29 May 2008 SYDNEY NSW 2000 VIA:

29 May 2008 The Manager Company Announcements Office Australian Stock Exchange Limited Exchange Centre Level 4, 20 Bridge Street SYDNEY NSW 2000 VIA: www.asxonline.com Dear Sir, Re: China Nickel Conference Please find attached a copy of a presentation being given by the Managing Director today at the China Nickel Conference in Shanghai. A copy of the presentation has also been posted on our website www.rusina.com.au. Yours faithfully Mark Hanlon CHIEF FINANCIAL OFFICER & COMPANY SECRETARY

http://www.asxonline.com/

http://www.rusina.com.au/

China �ickel ConferenceShanghai

29 May 2008

The Philippines:

The New Emerging Nickel Laterite Province

Disclaimer

Certain statements in this document relate to the future, including forward looking statements relating to financial

position and strategy. These forward looking statements involve known and unknown risks, uncertainties,

assumptions and other important factors that could cause the actual results, performance or achievements of be

materially different from future results, performance or achievements expressed or implied by such statements.

Such risks, uncertainties, assumptions and other important factors include, among other things, general economic

conditions, exchange rates, interest rates, the regulatory environment, structural changes in the industries in

which the Company operates, competitive pressures, selling price and market demand. The forward looking

statements in this document reflect views held only as of the date of this document.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Resources is based on

information compiled by Scott Robson (B.Sc,) who is a Member of The Australian Institute of Mining and

Metallurgy. Scott Robson has sufficient experience which is relevant to the style of mineralization and type of

deposit under consideration and to the activity 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’. Scott Robson consents to the inclusion in the report of the matters on his information in the form and

context in which it appears”.

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Presentation Outline

• The Philippines

• Introducing Rusina (ASX: RML, AIM:RMLA),

DMCI Holdings (PSE:DMC) &

European Nickel (AIM: ENK)

• The Acoje Project

– Current operation: Direct Ore Shipping

– DMCI Ferronickel Smelter Plans

– On-site processing: innovative simple heap

leach process

• The Barlo Project

• ENK’s Hermosa R&D Facility

• Conclusion

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The Philippines - An Emerging Nickel Laterite Province:

• Philippines has a strong mining history and was the leading mining country in South East Asia

during the 1980’s.

• Low commodity prices and lack of capital led to many mines closing in the early 1990’s

• The new Mining Act of 1995 set out to re-encourage mining investment.

• This was unfortunately challenged in the Supreme Court and was finally

ratified in 2004

• President Arroyo creates the Minerals Development Council in 2004.

• Since then the Philippines is the NEW emerging nickel laterite province

– Mining friendly region

– Has been underexplored until now

– Laterite deposits are significant & good grade

• Proximity to China a key advantage4

Introducing Rusina, DMCI & European Nickel

• Listed on ASX: RML, AIM: RMLA

• Focused on the Philippines

• Explorer and Developer. Nickel, Chromite, PGM’s Copper and Gold.

• Listed on London’s AIM: ENK

• Developers of proprietary heap leach process

• Projects span Turkey, Philippines & Albania

• BHP Billiton a stategic partner

• Targeting 50,000tpa Ni in 5 years to be a mid-tier producer

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• Listed on PSE: DMC

• Focused on the Philippines

• Diversified: Construction, Power, Water, Housing, Coal, Mining

Acoje Project History

• Historically South East Asia’s largest

metallurgical Chromite mine. Closed early

1990’s

• Produced 15,000 oz Platinum Group Metals

in the 1970’s

• Falconbridge explored the Zambales nickel

laterites in the late 1970’s

• Rusina acquires property in 2006.

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ACOJE PROJECTACOJE PROJECTACOJE PROJECTACOJE PROJECTACOJE PROJECTACOJE PROJECTACOJE PROJECTACOJE PROJECT

Acoje Geology

• Preserved ophiolite suite – large

layered mafic/ultramafic complex.

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• PGM located within the altered

dunite.

Hostrocks are :

• Nickel laterites located over

weathered ultramafic

(harzburgite)

Harzburgite

Gabbro

Dunite

• Chromite hosted within the dunite

and harzburgite host rocks.


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SaproliteSaprolite

LimoniteLimonite

PIGIRONPIGIRON

Source: CSA Australia Pty LtdSource: CSA Australia Pty Ltd

Acoje Project – Nickel Laterites

• Limonite zone - High iron, medium nickel grades.

