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									COPPER RESOURCES CORPORATION
 HINOBA-AN PORPHYRY COPPER PROJECT


ADMISSION TO AIM AND PLACING




            MARCH 2005
   The content of these presentation materials (the "Presentation Materials”) has not been approved by an authorised person within the
   meaning of the Financial Services and Markets Act 2000. Reliance on the Presentation Materials for the purpose of engaging in any
   investment activity may expose an individual to a significant risk of losing all of the property invested.

These Presentation Materials are being solely issued to and directed at: (a) persons having professional experience in matters relating to investments and
who are investment professionals as specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (as
amended) (the “Financial Promotions Order”); (b) persons certified as sophisticated investors within the meaning of Article 50 of the Financial
Promotions Order; and (c) persons certified as sophisticated investors within the meaning of Article 50A of the Financial Promotions Order.

This document is exempt from the general restriction on the communication of invitations or inducements to enter into investment activity on the
grounds that it, and any investment to which it relates, is only available to (and any investment activity to which it relates will be engaged with) those
persons described in (a), (b) or (c) above. Persons who do not fall within the above categories of investor should not take any action upon this document,
but should return it immediately to ODL Securities Limited, 6th Floor, Salisbury House, London Wall, London EC2M 5QQ.

It is a condition of your receiving this document that you fall within, and you warrant to the Company, ODL Securities Limited (ODL Securities) and
Nabarro Wells & Co. Limited (Nabarro Wells) that you fall within, one of the categories of person described in (a), (b) and (c) above. In addition, if you
are a person who falls within category (b) above, it is a condition of your receiving this document that you are a person who has a current sophisticated
investor certificate, signed by an authorised person and dated no earlier than 36 months preceding the date of receipt of this document, confirming that,
in the opinion of such person, you are sufficiently knowledgeable to understand the risks associated with an investment in an AIM quoted company and
that within the last 12 months you have signed a statement in the terms set out in Article 50(1)(b) of the Financial Promotions Order. In addition, if you
are a person who falls within category (c) above, it is a condition of your receiving this document that within the last 12 months you have signed a
statement in the terms referred to in Article 50A(1) of the Financial Promotions Order.

The Presentation Materials do not constitute or form any part of any offer or invitation to sell or issue or purchase or subscribe for any shares in Copper
Resources Corporation (the "Company”) nor shall they or any part of them, or the fact of their distribution, form the basis of, or be relied on in
connection with, any contract with the Company relating to any securities. Any decision regarding any proposed purchase of shares in the Company
must be made solely on the basis of the information contained in the AIM admission document to be issued by the Company in or around April 2005.
The Presentation Materials are not intended to be distributed or passed on, directly or indirectly, or to any other class of persons. They are being supplied
to you solely for your information and may not be reproduced, forwarded to any other person or published, in whole or in part, for any other purpose.




                                                                          -1-
These Presentation Materials may contain unpublished price sensitive information with regard to the Company and/or its securities. Recipients of the
Presentation Materials should not deal or encourage any other any other person to deal in the securities of the Company whilst they remain in possession
of such unpublished price sensitive information and until the transaction described in the Presentation Materials is announced. Dealing in securities of
the Company when in possession of unpublished price sensitive information could result in liability under the insider dealing restrictions set out in the
Criminal Justice Act 1993. This document may contain information which is not generally available, but which, if available, would or would be likely to
be regarded as relevant when deciding the terms on which transactions in the shares of the Company should be effected. Unreasonable behaviour based
on such information could result in liability under the market abuse provisions of the Financial Services and Markets Act 2000.

Recipients of these Presentation Materials who intend to apply to subscribe for common shares in the Company following the publication of the AIM
admission document in final form relating to the Company are reminded that any such application may only be made on the basis of the information
contained in such document which may be different from the information contained in these Presentation Materials. No reliance may be placed for any
purpose whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by
the Company, its directors or employees, or Nabarro Wells or ODL Securities or their respective professional advisers as to the accuracy, fairness,
sufficiency or completeness of the information, opinions or beliefs contained in this document. Save in the case of fraud, no liability is accepted for any
loss, cost or damage suffered or incurred as a result of the reliance on such information, opinions or beliefs. Recipients of these Presentation Materials
should conduct their own investigation, evaluation and analysis of the business, data and property described in this document.

If you are in any doubt about the investment to which these Presentation Materials relate, you should consult a person authorised by the Financial
Services Authority who specialises in advising on securities of the kind described in this document.

Nabarro Wells and ODL Securities are acting for the Company in relation to matters described in this document and will not be responsible in respect of
such matters to any other person for providing protections afforded to customers of each of them or for providing advice in relation to those matters.

Neither this document, nor any copy of it, may be taken or transmitted into the United States, any province or territory of Canada, Australia, South
Africa, the Republic of Ireland or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may
constitute a violation of relevant local securities laws.




                                                                         -2-
Company Overview
  Copper Resources Group, through a subsidiary, acquired the rights to the Hinoba-an Porphyry
  Copper Project in 2001.

  Previous owners have expended C$14.7 million on exploration and pre-feasibility studies on the
  Project.

  The Group effectively has a 92.3% economic interest in the Hinoba-an Project, subject to a 3%
  Net Benefits Royalty.

  The Company plans to list its shares on AIM in April and use the net proceeds of the Placing to
  advance the Project to a bankable feasibility study stage.

  Copper Resources has approximately US$11.6 million in cash and no debt.

  There are currently 23.8 million shares issued and outstanding (25.5 million shares fully diluted).




