VULCAN RESOURCES PRESENTS TO THE FENNOSCANDIAN EXPLORATION AND MINING CONFERENCE

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1 ABN Ground Floor, 1 Altona Street, West Perth WA 6005 Telephone: NEWS RELEASE 4 December 2009 VULCAN RESOURCES PRESENTS TO THE FENNOSCANDIAN EXPLORATION AND MINING CONFERENCE Base metal explorer, Vulcan Resources (ASX: VCN, FSE: VUA, WKN: A0HHEF, Norwegian OTC: VCNR) is pleased to announce that Managing Director, Dr Alistair Cowden, presented a corporate overview at the Fennoscandian Exploration and Mining Conference yesterday in Rovaniemi, Finland. Attached is a copy of his presentation. - ENDS - Please direct enquiries to: Alistair Cowden Managing Director Tel: admin@vulcanresources.com.au Australian Securities Exchange: VCN, Frankfurt Stock Exchange: VUA (WKN: A0HHEF), Norwegian OTC: VCNR VRL1845D-AC

2 Vulcan Resources Limited Fennoscandian Exploration and Mining Conference 3 December 2009 Alistair Cowden, Managing Director Ph: admin@vulcanresources.com.au

3 Regulatory and Compliance Disclaimer This presentation and information contained in it is being provided to shareholders and investors for information purposes only. Shareholders and investors should undertake their own evaluation of this information and otherwise contact their professional advisers in the event they wish to buy or sell shares. To the extent the information contains any projections the Company has provided these projections based upon the information that has been provided to the Company. The Company does not make any representations as to the accuracy or otherwise of that third party information. Competent Person Statement The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Alistair Cowden BSc (Hons), PhD, MAusIMM, MAIG, Mr Jarmo Vesanto, MSc, MAusIMM and Mr Jani Impola, MSc (Geology), MAusIMM, who are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Alistair Cowden, Mr Jarmo Vesanto and Mr Jani Impola consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Metal Equivalence Metal equivalence: Assumes equally a copper-gold deposit with a gold deposit, copper US$3.00/lb, gold US$1,000/oz and copper values being equated to 80% of gold values to reflect copper concentrate sales terms and individual metal recoveries delivering lower payability compared to typical gold deposits. ASX Releases Details of Resource and Reserves can be found in Vulcan ASX releases dated 23 October 2009 and 16 November 2009 and Universal ASX releases dated 21 October Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

4 We dominate the Outokumpu area - mill acquisition enables production Outokumpu 3 Copyright 2009 in Vulcan the Resources 1940 s Limited Corporate Presentation FEM Conference 3 December 2009

5 Outokumpu Area: Project Statust Outokumpu: a major mineral field with 2 billion lbs Cu, 1m oz Au produced ( ) Kylylahti l is the largest unmined deposit, fully permitted, DFS complete Straightforward underground mine 9 year mine life, potential for 15 years 15.5Mt of Resources 1st Class infrastructure Luikonlahti mill Close to smelters and refineries for potential sale of copper-gold and cobalt-nickel concentrates 4 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

6 The Luikonlahti Mill and Tailings Dam 5 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

7 Luikonlahti will be our Treatment Hub Built 1968, treated both Outokumpu type ore and talc ore Formerly 650,000 tpa capacity, will refurbish for 6m to bring back to 600,000 tpa On care and maintenance for 18 months, in sound condition (Sweco audit) Permitted with 10 years plus capacity in tailings dam Seven deposits within 45km of mill Acquisition removes capital barrier to Kylylahti mine development 6 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

8 Luikonlahti Mill: Flotation Cells 7 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

9 8 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009 Luikonlahti Plant

10 9 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009 Pebble Mill

11 10 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009 Outokumpu Area

12 Outokumpu Area Resources Deposit Tonnes Cu Co Ni Zn Au (m) (%) (%) (%) (%) (g/t) Kylylahti l Saramäki Vuonos Hautalampi Riihilahti Total * Excludes Perttilahti and Kokka deposits 11 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

13 Kylylahti well understood geology Schematic Cross Section Plan of Surface Geology Complex polyphase deformation Upper Amphibolite metamorphism for 200Ma No modern analogue 70km of diamond drilling at Kylylahti 12 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

14 13 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009 Hautalampi Deposit

15 Project Concept Mine Kylylahti at ,000 tpa Cemented rock fill rather than paste Head grade above 1.5% copper (with cobalt, nickel, zinc and gold credits) Minimal infrastructure at Kylylahti mine site truck ore to Luikonlahti Produce copper-gold, zinc and cobalt- nickel concentrates Copper and zinc concentrates for conventional sale Stockpile cobalt-nickel concentrate pending testwork to achieve > 7% nickel equivalent grade Potential blending with ores from other Vulcan deposits 14 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

16 Kylylahti Mine Site Old Talc Pits Old Talc Waste Dump Power Line Portal Site 15 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

17 Annual Production potential: metal in concentrates Copper: 8,000-9,000 tonnes Gold: 8,000-9,000 ounces Zinc: 2,000 tonnes Cobalt: 800 tonnes Nickel: 600 tonnes Value at today s prices: US$130m plus Equates to >100, oz gold or 20,000t 000t copper producer 16 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

18 Kylylahti yy Strategy Revisit and update the DFS using Luikonlahti rather than 85m new mill New mine plan at higher grades than DFS using recent high-grade grade Resource estimate Start up with sale of copper-gold and zinc concentrates t Commenced discussions with equity and debt providers and offtakers Aiming for a mine development decision in Q Optimise cobalt-nickel concentrate grade, investigate second mine & mill expansion 17 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

19 5. Don t forget the nickel business Massive nickel sulphides; approx 2.5% Ni, 0.7%Cu & 4-5g/t Pd+Pt 18 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

20 An emerging g Nickel Province? 150km long 2.74Ga Archaean greenstone belt Similar to Australia & Canada Abundant targets & under explored 12 drilled komatiite hosted nickel sulphide occurrences Australian experience reinforces that sulphides lead to mine discoveries multiple sulphide occurrences and deposits at Kuhmo 19 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

21 Winter nickel drilling at Hietaharju 20 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

22 Hietaharju example of potential Cross section showing multiple lenses of nickel mineralisation 21 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

23 We have built a substantial portfolio containing 75,000 t nickel metal Kuhmo Nickel Project (95%): 0.4% nickel with copper, platinum and palladium credits. Dominate 150km long greenstone belt. Kotalahti Project (100%): 0.8% nickel, 0.3% copper in Proterozoic intrusions. Past production of 12.4Mt. SW Finland (100%): 0.7% nickel, 0.2% copper near Dragon s Vammala mill (See ASX announcements on 16 November 2009 and 23 October 2009 for details) 22 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

24 Universal Merger - acquiring scale in copper 23 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009

25 24 Copyright 2009 Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009 Exploration Upside: Blackard

26 Outokumpu-born again Keretti 25 Mine, Copyright s Vulcan Resources Limited Corporate Presentation FEM Conference 3 December 2009