Contents

Investor Presentation

By

Zenith Premier Limited

August 2006

Eastern Goldfields, Inc.www.easterngoldfields.com

Symbol: EGDD

ContentsContents

Executive Summary 1-5

Market Capitalization of Junior African Gold Companies 6-7

Gold Price 8

US Dollar v. South African Rand 9

EGI Price & Volume 10

EGI Website 11

Page

ContentsExecutive Summary

Name: Eastern Goldfields, Inc. (www.easterngoldfields.com); Symbol “EGDD”

Pre-Funding New Issue Post-FundingManagement:

Restricted 1,626,160 1,626,160Free Trading 1,495,2331,495,233

3,121,39336.9% 3,121,393 35.2%Original Shareholders

Restricted 1,110,087 1,110,087Free Trading 945,511 945,511

2,055,59824.3% 2,055,598 23.2%

Other ShareholdersRestricted 630,000 630,000Free Trading 2,649,2563,049,256

3,279,256 38.8%3,679,256 41.6%

Pre-Funding 8,456,247

Post-Funding 400,000 ?? 8,856,247

No. of Shareholders: Approximately 100

Current Price: $5.50 USD $5.00 Bid – $6.40 Offer

Capitalization: $46.51 Million US Dollars

1

ContentsExecutive Summary - Continued

Funding: • 1st Financing raised $3 Million gross in August 2005 for working capital and

drilling to further substantiate resources and reserves, which it achieved successfully (see News Release 2 – January 2006)

• 2nd Financing up to $2 Million in Autumn 2006 via 400,000 (?) new issue stock to be used as follows:

Lily Mine• Phase 3 drilling (7,500 metres) $700,000• RC Drilling – East extension $ 50,000 • Underground feasibility study $185,000$ 935,000

Regional Exploration (including Worcester)• Target identification, ground survey, trench sampling

RC drilling (1,500 metres) $ 735,000

Corporate Compliance• Legal, audit, finance fees, etc. $ 330,000

Total$2,000,000

2

ContentsExecutive Summary - Continued

• Management with a proven track record of successful mining in this environment backed by international consultants; financial, legal, geological and engineering

– Board of Directors: Mike McChesney (President & CEO); Willo Stear (Chief Technical Officer); Tamer Muftizade (CFO); Robert McDermott (Non-Executive), Maurice Emery (Non-Executive)

– SEC Auditors (Mendoza Berger & Company) and Legal Council (Carmine J. Bua) engaged in the United States (SEC) and auditors (KPMG) engaged in South Africa

• All legal structures including Black Economic Empowerment (Lomshiyo Investments) satisfying the 2004 South African Mining Law in place

• Short term aim in 2006 is to become listed on Small Cap NASDAQ. This will expose the company to a broader institutional audience and a much larger shareholder base

• London AIM Listing is being considered for 2007

• Probability of acquisitions in the future to add significant value to the Group

• Currently in a very strong market sector with Gold Price showing definite signs of strength

• The Group has no debt

• EGI only recently quoted on the public market and its value not yet fully established within the financial community

3

Executive Summary - Continued

The Bottom Line:The 50% increase in the gold price from $420 to $630 over the last year reflects the following profitability expectations on a full production basis:

Mine Production Costs Revenue Cash Profit TimescaleLily Mine 30,000 oz $320 $630 $7.9 M From Mid-2007Worcester Mine 20,000 oz $320 $630 $4.6 M From Mid-2008Total 50,000 oz $12.5M

Note: Lily Mine cash profit is calculated after allowing 15% BEE profit allocation and Worcester Mine is calculated after allowing 26% BEE profit allocation

Eastern Goldfields’ short term target is to become a junior gold company that produces 100,000 oz of gold annually within 3 years. It is on the way to achieving half its target with production at its Lily and Worcester mines, and, through an aggressive exploration programme on its own land claims EGI management is confident to achieve its 100,000 oz. production goal.

4

Executive Summary - Continued

Eastern Goldfields is currently capitalized at only $46.51 Million.

At the projected profitability and positive outlook for Gold, it is not difficult to see that Eastern Goldfields has the potential to be capitalized at significantly higher levels than its current trading value.

P/E’s for Junior Gold Mines producing up to 100,000 oz per year vary between 20 and 50 depending upon individual company circumstances (resources and reserves, management, geography, etc.) – with the industry average at 26.

On a comparable basis, EGI is still extremely undervalued compared to its peers (see page 6). The main criteria for valuing gold companies are production, reserves, resources, exploration potential, location and management.