                                              -3-
Hinoba-an Copper Project

           Hinoba-an Project Summary & Estimated Economics*

                                                      Negros Occidental, Philippines
 Location:
                                                      (approx. 17 km from the coast)

 Mine Life:                                           15 years

 Reserves:                                            2.26 billion lbs of recoverable copper

 Treatment Rate:                                      15 million tonnes per annum

 Concentrate Production:                              236,000 tonnes per annum

 Copper Production:                                   56,000 tonnes per annum

 Capital Costs:                                       US$268 million

 Cash Costs/lb Cu:                                    US$0.48/lb of copper produced

 Project NPV, 10% DR, US$1.00/lb Cu: US$243 million

 Project IRR at US$1.00/lb Cu:                        28.3%


* Note: The above economics of the Hinoba-an Project are preliminary and are based on a scoping
study completed by HHPI in 1998 and include two satellite deposits which are no longer part of the
project. The above economics are subject to revision upon completion of a bankable feasibility study.



                                                                                 -4-
   CRC - A Highly Leveraged Play on Copper Price
                                            700                                                                                                            60%

                                                   A 40% increase in copper price becomes                                                US$573mn
                                            600
                                                                                                                                                           50%
                                                     136% increase in shareholder value.
          NPV of Project (US$ millions) )
          NPV of Project (US$ millions




                                                                                                                          US$490mn       $21/share
                                            500




                                                                                                                                                                  Internal Rate of Return
                                                                                                                                                                  Internal Rate of Return
                                                                                                                                                           40%
                                                                                                            US$408mn      $18/share
                                            400
                                                                                             US$325mn       $15/share                                      30%
                                            300
                                                                              US$243mn       $12/share
                                                                                                                                                           20%
                                            200                 US$160mn       $9/share

                                                  US$76mn        $6/share                                                                                  10%
                                            100
                                                   $3/share
                                             0                                                                                                             0%
                                                  US$0.80 /lb   US$0.90 /lb   US$1.00 /lb    US$1.10 /lb    US$1.20 /lb   US$1.30 /lb    US$1.40 /lb
                                                                                            Copper Prices

                                                                              NPV of Project at 10% DR        IRR of Project

Note: The above economics of the Hinoba-an Project are preliminary and are based on a scoping study completed by HHPI in 1998 and include two satellite deposits which are
no longer part of the project. The above economics are subject to revision upon completion of a bankable feasibility study. Per share values reflect a 92.3% economic interest
in the Hinoba-an Project based on current shares fully diluted.


                                                                                               -5-
Relative Market Values


Project:                               Hinoba-an (Philippines)                Marcona (Peru)                Piedras Verdes (Mexico)         Dukwe (Botswana)

Development Stage:                     Pre-Feasibility Study                  Advanced Exploration          Feasibility Study               Pre-Feasibility Study

Exchange:                              AIM                                    TSX (symbol: CHD)             TSX (symbol: FCC)               AIM (symbol: ACU)

IPO Date:                              April 2005                             December 2004                 December 2004                   November 2004

IPO Proceeds:                          US$10 million (anticipated)            C$27.5 million (US$22 million) C$60 million (US$50 million)   £15 million (US$28 million)

Market Cap:                            US$56 million (anticipated post-IPO)   US$35 million                 US$71 million                   US$60 million

Recoverable Copper*                    2.1 billion lbs (approximate)          1.4 billion lbs               942 million lbs                 1.3 billion lbs

Market Cap/lb Cu:                      US$0.027/lb                            US$0.025/lb                   US$0.075/lb                     US$0.046/lb

Project Life:                          15 years                               13 years                      18 years                        18 years

Grade:                                 0.42% Cu                               0.76% Cu                      0.36% Cu                        1.85% - 3.85% Cu

LOM Cash Costs:                        US$0.48/lb                             US$0.52/lb                    US$0.52/lb                      US$0.61/lb

Project NPV@10%,$1.00/lb Cu*:          US$224 million                         US$84 million                 US$60 million                   US$95 million

Project IRR, $1.00/lb Cu:              28%                                    n.a.                          20%                             30%




* Note: Recoverable copper and project NPV reflect interest in the project (i.e. Copper Resources, 92.3%; Chariot Resources, 70%; Frontera Copper, 100%; and African
Copper, 100%). The above economics of the Hinoba-an Project are preliminary and are based on a scoping study completed by HHPI in 1998 and include two satellite
deposits which are no longer part of the project. The above economics are subject to revision upon completion of a bankable feasibility study.


                                                                                     -6-
Outlook for Copper
  Since the beginning of 2003, the copper market has been in a deficit that has been driven by a
  combination of stronger world demand and lower production.

  New economic discoveries are also declining due to a dearth in exploration expenditures over the
  past decade and increased difficulty in finding and permitting new discoveries.

  Demand growth continues to be dominated by China, which is projected to be 14% higher in
  2004 as compared to 2003.

  In addition, copper inventories have continued to decline. Since reaching a high of 980,000
  tonnes in May 2002, LME inventories have dropped to 50,000 tonnes – a decline of more than
  94%.

  All of the above factors have contributed to a rise in copper prices, which according to Dow
  Jones, technical analysts are forecasting will continue to move upward, possibly above
  US$1.56/lb and even as high as US$1.66/lb.




