Philippines Asia Mining Singapore_2011 Intex Resources Mindoro Nickel Project Philippines The capex of USD2.5 Bn for the full scale project however is also beyond the capability of an exploration company like Intex Resources (Norway)

1. Mindoro Nickel Philippines
Setting New Environmental Standards for the Industry
Jon Steen Petersen, CEO/COO
April - 6 2011
Asia Mining Congress
Mindoro Nickel

2. Disclaimer
This presentation contains certain assumptions and forward-looking statements related to the
forward looking
operations of Intex Resources. These assumptions and forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors that could cause the actual events
or results to be materially different from those anticipated in such assumptions and forward looking
statements and from any future results expressed or implied by such assumptions and forward-
forward
looking statements.
Such risks and uncertainties include, among others:
(1) the actual timing or results, capital expenditure, plan and construction programs,
(2) changes in project parameters as plans continue to be refined,
(3) possible variations in grade and ore densities or recovery rates,
(4) failure of plant, equipment or processes to operate as anticipated,
(5) risks and uncertainties existing in world capital markets generall
ncertainties e isting orld generally.
There can be no assurance that the assumptions and/or forward-looking statements will prove to be
accurate as actual results and future events could differ materially from those anticipated in such
statements. Except as may be required by applicable law or stock exchange regulation, the Company
undertakes no obligation to update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after the date of this document or to reflect the
occurrence of unanticipated events. Accordingly, readers should not place undue reliance
on the assumptions or forward-looking statements.

3. Mindoro Nickel L
Mi d Ni k l Laterite
i
• The Nickel laterite deposit in
Mindoro was found and
developed by Intex and its
Philippine affiliates
• Over 300 mill tonnes total
laterite resources, defined to
date, holds 2.6 mill tonnes Ni
(5 bn Lb Nickel)
• Mindoro Nickel today is
Manila
projected as the potentially
Mindoro
largest Ni producer and the
Ni-producer
only refined Nickel-metal
plant in the Philippines from
2013-14
2013 14
2

4. Drilling Overview
• 1,895 holes in
DFS resource
• DFS Resources
and Reserves
are f
from the
th
Kisluyan and
Buraboy areas
only
• Additional drilling
ongoing - 215
g g
holes completed
subsequently
• Substantial
Resources
upside
3

5. Resources – Historical Developments
Golder‐ Prospect‐
Mindoro Nickel Feb‐2010 Sep‐2009 May‐2009
2007 2006
Mill
Mill tonnes Mill tonnes Mill tonnes Mill tonnes
tonnes
Total Resources 315.1 286.5 200.2 196.0 207.0
Meas. & Indicat.
224.4
224 4 198.9
198 9 92.4
92 4 56.3
56 3 0
Resources
Ni‐content (M&I) 1.920 1.713
• The 2009 M&I Resources, calculated by independent
contractor to JORC compliance, has been verified by 3-party
mining consultants
• Todays M&I resources are defined from about 1/3 of the
tenement examined to date

6. Ni-
Ni-distribution: Lower Kisluyan Area
Limonite Ni grade within pit
Ni-grade Saprolite Ni grade within pit
Ni-grade

7. Proven and Probable Reserves are defined by:
less than 15% variabiity at 90% confidence level
Lower Kisluyan
Quarterly Ni grade
variability at 90%
confidence level
(200x200 m blocks)
Lower Kisluyan
Annual Ni grade
variability at 90%
confidence level
6

8. Ore Reserves by Facies
Proved & Probable cog Tonnage Nickel Ni Co
Ore Reserves %Ni (,000) t tonnes % %
LIMONITE 0.75
0 75 59,200
59 200 543,260
543 260 0.92
0 92 0.09
0 09
SAPROLITE 0.85 67,070 655,473 0.98 0.03
Total P&P Reserves 126,270 1,198,733 0.95 0.06
• Mine planning shows 97% of the Measured & Indicated
Resources are convertible to Proved & Probable Reserves
• Ore reserves from Lower Kisluyan and Buraboy deposits only
• Mi i costs (all) i USD 4 6 /t (variable t
Mining t ( ll) is 4-6 ( i bl transport di t
t distance))
Processing costs USD 55-65 /t (limonite and saprolite resp.)

