PROJECTS

Since incorporation in 2004 MQB Ventures Pty Ltd has identified and acquired numerous projects in the resources sector in various locations globally. These projects include gold deposits in Portugal and Armenia, uranium, oil and gas projects in the USA, copper deposits in Australia, nickel/platinum projects in New Zealand and a tin deposit in Morocco.

To finance the development of these projects suitable companies have been created or identified, and the projects have been transferred by MQB Ventures Pty Ltd into these.

Examples of projects acquired, and the companies that now own these projects include:


Iberian Resources Limited

Iberian Resources Limited was incorporated by the directors of MQB Ventures Pty Ltd in 2004 to acquire, finance and develop gold projects in Europe identified by MQB Ventures Pty Ltd.

Iberian Resources was successfully listed on the Australian Stock Exchange during November 2004. It raised $5.2 million to explore and develop projects in Europe, particularly the advanced Montemor Gold Project in Southern Portugal.

Both Principals of MQB Ventures are on the Board of Iberian Resources Limited.

Successful exploration at the Company’s Montemor Gold Project in southern Portugal has seen its resource increased from 363,400 ounces of gold to over 610,000 ounces of gold since the Company listed on the ASX. The Company has commenced a prefeasibility study on the Montemor Gold Project with a view to commencing production within 18-24 months.

In August 2005 Iberian Resources acquired 80% of the advanced, large, high-grade Lichkvadz Gold Project in southern Armenia. The Lichkvaz Gold Project contains approximately 1.4 million ounces gold equivalent. The Company is currently redeveloping the project to produce approximately 50-60,000 ounces of gold per annum, with production scheduled to commence in the last quarter of 2006. The Principals of MQB Ventures have subsequently raised $18.3 million for Iberian Resources to finance this acquisition and to provide suitable working capital to develop the project.

Further information is available at:

http://www.iberianresources.com

MQB Ventures principals recognized a niche opportunity in the resources sector and raised $4.9 million to undertake an enhanced oil recovery programme on the mature Grieve Oil Field in Wyoming , USA . The principals of MQB Ventures installed a Board and management team that has proven expertise in applying new technologies to mature oil fields.

Elk Petroleum purchased the production leases that cover the entire Grieve Oil Field in Wyoming , USA. The Grieve Oil Field was discovered in 1954 and produced approximately 30 million barrels of premium light sweet crude between 1954 and 1988. Independent assessment estimates there are total Reserves of 12 million barrels of oil remaining in the Grieve Oil Field, made up of Proven Reserves (0.185 million barrels), Probable Reserves (2.015 million barrels) and Possible Reserves (9.8 million barrels).

Considerable infrastructure including compressors, pumps, tanks, separators, heater treaters, housing, sheds and wells were also acquired in the transaction. At the time of completion of the transaction the Grieve Oil Field was producing at a rate of approximately 20 barrels of oil per day.

Elk's objective is to re-optimise oil production at the Grieve Oil Field by undertaking a progressive multi-staged development of the field to substantially increase production rates.

The principals of MQB Ventures have subsequently successfully raised a further $13.7 million to develop Elk Petroleum's projects.

Further information is available at:

http://www.elkpet.com

Black Range Minerals Limited

In June 2005 the principals of MQB Ventures sold their private 100% owned company Turon Gold Pty Ltd, which holds the Grasmere copper deposit in western NSW, to the recently re-listed Black Range Minerals Limited.

As part of the transaction MQB Ventures’ Principals assumed management control of Black Range Minerals, and have subsequently successfully raised $5.3 million to advance exploration at the Grasmere copper deposit and to acquire additional projects.

Black Range Minerals has been a stand-out performer amongst emerging ASX-listed resource companies. Since the new management team assumed control of the Company in July 2005 it has increased the resource base at its 100% owned Koonenberry Base Metal Project in NSW by more than 1,000% to 5.75 million tonnes at 1.03% copper, 0.35% zinc, 2.30g/t silver and 0.05g/t gold, containing approximately 60,000 tonnes of copper.

Black Range has also subsequently formed a joint venture to earning into the Cyclone Rim and Eagle Uranium Projects in Wyoming, USA, where previous drilling data indicates that at least 5 million pounds of U₃O₈ are present within these projects.

Further information is available at:

http://www.blackrangeminerals.com

Overland Resources Limited

The principals of MQB Ventures have recently acquired a portfolio of quality nickel/platinum projects in New Zealand and eastern Australia in Overland Resources Limited. They have assembled a quality management team (both Principals of MQB Ventures are on the Board of Overland Resources Limited), and have prepared a prospectus for the Company to list on the ASX in October 2006. The Company is raising $3million in its IPO, which is fully underwritten. Funds raised will be used to advance the Company’s current portfolio of projects and to acquire additional projects.

Further information is available at:

http://www.overlandresources.com

Kasbah Resources Limited

The principals of MQB Ventures have acquired a very large tin deposit (approximately 10MT at 1.09%Sn) in Morocco and incorporated Kasbah Resources Limited to manage the financing, exploration and development of this project. To date Kasbah Resources has raised almost £2million in seed capital to complete the acquisition and to prepare the Company for listing on the Alternative Investment Market (AIM) in London in the last quarter of 2006.

Further information is available at:

http://www.kasbahresources.com