                                            -7-
Historical Copper Prices
                                                                                                                                1996
                                                                                                                         In June 1996, prices
                                          1.80                                                                        plummet when Sumitomo
                                                                                                                     reveals huge trading losses
                                                                                                                       on unauthorized copper                                                  2003 - 2004
                                          1.60                                         1993
                                                                                                                     trades, but increase due to                                       Prices continue to increase
                                                                          Stagnant world demand and
LME Cash Monthly Average Price (US$/lb)




                                                                                                                      tight supply by year-end.                                        due to declining inventories
                                                                             rising inventories cause
                                          1.40                                                                                                                                             and market deficit.
                                                                        prices to fall; LME intervention
                                                                          in market causes sharp price                                                     1999 - 2000
                                                                                drop in September.                                                      Upward trend in
                                          1.20                                                                                                          prices begin mid-
                                                                                                                                                      1999 due to increased
                                          1.00                                                                                                        demand and declining
                                                                                                                                                           inventories.
                                                               1989 - 1992
                                          0.80               Low warehouse
                                                            inventory at LME
                                                             keep prices over
                                          0.60                                                      1994 - 1995                     1997- 1998
                                                               US$1.00/lb.                                                                                                       2001 - 2002
                                                                                               Strong demand due to               Asian economic
                                                                                                                                                                        In January 2001, prices begin
                                                                                                  global economic                 crisis and rapid
                                                                                                                                                                         a 10-month descent and on
                                          0.40                                                 growth and declining             expansion of global
                                                                                                                                                                          November 7th reach their
                                                                                                 inventories cause               capacity generate
                                                                                                                                                                          lowest level in 15 years -
                                                                                                   prices to rise.              large global surplus
                                          0.20                                                                                                                           US$0.60/lb; prices begin to
                                                                                                                                   and prices fall.
                                                                                                                                                                          rise by 2002 as producers
                                                                                                                                                                              reduce production.
                                          0.00
                                                 Jan-89


                                                          Jan-90


                                                                   Jan-91


                                                                             Jan-92


                                                                                      Jan-93


                                                                                                   Jan-94


                                                                                                            Jan-95


                                                                                                                       Jan-96


                                                                                                                                    Jan-97


                                                                                                                                             Jan-98


                                                                                                                                                          Jan-99


                                                                                                                                                                   Jan-00


                                                                                                                                                                              Jan-01


                                                                                                                                                                                         Jan-02


                                                                                                                                                                                                  Jan-03


                                                                                                                                                                                                           Jan-04
                                                                                                                         -8-
LME Copper Prices and Copper Stocks
                    Declining copper stocks at LME since May 2002 have
                             contributed to rising copper prices.
             1.60                                                                    1,500
                                                                                     1,400
             1.40                                                                    1,300
                                                                                     1,200




                                                                                                  Thousand tonnes, copper
             1.20                                                                    1,100
                                                                                     1,000
             1.00




                                                                                             Thousand metric MT
                                                                                     900
   US$/lb.




                                                                                     800
             0.80
                                                                                     700
                                                                                     600
             0.60
                                                                                     500
             0.40                                                                    400
                                                                                     300
             0.20                                                                    200
                                                                                     100
                -                                                                    -
                     Jul-98




                     Jul-99




                     Jul-00




                     Jul-01




                     Jul-02




                     Jul-03




                     Jul-04
                    Jan-98
                    Apr-98



                    Jan-99
                    Apr-99



                    Jan-00
                    Apr-00



                    Jan-01
                    Apr-01



                    Jan-02
                    Apr-02



                    Jan-03
                    Apr-03



                    Jan-04
                    Apr-04
                    Oct-98




                    Oct-99




                    Oct-00




                    Oct-01




                    Oct-02




                    Oct-03




                    Oct-04
                           LME Month End Copper Stock   LME Month-End Copper Price


                                                  -9-
   Global Copper Consumption and Supply Trends
                                                     A copper supply deficit is projected for the next six years.
                                           25,000



                                           20,000
          Thousand metric tonnes, copper
          Thousand metric tonnes, copp




                                           15,000



                                           10,000



                                            5,000



                                               0
                                                    2000   2001   2002    2003E    2004E      2005E   2006E       2007E   2008E   2009E   2010E

                                                                         Copper Supply       Global Consumption


Source: World Bureau of Metal Statistics, Prudential Equity Group, LLC Estimates (24 September 2004).


                                                                                         - 10 -
   Global Copper Usage by Region
                           Global copper usage in 2004 is estimated to be 7% higher than in 2003.
                                             4,000
                                                     +3.5%
                                                              +14.0%
                                             3,500
                                                                         +6.4%
                                             3,000
            Thousand metric tonnes, copper
                thousand metric tonne




                                                                                    +7.0%
                                             2,500

                                             2,000

                                             1,500
                                                                                              +6.5%
                                                                                                                          +3.6%
                                             1,000                                                      +4.3%

                                                                                                                  +5.0%
                                              500


                                                0
                                                     Europe    China   Other Asia   USA       Japan      Latin     CIS    Other
                                                                                                        America
                                                                                      2003E   2004E

Source: World Bureau of Metal Statistics, Prudential Equity Group, LLC Estimates (24 September 2004).


                                                                                     - 11 -
Management Team
Mitchell Alland, B.A., M.B.A., Executive Chairman
Mr. Alland had a distinguished twenty three year career at the World Bank and the IFC, where he was involved in the review, lending and
equity financing of a wide range of projects, with an emphasis on mining. His involvement in the mining industry included attempts to
develop the major Tenge-Fungurume copper project in Congo (then Zaire) in the 1970s and financing of major projects by Zambia
Consolidated Copper Mines from 1975 to 1986. Subsequent experience included involvement in the LAMCO iron ore project in Liberia, the
MIBA diamond project and Kili-moto gold project in Congo (then Zaire) and financing of Alucam (Pechiney) aluminium smelter in
Cameroon. He has also been involved with mining projects in South America including Escondida (copper) in Chile; Comsur, the largest
private mining company in Bolivia; and Yanacocha (gold) and Southern Peru Copper in Peru. Prior to joining IFC in 1975, Mr. Alland
worked for five years at the World Bank, financing industrial development banks in Latin America, managed a company in Thailand for
two years, was an economist for one year with the International Monetary Fund and was Assistant Secretary of the Ministry of Commerce
and Industry in Uganda for two years. Mr. Alland has an M.B.A. from Harvard Business School and a B.A. from Harvard College.

