| Yule JV Project | Tambourah Region |

OVERVIEW

• The Geological Survey of Western Australia WAMIN database identifies 8 occurrences of copper, 26 of gold and 2 of nickel within the new joint venture.

Location of the new Yule Joint Venture and De Grey's other exploration projects in the Pilbara.

• Exploration for VMS mineralisation is at an early stage in all four areas of the new joint venture.
  
  
• Limited previous exploration and geological mapping provide some encouragement and immediate targets, as illustrated by the Tambourah area.