SARACEN MINERAL HOLDINGS LIMITESARACEN MINERAL HOLDINGS LIMITEDD

South Laverton Gold ProjectSouth Laverton Gold Project

Update Update 15 June 200815 June 2008

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QualificationQualificationQQThis is a presentation about geology, geo-scientific interpretation, geo-

i tifi l ti ld d it ld t ti l i iscientific speculation, gold deposits, gold potential, engineering, infrastructure, potential values, costs, risks, and related matters pertinent to Saracen’s activities as a publicly listed mineral exploration and pre-development company.exploration and pre development company.

Some of the comments and predictions made herein are subjective and speculative, in part because such is the very nature of gold p , p y gexploration and exploitation, and in part also because geoscientists (like me) and engineers can be very optimistic about the future of the exploration and other work programs they are involved in.

Take care to question and carefully evaluate any judgments you might make, on the basis of this presentation, as to the value of Saracen and its securitiesand its securities.

If in doubt, consult your relevant adviser.

22If in doubt after having consulted your relevant adviser, think twice!

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Corporate SnapshotCorporate Snapshotp pp p15 June2008

Capital Structure

• 172 million shares on issue………………. Present market capitalization is around A$27.5 million (undiluted)

• 15 million options on issue

• A$14.5 million in cash and liquids (share market investments), including A$6.3 million in blocked cash securing environmental bonds (31/3/08)

Main asset

South Laverton Gold Project, comprising: -

• Extensive highly prospective tenement holdings in a world-class gold province.

• 2.6 million ounces in Gold Resources.2.6 million ounces in Gold Resources.

• 315,000 ounces in Gold Reserves.

• Carosue Dam processing facilities and regional infrastructure (Circa A$150 million estimated replacement value)million estimated replacement value)

Ownership

900-plus proprietors, including : -

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• Renaissance Capital 16%

• Large investors and Institutions 30%-plus.

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L t B lt ldL t B lt ldLaverton Belt gold resourcesLaverton Belt gold resources

44Tenement boundaries are approximate

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Project StatusProject StatusjjProject purchased 24 months ago.

Reso ce base 2 6 million o nces p f om 0 75 million o nces Rese esResource base 2.6 million ounces, up from 0.75 million ounces. Reserves presently 315,000 ounces, up from zero. Processing facilities presently on care and maintenance.

Definitive Feasibility Study (DFS) in progress, in parallel with brown fields and green fields exploration. Considering possible production decision based on open cut pits at Whirling Dervish, Porphyry and Wallbrook, together with the addition of high grade supplements (eg. Red October, Enterprise, Deep South-addition of high grade supplements (eg. Red October, Enterprise, Deep SouthMexico, Pinnacles, etc).

Re-evaluation of the Red October prospect completed and diamond drilling targets delineated Planning and permitting complete for drilling totargets delineated. Planning and permitting complete, for drilling to commence in July-Aug 2008. Potential is considered high.

Regional exploration in progress. Scout auger drilling programs totaling 4000 plus drill holes have been completed and a number of anomalies have been outlined in areas of little or no previous RC drilling. RC drill-targets emerging from this work.

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Large RC and diamond drilling program to commence July/August 2008. Pinnacles RC drilling just completed and results awaited.

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Processing FacilitiesProcessing FacilitiesProcessing FacilitiesProcessing FacilitiesCarosueCarosue Dam 2.5mtpa milling facilities, accommodation village, and regional Dam 2.5mtpa milling facilities, accommodation village, and regional infrastructure. Total replacement value in today’s dollars estimated to be of infrastructure. Total replacement value in today’s dollars estimated to be of

the order of A$150 millionthe order of A$150 millionthe order of A$150 millionthe order of A$150 million

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CarosueCarosue Camp Deposits Camp Deposits

Main focus of drilling in theMain focus of drilling in the past has been for shallow (less than 100m) oxide

mineralisation.

Significant potential for high grade zones at depth, and under some of the alluvial-

covered areas.

Karari, Twin Peaks and Whi li D i h dWhirling Dervish are good examples of the greater potential of this area.

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CarosueCarosue Camp Camp Drilling Targets and Scout Auger drilling.Drilling Targets and Scout Auger drilling.

Targeting based on detailed re-assessment of previous data, scout

d illi dauger drilling, and new theories/interpretations.

