This powerpoint presentation contains or refers to "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements in this release, other than statements of historical fact, which address activities, events or developments that Buchans Minerals believes, expects or anticipates will or may occur in the future are forward-looking information. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipates" or "does not anticipate", "believes", "intends" and similar expressions or statements that certain actions, events or results "may", "could", " "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.

In particular, all statements in this powerpoint presentation that address estimated resource quantities, grades and contained metals, possible future mining, and exploration and development activities are forward looking statements. By its very nature, a preliminary economic assessment (“PEA”) prepared by Wardrop Engineering (“Wardrop”) is preliminary. The PEA includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the findings of the PEA will be realized. Wardrop's assumptions, estimates, expectations, analysis and opinions used in the PEA are based on the information available to Buchans Minerals and Wardrop as of the date of this news release. Wardrop's assumptions and estimates are based on experience and perceptions of trends, current conditions and expected development as well as other factors that Wardrop believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. In particular, assumptions have been made regarding a number of variables that impact the Lundberg project and include, among other things, market prices for metals, exchange rates, inferred resource tonnages & grades, stripping ratios, processing techniques, through-put rates, flotation recoveries, concentrate grades, smelter charges, transportation charges, tailings disposal, waste rock disposal, site reclamation, equipment salvage, operating costs (including mining, processing & general administrative costs), capital costs and assumptions that all the necessary regulatory (including environmental) permits will be issued in respect of the project.

Readers & viewers are cautioned that the foregoing list is not exhaustive of all factors, variables and assumptions which may have been used. Buchans Minerals is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Buchans Minerals’ actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of a number of factors, many of which are beyond the Company’s control. These factors include, but are not necessarily limited to, results of the exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource estimations, receipt and security of mineral property titles, receipt of licenses required to conduct mining activities, country risks, project cost overruns or unanticipated costs and expenses, the availability of funds, fluctuations in metal prices, currency fluctuations, and general market and industry conditions. Although the Company believes the expectations expressed in the PEA and other forward looking statements are based on reasonable assumptions, there is no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, such statements should not be in any way construed as guarantees of future performance as actual results or developments may differ materially from those forward-looking statements and readers should not place undue reliance on this information.

Forward Looking Statement Disclaimer

Directors & Management

  Warren MacLeod BA., Director & President, experienced junior mining operator

  Dennis MacLeod Director & former President of numerous mining co.’s

  Paul Moore M.Sc., P.Geo., Director & VP Exploration, 25 years exploration

  Ed Merringer LL.B., Director, former partner at Ladner Gervais Law firm

  Steve Poad CA, Director, CFO Colossus Minerals

  Dan Burneski CA, Director, experienced international commodities trader

  Andrew Forrest M.Sc., B.Eng., Director, mining engineer

Corporate Information

Trading Exchange: Toronto Venture Exchange (TSX-V)

Trading Symbol: BMC.V

Shares Outstanding: 166,283,160

Options: 11,317,000

Warrants: 41,613,699

Cash (May 16th, 2012): ~$2,750,000

Trading Range (12 month): $0.040 - $0.175

Market Cap (May 16th, 2012): ~$7,500,000

  BASE METAL ASSET – SPIN-OUT

  Lundberg Deposit - Positive Preliminary Economic Assessment

  Strategic JV with Minco plc.

  MANGANESE ASSETS

  Woodstock Manganese deposits

  Option to Minco plc. To evaluate

Buchans

Head Office

Exploration Office

Toronto

Woodstock

Buchans

Head Office

Exploration Office

Toronto

Buchans

Head Office

Exploration Office

Toronto

Woodstock

Atlantic Canada Exploration & Development

•  A g r e e m e n t w i t h M i n c o p l c . announced on April 30th, 2012.

•  $8 mill ion JV to develop the Lundberg deposit to feasibility over 4 years

•  $1 million exclusive option to evaluate the Woodstock manganese project

•  $1 million private placement in Buchans for a strategic share position of ~10%

•  Base metal assets include the Lundberg deposit (100%), Daniels Pond deposit (100%), and an interest in the Tulks Hill deposit (49%)

•  Lundberg deposit with positive Preliminary Economic Assessment to act as anchor asset for satellite deposits.