Christopher Jordinson, BCom, CEO/Director
Mr. Jordinson has over ten years of experience as a financial controller for various Australian public companies in the mining industry.
Since 2001, he has worked as a financial controller for ADE Management Pty Limited. Prior thereto, he was the financial controller for
Jabula Consulting Pty Limited, a consulting firm that provides financial and technical expertise in the mining industry. During this time, Mr.
Jordinson advised public companies such as Copper Mines and Metals Limited, Danae Resources Limited, Hargraves Resources NL and
Zinc and Copper Corporation of Australia Limited. Prior thereto, he was employed by Wesfarmers Limited as the financial and operations
accountant and a group accountant for Imperial Leisure Centres Limited. In addition, he also worked as an audit clerk for Rothman Pantall
& Co. in the United Kingdom and KPMG in Durban, South Africa. Mr. Jordinson has a BCom degree from the University of South Africa.

Elia Crespo, Law Degree, Vice President & Company Secretary
Ms. Crespo has been vice-president of Griffis International Limited (GIL) since 1986. GIL is a management consulting and venture capital
firm, which focuses its activities on the structuring, financing and management of emerging companies, in particular in the natural resource
and high tech sectors. She has considerable experience in the raising of equity and project finance in support of mining projects. Prior
thereto, she worked at the Canadian International Development Agency and Interesco International Marketing Corporation. She has also
been a consultant to the Commercial Office of the Embassy of Ecuador in Ottawa; attaché to Honduras Embassy in Ottawa; and a director at
the Domestic Tourism Office, Ministry of Culture and Tourism, Tegucigalpa, Honduras. Ms. Crespo has a law degree from the University
Complutense, Madrid, Spain.


                                                                 - 12 -
Management Team (cont’d)
James Frank, B.S., Non-executive Director
Mr. Frank has held various positions at mining companies over the last thirty years including president, chief executive officer, chief
financial officer, vice president of business development, auditor and accountant. Since 2002, he has worked as a consultant on financings,
restructurings, feasibility studies and due diligences for various companies, such as Marathon PGM Corporation. He is also the president of
Cactus Precious Metals LLC, a private company with a gold property in Kern County, California. Prior to becoming a consultant, Mr. Frank
was employed by Summo Minerals Corporation (renamed Constellation Copper Corporation) as vice president of business development and
chief financial officer. During this time, he completed a feasibility study on a 40 million lb/yr open pit copper project. From 1986 to 1994,
he worked as the chief financial officer for Consolidated Nevada Goldfields Corporation, where he assisted on the feasibility studies of three
gold mines that went into production. He has also worked for Sunshine Mining Company and Hecla Mining Company. He is the treasurer
and director of Northwest Mining Association. Mr. Frank has a B.S. in economics from the University of Idaho.

Rebecca Taylor, B.A., CPE, Non-executive Director
For the last seven years, Ms. Taylor has served as a director for diverse capital management companies including MIR Management
Limited, Croesus Emerging Markets Resources Fund LLC, Select Capital Limited and UCAV Asset Management Limited. Most recently,
she sat on the board of the petroleum exploration company, Equator Exploration Limited. From 1995 to 1996, Ms. Taylor worked from
Chancery Chambers in London as a barrister, specialising in criminal, family and land law. A fluent Italian speaker, she currently lives in
Italy and acts as adviser to the Fondazione Floriani, a charitable foundation based in Milan. Ms Taylor holds a B.A. (Honors) from the
University of London, is a member of the Inner Temple and was called to the bar of England and Wales.

Robert Prescott, M.S.M., B.S., Consultant
Mr. Prescott is a metallurgical engineer with over twenty five years experience in the management of mining and metallurgical operations
and development projects. He has extensive experience in open pit and underground mining. He is currently the vice president of operations
at Cactus Precious Metals LLC. Prior thereto, he was vice president of operations at Summo USA Corporation, where he managed the
design, engineering and permitting of Lisbon Valley open-pit copper mine and heap leach SX/EW operation in Utah and managed the
completion of a feasibility study on the Johnson Camp copper mine in Arizona. Previously, Mr. Prescott was general manager of the Copper
Flat Project of Alta Gold Company, an open pit copper mine and mill in New Mexico and a general manager for the advanced gold projects
of Gold Fields Mining Company. He has also worked for Inspiration Resources Corporation and Kennecott Copper Corporation. Mr.
Prescott has a Master of Science in management from the Massachusetts Institute of Technology and a B.S. in metallurgical engineering
from the Colorado School of Mines.


