HERON RESOURCES LIMITEDResources Victoria ConferenceAUGUST 2009AUGUST 2009

Mathew LongworthHeron Resources Limited

ASX: HRR

Disclaimer Forward Looking StatementThe material used in this presentation is intended to be a summary of selectedgeological data, current and proposed activities, as well as resource estimatesbased on information available to Heron Resources at the time. It does not includeall available information and should not be used in isolation as a basis to invest inall available information and should not be used in isolation as a basis to invest inHeron Resources. Any potential investor should refer to Heron Resources’ ASXreleases and statutory reports before considering investing in the company.

This presentation includes information relating to a completed independent scopingt d l t d i d d t ti t d f ibilit t d hi h i istudy, completed independent resource estimate and a feasibility study which is in

progress and includes “forward looking statements” which include, without limitation,estimates of potential nickel in concentrate production based on mineral resourcesthat are currently being evaluated. While the Company has a reasonable basis onwhich to express these estimates any forward looking statement is subject to riskwhich to express these estimates, any forward looking statement is subject to risk.Risks include, without limitation: nickel metal prices, foreign exchange ratemovements, failure to meet joint venture milestones, project funding capacity,concentrate off-take contracts and estimates of future capital and operating costs.

Th C d t d t k t l bli l i i t f dThe Company does not undertake to release publicly any revisions to forward looking statements included in this presentation to reflect events or results after the date of this presentation, except as may be required under applicable securities laws.The information in this report that relates to Mineral Resources is based on information compiled by James Ridley who is a Member of the Australasian Institute of Mining and Metallurgy. James Ridle is a f ll time emplo ee of Heron Reso rces Limited and has s fficient e perience that is rele ant to the st le of mineralisation and t pe of deposit nder consideration and toJames Ridley is a full time employee of Heron Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the resource estimation activities undertaken to qualify as Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. James Ridley consents to the inclusion in this report of the matters based on his information in the form and context that it appears. Note that Mineral Resources that are not Ore Reserves do not have demonstrated viability.

The information in this report that related to Exploration is based on information compiled by David von Perger who is a member of Australasian Institute of Mining and Metallurgy. David von Perger is a full time employee of Heron Resources Limited. David von Perger has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the exploration activity that he is undertaking to qualify as Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. David von Perger consents to the inclusion in this report of the matters based on his information in the form and context that it appears.

HERON RESOURCES CURRENT ACTIVITIES

A1 Gold Mine evaluation and development

Yerilla Project JV with Shanshan Co Ltd

KNP 100% Heron undergoing optimisationKNP 100% Heron undergoing optimisation and partner search

Active project acquisition

FINANCIAL SNAPSHOTListed on the ASX in 1996

Issued Shares 240.93MIssued Shares 240.93M

Share Price $0.21-$0.24

12-Month Range $0.12-$0.57g $ $

Market Cap. $53M

Cash $29 5MCash $29.5M

Top Shareholders• Directors and associates 19 7%

Graphic from ASX website

• Directors and associates 19.7%• BHP Billiton 15.6%• Inco Australia Holdings Pty Ltd 13.46%

EXPERIENCED BOARD

Chairman, Craig Readhead

Managing Director, Mathew Longworth g g g

Executive Director Strategy Ian BuchhornExecutive Director Strategy, Ian Buchhorn

Non Executive Director, Stephen Dennis

Non Executive Director, Ken Hellsten

TECHNICALLY, COMMERCIALLY ASTUTE MANAGEMENT

Managing Director, Mathew Longworth

Project Manager Yerilla, Kevin Reynolds

Company Secretary/General Counsel, Robert Klug

Exploration Manager, David von Perger

Financial Controller, Bryan Horan

Manager HSEC and Approvals, Glenn Firth

LOCATION OF A1 GOLD MINE

REGIONAL GEOLOGY

St t l d i b dGeology Boundary

Fault

TownHowqua

Eildon

Jamieson

37 15’

Middle Devonian-CarboniferousHowitt Province

Cretaceous strata

Structural domain boundary

A1 Gold Mine

Kevington

GaffneysCreekHowitt Province

Late Devonian granite

Early DevonianMontys Hut Formation

A1 Gold Mine

Matlock

37 30’

Silurian-DevonianJordan River Group

Montys Hut Formation

Early DevonianNorton Gully Sandstone

WalhallaGroup

WoodsPointAberfeldy

Jordan River Group

Ordovician strata

Cambrian rocks

Baw BawGranodiorite

37 45’

WalhallaCu Pt

Erica

Disseminated gold deposit

Quartz vein - dyke hosted

EVALUATION PROGRAMDecline to 14 Level over 24 months A5 Dyke

18,000m of drilling from historic workings and decline

A4 DykeA1 Adit

A1 Drill Sitedecline

Bulk sampling of stockworks and reefs in

A3 Dyke

stockworks and reefs in historic workings

Exploration targets outside p gof developed dyke

A1 Main Dyke

South A1 Shaft

A1 Shaft

A1 MineLocation Map

South A1 Shaft

3D VIEW OF DYKE, REEFS AND STOCKWORKS

Southern Dyke(pre ‐1900’s mining)

7L

Untested 14L

Possible Eastern Dykes’ Extensions

(open in all 

Stockworks

ReefsUntestedPossibleSouthern Extension? 17L

pdirections)

Largely untestedpossible northern A1 Dyke extension18 DDH intersectionswith Visible Gold(open in all directions)

A1 GOLD MINE LONG SECTION AND TARGETS

A1 Gold Mine Time Line to Production

Sep Dec Mar Jun Sep Dec Mar Mar

2009 2010 2011OverviewA1 Gold Project Jun Sep Dec

2012

Pre Development

Dewatering

Decline to 10 level

Drilling

Decline to 14 level

Feasibility Study

Production Capital

Commencement of Production

WHY HERONNickel/Gold focussed Board with project development and operational experience

Technically and commercially sound Management Team

World class nickel projects in stableWorld class nickel projects in stable jurisdiction

Potential early cash flow from gold assets

Credible and respected player in Australian Mining Industry

Fi i ll dFinancially sound

Heron provides significant nickel laterite experience and future productionp p

Heron provides Australian experience and partner with long term commitment

ASX: HRR

Mathew LongworthManaging DirectorManaging Director

Phone: +61 8 9215 4444Mobile : +61 418 935636