option to 47% of 2.3Moz resource In 2006/7 150k pa production (2.3M ozs resource) @ US$235/oz Exploration potential (drilling below resource area) 10m@ 32g/t from 446m down hole 8m @ 11.6g/t from 408m down hole Refractory at depth – Bacterial oxidation potential? Opportunity for value growth

4. Corporate Overview MIC inexpensive in relation to peers

5. Project locations

6. Gold Ridge Significant reserves and resources Reserves - 1.67 M ozs Resources – 2.3 M ozs Low waste to ore ratio, 1:1 Low cost gold producer approx US$235/oz Existing plant Production 150,000 ozs/year and mine life >10 years Expected recommencement of production in mid 2006 Recommencement 2006

7. DepositTotal Resource Tonnes (000t) Grade g/t Au Ounces Valehaichichi Namachamata Kupers Dawson 10,600 1,750 12,040 14,820 1.7 2.2 2.0 1.9 582,300 120,100 784,100 880,800 Total39,2101.92,367,300 June 2000 Resource (Delta Gold 2000 Annual Report) Not included below Kupers; 10m@ 32g/t from 446m down hole 8m @ 11.6g/t from 408m down hole

8. Mining/Processing Low operating costs Low sulphidation epithermal Zone 2.5km long and 1.4km wide Open Cut Three ore types: oxide, transitional and fresh. The oxide material is soft and generally free digging Strip ratio average 1:1 Max pit depths 70m Ore crushed - CIP. Power station on site

9. Infrastructure Reasonably good condition: Valehaichichi pit tailings dams and water storage dams concrete foundations structural steel at the plant site primary crushing station, the ball mill, CIP circuit and tanks. Significant infrastructure in place

10. Infrastructure Original Status Current Status

11. Security RAMSI - July 2003 Aust and other Pacific govts put army and police forces in place to restore stability Over $1billion spent for long term commitment Gold Ridge was some 30% of GDP Underpinned by Aust – NZ govt commitment to stability

12. Opportunity Near term Production 150kpa @US$235 in 12 - 24 months Exploration potential Exploration limited since the early 1990s – focus was on drilling out the four known deposits. Best intersections from wildcat holes below Kupers include; 10m@ 32g/t from 446m down hole 8m @ 11.6g/t from 408m down hole Refractory at depth – Bacterial oxidation potential? A rare opportunity in our backyard

13. Australian Solomons Gold To purchase AND develop – some US$90M – reduced by US$20M if certain fiscal and gold price milestones are not met Total acquisition and development costs US$30 – US$39/oz resource Expected to be financed by US$30M – US$50M equity and US$40M debt Equity paid in 3 tranches – majority after PRI and key approvals (6 months), balance just prior to production Attractive Project Economics

14. MIC/ASG MIC currently 20% of ASG MIC raised funds in January for first 1 st payment tranche Option over further 27.5% subject to shareholder approval MIC to be 47.5% Potential to increase equity

15. China BioGold

16. China Reserves and Resources (Chinese classification) Reserves 4,000 tonnes 129M ozs) Source: 2003 data, GFMS Resources 11,000 tonnes (354M ozs)

17. China – Refractory Gold USAAustraliaChina Annual Production (ozs)9.7M 8.8M6.8M No operating mines75 55>1,000 Refractory production20% 5%~70% (4.5M ozs) Largest mine (ozs/y)1.4M 0.8M0.15M (USGS 2002) Very fragmented industry Dominated by small miners Central processing is common From 94 tons(3M ozs) in 1994 to 212 (6.8M ozs) tons in 2004

18. Shandong is a key Province 2004 China production was 212 tonnes (6.8M ozs) Shandong largest producer with 64.5 tons (2M ozs) output in 2004 Other top gold producing provinces adjacent to Shandong: Henan, Liaoning, Hebei Source: 2003 data, GFMS, China Gold News top gold producing provinces

19. Michelago Business Case Environmental laws changing industry In 1995, there were 10 roasters in Shandong, now there are only 2 (Zhaoyuan and Muping) The BioGold (Laizhou) treatment plant is the only (non roasting technology) commercial facility in China which can treat refractory gold concentrates. More mines are now examining the potential to sell previously unprofitable refractory ore. Environmental issues now in the forefront of the Chinas Gold Industry

