GEOLOGY AND MINERAL POTENTIAL OF PORTUGAL GEOLOGICAL AND MINING CHARACTERISTICS PRECIOUS METALS BASE METALS OTHER METALS NON METALLIC MINERALS PRODUCTION AND INVESTMENT DATA LEGAL FRAMEWORK LUÍS MARTINS (HEAD OF THE MINES AND QUARRIES DEPARTMENT) PDAC CONVENTION 2011 TORONTO, 7th March 2011

GEOTECTONIC SETTING OF THE IBERIAN PENINSULA PORTUGAL GEOTECTONIC SETTING OF THE IBERIAN PENINSULA PDAC CONVENTION 2011 TORONTO, 7th March 2011

GEOLOGY OF PORTUGAL PORTUGAL PDAC CONVENTION 2011 TORONTO, 7th March 2011

MAIN GOLD OCCURRENCES AND DEPOSITS PORTUGAL MAIN GOLD OCCURRENCES AND DEPOSITS PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL (ad. Barriga et al. 1997, Carvalho et al. & Leistel et al. 1998, Matos el al. 2000) PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL PDAC CONVENTION 2011 TORONTO, 7th March 2011

THE LAGOA SALGADA DEPOSIT PORTUGAL THE LAGOA SALGADA DEPOSIT PDAC CONVENTION 2011 TORONTO, 7th March 2011 The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc. The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc. The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc.

NEVES CORVO: A WORLD CLASS DEPOSIT PORTUGAL NEVES CORVO: A WORLD CLASS DEPOSIT To date, copper proven and probable mineral reserves at Neves-Corvo, are approximately 75,000 tonnes of contained copper. Copper measured and indicated mineral resources are now 41 million tonnes at 3.3% Cu. Zinc proven and probable mineral reserves at Neves-Corvo are 42.6 million tonnes at 6.9% Zn. Neves-Corvo has economic evaluation extending to 2030 i.e. currently a 20 year horizon. PDAC CONVENTION 2011 TORONTO, 7th March 2011 The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc. The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc. The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc.

NEVES CORVO: A WORLD CLASS DEPOSIT PORTUGAL NEVES CORVO: A WORLD CLASS DEPOSIT Lundin Mining announced in October the discovery of a new copper-rich massive sulphide deposit, the Semblana deposit, 1.5 km to the east of the Neves Corvo mining concession. Significant intersections from some assayed holes include: 20 metres at 3.47% copper (including 7 metres at 5.48% copper); 39 metres at 2.59% copper (including 11 metres at 7.02% copper); and 13 metres at 4.14% copper. Surface exploration drilling has continued to intercept a thick massive sulphide lens underlain by extensive stockwork sulphides, now delineated over an area exceeding 800 x 300 metres and completely open to the north and south. PDAC CONVENTION 2011 TORONTO, 7th March 2011 The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc. The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc. The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc.

WHY NOT A DEPOSIT SIMILAR TO NEVES CORVO IN THE IBERIAN PYRITE BELT? PORTUGAL NEVES CORVO: A WORLD CLASS DEPOSIT WHY NOT A DEPOSIT SIMILAR TO NEVES CORVO IN THE IBERIAN PYRITE BELT? PDAC CONVENTION 2011 TORONTO, 7th March 2011 The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc. The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc. The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc and the Mineral Reserves at a cut-off of 1.6% for copper and 4.3% for zinc.

OPEN TENDER FOR THE CONCESSION OF 3 AREAS IN THE IBERIAN PYRITE BELT PORTUGAL DIRECÇÃO GERAL DE ENERGIA E GEOLOGIA OPEN TENDER FOR THE CONCESSION OF 3 AREAS IN THE IBERIAN PYRITE BELT 2nd TRIMESTER 2011 ALBERNOA – VS structure; possible continuation to SE of the Aljustrel lineament; Juliana old mine MÉRTOLA – Pomarão structure; São Domingos, Balança and Chança old mines; Serra Branca gravimetric anomaly ALCOUTIM – possible continuation in depth of the Neves Corvo lineament; Barrigão, Cova dos Mouros old mines PDAC CONVENTION 2011 TORONTO, 7th March 2011