MINCO PLC. Strategic Partnership

Lundberg Base Metal Deposit Preliminary Economic Assessment

ANCHOR ASSET TO CONSOLIDATION OF BUCHANS MINING CAMP

HISTORIC BUCHANS MINE

•  His tor ic Buchans mine operated from 1928 to 1984 and was one of Canada’s richest base metal mines.

•  World c lass geologica l environment for discovering high grade VMS base metal deposits.

•  Lundberg was re-discovered by doing a record search of the historical archives of the old Buchans mine.

•  Stockwork mineralization had been identified around and below the old Lucky Strike massive sulphide ore body.

•  Minera l izat ion was not considered economic to mine in the early 1980’s.

Lundberg Mineralization

Lundberg Deposit OLD LUCKY STRIKE GLORY HOLE

Lundberg

Engine House Approximate Outline of Resource Cut-offs (projected to surface)

Historic Drill Hole (underground)

2008 Buchans River Drill Hole Historic Drill Hole (surface)

Extent of Underground workings, projected to surface

3% Zinc Cut-off 2% Zinc Cut-off 1% Combined Base Metal (Zn% + Pb% + Cu%) Cut-off

200 m

LUNDBERG Bulk Tonnage Target

LUNDBERG & ENGINE HOUSE DEPOSITS

•  Lundberg & Engine House deposits

•  Bulk tonnage base metal stockwork mineralization at surface

•  Open pit mine plan completed Wardrop Engineering

Lundberg Inferred Resource (National Instrument 43-101 compliant)

Threshold Tonnes Zn % Pb % Cu % Ag g/t Au g/t Combined Zn, Pb, Cu %

Lundberg Inferred Resource

20,700,000 1.68 0.72 0.38 5.92 0.07 2.78

Engine House Inferred Resource

1,120,000 2.04 0.85 0.82 9.79 0.12 3.71

Inferred Resource Within Open Pit Shell Design

* 17,278,660 1.63 0.69 0.40 5.96 0.07 2.72

* This value does not reflect any economic parameter, as an Inferred Mineral Resource Estimate does not imply mineability. Inferred Resource Estimate reported from: Technical Report on the Mineral Resource Estimate for the Lundberg and Engine House deposits Buchans Area, Newfoundland, Canada. Prepared for Royal Roads Corp. by Peter

C. Webster, B.Sc., P.Geo., P. James F. Barr, B.Sc., Mercator Geological Services Limited. Effective Date November 3, 2008.

LUNDBERG RESOURCE

LEGEND Zn Pb Cu

Combined Grade 1-2 % 2-3 % 3-4 %

4-99 %

LUNDBERG INFERRED RESOURCE BLOCKS & OPEN PIT DESIGN

200 m

Lundberg conceptual site plan

Preliminary Lundberg PEA Economics Lundberg PEA Economic Summary Base Case

Pre-Tax IRR 43.94%

Pre-Tax NPV @ 6% discount rate $217.8 million

Pre-Tax Cash Flow over Life of Mine $471.5 million

Mine Capital $152.0 million

Inferred Resource included in PEA pit design (tonnes) 17,278,660

Waste Mined (tonnes) 52,930,648

Stripping Ratio 3.06 to 1

Metal Prices $1.22 Zn, $1.10 Pb, $3.62 Cu, $22.74 Ag

Revenue $52.95 / tonne

Operating Costs (Mining, Processing & G&A) $23.79 / tonne

Revenue to Cost ratio 2.2 to 1

Operating Years 10

Payback Period (Years) 1.4

The PEA is based only on Inferred Mineral Resources and are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is therefore no certainty that the conclusions of the PEA will be realized.

POSSIBLE SATELITE DEPOSITS CONTRIBUTING TO LUNDBERG OPERATION

•  Two VMS base metal deposit to be considered as possible satellite mines to feed ore to a processing facility located at the possible Lundberg deposit next to the town of Buchans.

