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					Lennard Shelf Zinc Lead Project

       Project Overview

            25 May 2009
Summary – Lennard Shelf Zinc-Lead Project
•   Premier “Mississippi Valley Type” (MVT) Zinc-Lead provinces
•   Initial resource base of 41Mt @ 7.9% Zn & 3.2% Pb
•   Remaining resources 8.2 Mt @ 7.4% Zn & 4.6% Pb*
•   Update Feasibility Study into viability of reopening the Kapok Mine
    and accessing Kapok West
•   Existing resources being assessed as to their economic viability
•   Excellent potential to expand existing resources and define new
    resources via a two year drilling program
•   Clean, very high grade, premium concentrate
•   Positive Zn price forecasts
•   Zinc and lead parity (lead was 1/3 of zinc)
•   Three potential processing options
Capital Structure


       Shares Post April Capital Raising             114,286,666
           Shares to Acquire Project                 25,000,000
      Total Shares Post Project Acquisition          139,286,666
                 Total Options                       55,664,998
         Market Capitalisation (current)                 $4M
                  Cash at bank                         $1.05M




      * 23% of shares held in                    Top 20 – 80%
       escrow until Dec 2009               (post project acquisition)
Project Location




     400km to the coast




     Deep Water Port




                          Tenements 435sq. km
Project Purchase Arrangement
• Meridian to acquire the mining leases and exploration licences
  comprising the project from Lennard Shelf Pty Ltd (50% Teck,
  50% Xstrata) for 25,000,000 Meridian Shares
• 25,000,000 purchase shares will be subject to a voluntary
  minimum 12 month escrow period
• Lennard Shelf Pty Ltd will have the ability to claw back to a 51%
  interest in any newly defined mineral resource by funding a
  bankable feasibility study or spending $20M whichever comes first
• MOU Meridian Minerals has until 19 June to raise a minimum of
  $5M
• Immediately upon Meridian raising a minimum of $5M the MOU
  will become unconditional
Regular Discovery History


   •   1974   Exploration Commenced by BHP
   •   1978   Pillara discovery               23.2 Mt
   •   1984   Cadjebut discovery              5.2 Mt
   •   1985   Goongewa discovery              2.6 Mt
   •   1990   Kapok discovery                 4.6 Mt
   •   1997   Kutarta discovery               2.3 Mt
   •   2002   Fossil Downs resource defined   2.1 Mt
   •   2003   Teck buys project
   •   2004   Falconbridge joins Teck in JV
   •   2005   Palijippa discovery             2.5 M
Project Development History
   •   1974       Exploration Commenced by BHP
   •   1994       Western Metals buys out BHP
                 Project too small to make an impact on BHP’s bottom line
   •   2003       Western Metals goes in to administration
                 Debt load and currency hedging the main issues
   •   2003       Teck buys project for $26M
   •   2004       Falconbridge joins Teck in JV
   •   2007       Pillara Mine reopens
                 Strategic use of concentrate by Teck
   •   2008       Pillara Mine closes
                 Amongst the lowest grade on the Lennard Shelf, 9% Zn Eq.
                 Softening zinc price
                 Oil at US$145/b, AU$=US$0.92, high labour costs from 3 locations
   •   2009       Project acquired by Meridian Minerals for $0.5M
                 Focus on smaller higher grade resources, 13 -15% Zn Eq.
                 Recovering zinc price, lead price 3X above previous level
                 Oil at US$52/b, AU$=US$0.70, labour costs down 20-35%
Impact of Zinc Price on Project




                                     Pillara Shuts
                                         Down




                         Pillara
                      Recommences
                       production
                       800,000 tpa
Impact of Zinc Price on Project


                  Pillara Shuts
                      Down
                   9% Zn Eq.


