Musgrave Ranges nickel, platinum, palladium - SA Explorers

ASX: MTHwww.mithrilresources.com.auPlease note the important disclaimer and competent persons statements att the end of this presentationSA Explorers ConferenceNovember 28 th , 2008

Blackadder Ni-Cu Prospect, NTNi, Cu (+PGE & Co) mineralisationn mapped over 180m3.8%Ni, 9.6%CuOLIVINE NORITEOPEN0.5%Ni, 0.2%Cu 12%Ni 1.2%Ni, 05 0.55%Cu0.6%Ni, 1.8%Cu1.4%Ni, 4.7%Cu1.2%Ni, 0.7%CuMETASEDIMENTSOPEN0.3%Ni, 0.3%Cu100m

Mithril Resources Ltd - SummaryCapital Structure Shares on Issue 47.39M Unlisted Options 3.3M Market Capitalisation (@$.10)$4.7M Investments (10.6% of ASX:BVE) $0.52MSubstantial and Large Shareholders Minotaur Resources Investments Pty Ltd Consolidated Nickel Pty Limited Directors Top Twenty18.8% (8.9M)17.2% (8.2M)10.1% (4.8M)58.9% (27.9M)

Highlights Nickel-copper discoveries at Huckitta inNorthern Territory Access to the Musgrave tenements inSouth Australia• Mt Alvey platinum-palladium prospect• Deering Hills iron-vanadium prosppect• Nickel sulphide drill targets Acquisition of the Pardoo ProjectinWestern Australia• Highway - 44.7Mt at 0.3%Ni, 0.1% %Cu

Mithril Resources Ltd - ProjectsDarwinPardooAndrew YoungAlice SpringsJunction JVHuckittaCaseySA MusgraveBrisbanePerthSilver SwanNorthKalgoorlieBartonCooper HillDominion JVTalia Hill JVCeduna JVKali JVAdelaideCanberraSydneyMelbourne

Musgrave Province – South AustraliaWingellina86Mt @ 1.23%Ni, 0.09%Co(Laterite – Metals X)WANTSANebo/Babel396Mt @ 0.3%Ni, 0.3%Cu(BHP Billiton)0200 km

The Musgrave Province: A large under-explored block of Proterozoic-aged rocks comprising adiversity of geological environments Nickel sulphide mineralisation is associated with the extensive maficultramaficintrusions of the Giles Complex (~1080 Ma) In South Australia, lies almost entirely within Anangu PitjantjatjaraYankunytjatjara (“APY”) Land, where exploration access has beenrestricted Mithril is one of a few companies with exploration access and holds thelargest tenement position (34,000sqkm) with 5 granted tenements

Musgrave Barrick JV – Western EL’s(Mithril earning an 80% interest)Ni-Cu Sulphide TargetsMt ALVEY PROSPECT14m@0.42g/t Pt+PdIncl. 4m@0.91g/t Pt+PdDEERING HILLSVANADIUM-MAGNETITEPriority ground EM targets identifiedGiles Complex more extensive thanpreviously mappedPACE funded drillholes at Mt Alvey Eastintersect anomalous Pt-PdNew iron-vanadium prospect identifiedHeritage clearance for up to 100 drillholes

Mt Alvey Pt-Pd ProspectMusgrave Province, SAMt Alvey EastMAD0016m @ 0.8g/t Pt+Pd0.15 g/t Pt+ +PdMt Alvey EastMAD0028m @ 0.7g/t Pt+PdMt Alvey Prospect14m @ 0.42g/t Pt+PdIncl. 4m @ 0.91g/t Pt+Pd0.17 g/t Pt+Pd0.08 g/t Pt+PdMITHRIL ELA500m

Mt Alvey Pt-Pd Prospect – Cross SectionsPACE FUNDEDDMAD 2MAD 1Increasing Cr, Mg, Ni, FeDecreasing AlIncreasing Cr, Mg, Ni, FeDecreasing AlIncreasing Cr, Mg, Ni, FeDecreasing Al

Musgrave Barrick JV – Western EL’s(Mithril earning an 80% interest)Ni-Cu Sulphide TargetsPriority ground EM targets identifiedGiles Complex more extensive thanpreviously mappedPACE funded drillholes at Mt Alvey Eastintersect anomalous Pt-PdNew iron-vanadium prospect identifiedHeritage clearance for up to 100 drillholes

