Objective Capital Rare Earths, Speciality and Minor Metals Investment Summit Overview of the chromite market – building European supply 18 March 2010 by David Cliff, Empire Mining

1. Investment Conferences
RARE EARTHS, SPECIALITY
& MINOR METALS
INVESTMENT SUMMIT
4.10 – 4.35
Overview of the chromite market –
building European supply
David Cliff – CEO, Empire Mining
THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 18 MARCH 2010
www.ObjectiveCapitalConferences.com

2. EPC: TSX-V
Overview of the Chromite Market:
building European supply
David Cliff
President and CEO
Empire Mining Corp ( EPC: TSX-V)
Empire Mining Corporation
910 - 475 Howe Street
Vancouver, BC V6C 2B3
CANADA
March 2010 www.empireminingcorp.com

3. DISCLAIMER
This presentation contains forward-looking information and statements, as defined by law including without
limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform
Act of 1995 (“forward-looking statements”), respecting the Company’s future plans respecting its mineral projects.
Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be
materially different from those expressed or implied by the forward-looking statements, including without limitation
the availability of qualified workers; risks associated with exploration projects; dependence on third parties for
services; non-performance by contractual counterparties; title risks; financial ability of the company to proceed as
planned; force majeure; and general business and economic conditions. Forward-looking statements are based on
a number of assumptions that may prove to be incorrect, including without limitation assumptions about: general
business and economic conditions; the timing and receipt of required approvals; ability to procure equipment and
supplies; continued availability of licences; political stability; and ongoing relations with employees, partners and
joint venturers. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing
except as required by law.
John Prochnau is a Certified Professional Geologist (CPG) and is the Qualified Person under National Instrument
43-101 for the projects discussed in this presentation, however the historic figures presented herein are not NI 43-
101 compliant. A qualified person has not done sufficient work to classify the historical estimates as current mineral
resources or mineral reserves, the Company is not treating the historical estimates as current mineral resources or
mineral reserves as defined by National Instrument 43-101, and the historical estimates should not be relied upon.
3

4. MANAGEMENT
Directors and Officers
David Cliff - President & CEO, Director
 26 years with Rio Tinto; former Exploration Manager, Europe of Rio Tinto Exploration;
 Involved in the discovery of three gold and one copper deposit;
 Extensive experience in the evaluation of mineral projects and in the negotiation of all forms of mining industry
agreements.
Robert Giustra - Director
 Engaged in creating, financing, developing and managing publicly traded companies since 1992;
 Formerly an institutional sales broker with an international investment dealer;
 President & CEO of Columbus Gold Corporation and Columbus Silver Corporation.
Michael Johnson – Director
 Former Chairman of Glebe Mines Ltd., the principal fluorspar-barytes mining company in Western Europe;
 Holds (or has held) advisory positions with professional institutes, national governments, international
agencies and funding organizations, including the World Bank and the UN (Environment Program);
 External advisor on environmental matters to several international mining companies, including Rio Tinto and
New Boliden-Outokumpu.
4

5. MANAGEMENT
Management and Specialist Advisors
John Prochnau - Special Advisor
 Mining engineer and geologist;
 Formerly held management positions with Selection Trust and Billiton;
 Founder of Brancote Holdings: Discovery of the approx. 3.8M oz. Esquel gold deposit in Argentina.
Yassen Khrischev – Exploration Vice-President
 Exploration geologist with 15 years experience, especially within the SE Europe porphyry region;
 International multi-commodity experience over 11 years with Rio Tinto;
 Most recent experience with Newmont exploration for gold in Armenia.
Professor Lirim Hohxa - Country Manager Albania
 Over 50 years experience in ore deposit geology in Albania; 30 years at a senior level;
 Former Director Department of Ore Deposits & Metallogeny, Geological Research Institute;
 Former Deputy Director of the Albanian Geological Survey;
 Specialist in the interpretation of thrust tectonics applied to ore geology.
Mark Pepkola
 Former Chief Geologist at the Bulqiza Mine;
 Former Director and specialist at the Enterprise for Homogenisation and Processing of Chromite Ores
 Former Vice-Director of the former state chromite mining company, Albkrom;
 Extensive experience in the Albanian chromite industry.
Bashkim Vata
 Former exploration geologist, northern Bulqiza Area;
5
 Director of the Burrel Branch of the Albanian Geological Survey.

