Existing railway line Planned railway line in 2010 Planned railway line in 2011 Planned railway line in 2015 ULAANGOM ALTAI ERDENET DARHAN ULAANBAATAR CHOIBALSAN BARUUN-URT SAINSHAND Tsagaahnuur Tsagaan hairrhan uul Tsagaan tolgoi Tsagaanhairhan Baruunturuun Urgamal Dorvoljin Argalant Jargalan Tayangiyn nuruu Burgastai Altai Tseel Shinejinst Shiveehuren Nariin suhait Gashuunsuhait Tavan tolgoi Tsagaan suvarga Zuunbayan Zamiyn-Uud Bor-Ondor Bagahangai Baganuur Shariyn gol Altanbulag Ereentsav Rashaant Toson uul Matad Bichigt Tamsag bulag Source: Mongolia Railroad Policy, Eurasia Capital Black Hills MONGOLIA RUSSIA CHINA CHOIR Goals and Objectives • Additional drilling and surface exploration to maximize Black Hills’ full potential including: • Infill and expansion drilling to expand resources and upgrade resource category • Step-out drilling between Ovdog Hudag and Ikh Ulaan-Nuur to delineate additional resources • Re-drill Ikh Ulaan-Nuur • Commence detailed development studies including: environmental baseline, processing, mine design • Evaluation of potential for other valuable commodities on the property (Fe, Cu) • Conduct an economic evaluation • Develop Black Hills towards production • Seek strategic partners for funding expansion, off-take, potential development of a mine-mouth power plant, and application of new technologies for monetizing deep-in- ground stranded coal • Acquire additional coal projects focusing on coking coal and thermal coal in Mongolia Black Hills Project Key Advantages • Strategic location close to existing rail line (parallel line planned) providing ready access to Chinese markets • The mineral concession is 34,054.69 hectares with a mining license covering its extent and includes the Ovdog Hudag and Ikh Ulaan-Nuur thermal coal deposits. • Open pit accessible thermal coal resources with expected low strip ratio • NI 43-101 compliant Inferred Resource of 89.6 Mt from 2,370 m of drilling in 14 holes at Ovdog Hudag deposit • Excellent potential to significantly expand the projects’ coal resources through: • Infill and step-out drilling at Ovdog Hudag deposit where substantially larger historical resources were delineated by Russian work in the 1960s and 1970s • Testing the undrilled area between the two known deposits • Ovdog Hudag coal deposit remains open to the north • Drilling of the Ikh Ulaan Nuur deposit 7 km NNE of Ovdog Hudag (86.4 Mt) 2 • Property has potential for presence of other commodities (Cu, Fe) About Mogul Ventures Corp. Canadian company focusing on acquisition, exploration and development of coal projects in Mongolia. The Company is developing its 100% owned flagship asset, Black Hills thermal coal project located in Middle Gobi near Choir city. The extensive Russian exploration history at Black Hills and the recently completed drill program resulted in an intial NI 43-101 compliant 89.6 million tons of Inferred Resources in Ovdog Hudag coal deposit. 1 MOGUL VENTURES CORP. Bay Adelaide Centre Suite 1200, 333 Bay St. Toronto, ON M5H 2R2, Canada P +1 416.309.4326 F +1 416.364.3346 E [email protected] W www.mogulvc.com NOTES 1 & 2 Ovdog Hudag Coal Deposit, Mogul Ventures Corp. – 43-101 report by SRK Consulting (China) Ltd., December 31, 2011