20. BioGold: immediate cashflow Commissioned 2000 Est 2005 production: 80,000 ozs Bacox 90,000 ozs CIL plant 260,000 ozs gold refinery 2006 Bacox expansion from 80 to 150k oz pa 10 year rights to Bacox in China, Mongolia, Siberia and Korea Environmentally acceptable to China EPA MIC purchase price 82% for A$11M Synergies with Gold Ridge mine MIC to be in control of BioGold cash flow

21. The transaction progress Negotiate transaction (June – Nov 03) Independent experts report (Jan 04) Shareholder approval for acquisition (May 04) Equity Purchase Agreement (Dec 04) Joint Venture Agreement (Dec 04) Bactech Licence Agreement (Jan 05) Materials Supply and Service Agreement (Jan 05) Replace existing Bank guarantee (Mar - Apr 05) BioGold from Coy ltd by shares to SFJV (SFJV) (Mar - Apr 05) Provincial Govt. to issue Business Licence to SFJV(Mar Apr 05) Completion imminent

22. Concentrate stockpiles at BioGold Facility

23. Bacox Plant

24. Living bacteria in tank

25. Research BioGold laboratory

26. Michelago Business Case Concentrate stock (either paid in advance, in transit, or in circuit) may be up to an equivalent of 75,000 ozs depending on season and quality. MIC is working with an Australian Bank to transfer existing working capital loan facility from Vendor

27. Other exploration Xinjiang Project 5 deposits covering some 2,000km2 On going business development Reviewing open cuts Several opportunities

28. Other Foreign Companies Afcan Mining Corporation Anglo Gold Ashanti Barrick Gold Corporation Caledon Resources plc. China Diamond Corp. Consolidated Minerals Limited Crescent Gold Dynasty Gold Corporation Eldorado Gold Corporation Gold Fields Ltd. Inter-Citic Minerals Inc. International Kirkland Ivanhoe Mines Ltd. Jinshan Gold Mines Afcan Mining Corporation Anglo Gold Ashanti Barrick Gold Corporation Caledon Resources plc. China Diamond Corp. Consolidated Minerals Limited Crescent Gold Dynasty Gold Corporation Eldorado Gold Corporation Gold Fields Ltd. Inter-Citic Minerals Inc. International Kirkland Ivanhoe Mines Ltd. Jinshan Gold Mines Kingsgate Consolidated Ltd. Leyshon Resources Luna Gold Majestic Gold Corp. Michelago Mincorp Mundoro Mining Inc. NGM Resources Limited Oxiana Ltd. Placer Dome (China) Ltd. Sino Gold Ltd. South Western resources Sparton Resources Kingsgate Consolidated Ltd. Leyshon Resources Luna Gold Majestic Gold Corp. Michelago Mincorp Mundoro Mining Inc. NGM Resources Limited Oxiana Ltd. Placer Dome (China) Ltd. Sino Gold Ltd. South Western resources Sparton Resources China Mining Congress 2004 had 1,350 delegates broken down into about 550 international and 800 Chinese mining corporations Growing International presence within Chinese Mining Sector

29. Risk Perception Risk rank rose from 13th to 9th over last year reflecting improved view of doing business in China, and the more business-friendly attitude of the Chinese government Source: Mining News Growing confidence in China

30. Corporate Overview ASX listed, code MIC, Sydney based Market Cap $55million - 701m shares @ A$0.08

31. JOHN HORAN FCPA, FCIS Non-Executive Chairman PETER SECKER BSc (Hons) Mining Technical Director GREG STARR BBUS, CPA, MAICD, FACCA Managing Director STEPHEN EVERETT BE Chem Eng, MAICD Non-executive Director Board of Directors

32. Summary Gold Focus Production to cash flow (BioGold 140k+ ozs, Gold Ridge 75k ozs) 215,000+ ozs production by mid 2006 Competitive Advantage Environmentally friendly processing China s refractory gold resources >100M ozs Multiple ore sources inside and outside China MIC s growth opportunity 3 years >300,000ozs