9. Hydrometallurgical Test Work
• Ore Beneficiation pilot plant testing
• HPAL – bench scale and continuous pilot
plant tests
• Atmospheric Leach testing
• Saprolite Neutralisation / Pre-CCD
Neutralisation
• CCD – bench and pilot plant testing
• Solution Neutralisation tests
• Mixed Sulphide Precipitation tests
• Metals Refinery testing
• Development of Process Design Criteria and
Mass Balance
• Flow Sheet Optimization

10. Composition of Bulk Samples
for Test Work
9

11. Hydrometallurgical Pilot Plant
y g
H2SO4 200 kPa Ground
Air limestone in
saline water
Feed PN1
PN2
2000L PN3
PN4
Beneficiated
Feed Pulp in ACD
Saline Water Surge
CCD Wash
CCD CCD CCD CCD CCD CCD CCD
1 2 3 4 5 6 7
CCD7
Ground Underflow
limestone in – Used for
saline water FN testing
PR1
SN1 SN Overflow –
SN2
SN3 Used for MSP
SN4 Testing
SN5

12. Photograph of Pilot Plant Autoclave
•6 compartments
6
•32L at T=255°C

13. Results of Continuous HPAL Pilot-Plant
Pilot-
98.5
98.0
ction, %
97.5
97.0
Ni Extrac
96.5
96 5
45 g/L Target FA
96.0
40 g/L Target FA
95.5
95.0 36 g/L Target FA
94.5
1 2 3 4 5 6 7
Compartment (C7 = ACD)
20 min
i 60 min
i

14. Test Work Summary
• Test work program was performed at a highly reputable
metallurgical testing facility (SGS Lakefield laboratories,
Canada) using carefully selected bulk sample
• The comprehensive test work met all requirements of an
Aker Solutions Class-3 (bankable) estimate
• Ore demonstrated very fast kinetics for HPAL and ATML
with 97-98% recovery in 20 min for HPAL and 2 hrs for
ATML
• High Nickel and Cobalt extractions recorded for both
limonite (HPAL) and saprolite (ATML)-atmospheric leach
• Overall acid to ore ratio of 445 kg/t for combined
resource (Limonite and Saprolite)
• Conservative CCD circuit design for the integrated
HPAL/ATML/Saprolite Neutralization discharge slurry

15. Simplified Overall Flow Sheet
Mindoro Nickel patented flow sheet which combines HPAL with
Atmospheric Leach and Saprolite Neutralization before metals
extraction – providing four significant products

16. Ore Preparation Circuits

17. Leach Plant Configuration
ATMOSPHERIC LEACH SAPROLITE NEUTRALISATION COUNTER CURRENT DECANTATION
CCD WASH LIQUOR
SULPHURIC ACID LIMESTONE SLURRY
FINE SLURRY FROM FLOCCULANT
SAPROLITE ORE
ATMOSPHERIC LEACH SAPROLITE NEUTRALISATION
TANKS (4) TANKS (6)
RESIDUE SLURRY
PRE REDUCTION
FEED SLURRY
FROM LIMONITE
ORE PREPARATION
H2S H2S INLINE MIXER
FINAL NEUTRALISATION
PRESSURE ACID LEACHING LIMESTONE SLURRY MILK OF LIME
LT SO2 / AIR SO2 / AIR
HEATER
SOLUTION NEUTRALISATION
LIME STONE
SLURRY
FLOCCULANT
ILT
HEATER
FINAL NEUTRALISATION
TANKS (2 x 2)
PAL FEED NEUTRALISATION
THICKENER NEUTRALISATION TANKS (4) THICKENER RESIDUE STORAGE AREA
MILK OF LIME
RESIDUE
IHT
HEATER NICKEL COBALT PRECIPITATION STORAGE DECANT TO SEA
FLOCCULANT
FACILITY
NaHS
a S
RESIDUAL
SURGE TANK
HT SULPHIDE
HEATER PRECIPITATION VENT TO ATMOSPHERE
SULPHIDE SEED
CONDITIONING THICKENER
TANK H2S
H2S
SCRUBBER
SULPHURIC N2
ACID ACID
HP IHP ILP LP BARREN SOLUTION
PLANT SULPHIDE PRECIPITATION REACTORS (2 X 4)
POLISHING FILTER
HP STEAM
PAL AUTOCLAVE
WATER
FLASH VESSELS (4)
SULPHIDE PRECIPITATION CCD NICKEL COBALT
SULPHIDE PRODUCT
RAW WATER
TO METALS PLANT
SULPHIDE
PRECIPITATION
BELT FILTER
MIXED MIXED SULPHIDE
SULPHIDE TOWER MILL
REPULP TANK

18. Benign by Design – Green Nickel Mining?
Intex set out to create a project with optimal utilization of all
components of the process: from raw materials to end products
and including consumables energy by-products and waste
consumables, energy, by products
materials
21 months of detailed studies and testings were concluded
successfully in 2010 by leading international expert contractors:
Aker Solutions (project leader) - Golder Associates (Aus) - Snowden Mining
Industry Consultants (Aus) - SGS Lakefield Laboratories (Can), and Philippine
y ( ) ( )
counterparts, PTCC/FF Cruz and Lichel Technologies among others
The result was a project which through innovative design and
unique process solutions – has unprecedented low carbon
emissions and energy footprint and with exceptionally low
environmental impact - that it could set a new standard for the
industry
i d t

