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Project Information Brief May 2006

Yogyakarta

Ironsands- Pig IronProject


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Introduction Indo Mines Ltd emerged from the former company Australian Kimberley

Diamonds ( AKD ). AKD has been listed on the Australian Stock Exchangesince December 1993 and has been involved in the exploration and

development of mineral projects, in particular diamonds, sinceincorporation.

AKD has a portfolio of high quality exploration prospects both in Australiaand Peru.

In Australia, AKD's assets include the King George and Seppelt Rangediamond projects located in the North Kimberley of Western Australia, theBird in Hand gold project located in the South Australia and the Wonarahphosphate project located in the Northern Territory.

In Peru, AKD has 100% of the Chinguela gold project and 30% of the Nangaligold project. It also retains a 0.5% NSR in the El Molino copper gold project.

Following a change of direction towards the development of mineralresource projects in Indonesia, in particular the development of the

Yogyakarta Ironsands / Pig Iron Project, AKD Ltd was renamed IndoMines Limited in March 2006.


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Project Brief Recently Indo Mines Ltd acquired the rights to earn a 70% interest in the

Yogyakarta Ironsands - Pig Iron project in Indonesia, following the relevantapprovals and due diligence.

The Ironsands deposit was initially drilled by PT Aneka Tambang in the 1970's

and early 1980's. On the basis of this drilling and subsequent test-work,feasibility studies completed by Lurgi and Davy McKee in 1985 reported a largeironsand deposit containing titano-ferrous magnetite over a 22 km by 1.5 kmwide strip of coastal plain.

The ironsands deposit at Yogyakarta will be used as the basis for theestablishment of a pig iron making facility at Yogyakarta to provide feedstockfor regional steel producers.

The location of the beneficiation and pig iron plant at Kulon Progo will be inthe Yogyakarta Province. This location is nominated due to its strategicposition - close to raw material sources, the availability of infrastructure andother required utilities power, water, rail and harbour

Proposed initial capacity is 300,000 Tonne / year of Pig Iron. During thefeasibility study options will be evaluated to increase pig iron production

capacity produce and to produce additional ironsand concentrate for directexport sale.

Apart from ironsand as its raw material, the project requires other supportingmaterials such as coal and limestone, all of which are available within closeproximity in Indonesia.


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Historical and Potential Ironsand Deposit Data

Deposit: Titaniferrous magnetite sand deposit over22km x 1.8km area; Historical data indicates an average

10m depth from surface; grading up to13 % Fe

Exploration Target: + 300 Mt ironsand based ongeological due diligence completed by McKay &

Schnellman

(a substantial non JORC Compliant resource was defined by Lurgi/ Davy

McKee in 1985 based on +13,000 drill holes by Aneka Tambang in 1970s)

Potential Mine Life:The potential size of the deposit isexpected to be well in excess of a 15 year mine lifeproducing 300,000 tpa pig iron


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Resource Definition Program

CurrentlyCompleted geological due diligence

Topogaphical Survey using Differential GPS being

completed by Gajah Mada University

Management of exploration program by expatriates

Mackay & Schnellmann

Drilling using 2 track mounted air core rigs is being

completed by PT RB Drilling JakartaLaboratory XRF analysis underway with ALS in Perth


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Resource Definition Program ( cont )

April to June 2006Resource definition drilling program

Topographical SurveyUp to 16,000m of air core drilling

Up to 1000 holes at 16 m average depth

Initial drilling on a wide spaced 800m x 100m grid

Infill drilling to follow in order to define deposit to a measured /indicated JORC standard

July to August 2006

Complete JORC compliant Resource for minimumproject life ( + 15 years )Ore Resource calculation

Geostatiscal analysis

Mine Plan and Costing


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Current as of May 20 5,000 m drilled


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Anticipated Product Grades

Ore % Concentrate % Pig Iron %

Fe up to13 58 to 60 C 1.5 to 2.5

TiO2 7 to 9 Si 0.5 max

V2O5 0.5 to 0.6 P 0.1 maxSiO2 1.2 to 1.4 S 0.05 max

Al2O3 3.3 to 3.5 Ti 0.05 max

S 0.03 to 0.05 V 0.02 max

P2O5 0.24 to 0.26 Fe 94 min


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Proposed Schedule* 2006 *

March Commence resource definition drilling program including Topographical

Survey and up to 16,000 m of air core drilling Initial drilling on a wide spaced 800m x 100m grid with Infill drilling to follow

to define deposit to a measured/indicated JORC standard

Approx. 10,000 samples for analysis

July

Complete JORC compliant Resource for minimum project life (+ 15 years )including Ore Resource Calculation and Geostatistical Analysis

Mine Plan and Costing

Concentration, reduction and smelting testwork based on representativedrilling sample by Outokumpu

August Commence Bankable Feasibility

September Finalisation of Offtake arrangements


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Proposed Schedule ( cont ) 2007

January

Continue Bankable Feasibility Study

Commence project finance arrangements Performance Guarantee Testwork

June

Completion Bankable Feasibility Study

If BFS is positive the following schedule is anticipated for project execution

July

Commence Project Design

2008

August Commence Concentrate Production

2009 December

Commence Pig Iron Production


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Proposed Study Development Schedule

1 2 3 4 5 6 7 8 9 10 11 12

Technical Study

Exploration Program

Testwork

Drilling

Resource Estimate

Mine Plan

Design

Estimation

Infrastructure

Report

Design

Performance

Month

XRF Analysis


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Feasibility Study - Managed by Outokumpu

Technical Study Resource Definition

Mining Development

Testwork

Process Plant including Beneficiation / Multiple Hearth Furnace / KilnReduction and Ti & V slag removal

Local infrastructure / fabrication / construction

Environmental

Commercial Project Capital and Operating Costs

Develop financial model and project debt / equity arrangement

Offtake Arrangements Negotiate product offtake with Indonesian Steel Producers and Others


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Project Development Alternatives Subject to

Study

Current base project 300,000 tpa pig iron

Alternatives

Increase total pig iron production up to 0.5 to 1 Mtpa

Increase Concentrator Size ~ 1.5 Mtpa plus 300 to 500,000 tpa pig

iron for pig iron and concentrate sale

Downstream expansion to Specialty Steels from liquid pig iron


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Anticipated Process Flowsheet

Mining

5.5 Mtpa

Beneficiation0.7 Mtpa

MHF / SLRNReduction0.51 Mtpa

Ironmaking

0.3 Mtpa

0.33 Mtpa of Coal

131 GwH

Power

The technology proposed is

similar to that successfullyemployed for 20 + years on an

ironsands to steel operation in

New Zealand

~3.0 Mtpa

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