Companies with a similar composition to EGI are trading at between $130 to $200 million. Therefore, with an increase in production, resources, reserves and a more senior US listing added to a potential AIM listing will give EGI the momentum and exposure to take its market capitalization of $46 Million nearer to its peers.

5

6

Junior African Gold Companies

Comparables

7

Company Symbol Listing RegionShare Price

Shares Issued

Market Cap

Annual Production Resources Reserves

US$ US$

1 Golden Star     GSC TSX W. Africa $3.03 207 $627 200,968 7,000,000 4,000,000

2 Metorex MTX NASDAQ S. Africa $1.55 288 $446 135,781 2,480,000 838,000

3 Banro Corporation BAA TSX/AMEX C. Africa $10.30 33 $336 None 7,928,000 N/A

4 Red Back Mining, Inc. RBI TSX W. Africa $3.23 98 $315 130,000 2,050,000 1,090,000

5 Nevsun Resources NSU TSX/AMEX W & E Africa $2.74 106 $290 None N/A 949,000

6 Etruscan EET TSX W. Africa $2.89 99 $286 70,144 2,400,000 800,000

7 Moto Gold Mines MGL TSX/ASX C. Africa $4.32 60 $260 None 10,967,000 N/A

8 Mwana Africa MWA LSE Africa $0.74 246 $181 30,000 2,149,000 354,000

9 Orezone Resources OZN AMEX/TSX W. Africa $1.46 124 $181 None 4,120,000 N/A

10 Great Basin Gold Ltd GBN TSX/AMEX S. Africa $1.70 94 $160 None 12,800,000 N/A

11 Axmin, Inc. AXM TSX Africa $0.74 160 $119 None 2,471,000 N/A

12 Shanta Gold SHG LSE E Africa $1.10 70 $77 None 926,000 N/A

13 Caledonia Mining Corp CAL TSX/AIM S. Africa $0.13 454 $58 1,700 1,360,000 N/A14 EGI EGDD NASDAQ S. Africa $5.50 8 $47 15,000 1,100,000 208,00015 Gold Belt Resources GLD TSX W. Africa $0.83 44 $37 None 440,000 N/A16 African Gold Group AGG TSX Africa $1.48 23 $34 None N/A N/A17 Resolute Mining RSG ASX Africa $1.51 20 $31 None N/A N/A18 Xtra-Gold Resources Corp. XTGR NASDAQ W. Africa $1.10 27 $30 None N/A 216,000

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Gold Price (Jan ’05 – Current)

Since EGI went public, it has benefited by the 50% increase in the gold price

8

US Dollar v. South African Rand

EGI’s revenues are based on US Dollar spot gold and its production costs are in Rands. The 20% rand devaluation in the last year has also benefited EGI.

9

EGI Price & Volume

10

Company Profile Investor Info Financials Presentations Operations Projects News Contact EGI

Welcome to Eastern Goldfields, Inc.

Eastern Goldfields is a junior gold mining company with operations in the Barberton goldfield of South Africa. It is a growing producer engaged in the mining, exploration and acquisition of gold properties in some of Southern Africa's most prospective regions.

With Mineral Resources in excess of 1 million ounces of gold and highly prospective mineral rights surrounding a number of multi-million ounce gold producers, the company is well positioned to expand this resource base. Production of 15,000 oz/annum at the Lily Mine is expected to double followed by further expansions in the region.

Discovering new gold deposits in the world's oldest rocks.

PRICE DATA EGI Share Price $ 6.10

Spot Gold Price $ 628.1

NASDAQ symbol EGDD

Latest News • Eastern Goldfields, Inc. announces filing of Form 10-SB registration statement with the SEC as well as granting of New Order prospecting rights Jul 25, 2006 EGI is pleased to announce today that it has filed a Form 10-SB registration statement with the Securities and Exchange Commission (SEC) to become a fully reporting company, one of the necessary steps EGI must take to list its common stock for trading on the NASD OTC Bulletin Board. Latest Presentations • Investor Presentation July 2006 Jul 25, 2006 EGI invites you to read about its current strategy as contained in this Investor Presentation. Latest financials • EGI - Consolidated Financial Statements March 2006 - Form 10-SB Jul 25, 2006 Financial statements for the quarter ending March 2006.

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Updated 08/15/2006 21:23 © Eastern Goldfields Inc

11www.easterngoldfields.com

$ 5.50

$ 617.80

Conclusion

10

Gold Price

Rand Price

Increase in resources and reserves post initial drilling

Good management + BEE + Licenses

Profits & Revenues currently being achieved

OTCBB & Small Cap

AIM Listing

Road Shows, Coferences and Conventions

Tight Float

The FUTURE & EXPECTATIONS

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