• - Easy to mine, soft laterite soils.

• Saprolite zone - Harder rock, boulder zone.

- Higher grade nickel, lower iron%

AcojeAcoje LateriteLaterite XX--section haul road to section haul road to MalimlimMalimlim


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Cut-off grade Ni = 0.75%

• JORC estimate independently conducted by SRK Perth

• Estimate based on 1,349 pits, 294 HQ diamond holes nominally spaced 100m x

100m.


JORC Nickel Resource Update

Property JORC Category Million Tonnes �i (%) Co (%)

Acoje Limonite Indicated 21.5 1.04 0.08

Inferred 4.2 1.03 0.08

Acoje Saprolite Indicated 20.9 1.25 0.04

Inferred 2.2 1.03 0.06

Total Acoje 48.8 1.13 0.06

ZCMC Laterite Inferred 23.5 1.18 0.05

Total Combined 72.3 1.15 0.06

Cut off grade Ni = 0.75% Rounding may introduce minor computatioCut off grade Ni = 0.75% Rounding may introduce minor computational errorsnal errors

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RUSINA

&

PARTNERS

50505050

40404040

2020202020202020

8888

3333

20202020

Kt pa

Capital Intensity is estimated capital cost divided by required annual nickel production for that

process

Source: Adapted from the Nickel Sector Metal and Equity Review, Fox Davies Capital


Acoje Strategy

�ICKEL – THREE TIERED APPROACH

�OW Develop short term cash flow through nickel laterite DSO.

SOO� Participate in medium term smelting operations via Electric Arc Furnace with DMCI.

LATER Develop long term, low cost, sustainable mining via Heap Leach with ENK.

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Nickel – Direct Ore Shipping (DOS)

DOS alliance contract with DMCI. No risk to Rusina. 50% Profit share.

DMCI Have built the port at Santa Cruz. Protected all year loading.

Acoje closest Nickel DOS producer to China! Shipping commenced.

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2 days 2 days

DMCI Santa Cruz Port completed Dec 2007 DMCI Santa Cruz Port completed Dec 2007

Nickel – Direct Ore Shipping

• Alliancing Contract DMCI Mining.

• DMCI responsible for all funding, mining, grade control, rehabilitation, road and port developments as

well as well as marketing and sales obligations of 5 million tonnes of ore over 5 years.

• Mine reconfigured to service Ni grades between 1 and 2% Ni. Current market conditions require ore

greater than 1.4% Ni.

• Currently ramping production rates to 1mtpa

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DMCI PortDMCI PortDMCI PortDMCI Port

A3Una PortA3Una PortA3Una PortA3Una Port

DMCI StockpilesDMCI StockpilesDMCI StockpilesDMCI Stockpiles

Nickel – Acoje DSO operation

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Nickel – Smelter Initiatives

• DMCI & Rusina jointly investigating

Calcine Kiln / Electric Arc Furnace.

• 3000 – 6000 tpa Ni production

• Rusina has free carry for 40%

interest to provide ore.

• Need saprolite ore feed. >1.7% Ni

• Reviewing 4 process routes;

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OreOre

Oil or CokeOil or Coke

PCPC

PCPC

Pulverised coal (PC)Pulverised coal (PC)

Oil or CokeOil or Coke

crushercrusher

Feasibility Study dependent on equipment availability and cost, Feasibility Study dependent on equipment availability and cost, percentage percentage

reduction possible in Kiln, suitability of reduction possible in Kiln, suitability of SemiraraSemirara coal, pricing of coal, pricing of

intermediate products, and power costs. intermediate products, and power costs.

European Nickel’s USP – simple, low cost heap leaching

• Heap leaching technology commercialised by

ENK

• Continuous testing over 3 yr period at Çaldag

project in Turkey

– Full height trial heaps

– Demonstrate permeability and recovery

• Heap recovery 75%

• Precipitation plant

– Generates plant design data

– Mixed hydroxide product is bagged and

shipped

• BHP Billiton

– Strategic partner

– Joint technology development continuing

Heap Leach at Heap Leach at CaldagCaldag, Turkey, Turkey

Rain Coats on Pads Rain Coats on Pads –– BellavistaBellavista 17

Value Optimisation through Strategic Partnership

• Onsite processing increases payability of nickel metal to ≈75%

• Access to proprietary heap leach process through strategic partnership with ENK