                                    Kapok
                                  15% Zn Eq.
Australian Zinc Project Comparisons

» Lennard Shelf Zinc-Lead Project (50% Teck, 50% Xstrata)
   • Multiple resources (8.2Mt @ 7.4% Zn & 4.6% Pb)
   • Potential to re-use existing Pillara plant/infrastructure (requires additional
     deal with Lennard Shelf Pty Ltd)

» Angas Zinc-Copper Project (Terramin Australia Limited)
   • Feasibility completed on single resource
   • Pre mining: 2.41Mt @ 7% Zn, 2.7% Pb, 0.24% Cu, 31g/t Ag & 0.48g/t Au
   • Greenfields Site

» Jaguar Zinc-Copper Project (Jabiru Metals Limited)
   • Feasibility completed on single resource
   • Pre mining: 1.7Mt @ 3% Cu, 11.3% Zn, 0.7% Pb & 115g/t Ag
   • Reused old Teutonic Bore Mine infrastructure/brought second-hand
     Cadjebut Plant/Kapok underground crusher/conveyor
Jabiru Metals Ltd – Developer to Miner

                                                 First CONCS
                               First ORE mined
                                                 delivered


                      Decline
                      intersects ORE
                                                               • Base share price:
                                                               $0.20

                   Commence decline                    GFC     • Commencement of
                                                               Mining Ore: ~$1.50
 Feasibility Significant
 Upgrade, Project                                              • Commencement of
 Funding (Consmin), Off-
 take agreement                                                Conc Production:
                                                               ~$1.60

                                                               • Maximum 7 X Base
                                                               Share Price

                                                               • Market Cap $140M
Terramin Australia Ltd – Developer to Miner
                                      Angas First
                                      Production
                          Mining                          • First intersection into
                          Approvals                       Angas: ~$0.10

                                                          • Commencement of
               Resource Upgrade                           Mining ore: ~$3

        Resource Def.                                     • Maximum 8 X Base
                                                    GFC   Share

                                                          • Market Cap $96M
First drill hits
Zinc Resources Comparison


                       Lennard Shelf                Jaguar                Angas
    Size (Mt)                8.2*                      1.7                  2.4
                                                                  7% Zn, 2.7% Pb,
                                               3% Cu, 11.3% Zn,
     Grade           7.4% Zn & 4.6% Pb                           0.24% Cu, 31g/t Ag
                                              0.7% Pb & 115g/t A
                                                                    & 0.48g/t Au
  Metallurgical
                       95% Zn, 85% Pb           78% Zn, 87% Cu        90% Zn, 85% Pb
  Recoveries
 Contained Zinc           584,250 t                 192,100 t            168,700 t
    Depth                 200-600m                   >300m               >50-500m
  Concentrate
                   58-60% Zn, 72-77% Pb         48% Zn, 24% Cu       52% Zn, 49% Pb
    Grades
    Status          Feasibility & Scoping         Production            Production
  Market Cap                 $4M                     $140M                 $97M

 * Resources figures taken from Western Metals Limited Report to the ASX 1st July 2003
Diverse Range of Mineralisation Styles

                                                LENNARD SHELF
                     Goongewa / / Kutarta
                   GoongewaKutarta
       Fitzroy                                                               Pillara Block
       Trough                          Emanuel Block
                                                                                                                         Oscar
                                                                                Pillara
                                                                                  Pillara                                Block

             Kapok
               Kapok                                                                                              Nullara Cycle
 Present Day
 Erosion Level                                                                                                     Pillara Cycle


                                  Cadjebut
                                  Cadjebut

 Devonian                                                                                                 Fossil Downs
                                                                                                           Fossil Downs
 Basinal
 Clastics                                                                   Proterozoic Basement

                                                                                                                         10km

                   Devonian / Carboniferous            Devonian Fore-Reef                          Lower Dolomite Unit

                   Devonian Clastics                   Devonian Reef                               Ordovician

                   Devonian Basinal Shale              Devonian Platform                           Proterozoic
 CDR 259
Mining and Production Overview
• Total pre-mining resources: 41Mt @ 7.9% Zn & 3.2% Pb
• Four mines previously developed
    • Cadjebut, Goongewa, Kapok, Pillara

• Cadjebut and Goongewa had highest rates of return
• Milling rate
    • 3Mtpa was peak rate by Western Metals
         Producing 170,000t Zn and 80,000t Pb in concentrate
    • Meridian Minerals targeted production rate - 800,000 tpa
         Producing 64,000t Zn and 26,000t Pb in concentrate