GEOTECTONIC UNITS AND MAIN W/Sn DEPOSITS AND MINES PORTUGAL GEOTECTONIC UNITS AND MAIN W/Sn DEPOSITS AND MINES PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL Panasqueira mine remains in operation. Here, in the beginning of 2009 a total of 9,355,750 tones of reserves, with 2,159,526 MTU WO3 and a cut off of 14 kg/m2 were defined. The mineralised zone consists of series of sub-horizontal quartz veins, which overlap and fill the joints of fractures occurring in schist rock. These veins vary in thickness from 1 to 150 centimetres, the average thickness of the veins currently being mined around the 30-40 cm mark. PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL Tuela is the most important tin deposit, with vast stockwork zones with a high density of mineralised veins and remobilisation along strike-slip faults running sub parallel to the regional structural alignment. For this deposit, 464,057 tonnes of measured and indicated resources were recently calculated for “Open Pit W”, with 974.86 tonnes of tin, with a grade of 2.10 kg/ton. PDAC CONVENTION 2011 TORONTO, 7th March 2011

LOCATION OF THE MAIN URANIUM DEPOSITS PORTUGAL LOCATION OF THE MAIN URANIUM DEPOSITS PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL Today no mines are working, but recently several international companies showed interest in the Portuguese potential, specially in the Nisa deposit, where 2.5 Mt with 0.11% U3O8 (cut off of 0.05%) of geological resources are estimated. PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL The Moncorvo deposit, composed of 5 ore bodies, is the most important iron deposit. Laboratorial tests showed that it’s possible to obtain concentrates with grades between 64% and 68% in Fe and 0.15% and 0.25% of P. Through metallurgical methods we can reach to iron concentrates with less of 0.10 % P. The proven and probable reserves of the Moncorvo deposit, with a total of 550 Mt of ore, are enough for produce 250 Mt of fine sinterized agglomerates with 60% to 65% Fe. PDAC CONVENTION 2011 TORONTO, 7th March 2011

PRODUCING AREAS OF INDUSTRIAL MINERALS PORTUGAL PRODUCING AREAS OF INDUSTRIAL MINERALS PDAC CONVENTION 2011 TORONTO, 7th March 2011

PRODUCING AREAS OF ORNAMENTAL & INDUSTRIAL STONE PORTUGAL PRODUCING AREAS OF ORNAMENTAL & INDUSTRIAL STONE PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL PDAC CONVENTION 2011 TORONTO, 7th March 2011

INVESTMENTS ON EXPLORATION PORTUGAL INVESTMENTS ON EXPLORATION PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL PDAC CONVENTION 2011 TORONTO, 7th March 2011

PORTUGAL PDAC CONVENTION 2011 TORONTO, 7th March 2011

MINING INVESTMENT IN PORTUGAL - WHY? PDAC CONVENTION 2011 TORONTO, 7th March 2011

SCHEDULE FOR GRANTING OF EXPLORATION RIGHTS PORTUGAL SCHEDULE FOR GRANTING OF EXPLORATION RIGHTS DESCRIPTION OF THE DIFFERENT STEPS OF AN EXPLORATION APPLICATION FOR STATE OWNED RESOURCES TYPICAL TIMESCALE MONTHS 1 2 3 4 GENERAL ASSESSMENT OF THE APPLICATION APPLICATION PUBLICITY EVALUATION OF THE APPLICATION: AUDITION OF THE CONSULTATIVE BODIES; CLARIFICATION OF THE PROPOSALS; FINAL ADVICE FROM DGEG MINISTERIAL DECISION PDAC CONVENTION 2011 TORONTO, 7th March 2011

MAIN ASPECTS OF AN EXPLORATION CONTRACT PORTUGAL MAIN ASPECTS OF AN EXPLORATION CONTRACT PDAC CONVENTION 2011 TORONTO, 7th March 2011

GOOD MINERAL POTENTIAL FOR SEVERAL SUBSTANCES PORTUGAL FINAL REMARKS GOOD MINERAL POTENTIAL FOR SEVERAL SUBSTANCES DGEG SUPPORT AND INCENTIVES ATTRACTIVE LEGAL FRAMEWORK AND FAVOURABLE GOVERNMENT POLICY PDAC CONVENTION 2011 TORONTO, 7th March 2011

Thank you for your attention PORTUGAL www.dgge.pt luis.martins@dgge.pt Visit Portugal booth #3229 Thank you for your attention PDAC CONVENTION 2011 TORONTO, 7th March 2011