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VATUKOULA GOLD MINES AIM – “VGM”

RE-ESTABLISHED OPERATION REVITALISED MINING STRATEGY IMMEDIATE PRODUCTION, TARGETING 110,000 OZ/YEAR

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Important Information

The summary information contained herein has been provided by Vatukoula Gold Mines Plc (“VGM” or “the Company”). No representation, express or implied, or warranty as to the accuracy or completeness of the information contained herein is made by any party and nothing contained herein is or shall be relied upon as a promise or representation as to the future. In all cases, recipients should conduct their own investigation and analysis of VGM.

Except as otherwise indicated, the information contained herein is as of 24 th there has been no change in the affairs of the Company, market conditions or regulations since such date. The Company does not assume any obligation to update the information contained herein, including forward-looking statements.

April 2009 and should not, under any circumstances, create an implication that The information is neither an offer to sell nor a solicitation of an offer to buy any securities.

The contents of this presentation are confidential and must not be copied, published, reproduced, distributed in whole or in part to others at any time by recipients. This presentation is being provided to recipients on the basis that they keep confidential any information contained herein or otherwise made available, whether oral or in writing, in connection with the Company.

The information contained herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to VGM that are based on management’s current expectations, estimates and projections about the Company. Words such as “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Further, some of these forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements including rise in production capabilities and timetables; financials projections; production costs; and economic predictions.

Forward-looking statements in this presentation are subject to known and unknown risks, uncertainties and other factors that may cause VGMs' actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: geopolitical uncertainty, political and economic instability, uncertain legal enforcement and risk of corruption where mining operations are located; changes in, and the effects of, the laws, regulations and government policies affecting VGMs' mining operations, uncertainties related to raising substantial additional financing to make all necessary investments and complete proposed mining projects; uncertainties related to the accuracy of in their entirety by this cautionary statement.

VGMs’ estimates of mineral reserves and mineral resources and VGMs ' estimates of future production and future total cash costs of production; uncertainties and costs related to exploration and development activities, feasibility studies that provide estimates of expected or anticipated economic returns from a mining project; uncertainties related to expected production rates, timing of production and the total cash costs of production; changes in general economic conditions, the financial markets and the demand and market prices of precious metals and diamonds. All forward-looking statements are expressly qualified

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Fiji – Pacific Rim

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Corporate Structure – Clear Ownership

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VGM has a 100% equity interest in the Vatukoula Gold Mine and exploration licences on Viti Levu (SPL 1344, SPL 1201, SPL 1360)

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Historic production of 7.1 million ounces at 11 g/t

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Current JORC Resource of 5 million ounces at 10 g/t

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Benefits from a strong management team, with many years of global experience in both the investment and operational side of the gold industry

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Senior Directors and Management Diverse Gold Expertise

      Ian Colin Orr-Ewing, Executive Chairman  35 years of experience in the natural resource sector which covers both oil and mining industries  Former director of UK and Canadian oil companies and Irish and Canadian mining companies David Paxton, Chief Executive Officer   30 years of experience in the natural resource sector Former International Mining Analyst Kiran Morzaria, Finance Director   8 years of experience in the mineral resource industry covering gold and diamonds Appointed Finance Director of Vatukoula Gold Mines in 2004, after four years as an exploration geologist Ian Stalker, Non-Executive Director  Former Managing Director at Ashanti Goldfields Limited, Chief Executive Officer of UraMin Inc. and Former Vice President for Gold Fields, Australia and Europe in 2004 David Lenigas, Executive Director   Executive Chairman and Chief Executive of Lonrho Plc and LeniGas and Oil plc Former Managing Director of the of the joint venture that ran the Vatukoula Gold Mine Bert Leathley, General Manager   Former General Manager of Trekkopje, Namibia 30 years in the mining industry. Previously managed Avnel Gold, Kalana Mine (Mali) and Ashanti Goldfields

Production Strategy

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 A Gold Resource of 5.15 million ounces at an average grade of 9.49 grams/tonne. (JORC compliant)  High grade underground gold mine planning to produce 110,000 ounces per annum in 2009 increasing to 120,000 oz per annum  Proven and Probable reserves of 858,000 ounces gold, at a diluted grade of 11.4 grams/tonne sufficient for a 8 year mine life at current production levels  Measured and Indicated resource extends the life to over 40 years.

 Converting exploration properties into production resources  Concentrating on rigorous cost control

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VGM – Mine Layout

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Vatukoula Overview

 3 operating shafts, 1 decline, underground drives, and several ventilation shafts  Operational history that extends over 70 years of gold production  Average production 1996 to 2005 of 121,000 ounces Gold per annum  Tonnes milled 1996 to 2005 consistently above 500,000 tonnes (average 563,242 tonnes per annum)  Grades between 5.6 g/t and 7.82 g/t over this period

Smith and Philip Shaft Headgears

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Mine Infrastructure / Facilities

 A Process facility rated at 700,000 tonnes per annum process The circut includes crushing, grinding, flotation, roaster, CIP and numerous tailings dams.

 Equipment includes trackless jumbos, several Toro load-haul-dump vehicles, support trucks and all the other associated equipment  Infrastructure includes a 20 Mega watt power station   All necessary services on-site including; assay labs, workshops, staff housing and sports facilities.

7,549 hectares of freehold land

Vatukoula Processing Plant

VGM – Historic Production & Tonnage

160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Gold Produced Grade 11.00

9.00

7.00

5.00

3.00

1.00

-1.00

Six Months Production

 Mine restarted in April 2008  Six months production statistics; 114,000 tonnes mined at a grade of 7.64 g/t resulting in 18,000 ounces gold produced.

 Operating issues have been the availability of operating equipment  100 year storm in January this year overwhelmed the surface drainage.

Operating Costs – Half Year

38% 10%

Operating Costs 114,200 tonnes, >17,991 ounces gold (US$831 per ounce gold)

11% 13% 13% 8% Variable Mining Variable Milling Labour Engineering Fixed Milling Other Mining Power 7%

Actual figures to end February 2009.

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Vatukoula Mine Cross Section – Shallow Underground Mine

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VGM – Regional Exploration Potential

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Capital Structure

(As of 24 th April 2009)

Issued Share Capital Issued and fully paid Current Price Market Capitalisation Management & employee warrants and options Fully Diluted Market Capitalisation 2,536.4 million 1.025 pence £ 26.0 million US$ 38.4 million 207.7 million 2,744.1 million £ 28.1 million US$ 41.6 million Cash Position Major Shareholders SPROTT ASSET MANAGEMENT Number 455.0 million % of Issued Share Capital 17.9 % CANADIAN ZINC CORPORATION 347.7 million 13.7 % INGALLS & SNYDER LLC 139.0 million STATE STREET NOMINEES LIMITED 95.0 million 5.5 % 3.7 % £2.60 million

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Contact Information

UK Office

Level 5, 22 Arlington Street, London SW1A 1RD, United Kingdom t: +44 (0) 20 7016 7861 f: +44 (0) 20 7016 5101

[email protected]

Dave Paxton

[email protected]