• Simple mineralogy
    • Cheap processing
    • High value clean concentrates sought after by smelters
    • Interest already expressed by metal traders in obtaining concentrates
Remaining Resources (as of Feb 2009)
                 Size Zn    Pb Cu Ag
      Resource                                     Comments
                 (Mt) (%)   (%) (%) (g/t)


       Kapok                                 JORC Measured, Indicated,
                 0.89 8.6   5.6   0     0           Inferred
       Central


       Kapok                                 JORC Measured, Indicated,
                 0.62 8.0 11.2    0     0           Inferred
        East

       Kapok
               1.22 4.3 9.0       0     0          JORC Inferred
        West
      Cadjebut
               0.39 1.4 14.4      0     0          JORC Inferred
       Splay
       Kurtarta 2.34 7.2    0.5   0     39    JORC Inferred, Indicated

       Fossil
                 2.15 9.5   2.1   0     50         JORC Inferred         * Resources
       Downs
                                                                         figures taken
       Napier                                                            from Western
                 0.59 8.5   8.0   0.5   75         JORC Inferred
       Range                                                             Metals Limited
                                                                         Report to the
       Totals 8.2 7.4 4.6                                                ASX 1st July
                                                                         2003
High Grade Zinc-Lead Mineralisation




          Sphalerite mineralisation >20% Zn
Mines and Resources at the Emanuel Range
    EMANUEL RANGE
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                                                                                                                                                                                                                                                                                                                                                                                          Kapok West
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                                                                                                                                                                                                                                                                                                                                                                                    1.2Mt @ 4.3% Zn, 9.0% Pb
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                        Kurtarta
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                2.34Mt @ 7.2% Zn, 0.5% Pb
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                                                                                                                                                                         Kapok Central                                                                                                                                                                                                                                                                             Kapok East
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                                                                                                                                                                   0.891M @ 8.6% Zn, 5.6% Pb                                                                                                                                                                                                                                                                0.619M @ 7.6% Zn, 9.3% Pb
         0                    5km
Kapok – Kapok West: Longitudinal Section
                    0.39Mt @ 1.4% Zn & 14.4% Pb                0.619Mt @ 7.6% Zn & 9.3% Pb




                                                  Central




        1.2Mt @ 4.3% Zn & 9% Pb                        0.891Mt @ 8.6% Zn & 5.6% Pb


Feasibility study in to reopening Kapok and accessing Kapok West
             from Kapok decline – Decision Date Dec 09
Kapok Mine Area and Portal
   Kutarta Resource
EMANUEL RANGE
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                                                                                                                                                   PRICES HILL                                                                                                                                                                                                                                                         VIRGIN HILLS FAULT
                                                                                                                                                   RELAY ZONE
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     0                    5km



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     21
     Palijippa Prospect – High Grade Intersections
 NW                                                                                                                              SE




Carolyn

                                                        Carolyn                                                             Carolyn
 Bugle
 Gap
          Bugle Gap

                                            5%Zn, 2.6%Pb /6.3m
                      13%Zn, 2%Pb / 2.2m                                                                15.8%Zn,        10.2%Zn,
                                                         10.4%Zn, 2.5%Pb / 10.4m                        1.9%Pb /4.85m
                                                                                      Bugle Gap                         3.2%Pb / 10.5
Pillara   Bugle Gap 6.6%Zn, 0.4%Pb / 9.1m
               12%Zn, 7%Pb / 2.1m
          4.5%Zn, 0.4%Pb
          /24.4m                                             9.31%Zn,                                                       Neptunian
                                                             1.77%Pb / 3m                                                     zone
                5.9%Zn / 6m

 10.5%Zn,
 1.2%Pb / 7.4m                                                   Pillara            12.3%Zn,
                                                                                                                          9.4%Zn,
                                                                                    3.4%Pb / 14m                          1.1%Pb / 3.9m
                                                                    >1%Zn grade contour           26.7%Zn,
                                      Emanuel Shale                 >0.5%Zn grade contour         6.9%Pb / 3m
              100m
Fossil Downs Location Plan