                                                                 - 13 -
Timeline

         Placing &                                Feasibility
  Admission to AIM                          Study Completed
         April 2005                                 Q3 2006
                                                                       Start
                                                                     Project
                                                                Construction
                      Bankable Feasibility Study                    Q1 2007

        2005                         2006                          2007




                                  - 14 -
IPO Schedule

                                              APRIL 2005
         Sunday       Monday       Tuesday    Wednesday         Thursday        Friday        Saturday
                                                                           1              2




    3             4            5              6             7              8              9
                  Marketing        Despatch                                Receipt of
                  Completed         Placing                                Acceptance
                                    Letters                                 Letters
    10            11           12             13            14             15             16
                                                                           Subscription
                                                                            Funds Due

    17            18           19             20            21             22             23
                    AIM
                  Admission

    24            25           26             27            28             29             30




                                                   - 15 -
Key Contacts


 Correspondence Office                              Broker
 Copper Resources Corporation                       ODL Securities Limited
 330 Bay Street                                     Salisbury House
 Suite 820                                          London Wall
 Toronto, Ontario                                   London EC2M 5QQ
 Canada M5H 2S8                                     Tel: +44 (0)20 7903 6100
 Tel: +1 416 867 9087                               Fax: +44 (0)20 7390 5808
 Fax: +1 416 867 9320
                                                    Anthony Clements
 info@copperresources.com                           aclements@odlcorporatefinance.com
 www.copperresources.com
                                                    Nominated Adviser
 Mitchell Alland, Executive Chairman                Nabarro Wells & Co. Limited
 malland@copperresources.com                        Saddlers House
                                                    Gutter Lane
 Christopher Jordinson, CEO                         London EC2V 6HS
 cjordinson@copperresources.com                     Tel: +44 (0)20 7710 7400
                                                    Fax: +44 (0)20 7710 7401
 Elia Crespo, Vice President & Secretary
 ecrespo@copperresources.com                        John Robertson
                                                    johnrobertson@nabarro-wells.co.uk




                                           - 16 -
APPENDIX: HINOBA-AN COPPER PROJECT




                - 17 -
  Hinoba-an Copper Project Highlights
           Significant Exploration and Metallurgical Testwork Conducted on Project
             − Approximately 48,000m of diamond drilling plus 11,000m of RC drilling
             − Pre-feasibility studies completed with C$14.7 million expended to date

           Long Project Life
            − Mineable reserves of 244 million tonnes at 0.42% copper (2.26 billion lbs Cu)
            − 15 year project life

           By-Product Upside
            − Technical work indicates potential upside from gold, silver and molybdenum by-product credits

           Exploration Upside
            − Regional geological & geochemical data confirms strong similarities to major copper producing areas worldwide
            − Excellent potential within the area for further discoveries of porphyry copper, skarn and epithermal gold

           Low Cost Production
            − Estimated annual production of 236,000 tonnes of Cu concentrate at a cash cost of US$0.48/lb of Cu
            − Workforce readily available due to recent closure of copper mines in the area

           Favorable Project Economics
            − Net annual project cash flow of US$52 million
            − Project NPV at US$1.00/lb Cu is US$243 million with a Project IRR of 28.3%

Note: The above economics of the Hinoba-an Project are preliminary and are based on a scoping study completed by HHPI in 1998 and include two satellite deposits which are
no longer part of the project. The above economics are subject to revision upon completion of a bankable feasibility study.


                                                                                - 18 -
Project Overview
  The Hinoba-an Copper Project is located in the southwest of Negros Occidental on Negros Island
  in the Philippines (approx. 17 km from the coast).

  The Group’s interest in the Project is held under an agreement with local tenement holder, Colet
  Mining and Development Corporation (Colet). Colet holds mining leases over 90 hectares and
  approximately 2,900 hectares of mineral claims – including the Don Jose and A1 deposits (the
  “Colet Claims”).

  Access to the area is good with paved roads from the airport at Bacolod City to the north and
  from Dumaguete to the east; and thence by a well maintained dirt road for 17 km.

  Pre-feasibility studies have been completed with its previous owners having spent C$14.7 million
  on the Project.

  Pre-feasibility studies indicate that the two deposits are well drilled and that all due attention has
  been paid to core handling, sampling and assaying.




                                               - 19 -
Location




           Hinoba-an
            Project




                   - 20 -
History of the Project
   1960s:    Don Jose deposit discovered by the Insular Lumber Company.

   1970s:   Local groups formed Colet and are granted mineral claims over 2,900 hectares.
            Lepanto, through the joint venture company Negros Occidental Copperfields Mines, Inc., undertake exploration,
            including reconnaissance and detailed geological mapping.
            117 diamond drillholes drilled into the Don Jose deposit and a 276m crosscut was driven across the centre of the orebody to
            collect metallurgical samples. Resource estimates completed.

   1982:     The joint venture engaged Pincock, Allen and Holt to undertake a feasibility study on a 14,000 tpd open pit mining and
             milling operation. The study showed the deposit to be economically viable and construction commenced.

   1983:     A decline in copper prices caused the Project to be abandoned.

   1984:     Colet granted mining leases over 90 hectares.

   1991:     Colet entered into an operating agreement with Selenga Mining Corporation (Selenga), which at that time was owned by
             Tequila Copper Corporation (Tequila) of Toronto.

   1993/94: Selenga undertook confirmation drilling at the Don Jose deposit as well as geologic mapping which resulted in the
            discovery of the A1 mineralisation located southeast of the Don Jose deposit.

   1995:     International Pursuit Corporation (Pursuit) formed a joint venture with Tequila, through its subsidiary Hinoba Holdings
             (Philippines), Inc. (HHPI), to undertake additional exploration work.

   1998:     HHPI completed a scoping study of the Hinoba-an Project.

   2001:     Pursuit and HHPI entered into an agreement to sell their rights to the Project to Hinoba Holdings Ltd.

   2005:     Hinoba Holdings Ltd is acquired by Copper Resources.



                                                              - 21 -
Regional Overview
  The Philippines comprises 7,107 islands with a land area of approximately 300,000 sq km,
  spanning 1,840 km from north to south, with only around 2,000 islands inhabited.

  The Project is located on Negros Island, 700 km south of Manila, which is comprised of the
  provinces of Negros Occidental (west) and Negros Oriental (east).