Over 4000 scout auger drill holes now completed in the greater Carouse-Wallbrook area, targeting areas that are considered not to have been effectively tested in

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are considered not to have been effectively tested in past campaigns. A number of anomalous areas requiring follow-up have emerged, located in areas previously not RC drill-tested.

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Auger program starting to deliver new RCAuger program starting to deliver new RCAuger program starting to deliver new RC Auger program starting to deliver new RC drilling targets in highly prospective areas.drilling targets in highly prospective areas.

Monty’s SW new target zone – soon to g

be RC-drilled

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KarariKarari DepositDeposit

Significant potential in positions adjacent to

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major granitoid/syenitic intrusions.

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KarariKarari Deeps high grade targetsDeeps high grade targets

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Twin Peaks DepositTwin Peaks Deposit

Significant potential in positions adjacent to

major granitoid / syenitic intrusions.

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Whirling Dervish InfrastructureWhirling Dervish Infrastructure

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Whirling DervishWhirling DervishWhirling Dervish Whirling Dervish Undeveloped Gold Deposit located within 1.2km Undeveloped Gold Deposit located within 1.2km

of the of the CarosueCarosue Dam milling facility.Dam milling facility.

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PorphyryPorphyry--EnterpriseEnterprise--WallbrookWallbrookPorphyryPorphyry EnterpriseEnterprise WallbrookWallbrookDrilling Targets and Scout Auger drilling.Drilling Targets and Scout Auger drilling.

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Porphyry Porphyry andand EnterpriseEnterprise

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Enterprise DepositEnterprise DepositEnterprise Deposit Enterprise Deposit Potential to add new deposits nearbyPotential to add new deposits nearby

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WallbrookWallbrook--Painted Harlot potentialPainted Harlot potentialWallbrookWallbrook Painted Harlot potentialPainted Harlot potential

Red FlagRed Flag

Eleven Bells

Redbrook

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E t d R f lt iE t d R f lt iEastward Reefs auger results encouragingEastward Reefs auger results encouraging

Earlier RC drilling results include

5 @ 8 3 /t f 21•5m @ 8.3g/t from 21m•6m @ 7.2g/t from 69m

......detailed auger results suggest a continuation to the south.

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WallbrookWallbrook Resources and preliminary Resources and preliminary openopen--pit planningpit planning

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Redbrook Eleven Bells Red Flag

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L t B lt ldL t B lt ldLaverton Belt gold resourcesLaverton Belt gold resources

2121Tenement boundaries are approximate

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Butcher Well and Red OctoberButcher Well and Red October areaareaprospectivityprospectivityprospectivityprospectivity

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Butcher Well Butcher Well CC ki t tki t tCompanyCompany--making targetsmaking targets

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Red October Red October Long SectionLong Sectionshowing Resource blocks and potential extensionsshowing Resource blocks and potential extensionsshowing Resource blocks and potential extensionsshowing Resource blocks and potential extensions

Both open-pittable and underground

==Black stars: > 80 g*m

Both open-pittable and underground Resource expansion potential exists along strike and down-plunge

Black stars: 80 g m

Diamond drilling targets delineated in adjacent prospective positions. Drilling planned for thirdDrilling planned for third quarter 2008, and will seek to expand the resource, as well as locate major

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jextensions along strike and down-plunge.

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Deep South Deep South ppCompanyCompany--making targetsmaking targets

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Opportunities and IssuesOpportunities and IssuesOpportunities and Issues Opportunities and Issues From a resource and production potential perspective, Saracen is in the right neighbourhood. World-class gold mining districts, with company-making ore deposits to be found.

Substantial prospective areas either untested or inadequately tested. Significant brown fields prospects. Intensifying green fields effort.

Intensive RC and diamond drilling programs to commence in July/August 2008. Pinnacles results being awaited.

Well credentialed and capable management/technical team being built.

Staged approach to the DFS, to ensure geological and operating risks are managed, and to develop a robust project. Infrastructure assets and ore body

l hi h d f i l i b ld istyles present a high degree of investment leverage in a buoyant gold price environment.

iffi l i i i li d kill h

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Difficult operating environment in Western Australia due to skills shortages, and cost inflation, especially diesel, manpower and consumables. This puts uncertainty into the time scale.

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