Deering Hills Vanadium-MagnetiteProspect0.77%V 2 0 5 , 54.3%Fe0.72%V 2 0 5 , 53.9%Fe0.79%V2 0 5 , 53.6%Fe0.56%V 2 0 5 , 55.5%Fe0.83%V 2 0 5 , 55.1%Fe0.71%V 2 0 5 , 53.5%Fe0.73%V 2 0 5 , 53.7%Fe0.48%V 2 0 5 , 55.3%FeAustralian Vanadium-Magnetite DepositssBalla Balla (Aurox Resources Ltd) 103Mt @ 0.65% V2O5, 46% FeBarambie (Reed Resources Ltd) 36.3Mt @ 0.82% V2O5, 49.2% Fe2O3 Windimurra (Windimurra Vanadium Ltd) 149Mt @ 0.46% V2O51 km

Musgrave Province – South AustraliaWingellina86Mt @ 1.23%Ni, 0.09%Co(Laterite – Metals X)WANTSANebo/Babel396Mt @ 0.3%Ni, 0.3%Cu(BHP Billiton)0200 km

Musgrave Barrick JV (east)Previous exploration activityRecorded CuoccurrenceNo Geochemicalsampling inthis area to datePrevious exploration limited to stream sediment samplingand limited ground follow-upLarge Geochemical target in the east has not been explainedRecorded Cu occurrence in norite not followed upHeritage surveys completedMapped mafic/ultramaficInterpreted basal Giles ComplexRock Sample LocationNi in Stream Sediment(pp pm)5km

The Musgrave Province – Mithril PlannedExploration for 2009 onwards Drill testing of nickel sulphide targets – EM conductors and potentialfeeders into base of large Giles gabbroic bodies Drill testing to determine extent of the Vanadium-Magnetitemineralisation Detailed geophysical surveys (magnetics) along strike from Mt AlveyPGE horizon to assist in targeting next drilling phase Geological l mapping and geochemical sampling of eastern tenementstfollowing up existing Ni-Cu anomalism and mineral occurrence Continue to assess other ELAs to bring forward to grant

Huckitta Project – JV SummaryBHPBillitonJVBHPBillitonJVBlackadderBaldrickEdmund

1.2%Ni, 0.5%Cu0.6%Ni, 1.8%CuBlackadder – Baldrick ProspectsBALDRICK0.8%Ni, 23.2% Cu0.4%Ni, 0.2% Cu0.7%Ni, 1.9% CuBLACKADDER3.8%Ni, 9.6%Cu1.4%Ni, 4.7%Cu1.2%Ni, 0.7%Cu0.3%Ni, 0.3%Cu

Blackadder Ni-Cu Prospect, NTNi, Cu (+PGE & Co) mineralisationn mapped over 180m3.8%Ni, 9.6%CuOLIVINE NORITEOPEN0.5%Ni, 0.2%Cu 12%Ni 1.2%Ni, 05 0.55%Cu0.6%Ni, 1.8%Cu1.4%Ni, 4.7%Cu1.2%Ni, 0.7%CuMETASEDIMENTSOPEN0.3%Ni, 0.3%Cu100m

Favourable geological setting High grades in surface sampling Favourable host rockNiCuCoPtPdAuAg% % % ppm ppm ppm ppm3.84 9.60 0.05 1.05 0.07 0.60 18.2popncpy New prospects: no drilling orsystematic exploration completed todate Identification of numerous gabbroicbodies with disseminated sulphidessuggests a large, fertile magmaticevent

DisclaimerThis presentation has been prepared by Mithril Resources Limited (Mithril).The information contained in this presentation is a professionalopinion only and is given in good faith. Certain information in this document has been derived from third parties and though Mithril has noreason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Mithril.Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risksand contingencies, many of which are outside the control of, and may be unknown to, Mithril. In particular, they speak only as of the date ofthis document, they assume the success of Mithril’s strategies, and they are subject to significant regulatory, business, competitive andeconomic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions onwhich the forward-looking statements are based. Recipients of this document (Recipients) are cautioned to not place undue reliance on suchforward-looking statements.Mithril makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not takeresponsibility for updating any information or correcting any error or omission which may become apparent after this document has beenissued.To the extent permitted by law, Mithril and its officers, employees, related bodies corporate and agents (Agents) disclaim all liability, direct,indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Mithril and/or any of its Agents) for anyloss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation orinformation.All amounts in A$ unless stated otherwise.Competent Person’s StatementThe information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled byMr G Ascough, who is a full-time employee of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Mr G Ascoughhas more than five years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activitywhich he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves”. Mr G Ascough consents to the inclusion in the report of the matters based on his information inthe form and context in which it appears.