  The population of Negros Occidental, where the Project is located, is 2.6 million. The main
  occupations are farming, predominantly sugar plantations, and fishing.

  The Project is located in the municipalities of Hinoba-an and Sipalay, which hosted two major
  mining operations - Maricalum Mining Corporation’s Sipalay copper mine and Philex Gold Inc.’s
  Bulawan gold mine.

  The climate is tropical and humid with a hot, dry season from November to June and a wet season
  from July to October.

  There are more than 100 regional languages in the Republic, with the national language being
  Filipino and the second spoken language being English.



                                           - 22 -
Regional Deposits
  Bulawan Underground Gold Mine: Located 6 km west of the Project, the mine is operated by
  Philex Gold Inc. and had produced 465,766 ounces of gold over its lifetime before being
  decommissioned in May 2002 due to the high cost of development and a low gold price at the
  time.

  Sipalay Porphyry Copper Mine: Located 15 km northwest of the Project, the operation was based
  on a resource of approximately 750 million tonnes at 0.49% Cu and was shutdown in 2002 due to
  operational cash flow problems.

  Basay Porphyry Copper Mine: Located 15 km south of the Project, the mine is now exhausted.

  Luz Deposit: Located approximately 2 km to the northwest of the Don Jose deposit, the deposit
  comprises a drilled inferred resource of 33.4 million tonnes at 0.38% Cu.

  Manlupo Deposit: Located approximately 2 km to the south-southwest of the A1 deposit, the
  deposit hosts a drilled inferred resource of 81.5 million tonnes at 0.41% Cu.




                                           - 23 -
Proximity to Regional Deposits




                        (PROPOSED)




                             - 24 -
Mineral Rights in the Philippines
   It is the constitutional policy in the Philippines that the State has full control and supervision over
   the exploration, development and utilisation of natural resources. In administering these rights,
   the State established the Philippine Mining Act of 1995 (the “Mining Act”).

   In December 2004, the Philippine Supreme Court confirmed the legality of the Mining Act,
   including Financial or Technical Assistance Agreements (FTAAs), which allow 100% foreign
   ownership of projects requiring investment of at least US$50 million.

   This ruling reversed an earlier decision in January 2004 in which the court had declared certain
   provisions of the Mining Act, including FTAAs, as unconstitutional.

   A motion for reconsideration appealing the decision was rejected by the Court in February 2005.

   The court’s ruling removed any uncertainty regarding foreign ownership and previous barriers to
   foreign investment.

   The National Economic and Development Authority estimates that the ruling has the potential to
   attract US$4-6 billion in foreign investment and to create 240,000 jobs over the next six years.



                                                - 25 -
Pending MPSA and FTAA Applications
  The Group has interests in two types of mineral agreements in the Philippines:

   −   an FTAA application filed by HHPI, jointly with Selenga, in July 1995, over an area
       covering 81,000 hectares, including the Colet Claims; and

   −   an application for a Mineral Production Sharing Agreement (MPSA) filed by Colet in
       September 1997, which would grant them the exclusive right to conduct mining operations
       within, but not hold title over, the contract area. The application covers the 2,990 hectares of
       the Colet Claims and Colet has agreed to assign its approved MPSA to Selenga.

  In light of the recent favourable court ruling with regards to the Mining Act, Copper Resources
  anticipates that approval will be forthcoming from the Government, in a timely manner, for the
  pending FTAA or MPSA application.




                                              - 26 -
Corporate Structure
                                            Copper Resources Corporation
                                               (British Virgin Islands)
                                            100%                          99.99%
                       Copper Spur Mining                                     Hinoba Holdings Ltd
                          Corporation                                             (Bahamas)
                           (Colorado)
                                                                                            99.999%

                                                                        Hinoba Holdings (Philippines),
                                                                                     Inc.
                                                                                (Philippines)
                                                                        (998 Class A Shares in HSHI)
                                                                                                                          2 Class A Shares in HSHI
                                                                         99.8%                   39.92% of                 Director – CL (1 share)
                                                                         economic                voting                     Director – JP (1 share)
                Philippine Investors                                     interest                shares
                1,500 Class B Shares in HSHI:                                                                          0.08% of              0.2%
                                                                        Hinoba-an & Sipalay Holdings,                                        economic
                Director – NT (749 shares)                                                                             voting shares
                                                                                 Inc. (HSHI)                                                 interest
                Director – RP (749 shares)                                      (Philippines)
                Director – JM (2 shares)                 60%                                                                    Colet Mining and
                                                         of voting shares                   92.5%                                 Development
                                                                                                                                   Corporation
                                                                          Selenga Mining Corporation               7.5%
                                                                                                                                   (Philippines)
                                                                                 (Philippines)
                                                                                                                             as original claimowner,
                                                                                            100%                                entitled to 3% Net
                                                                                                                                 Benefits Royalty
                                                                                Hinoba-an Project

Note: “Economic interest” means the interest before the limited HSHI Class B share dividend right of 1,500 Philippine pesos per annum.


