ASX: TAR

Competent Person Statement & Disclaimer The information contained in this presentation has been prepared by Taruga Gold Limited (Company). The information in this Presentation that relates to exploration results and geological information is compiled by Mr Bernard Aylward. Mr Aylward is a full time employee of the Company and a member of the Australian Institute of Mining and Metallurgy. Mr Aylward has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Aylward consents to the inclusion in this Presentation of the information based on his work in the form and context in which it appears. To the maximum extent permitted by law, the Company and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the preparation of the presentation disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, the presentation. No representation or warranty, express or implied, is given as to the fairness, accuracy, completeness, likelihood of achievement or reasonableness of any assumptions, forecasts, prospective statements or returns contained in the presentation. Such assumptions, forecasts, prospective statements or returns are by their nature subject to significant uncertainties and contingencies, have been based on current expectations about future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described. The Company has no responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of this presentation document, which may affect any matter referred to in the presentation. You must not rely on the presentation provided but make your own independent assessment of the presentation and seek and rely upon your own independent taxation, legal, financial or other professional advice in relation to the presentation and any action taken on the basis of the presentation. All information in this presentation is current as at 1 February 2012.

Niger Ghana Cote dIvoire Taruga Gold - West African Gold Exploration

Why We Focus on West Africa Highly experienced service providers Pro-mining region with strong legal system Exploration focus in previously untested regions Leading discovery rate & development of new mines in last 15 years One of the worlds greatest gold regions ?

Bernard Aylward BSc (Hons – Geol) Board and Management Executive Chairman and Managing Director 20 years Experience as Manager & Exploration Geologist across West Africa, Australia and Europe. Ed Edwards BCom, ACA, FAICD Non-Executive Director Accountant with over 30 years experience in the resources sector, Director of Athena Resources and a former director of Aztec, Fox, Matlock Mining & Scotgold Peter Newcomb FCA (ICAEW) Executive Director, CFO and Company Secretary Chartered Accountant with over 30 years experience in the resources & other industries in a number of countries, Company Secretary of Athena Resources and Scotgold Resources.

Niger Ghana Burkina Faso Cote dIvoire Kossa Project Tortiya Project Mangkono Project Ducie Project Niger Ghana Cote dIvoire All projects located within Birimian Greenstone Belts

Niger Pro-mining country with world class Uranium mining industry Recent peaceful elections Under-explored for gold mineralisation SEMAFO (TSX:SMF), capitalised at C$2.43b, developed & operated Samira Hill gold mine since Large Canadian explorers are aggressive in Niger ? $

Kossa Project – Niger 970km2 granted licences developing gold district Very encouraging grade and width with 1km of strike to date Additional drilling and broad untested Geochemical anomalies Adjacent to IAMGolds 5Moz Essakane Gold Mine Project originally explored by Orezone with highly encouraging results. Orezone sold Essakane and the Kossa exploration ground in Niger to IAMGOLD in late 2008 Kossa and other Niger exploration deemed non core by IAMGOLD Niger Ghana Cote dIvoire Kossa Project

Same geological sequence and structural setting as Essakane Kossa licence joins the Essakane regional project with high grade results Previous exploration activity has demonstrated high grade gold intersections returned Kossa Project – Niger Niger Ghana Cote dIvoire Kossa Project Surface Sample (Au ppb) Birimian GreenstoneGranite Essakane Gold Mine 5Moz Essakane Gold Mine 5Moz Kossa Project 970km 2 Granted Licence Kossa Project 970km 2 Granted Licence 20km

Exploration Previous exploration completed by Orezone has defined strong geochemical anomalies Geology masked by extensive areas of aeolian sand cover Initial RC drilling at the Kossa and Fatatako prospects confirms the presence of primary gold mineralisation Potential for Cu-Mo mineralisation to be evaluated as previous work highlights strong anomalism 100 to to to 100 Surface Sample (Au ppb) Birimian Greenstone Granite Sand cover Essakane Gold Mine 5Moz Essakane Gold Mine 5Moz

Immediate Drilling Targets Exploration drilling by Orezone at the Kossa Prospect has defined a +900m strike length of gold mineralisation with intersections including: 14m at 3.79g/t gold from 28m in drill hole KSC033 13m at 2.43g/t gold from 20m in drill hole KSC032 11m at 3.86g/t gold from 39m in drill hole KSC039 16m at 1.13g/t gold from 50m in drill hole KSC085 15m at 2.12g/t gold from 53m in drill hole KSC056 8m at 3.83g/t gold from 50m in drill hole KSC to to to 100 Surface Sample (Au ppb) Birimian Greenstone Tarkwaian Sediments Kossa Prospect

Kossa Project – Immediate Drilling Targets Gold mineralisation hosted in folded sedimentary sequence Interpretation indicates 3 mineralised lodes remaining open along strike and depth Targeting initial resource at Kossa by end g/t Au >5g/t Au g/t Au Drill Hole – Max Gold ppm 3.79g/t fr 28m 1.92g/t fr 10m 1.60g/t fr 35m 2.43g/t fr 20m 1.13g/t fr 50m 2.16g/t fr 31m 5.84g/t fr 32m 21.17g/t fr 2m 2.32g/t fr 70m 4.41g/t fr 41m 3.83g/t fr 50m 2.07g/t fr 71m 1.78g/t fr 70m 2.12g/t fr 53m 1.33g/t fr 24m 1.51g/t fr 29m 1.21g/t fr 80m 1.14g/t fr 20m 7.45g/t fr 32m 1.14g/t fr 20m 7.45g/t fr 32m 2.82g/t fr 3m 7.46g/t fr 67m 2.82g/t fr 3m 7.46g/t fr 67m 1.17g/t fr 48m 8.51g/t fr 72m 1.17g/t fr 48m 8.51g/t fr 72m 3.07g/t fr 29m 3.86g/t fr 39m 3.07g/t fr 29m 3.86g/t fr 39m 1.84g/t fr 9m