19. Innovative Solutions provide
Nickel Industry’s lowest CO2 footprint
• Low-energy hydrometallurgical processing used throughout
rather than traditional Ni-pyrometallurgy (- avoids use of fuel oil or coal
as no smelting process is required)
• Electrical power is CO2-free: over 100 MW is generated from
excess steam in the sulfur plant (- avoids use of heavy fuel oil or coal
and is hedging energy costs throughout its life time)
• Ore haulage is by cable conveyor driven by plant-generated
electricity; ( avoids use of diesel CO2-emissions and traffic)
(- diesel, emissions
• Saprolite is used for acid neutralization rather than limestone;
(- minimizes CO2-emissions and limestone import while adding more nickel to
processing)
The innovative design of Mindoro Nickel provides the
smallest CO2-footprint of any existing Nickel processing
footprint
plant

20. Innovative Mining and Process solutions
provide minimum Environmental Impact
• Limonite and Saprolite ores are mined and processed in the ratio
they occur - minimizes stockpiles and rehandling
• Mine plan is defined by natural drainage fields, in separate c.100
ha blocks – minimizes impact on local freshwater flow
• Mining is sequential and followed by immediate rehabilitation/
replanting - minimizes the active mine footprint, and simplifies mining operations
• Sea water is used for processing; - minimizes use of fresh water
• Extensive recycling of heat and water; - minimizes energy budget
• Ammonium sulphate fertilizer is produced as a byproduct;
- minimizes sulphate in residue products and provides valuable benefits
for local agriculture

21. Definitive F
D fi iti Feasibility St d
ibilit Study
• The t di
Th studies show Mi d
h Mindoro Ni k l could b a major l
Nickel ld be j low-costt
producer of refined nickel for decades to come, located close
to the worlds most expansive nickel markets
• The plant was designed for production of 53,000 t nickel per
year processing both limonite and saprolite ore types at an
operating cost of USD 2.1 /lb (USD 0.56 /lb after credits)
21 0 56
• Exceptional metallurgical properties of the ore provide for
cost efficient
cost-efficient production with high Ni-recovery and a range of
Ni recovery
valuable by products including Chromite, Cobalt and
Ammonium Sulfate fertilizer
• Innovative design allows for simultanous hydrometallurgical
processing of limonite and saprolite ores, followed by
saprolite neutralisation, p
p , providing minimal CO2-emissions
g
and energy use
20

22. DFS Key Figures – and Estimates
Life of Mine (minimum- at current reserves) 22 years
Run of Mine (dry tpa) 6.04 million tonnes
Plant feed grade ~ 1.0% Ni
Direct operating cash costs* USD 2.11/lb Nickel
Direct operating cash costs after credits**
p g USD 0.56/lb Nickel
/
IRR - rate of return (after tax)*** 23.6%
NPV at 8% (after tax)*** USD 3,293 million
NPV at 10% (after tax)*** USD 2,375 million
Assumptions: Ni price 8.25 USD/Lb; 20 years Life
of Mine & CAPEX at USD 2.45 bn
* Excluding the government requirements (re excise taxes, IP royalties, environmental and other related
expenses, social developmental costs and related expenses, real estate taxes and business taxes)
** Credits defined as revenue from sale of cobalt, ammonium sulfate and chromite concentrate
*** Inhouse estimates presuming BOI (mining) and PEZA (processing) tax regimes

23. Additional P d t
Additi l Products
In addition to 53,000 tpa nickel
, p
briquettes Mindoro Nickel plans to
produce:
• 150,000 tpa ammonium sulfate
fertilizer - making it one of the
Philippines largest fertilizer p
pp g plants
• 16,000 tpa Co-sulphate salts for the
emerging domestic electronic and
future car b tt i industry
f t batteries i d t
• 75,000 tpa metallurgical grade
chromite from the ore beneficiation
plant
• Approx. 110 MW of CO2-free
pp
electrical power from acid plant
22 steam generators

24. Mindoro Ni k l Cash-C t P j ti
Mi d Nickel Cash-Cost Projection
C h

25. Comparison with Other Major Projects
Forecast Annual Production lb
F A l P d i lbs Reserves 1 2 M of i i nickel
R 1.2 Mt f in-situ i k l
• Annual production places Mindoro Nickel among the largest nickel
projects (
j (left g
graph)
)
• Today’s Reserves are less than half of the known Resources (2.6 mt)