                                                                             - 27 -
  Cash Flow Distribution
                   Smelter Proceeds from the
                      Hinoba-an Project

                                                                                                       3% Net Benefits
                                                                                                          Royalty            Colet Mining and
                    Freight Charges, Marine
                                                                                Net Benefits                                  Development
                 Insurance, Shipping Expenses                                                           (Royalty can be        Corporation
                                                                                        97%             extinguished in
                                                                                                        exchange for
                                                                           Operating Costs, Capital
                                                                                                        payments totaling
                                                                                Costs, Taxes
                                                                                                        US$7 million in
                                                                                                        cash and stock)

                                                                               Net Cash Flow
                  Hinoba-an & Sipalay
                     Holdings, Inc.                    92.5%
                                                                                                                               7.5%
                                                                      Selenga Mining Corporation
Distributions limited to
                                           Remaining
P1,500 per annum, or
                                           Distributions
US$27

                    Class B                Class A
                    Shares                 Shares

                           0.2% interest             99.8% interest
                              (2 shares)             (998 shares)
                                                                              99.999%                           99.99%
                                                     Hinoba Holdings                                                        Copper Resources
                   2 HSHI Directors                                                       Hinoba Holdings Ltd
                                                     (Philippines), Inc.                                                      Corporation




                                                                             - 28 -
Exploration and Metallurgy
  Previous owners have conducted significant exploration and metallurgical testwork, including the
  completion of pre-feasibility studies, with C$14.7 million having been spent to date on the
  Project.

  The Hinoba-an property has been subject to 48,244 metres of diamond drilling in 229 holes and
  10,906 metres of reverse circulation drilling in 111 holes.

  Pre-feasibility studies indicate that the two deposits are reasonably well drilled and that due
  attention has been paid to core handling, sampling and assaying.

  Metallurgical tests indicate a copper recovery of 88% producing a concentrate grade of 24%
  copper is achievable.

  By-products of gold, silver and molybdenum may be recovered depending upon the results of
  additional drilling and metallurgical testwork.

  Preliminary testwork shows that the grades are low (0.015-0.019g/t Au); however, future drilling
  will be analysed and testwork carried out to determine the distribution of precious metals and
  molybdenum in the deposit.

                                            - 29 -
Project Resources – HHPI Scoping Study Estimate
  As part of the 1998 scoping study, HHPI requested MINTEC to undertake an assessment of the
  resources at Hinoba-an. Their resource estimate was as follows:

                      Cut-off Grade         Resources          Grade
                         (%Cu)               (tonnes)          (%Cu)
                          0.20             432,987,000          0.367
                          0.25             325,585,000          0.415
                          0.30             254,108,000          0.456

  The scoping study estimated mineable resources at the Don Jose and A1 deposits at:

           Deposit           Resources       Grade        Copper         Copper
                              (tonnes)       (%Cu)        (tonnes)      (000 lbs)
           Don Jose        155.6 million      0.432       672,000       1,482,000
           A1               88.7 million      0.398       353,000        778,000
           Total           244.3 million      0.419      1,025,000      2,260,000




                                             - 30 -
Project Resources – ZCCA Estimate
  In 2001, Zinc and Copper Corporation of Australia Limited (ZCCA) performed some preliminary
  mine design criteria and estimated mineable resources at:

           Deposit          Reserves      Grade        Copper       Copper
                            (tonnes)      (%Cu)        (tonnes)    (000 lbs)
           Don Jose       157.9 million    0.372       587,000     1,295,000
           A1              82.7 million    0.374       309,000      682,000
           Total          240.6 million    0.373       896,000     1,977,000


  ZCCA incorporated top-cuts of 0.84% Cu for A1 and 0.98% Cu for Don Jose, whereas MINTEC
  considered that top-cuts were not necessary.

  ZCCA also used an inverse-distance method and MINTEC used a floating cone technique to
  calculate grade.

  ZCCA had also discounted the top 15m of the deposit where near surface leaching had been
  noted. Proposed drilling will assess this material.




                                          - 31 -
Market Comparables
              Copper Resources has one of the lowest copper acquisition costs
                                    in the industry.
                                                            Shares
                                           Stock Price Outstanding Market Cap     Copper Reserves         Price / lb
                                           US$ / share  mn shares    US$ mns    000 tonnes      mn lbs     US$ / lb

 Copper Resources (anticipated post-IPO)         1.92        29.0        55.7         946        2,086      0.0267

 Senior Producers
 Phelps Dodge Corp                             108.47        95.5    10,355.6      19,500       42,990      0.2409
 GrupoMexico                                     5.75       865.0     4,973.8      45,080       99,384      0.0500

 Junior Producers
 Aur Resources                                   6.22        94.8       589.7       1,518        3,348      0.1762
 Constellation Copper Corporation                0.95       109.5       104.1         410          904      0.1152
 African Copper PLC                              1.19        50.0        59.6         590        1,300      0.0458
 Frontera Copper Corporation                     1.80        39.2        70.8         684        1,508      0.0469
 Chariot Resources Limited                       0.22       158.4        34.7         849        1,871      0.0186
 Amerigo Resources Ltd.                          1.93        69.6       134.6         n.a.         n.a.        n.a.
 Tyler Resources Inc.                            1.30        77.9       101.3         n.a.         n.a.        n.a.




                                                           - 32 -
Copper Grades at Operating Mines
        The copper grade of the reserves of the Hinoba-an Project are
                   comparable to other operating mines.
                                                                         Annual                    Copper
     Mine                       Location          Operator            Production       Reserves*    Grade
                                                                      000 tonnes       mn tonnes    % Cu

     Hinoba-an                  Philippines       Copper Resources    56 (estimated)       244.3     0.42

     Cananea                    Mexico            GrupoMexico                94.1        2,287.1     0.58
     Sierrita                   US                Phelps Dodge               66.3        1,199.9     0.26
     Bagdad                     US                Phelps Dodge               82.5          797.9     0.36
     La Caridad                 Mexico            GrupoMexico               107.2          675.1     0.42
     Ray                        US                GrupoMexico                84.5          574.3     0.59
     Bingham Canyon             US                Rio Tinto                 281.8          557.0     0.51
     Lomas Bayas                Chile             Falconbridge               61.3          363.9     0.34
     Alumbrera                  Argentina         Xstrata                   199.0          331.0     0.50
     Highland Valley            Canada            Teck Cominco              170.4          252.3     0.42
     Mission                    US                GrupoMexico                23.4          155.6     0.59

     *Reserves include millable or open pit ore only.




