Hancock Prospecting

Hancock’s Pilbara Projects

Strengthening Australia

Presented by Tad Watroba - Director

on behalf of

Gina RinehartChairman

Hancock Prospecting Pty Ltd

Metal Bulletin’s China Iron Ore Conference in Association with China Minmetals Corp28 March 2006

China World Hotel, Beijing

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Rio Tinto’s New Shiploader, Parker Point – Dampier Port Upgrade Phase A

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Lang Hancock, Gina Rinehart and Bianca Rinehart, Hong Kong

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The Hope Downs Project area

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Hancock ProspectingHPPL Iron Ore Deposits and Rail Infrastructure

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Hope Downs will benefit from experience gained at the West Angelas Marra Mamba mine

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The Lang Hancock Railway will connect to Rio Tinto Iron Ore’s rail line to West Angelas

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Exploration/Construction camp in progress at Hope Downs 1

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Signing of Letter of Intent with a leading Steel Mill, October 2005

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Rio Tinto’s Stockyard Extension – Parker Point, Dampier Port Upgrade Phase A

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Lang HancockThe discoverer of the Iron Ore (Wittenoom) Agreement tenements

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• Hancock is a party to several Iron Ore State Agreements, including:-

• Iron Ore (Hope Downs) Agreement Act 1992

• Iron Ore (Wittenoom) Agreement Act 1972

And has additional tenements and applications outside of these State Agreements

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Prospectivity of the Hancock Wittenoom State Agreement and Mulga Downs Tenements

Lease Number Geographical Name

Prospective Tonnage

Comments

E47/1244 Mulga Downs East 500 MT Current coverage 17 drill holes over a 18.5km strike length. Shows good, semi-continuous outcropping mineralisation, with majority of drill intersecting mineralisation. Includes Homestead Hill. Surrounds M47/206.

M47/206 Murray's Hill ~35 MT Current coverage 105 drill holes over a 2km strike length.

E47/1314 Mulga Downs West 150 MT Current coverage 10 drill holes over a 25km strike length..

E47/1315 Carboy Well 150 MT Current coverage 14 drill holes over a 15km strike length.

* TR70/5615HMt King ? A potential 14km channel strike length. Potential based on

mapping and assumption that paleo-channel exists beneath current drainage system. Highly dependent on width and depth of paleo-channel.

* TR70/5616HDrillers Ridge 430 MT

230 MT Drilled Mineralisation

200 MT Potential Mineralisation

Current coverage 486 drill holes, targeting both detrital and bedrock mineralisation. Additional prospective areas include untested detrital areas and extensions to known bedrock mineralisation.

* TR70/5621HYampire ? Prospectivity evaluated from outcropping bedded ore and detrital

deposits

* TR70/5622HDales ? Prospectivity evaluated from outcropping bedded ore and detrital

deposits

* Iron Ore (Wittenoom) State Agreement

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Roy Hill Location

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Roy Hill 1 Prefeasibility Study Update

Roy Hill currently has 850MT of identified mineralisation, 545MT of which is a classified resource

This significant resource has been identified in the ChichesterRanges, hosted by the Nammuldi Member of the Marra Mamba Iron Formation, and within this resource is a significant amount of Microplaty Hematite

Grades vary from mid 50’s Fe for goethitic detrital material to 68% Fe for microplaty hematite mineralisation

Phosphorous grades are good, ranging from 0.025 – 0.055% P

Steel mills in Asia up-dated on Roy Hill Project in 2005

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Hancock ProspectingRoy Hill 1 Prefeasibility Study Update (cont.)

Reverse Circulation Drilling on a 400x400m extensional grid has been completed at Roy Hill.

Based on the results from 400x400m grid, areas are currently being infilled to 200x200m for better definition, expected completion 1st half 2006 – subject to weather

Drilling Summary – March 2006

Leases Area RC HQ WDC

E46/334E46/335E46/592

47.5km2

47.6km2

177.5km2

190.0km2

221.5km2

952 holes48 757metres

26 holes790 metres

Used for density work

and ore classification

9 holes 377metres

Used for lump:fines and metallurgical

work

E46/586 E47/1326

Planning dependent on E46/592

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Hancock ProspectingCurrent Roy Hill 1 Drill Coverage March 2006

Extension areas drilled out to 400x400m drill spacing, completed November 2005. Infill to 200x200 in progress, now 55% complete.

Drill spacing at 200x200m over initial exploration area

4 km

NorthScout lines testing for mineralisation up to 8km from outcrop

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Hancock ProspectingRoy Hill 1 Infill Drilling to 200x200m, Projected June 2006

Preliminary results from 400x400m scout drilling shows mineralisation continuing undercover from microplaty hematite outcrop at ‘Red Hill’

Both detrital and bedrock mineralisation found under Tertiary alluvial cover, warrants further investigation

4 km

North

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Hancock ProspectingRoy Hill 1 Prefeasibility Surveys and Drilling

ONGOING PROGRAM

Hydrogeological field-work completed during 2005, groundwater monitoring and modelling ongoing

Initial flora and fauna baseline surveys completed during 2005, reports prepared and ongoing environmental program

Aboriginal Heritage surveys completed prior to each drilling campaign, full survey planned during 2006 and discussions commencing on Native Title Agreement in 2006

Infill drilling, database compilation and resource modelling ongoing

Up-date market during 2006 as work progressesInvestigate infrastructure options and continue to seek multi-user or toll

service terms; (Note: Only a short spur line of approx 80km would be required to the BHP/B line)

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Roy Hill 1 Mine Planning

o MINE PLANNING TASKS, 2007Selectivity/Dilution and ore reserves estimation

Ore blending and mining schedule

Detailed pit design, overburden storage, and backfill options

Mining method and equipment selection

LOI’s 2007

Investigate financing options 2007

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Roy Hill Rail Terrain