•  Daniels Pond deposit (100%)

•  Tulks Hill deposit (49%)

•  Future pre-feasibility study of the Lundberg deposit to include possible feed from these satellite deposits.

Red Indian Lake

deposits (projected to surface) sulphide prospects

favourable alteration stringer sulphide mineralization

Clementine West (stockwork) Intersections up to 118 m 5 km

Outline of Buchans Camp rocks after GSC 2007

Buchans camp rocks

Little Sandy (stockwork) historic (unclassified non-43-101 compliant) 0.16 Mt @ 1.9% Cu incl. - intersections up to 1.80% Cu/ 9.3 m - Incl. 3.21% Cu/ 3.90 m

Buchans North (in situ) Intersections - 15.50% Cu, 1.85% Pb, 5.80% Zn, 214.8 g/t Ag & 2.92 g/t Au/ 0.30 m -  15.52% Zn, 7.61% Pb, 0.92% Cu, 148.9 g/t Ag & 1.15 g/t Au/ 2.1 m

POSSIBLE OPPORTUNITY EXPLORATION PROSPECTS CLEMENTINE WEST, BUCHANS NORTH & LITTLE SANDY

ZINC MARKET POSSIBLE FUTURE PRODUCTION SHORTFALL

Lundberg Development Gant Chart – 5 Years

Woodstock Manganese Deposits

Electrolytic Manganese Metal (EMM)

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

1993 1996 1999 2002 2005 2008 2011p 2014p 2017p 2020p

Real Prices Nominal Prices

Real and Nominal Manganese Flake Prices (min 99.7% Mn)Annual, 1993 - 2021p

US$ / Lb.

(Base: 2011 Prices)

ProjectedActual -

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2001 2003 2005 2007 2009 2011e 2013p 2015p 2017p 2019p 2021p

RoW China

Global EMM Demand Projections: China and Rest of World (RoW)Annual, 2001 - 2021pMetric Tonnes

2001- 2011eChina: 41.4% CAGRRoW: 0.8% CAGR

2011e- 2021pChina: 6.6% CAGRRoW: 4.9% CAGR

Strong Pricing •  111.3% real growth from 2001-2010 •  56.1% projected real growth from 2011 to 2021

•  $0.65/lb real EMM price in 2001 (actual) •  $1.38/lb real EMM price in 2010 (actual)

•  $2.40/lb EMM price in 2021 (projected)

Strong Demand •  539% growth from 2001-2010 •  85.3% projected growth from 2011 to 2021

•  220,000 tonnes in 2001 (actual) •  1,406,101 tonnes in 2010 (actual)

•  2,838,938 tonnes in 2021 (projected)

Electrolytic Manganese Metal (EMM)

Stainless Steel42%

Other Steels32%

Mn Alloys12%

Electronics2% Other

12%

Global EMM End-Uses, 2011eGlobal EMM End-Uses, 2011e

CHINA •  China currently supplies 98% of

world EMM supply

•  Chinese projected supply projected to drop from 98% in 2010 to 89% in 2021

•  Declining ore reserves & grades

•  Increasing regulatory pressure and electrical tariffs

•  Rising production costs (ranging from $0.81 - $0.99 / lb EMM)

•  Only one other small high cost producer of EMM in the world

•  Window of Opportunity opening for low cost EMM producers outside of China

•  Buchans Minerals acquired a 100% interest in the Woodstock manganese mineral claims.

•  Possibly one of largest undeveloped manganese resources in North America as estimated by historical drilling

•  Historic metallurgy tests successful in leaching manganese from host rock

•  Closest comparison project would be American Manganese�s Artillery Peak project

•  Target production would be electrolytic manganese metal (EMM), electrolytic manganese dioxide (EMD) or manganese carbonate

WOODSTOCK MANGANESE DEPOSITS

PLYMOUTH & HARTFORD DEPOSITS

Woodstock Manganese (Historic non 43-101 compliant) Deposit Mn % Fe %

South Hartford 45,000,000 * 8.00 12.0

North Hartford 45,000,000 * 8.00 12.0

Plymouth 46,500,000 * 10.9 13.3 * These resources are historic in nature and are not national instrument 43-101 compliant and rely entirely on data provided by other sources which have not and cannot be independently verified at this time. As such, the data discussed herein should not be relied upon, but are presented as an indication of the exploration and development potential of the mineralization described.