26. The Realization of Mindoro Nickel
• DFS has demonstrated that a full scale Mindoro Nickel has
robust economics and a large potential with many
additional benefits
• The capex of USD2.5 Bn for the full scale p j
p project however
is also beyond the capability of an exploration company
like Intex
• Intex therefore seeks realization of the project through a
staged process with much reduced financial and technical
risk of individual stages, with an option to expand.
• Stage 1
Stage-1 is proposed to be designed around a 3,300 tpd
acid plant expected to provide 15-20,00 tpa nickel while
maintaining many of the design benefits of the full
p j
project, but at a much lower financial and technical
,
exposure.
• The company also continues its efforts to invite joint
venture partners for the early realisation of his new world
class project.
25

27. Postscript
- more than technical and financial issues
• Modern mining is not only technical and
financial issues but equally involves a social
engagement and responsibility for affected
communities
• In a populated areas like Mindoro island, social
engagement and community relations are
imperative for the successful realization of a
mining program
• Many people are sceptical to mining, often
mining
because of insufficient environmental and social
considerations in the past and because some
operations still cause unwanted impacts
• Intex has committed to deliver a project to such
high international norms that it may eventually
serve as a model for operators and ensure
engagement of its local people through new
26 opportunities

28. Local Community Support Projects
- 1.500
1 500 people are provided
l id d
free basic health care
- 10.500
10 500 children are improving
reading skills through Bright
Minds Reading program
- 12.000 now have access to
clean drinking water
- Mangyan community support
programs provided
- Micro finance programs
through Intex Foundation
arranged by rural Bank

29. Potable water systems established
y
14 community-managed water systems
have been established
2,001 households today benefit from this
program
12,105 individuals can receive 480 ltrs
each per day (6x the daily minimum
recommendation of 80 lts per person)
Contributions in community health,
productivity & micro-watershed
rehabilitation

30. Health Programs
Hospital & clinic service to Mangyans
& Tagalogs availed by over 6,000
patients
ti t
Free Medical Mission for adult &
children with 1 213 patients
1,213
Ambulance service for 32 barangays

31. Adopt-
Adopt-A-School – Bright Minds Read Project
4 Municipalities
298 Grade-1 students
and Teachers Training
10,500 Grade-1 pupils
have own books

32. Community Consultations

33. Agro-
Agro-reforestation Programs

34. Training for Tree-based Farming
Tree-

35. Information & Education Campaign

36. Intex Corporate Overview
• Intex Resources ASA is a modern mineral
exploration company focused on projects in the
exploration company focused on projects in the
North Atlantic region and the Philippines
• Intention to grow via development of own
projects, new discoveries and acquisitions
projects new discoveries and acquisitions
• The company is well funded – Cash at hand NOK ~
225 million (USD 38 million) pr. Jan. 2011
• Experienced management and exploration team
E i d t d l ti t
with successful track record of discoveries and
project development
• Range of quality projects in portfolio
R f lit j t i tf li
– World class Ni‐laterite deposit in the
Philippines at Feasibility Stage
– E
Europes largest Molybdenum deposit in
l t M l bd d it i
Norway at Pre‐feasibility stage
– Diamond discovery in Greenland at target
definition and mini bulk sampling stage
definition and mini bulk sampling stage
– Several promising grassroots exploration
projects and development targets

37. Market Overview (pr. February 2011)
• Listed on the Oslo Stock Exchange
since December 2006 (OSE: ITX)
• Shares
– outstanding: 91.7 mill
– options: 7.3 mill
– fully diluted: 99 mill
• Market capitalization: NOK 460
p
million (USD 90 mill)
• Current share price: NOK 5.00 (USD
0.86)
• Top‐20 shareholders hold 62%
• 21.7% owned by Lybica Holding BV
(OAO Severstal)
(OAO S t l)
• New Board of Directors appointed in
Nov‐2010
• New Management appointed in Jan‐
36
2011

38. MINDORO
NICKEL
Thank you
y
Please come see us at Booth C-01
Mindoro Nickel & Intex Resources

39. Intex Resources ASA
MINDORO
NICKEL
Contact Data sheet:
Jon Steen Petersen CGeol Eurgeol, MSc, FGS;
Petersen, CGeol. Eurgeol MSc
CEO/COO
email:jsp@intexresources.com cell:+45 3112 9767 (int)
Tel: +6392 0957 0860 (Phil) +47 2311 3344 (Oslo)
web: www.intexresources.com & www.intexresources.com.ph
Oslo office: Munkedamsveien 45A 8F, 0250 Oslo, Norway.
8F Oslo Norway
Tel: +47 2311 3344 Fax +47 2311 3345
Manila Office: Wynsum Corp Plaza 20F, Ortigas Jr Rd, Ortigas Centre,
Pasig City, Th Phili i
P i Cit The Philippines. T l +632 6874161 Fax:+632 6874299
Tel: F +632