                                                             - 33 -
Bankable Feasibility Study
   Pre-feasibility studies indicate robust economics and there is strong support from the local
   community to see the Hinoba-an Project developed since two mines in the area have recently
   been shutdown.

   Although both deposits have been reasonably drilled by previous owners, additional diamond
   drilling will be required to infill portions of the deposits so that in some areas resource
   classification can be upgraded.

   Further metallurgical testwork will be required to determine whether improvements can be made
   to the proposed copper recovery rate and assess the possibility of recovering precious metals and
   molybdenum.

   Geotechnical and hydrological studies will be required on the Project.

   An Environmental Impact Assessment Study will also be required after conducting a formal
   scoping study exercise with the local community and the Department of Environment and Natural
   Resources.

   Overall, the total budget for the completion of a bankable feasibility study for the Hinoba-an
   Project is estimated at US$4.5 million over 18 months.

                                              - 34 -
Proposed Operations
  Open pit mining of an estimated 15 million tonnes per annum to produce on average 236,000
  tonnes of concentrate containing 56,000 tonnes of copper per annum.

  Pit drainage is an important consideration in an area of 3,300mm of rainfall per annum. It is
  anticipated that a simple gravity drainage system can be operated for approximately 85% of the
  operating period, utilising high capacity drains or slots to cope with deluges.

  The proposed treatment plant includes a primary gyratory crusher, SAG and ball mill grinding,
  followed by rougher flotation, concentrate regrind, cleaner flotation, cleaner tail regrind and
  scavanger flotation.

  It has been proposed that tailings from the concentrator would be thickened in three conventional
  thickeners and would flow by gravity to the process water tank and thickener underflow would
  flow by gravity approximately 20 km to the coast to a submarine tailings disposal system.

  Power for all operations could be drawn directly from the regional grid located 20 km from the
  mine site.

  Ongoing rehabilitation will be undertaken to ensure that the environmental effects of the Project
  are minimised. Runoff and siltation of creeks are two issues that have been identified.

                                            - 35 -
  Proposed Capital Costs
           The following table presents an estimate of the proposed capital costs of the Hinoba-an Project
           according to the scoping study prepared by HHPI in 1998:

                                            Description                                                       US$ mns
                                            Yard & Site Work                                                      7.43
                                            Utilities                                                             8.38
                                            Process Plant                                                        76.04
                                            Structures                                                           29.95
                                            Infrastructure                                                        5.59
                                            Tailings Disposal                                                    21.58
                                            Mining                                                               40.46
                                            Power Plant                                                          24.00
                                            Pre-Production Mining                                                 1.90
                                            Sub-total                                                           215.32

                                            Indirect Costs (Contingencies 10%)                                    21.53
                                            Engineering EPCM                                                      31.54

                                            Total Capital Costs                                                  268.39




Note: The above capital costs of the Hinoba-an Project are preliminary and are based on a scoping study completed by HHPI in 1998 which included two satellite deposits
which are no longer part of the project. The above capital costs are subject to revision upon completion of a bankable feasibility study.


                                                                               - 36 -
  Proposed Operating Costs
           According to the HHPI scoping study, the Hinoba-an Project is estimated to have an average cash
           cost (including smelting, refining and by-product credits) of US$0.48/lb of copper over its twenty
           year mine life.

           The study estimated that the first 800 million pounds of copper, almost all of which is assumed to
           be produced in the first four years, have a cash cost of US$0.40/lb.

           Moreover, the Colet Claims were estimated to have a cash cost of US$0.44/lb over their entire
           fifteen year mine life.

           The study included by-product credits of gold and silver at approximately US$0.10/lb of Cu.

           Pyrite concentrate production was also assumed at a daily output of 2,000 tonnes with a net
           contribution of approximately US$0.10/lb of Cu.




Note: The above operating costs of the Hinoba-an Project are preliminary and are based on a scoping study completed by HHPI in 1998 and include two satellite deposits
which are no longer part of the project. The above operating costs are subject to revision upon completion of a bankable feasibility study.


                                                                              - 37 -
  Hinoba-an Project Economics
                                           700                                                                                                         60%


                                           600                                                                                         US$573mn
                                                                                                                                                       50%
         NPV of Project (US$ millions) )
             of Project (US$ millions




                                                                                                                         US$490mn
                                           500




                                                                                                                                                              Internal Rate of Return
                                                                                                                                                              Internal Rate of Return
                                                                                                                                                       40%
                                                                                                           US$408mn
                                           400
                                                                                            US$325mn                                                   30%
                                           300
                                                                             US$243mn
                                                                                                                                                       20%
                                           200                 US$160mn

                                                 US$76mn                                                                                               10%
                                           100


                                            0                                                                                                          0%
                                                 US$0.80 /lb   US$0.90 /lb   US$1.00 /lb    US$1.10 /lb    US$1.20 /lb   US$1.30 /lb   US$1.40 /lb
                                                                                           Copper Prices

                                                                             NPV of Project at 10% DR        IRR of Project


Note: The above economics of the Hinoba-an Project are preliminary and are based on a scoping study completed by HHPI in 1998 and include two satellite deposits which are
no longer part of the project. The above economics are subject to revision upon completion of a bankable feasibility study.


                                                                                              - 38 -

								
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