Gold.Production.

Growth.Presentation to the Sydney Mining Club Choosing New

Milestones

03 February 2005

Our StrategyGrowth in China

Environmentally advanced gold treatment businessCash flowAccess to existing producersEmerging opportunities

Growth in the PacificGold Ridge 2.3M ozs @ 150,000ozs/yGrowth through Exploration potentialLong term refractory ore potential using Bacox

Growth through competitive advantage in refractory ore processing

Our Value

ChinaImminent cash flow from 82% of expected 170k ozs of production in China China experienced managementPotential for increase in production as Environmental laws take effect in China for some 4M ozs of refractory oreAccess to existing and new projects in worlds 4th largest gold producer

Mkt Cap 1 Feb 04 - A$55M For this you get;

Pacific20% with option to 47% of 2.3Moz resource In 2006/7 150k pa production (2.3M ozs resource) @ US$235/ozExploration potential (drilling below resource area)

10m@ 32g/t from 446m down hole8m @ 11.6g/t from 408m down hole

Refractory at depth – Bacterial oxidation potential?

Opportunity for value growth

Corporate Overview

MIC inexpensive in relation to peers

Company ASX Resource Reserves Share price Market Cap Market Cap Market Capm oz m oz cps A$m per resource oz per reserve oz

A$/ oz Au A$/ oz Au

Beaconsfield* BCD 0.71 0.38 40 58 168 315Bendigo BDG 13.00 0.20 90 228 18 1,138BMA Gold BMA 0.43 0.24 35 20 47 86Bolnisi Gold** BSG 3.10 52 89 29 n/aDragon DRA 0.32 0.29 27 95 294 332Highlands HIG 1.20 0.50 47 199 166 399Kingsgate KCN 1.08 0.79 270 228 211 288Leviathan LVR 1.16 0.25 107 82 70 331Michelago*** MIC 2.30 1.60 8.2 58 66 91Perseverance PSV 2.45 1.01 36 190 78 188Range River RNG 0.45 15 13 29 n/aSino Gold SGX 3.10 2.10 210 275 89 131Average 105 330

* - figure adjusted to account for BCD 48.5% interest in the Beaconsfield mine, TAS** - BSG - incorporates silver credits*** - figure adjusted to account for MIC moving to 47.5% interest in Gold Ridge, BioGold not accounted for

Project locations

Gold RidgeSignificant reserves and resources• Reserves - 1.67 M ozs• Resources – 2.3 M ozs

Low waste to ore ratio, 1:1Low cost gold producer approx US$235/ozExisting plantProduction 150,000 ozs/year and mine life >10 yearsExpected recommencement of production in mid 2006

Recommencement 2006

Deposit Total Resource

Tonnes

(000t)

Grade

g/t Au

Ounces

ValehaichichiNamachamataKupersDawson

10,6001,750

12,04014,820

1.72.22.01.9

582,300120,100784,100880,800

Total 39,210 1.9 2,367,300

June 2000 Resource (Delta Gold 2000 Annual Report)Not included below Kupers;

10m@ 32g/t from 446m down hole8m @ 11.6g/t from 408m down hole

Mining/Processing

Low operating costs

Low sulphidation epithermalZone 2.5km long and 1.4km wideOpen CutThree ore types: oxide, transitional and fresh. The oxide material is soft and generally free diggingStrip ratio average 1:1 Max pit depths 70mOre crushed - CIP.Power station on site

InfrastructureReasonably good condition:

Valehaichichi pit tailings dams and water storage damsconcrete foundationsstructural steel at the plant siteprimary crushing station, the ball mill, CIP circuit and tanks.

Significant infrastructure in place

Infrastructure

⇑ Original Status

⇓ Current Status

SecurityRAMSI - July 2003 Aust and other Pacific govts put army and police forces in place to restore stabilityOver $1billion spent for long term commitmentGold Ridge was some 30% of GDP

Underpinned by Aust – NZ govt commitment to stability

OpportunityNear term Production

150kpa @US$235 in 12 - 24 monthsExploration potential

Exploration limited since the early 1990s – focus was on drilling out the four known deposits. Best intersections from wildcat holes below Kupers include;

10m@ 32g/t from 446m down hole8m @ 11.6g/t from 408m down hole

Refractory at depth – Bacterial oxidation potential?

A rare opportunity in our backyard

Australian Solomons GoldTo purchase AND develop – some US$90M – reduced by US$20M if certain fiscal and gold price milestones are not metTotal acquisition and development costs US$30 – US$39/oz resourceExpected to be financed by US$30M – US$50M equity and US$40M debtEquity paid in 3 tranches – majority after PRI and key approvals (6 months), balance just prior to production

Attractive Project Economics

MIC/ASGMIC currently 20% of ASGMIC raised funds in January for first 1st payment trancheOption over further 27.5% subject to shareholder approvalMIC to be 47.5%

Potential to increase equity

China

BioGold

China Reserves and Resources (Chinese

classification)Reserves 4,000 tonnes 129M ozs)

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Shandong Xinjiang Sichuan Shaanxi Guizhou

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Shandong Shaanxi Sichuan Yunnan Guizhou

Source: 2003 data, GFMS

Resources 11,000 tonnes (354M ozs)