  Fossil Downs




 Pillara Resource and
    Processing Plant



                               Cadjebut Splay and
                                Kapok Resources




                        10km
Fossil Downs Resource
• Inferred Resource of 2.15Mt @ 9.5% Zn, 2.1% Pb and 50g/t Ag
• Fossil Downs has the greatest potential to significantly expand
  the existing resource on the Lennard Shelf
• Intersections at Fossil Downs are amongst the highest grades on
  the Lennard Shelf
   • FD062; 4m @ 30.27% Zn, 10.48%Pb and 183g/t Ag from 450.6m
   • FD070; 12m @ 16.22% Zn, 3.27%Pb and 178g/t Ag from 494m
   • FD080; 13.3m @ 12.7% Zn, 1.78%Pb and 73g/t Ag from 547.7m
• Significant potential to expand resource
 Pillara Processing Plant


  Pillara Resource
    And 1.5Mtpa
  Processing Plant
(not part of project
      purchase)




                               Cadjebut and
                              Kapok Resources




                       10km
Processing Options

                     1.   Toll treat through existing
                          Pillara mill (subject to
                          concluding arrangement
                          with Lennard Shelf Pty
                          Ltd)
                     2.   Purchase Pillara mill
                          (dependent upon finding
                          partner acceptable to
                          Lennard Shelf Pty Ltd)
                     3.   Purchase second hand
                          plant and locate at Kapok

                          Trade off study needs to
                          be completed to find
                          optimum position of plant.
Investment Proposal
• Subject to securing $5M Meridian Minerals has an opportunity to
  acquire 100% of the Lennard Shelf Zinc-Lead Project
• Funding of $7M is required to be raised in May-June 09 via an equity
  raising
• Participation in the capital raising provides the investor with the
  following:
   • Access to a low risk world-class MVT Zinc-Lead project
   • Current resource base of 8.2Mt @ 7.4% Zn & 4.6% Pb
   • Excellent potential to significantly expand current resources
   • Exposure to rising zinc and lead prices
   • Abundant news flow from feasibility study and two year drill program
   • Experienced management team with a track record of shareholder value
     creation
   • Significant potential to grow market cap and share price
Use of Funds


                       Activity                          Allocated Budget


 Year One assessment of Kapok and Kapok West and
                                                               $1M
 other existing zinc-lead resources
 Year One resource extension and exploration program           $2M
 Year Two resource extension and exploration program           $2M
 Working Capital and Administration FY 09-10 and 10-11         $2M
 TOTAL                                                         $7M
Project Development Plan and News Flow
•   April 09 – Secure Project via MOU (subject to raising finance)
•   May 09 – Complete Due Diligence on assets
•   June 09 – Complete $7M fund raising
•   June 09 – MOU becomes unconditional
•   July 09 – Commence update of study in to viability of Kapok Central
    and Kapok West mineral reserves
•   July 09 – Commence resource extension drilling and exploration
•   Dec 09 – Decision Point on viability of Kapok Central and Kapok West
•   Jan 10 – Commence development work at Kapok if feasibility study is
    positive
•   Dec 10 – Complete resource extension and exploration drilling and
    move resources towards production if viable at prevailing zinc price
Conclusions
• Meridian Minerals has the opportunity to secure a 100% interest in the
  world-class Lennard Shelf Zinc-Lead MVT Project
• Existing resources comprise 8.2Mt @ 7.4% Zn & 4.6% Pb
• Premium highly sought after concentrate
• Operating and owners costs significantly lower and zinc price rising
• Significant potential to grow market cap and increase share price
• Update of feasibility study in to re-opening the Kapok Mine and
  accessing Kapok West
• Excellent potential to create value by growing the resource base at
  Kutarta, Palijippa, Kapok and Fossil Downs
• High level of existing infrastructure including 1.5Mtpa processing plant
  in the region (access to be negotiated)
• On-going news flow over two year program
Attribution


 The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on
 information compiled by Mr Jeremy Read, who is a member of The Australasian Institute of Mining and Metallurgy.

 Mr Read is a full-time employee of Meridian Minerals Limited. He has sufficient experience which is relevant to the style
 of mineralisation and type of deposit under consideration and to the activity which he is undertaking to quality as a
 Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
 Resources and Ore Reserves’. Mr Read consents to the inclusion in this announcement of the matters based upon his
 information in the form and context in which it appears.




          Resources figures relating to the Lennard Shelf Project have been taken from Western Metals Limited
                                              Report to the ASX 1st July 2003

				
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