1 km

2011 & 2012 Work Programs

•  Internal economic model & market study completed

•  5 drill holes completed �  Confirms grades ~ 11% Mn �  Confirms widths ~ 75 – 150+ metres

•  Hydrometallurgical program started �  Leach recoveries as high as 96% �  Metallurgical tests ongoing for iron

precipitation & solution purification

•  Surface rights negotiations ongoing

Woodstock Manganese (Location of Drilling)

BUCHANS MINERALS CORPORATION Plymouth Deposit - Drill Plan deposit location & magnetics

(compiled from 1987 data)

*1987 - New Brunswick Department of Natural Resources and Energy, Open File Report 90-4.

BMC 2011 drill hole assay composite (red)

historic drill hole (1987) assay composite (green)

LEGEND

deposit outline (historic data)

100m

11-11

11-10

11-08

11-07 11-06

1987 ground magnetic data

(total field)

1987 Magnetics (total field – gammas)

North Drill Section

South Drill Section

Plymouth Deposit (drill section looking northeast)

9.22% Mn 63.0 m

50 m

Drill Section with Manganese Assays (2011 Assays plotted with *1987 assays)

*1987 assays - New Brunswick Department of Natural Resources and Energy, Open File Report 90-4.

mineralized iron formation

Woodstock Manganese (North Section)

50 m

100 m

150 m

200 m

? ?

11-08 11-07 11-06

BMC 2011 drill hole assay composite (red)

historic drill hole (1987) assay composite (green)

LEGEND

11-08

manganese grade/ core length (metres) 1987 assays

9.22% Mn 63.0 m

manganese grade/ core length (metres) BMC 2011 assays

9.22% Mn 63.0 m

10.97% Mn 79.1 m

11.35% Mn 104.2 m

11.43% Mn 89.0 m

11.41% Mn 45.0 m

abandoned incomplete

Drill Section with Manganese Assays (2011 Assays plotted with *1987 assays)

*1987 assays - New Brunswick Department of Natural Resources and Energy, Open File Report 90-4.

50 m

100 m

150 m

200 m

Plymouth Deposit (drill section looking northeast)

Woodstock Manganese (South Section)

50 m ?

?

11-10

11-09

10.83% Mn 74.9 m

12.70% Mn 109.73 m

8.61% Mn 44.0 m

11.27% Mn 101.0 m

11.67% Mn 78.0 m

11.68% Mn 82.3 m

12.51% Mn 78.0 m

?

?

BMC 2011 drill hole assay composite (red)

historic drill hole (1987) assay composite (green)

LEGEND

11-09

manganese grade/ core length (metres) 1987 assays

9.22% Mn 63.0 m

manganese grade/ core length (metres) BMC 2011 assays

9.22% Mn 63.0 m

mineralized iron formation

•  LOOKING FORWARD

•  Following the Minco plc. agreement, begin progressing Lundberg towards pre-feasibility

•  Provide Minco plc. with full information to evaluate Woodstock manganese project with a view to a possible joint venture agreement.

•  INVESTMENT OPPORTUNITY

•  Cash:

•  $1.1 million – Mar 30, 2012

•  Cash balance anticipated to be approximately $3.0 million after Minco transaction.

•  Value:

•  Lundberg PEA identifies a net present value of ~$217 million

•  Although Buchans does not yet have an NI 43-101 compliant resource or PEA on the Woodstock manganese project, historical resource estimates indicate that the Woodstock deposits are one of the largest carbonate manganese resources in North America.

•  China is the largest producer of Electrolytic Manganese Metal (~97%) and the total manganese content of their manganese carbonate reserves are estimated to be 30 million tonnes Mn. To give an idea of scale, the historical 1957 Sidwell’s resource estimates for Woodstock are equivalent to a total manganese metal content of 12.3 million tonnes Mn.

LOOKING FORWARD & INVESTMENT OPPORTUNITY

BMC–TSX-V