Kossa Project – Immediate Drilling Targets 200m 180m 220m 240m 260m OB 18 OB 18A OB 17 OB 16 Interpreted Mineralisation Drill Intercept Open 48m 75m 90m KSC0050KSC0039 KSC0049 Open 35m 60m KSC0069KSC0068 Open 67m 75m 82m 100m 30m 74m 68m KSC0037 KSC0067 KSD0011KSC0038KSD0012/10 KSC0033 KSC m KSC0035 Open 75m 90m 65m KSC0036KSC0013KSC g/t fr 9m 4.41g/t fr 41m 1.31g/t fr 8m 1.42g/t fr 14m 1.42g/t fr 33m 1.31g/t fr 8m 1.42g/t fr 14m 1.42g/t fr 33m 3.07g/t fr 29m 3.86g/t fr 39m 3.07g/t fr 29m 3.86g/t fr 39m 2.32g/t fr 70m 1.92g/t fr 10m 3.79g/t fr 28m 1.32g/t fr 33m 2.33g/t fr 42m 1.32g/t fr 33m 2.33g/t fr 42m 2.15g/t fr 58m 0.86g/t fr 75m 1.60g/t fr 35m 1.34g/t fr 24m 3.83g/t fr 50m

Immediate Drilling Targets At the Fatatako Prospect gold mineralisation includes: 8m at 3.06g/t gold from 17m in drill hole FKC0016 2m at 7.23g/t gold from 6m in drill hole FKC m at 1.52g/t gold from 64m in drill hole FKC0036 7m at 2.74g/t gold from 11m in drill hole FKC0055 5m at 8.34g/t gold from 76m in drill hole FKC0058 Kossa Prospect Fatatako Prospect 100 to to to 100 Surface Sample (Au ppb) Birimian Greenstone Tarkwaian Sediments

Interpreted Mineralisation Drill Intercept Kossa Project – Immediate Drilling Targets FKC0045FKC0017FKC0016FKC0099FKC m 85m 90m Fatatako Section m 180m 220m 240m 260m 2.40g/t fr 42m 8.43g/t fr 76m

Exploration drilling testing the Kossa and Fatako prospects to follow-up previously defined gold mineralisation – RC drill rig mobilising in February 2012 Exploration will target extensions to the Fatatako Prospect and potential links to the Kossa Prospect Aircore drilling targeting extensions to north and south Detailed aeromagnetic survey of Project area to advance understanding of geology Detailed auger geochemical sampling of sand covered areas Kossa Project – Exploration Program

Ghana 2 nd Long history of established mining, robust legal system & English speaking Economy rapidly growing and developing 2nd largest African gold producer - +3Moz per year production. Major gold deposits in country, and many +10Moz gold discoveries New mines developing in country i.e. Perseus All major gold mining companies active in Ghana and many mid-tier and juniors.

Ducie Project – NW Ghana Niger Ghana Cote dIvoire 1,100km2 granted licences in exciting gold province High-tenor geochemical anomalies No previous drilling, artisanal workings Ducie Project

Ducie Project – NW Ghana Under-explored region of NW Ghana – activity on neighboring ground is uncovering new gold discoveries (ASX – Castle Minerals Ltd, Azumah Resources Ltd) Geochemical anomalies highlight major structures and targets remain open in all directions – No previous drill testing within licence Licence area contains more than 75km strike of Birimian greenstone belt Niger Ghana Cote dIvoire Ducie Project 150ppb Au 924ppb Au 100ppb Au 50km of gold mineralised structure untested. Geo chemical anomalies remain open along strike

Ducie Project – Exploration Aeromagnetic data highlights major structural control Geochemical anomalies remain open along strike with wide-spaced sampling returning results up to 150ppbAu Exploration required is geological mapping and anomaly definition to prepare for first pass drilling program 150ppb Au 924ppb Au 100ppb Au 50km of gold mineralised structure untested. Geo chemical anomalies remain open along strike ppb Au >100ppb Au ppb Au

Under-explored country with very high prospectivity Returned to stable government following election in November 2010 Active gold mining in country with Randgold Tongon Mine, Newcrest Bonikro Mine, Cluff Mining Angovia Mine & La Mancha Ity Mine Legal system strong and similar to other Francophone West African countries, eg Burkina Faso and Mali. Cote dIvoire ?

Licence Application covering 1,000km 2 of Birimian greenstone geology and major structures Very limited modern exploration completed No previous drill testing within licence area Gold mineralised structures with artisanal workings highlight priority target area Target strike length in excess of 35km Mangkono Project – Cote dIvoire Niger Ghana Cote dIvoire Key Target Area Artisanal working associated with geological structure. Target open along strike for over 20km Key Target Area Artisanal working associated with geological structure. Target open along strike for over 20km

ASX Code:TAR IPO Raise:A$6.12M, 30,616,000 new shares issued Shares on Issue:85,616,000 (33,116,000 trading) Market Cap:A$17M Cash:A$6.25M Capital Structure

Comparable StockMarket Capitalisation Enterprise Value Taruga Gold (ASX:TAR)$17 million$11 million Mt Isa Metals (ASX:MET)$46 million$33 million Golden Rim (ASX:GMR)$61 million$52 million Middle Island (ASX:MDI)$39 million$32 million Canyon Resources (ASX:CAY)$35 million$29 million Comparables

Contact: Bernard Aylward