China – Refractory GoldUSA Australia China

Annual Production (ozs) 9.7M 8.8M6.8M

No operating mines 75 55 >1,000

Refractory production 20% 5% ~70% (4.5M ozs)

Largest mine (ozs/y) 1.4M 0.8M 0.15M

(USGS 2002)Very fragmented industryDominated by small minersCentral processing is common

From 94 tons(3M ozs) in 1994 to 212 (6.8M ozs) tons in 2004

Shandong is a key Province

2004 China production was 212 tonnes (6.8M ozs)Shandong largest producer with 64.5 tons (2M ozs) output in 2004Other top gold producing provinces adjacent to Shandong: Henan, Liaoning, Hebei

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Shandong Henan Shaanxi Liaoning Hebei

Source: 2003 data, GFMS, China Gold News

top gold producing provinces

Michelago Business CaseEnvironmental laws changing industryIn 1995, there were 10 roasters in Shandong, now there are only 2 (Zhaoyuan and Muping)The BioGold (Laizhou) treatment plant is the only (non roasting technology) commercial facility in China which can treat refractory gold concentrates. More mines are now examining the potential to sell previously unprofitable refractory ore.

Environmental issues now in the forefront of the China’s Gold Industry

BioGold: immediate cashflow

Commissioned 2000

Est 2005 production:

80,000 ozs Bacox

90,000 ozs CIL plant

260,000 ozs gold refinery

2006 Bacox expansion from 80 to 150k oz pa

10 year rights to Bacox in China, Mongolia, Siberia and Korea

Environmentally acceptable to China EPA

MIC purchase price 82% for A$11M

Synergies with Gold Ridge mine

MIC to be in control of BioGold cash flow

The transaction progress Negotiate transaction (June – Nov 03) Independent experts report (Jan 04) Shareholder approval for acquisition (May 04) Equity Purchase Agreement (Dec 04) Joint Venture Agreement (Dec 04) Bactech Licence Agreement (Jan 05) Materials Supply and Service Agreement (Jan 05)

Replace existing Bank guarantee (Mar - Apr 05)BioGold from Coy ltd by shares to SFJV (SFJV) (Mar - Apr 05)Provincial Govt. to issue Business Licence to SFJV(Mar Apr 05)

Completion imminent

Concentrate stockpiles at BioGold Facility

Bacox Plant

Living bacteria in tank

Research BioGold laboratory

Michelago Business Case

Concentrate stock (either paid in advance, in transit, or in circuit) may be up to an equivalent of 75,000 ozs depending on season and quality.

MIC is working with an Australian Bank to transfer existing working capital loan facility from Vendor

Other exploration

Xinjiang Project5 deposits covering some 2,000km2

On going business development

Reviewing open cutsSeveral opportunities

Other Foreign Companies

Afcan Mining CorporationAnglo Gold AshantiBarrick Gold CorporationCaledon Resources plc.China Diamond Corp.Consolidated Minerals LimitedCrescent GoldDynasty Gold CorporationEldorado Gold CorporationGold Fields Ltd. Inter-Citic Minerals Inc.International KirklandIvanhoe Mines Ltd. Jinshan Gold Mines

Afcan Mining CorporationAnglo Gold AshantiBarrick Gold CorporationCaledon Resources plc.China Diamond Corp.Consolidated Minerals LimitedCrescent GoldDynasty Gold CorporationEldorado Gold CorporationGold Fields Ltd. Inter-Citic Minerals Inc.International KirklandIvanhoe Mines Ltd. Jinshan Gold Mines

Kingsgate Consolidated Ltd.Leyshon Resources Luna Gold Majestic Gold Corp.MichelagoMincorpMundoro Mining Inc. NGM Resources LimitedOxiana Ltd.Placer Dome (China) Ltd.Sino Gold Ltd.South Western resourcesSparton Resources

Kingsgate Consolidated Ltd.Leyshon Resources Luna Gold Majestic Gold Corp.MichelagoMincorpMundoro Mining Inc. NGM Resources LimitedOxiana Ltd.Placer Dome (China) Ltd.Sino Gold Ltd.South Western resourcesSparton Resources

China Mining Congress 2004 had 1,350 delegates broken down into about

550 international and 800 Chinese mining corporationsGrowing International presence within Chinese Mining

Sector

Risk Perception

Risk rank rose from 13th to 9th over last year reflecting improved view of doing business in China, and the more business-friendly attitude of the Chinese government

Source: Mining NewsGrowing confidence in China

Corporate OverviewASX listed, code MIC, Sydney basedMarket Cap $55million - 701m shares @ A$0.08

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JOHN HORAN FCPA, FCIS Non-Executive ChairmanPETER SECKER BSc (Hons) Mining Technical Director GREG STARR BBUS, CPA, MAICD, FACCA Managing Director STEPHEN EVERETT BE Chem Eng, MAICD Non-executive Director

Board of Directors

SummaryGold Focus Production to cash flow

(BioGold 140k+ ozs, Gold Ridge 75k ozs) 215,000+ ozs production by mid 2006

Competitive AdvantageEnvironmentally friendly processingChina’s refractory gold resources >100M ozsMultiple ore sources inside and outside China

MIC’s growth opportunity 3 years >300,000ozs