• Targeting ≈30,000tpa Ni production

• ENK & Rusina finalised JV in Dec 2007

• ENK to spend US$10m on BFS to earn 40% of Acoje

• ENK & Rusina to co-invest 50/50 on any other nickel laterite

deposit on Island of Luzon, Philippines

• ENK mobilise development team to Philippines, augmented by

Rusina team

Rusina & European �ickel Joint Venture The Product: Nickel Hydroxide

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Acoje column tests

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• Column tests confirming initial bottle roll tests with good leach kinetics

• Saprolite leaching faster then limonite, but with higher acid consumption

• Permeability maintained through leach

• Mixed ore (limonite and saprolite) leaching better then separate ores

Acoje Pre-Feasibility Underway

• Targeting completion Q3 2008

• Consultants appointed

– Vector Ausenco (Engineering)

– SRK (Mining)

– Snowdens (Resource)

– Gaia South (EIS)

– Wardrop (Port study)

IFC

HA PLS LA PLS

1o Heap 2o Heap

Fe PrecipitationFe Separation

PNP Sep. SNP Sep.Ni/Co Precip. Ni/Co Precip.

Water

Water

PNP SNP

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• 30,000 tpa Ni operation

• 20 year mine life

• Much data available via Caldag

(particularly in the plant design)

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Acoje Heap Leach Trial

• Permits for trial leach pads at Acoje now approved

• Construction commencing immediately by ENK

• Three heaps to be constructed

• 5,000 tonnes ore per heap

• Use of raincoats to control rain runoff

• Cyclone covers on ponds to control rain runoff

• Demonstration of leach recovery and heap permeability in a heavy rain environment

• Demonstrate environmentally benign process to local stake holders

Trial HL Pads Location at old Acoje Airstrip.

Comparison of New Nickel Projects by Resource Size, Potential

Production and Start Date

Source: Public company filingsSource: Public company filings

(1) (1) BerongBerong and and IpilanIpilan pre pre –– JORC resourcesJORC resources

Size of bubble represents resource sizeSize of bubble represents resource size

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Barlo Mine – Zambales Philippines

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• Rusina entered agreement to

Purchase Barlo Mine, 30km

north of Acoje

• VMS Copper Gold system

• Relatively under explored

• Historically mined 55kt hand

sorted >10% Cu

• Large pyrite mineralisation

present on property

• Strategic for Rusina and

partners as a hedge against acid

prices for nearby nickel project

European Nickel’s Hermosa Research & Development Facility

• Regional ENK R&D facility planned to be

built in Bataan, near Subic Bay

• R&D facility to research proprietary

technology on the Heap Leach solutions to

produce higher value final products

• Ten heaps to treat different ores from the

region

• Rusina to benefit from these technologies

being directly applied to Acoje and Zambales

Chromite

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View to South EastView to South EastView to South EastView to South EastView to South EastView to South EastView to South EastView to South East

Pad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaPad AreaProcessProcessProcessProcessProcessProcessProcessProcess

PlantPlantPlantPlantPlantPlantPlantPlant Pond AreaPond AreaPond AreaPond AreaPond AreaPond AreaPond AreaPond Area

Community – Zambales Nickel Laterite Alliance

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• Rusina and its partners have a strong

commitment in obtaining a social

licence to operate from the

community's where we operate.

• Following the recent Typhoon that

passed directly over Santa Cruz, we

were among the first to provide

immediate relief rice and groceries to

over 2000 homes in the community.

• All Large Scale Mining Co’s in

Zambales have formed an Alliance to

co-ordinate

- Social Development

- Community Relations

- Govt Relations

Conclusion

• Long term nickel fundamentals are robust

• Nickel laterite resources are the future of nickel production

• The Philippines will become a major nickel laterite producing

region

• DSO offers immediate cash flow for us, the community & Govt.

• Heap leach process offers low capital cost entry point to value add

• Onsite processing enables value optimisation by increasing metal

payability

• Acoje targeted to be medium sized nickel production of 30,000tpa

• Rusina/DMCI & ENK partnership combines in-country operating

experience with innovative technology

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China Nickel Conference

Shanghai

29 May 2008

Contacts

Rusina Mining DMCI Mining European �ickel

www.rusina.com.au www.dmciholdings.com www.enickel.co.uk

Robert Gregory Caesar Simbulan Simon Purkiss

Managing Director President Managing Director

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29 May 2008 SYDNEY NSW 2000 VIA:

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