6. CONTENTS
 What is chromite? Why is it essential?
 Outlook for chromite.
 Empire’s Albanian chromite project.
6

7. CHROMITE
The essential ingredient of stainless steel
Fe + Cr essential
to make stainless
steel
Add Ni to make it less But chromium
brittle and non-
magnetic. is essential to
Mn can substitute Ni. make stainless
Mo adds resistance to steel
Cl.
Carbon for hardness
and strength (also + V
and or Ti for strength
and/or lightness).
7

8. CHROMITE ESSENTIALS
Metallurgical counts for most
Metallurgical quality chromite for ferrochrome utilises 90% of
annual world production.
Chromium is essential to the production of
Austenitic stainless steel – typically 16% Cr
+10%Ni + 1.5%C - which makes up 70% of
production, as well as Ferritic and Martsenitic
varieties. Albanian (or Kazakh or Turkish
mainly) are blended with low Cr:Fe ratio
chromites in the ferrochrome stage to
produce the highest quality stainless steels.
8

9. CHROMITE ESSENTIALS
• Primary source of chromium
• FeCr3O4 (referred to as chrome spinel).
• Grades reported as Cr2O3.
• Occurs dominantly as layers in stratiform
ultramafic complexes . Also as ‘podiform’
bodies in ophiolite complexes. Cr:Fe typically
+/-3:1. Kazakhstan, Turkey, Albania.
• Stratiform type accounts for 98% of global
resources. Cr:Fe typically +/-2:1.
9

10. CONTENTS
 What is chromite? Why is it essential?
 Outlook for chromite.
 Empire’s Albanian chromite project.
10

11. FERROCHROME PRICE TRENDS MID-2005 TO MARCH 2010
Source: Allegheny Ludlum updates Dow Jones Newswire
Ferrochrome is the intermediate stage from ore to stainless . About 2.5 tonnes
of ore to 1 tonne ferrochrome
$ per lb Ferrochrome
Albanian FOB chromite price reached $650 per tonnes for
lump 40% Cr2O3 in 2008, dropped to $165/tonne in Q1 2009,
but is coming back strongly. FOB ex Durres Port now $250/t.
11

12. WORLD PRODUCTION 2005-END 2009
Source: ICDA
South Africa
12

13. WORLD STEEL OUTLOOK (ALL USES)
Rio Tinto presentation November 2009
13

14. STAINLESS STEEL CONSUMPTION: THE RISE OF CHINA
Acknowledgement to ENRC Nov 2009
14

15. A REVIVED EUROPEAN SUPPLY?
 What is chromite? Why is it essential?
 Outlook for chromite.
 Empire’s Albanian chromite project.
15

16. HISTORIC CHROMITE PRODUCTION IN ALBANIA*
Dominance of Bulqiza district in production (est >80%)
Chromite Production in Albania, 1983 – 2009[t]
Chromite [t]
1,200,000 Collapse of regime 1990
1,000,000
Response to chromite demand
800,000
600,000
400,000
Sources :
USBM and BGS
200,000 2008/9 Estimated
0
1980s production of +/-800 000 tonnes from Bulqiza-Batra
* Data compiled by ECTerra except 2008/9
(Figures in tonnes)
16

17. BULQIZA DISTRICT OPPORTUNITY
The essential ingredient for high quality stainless steel
• Empire holds exclusive exploration rights with
consanguineous mining rights over the most historically
productive chromite terrain in Albania.
• Licence area held since January 2009. Five years to run,
but mining rights can be applied for any time within that
period over all or part of the licence.
• Exhaustive data acquisition and review resulted in new
target area for exploration development and mining.
Empire Mining aims for >10Mt of high grade lump
(+$200/t) chromite through a phased exploration/mining
plan.
• Aiming for start-up operation within 12-18 months at
interim 150 000 tonnes per year. Added value potential in
integrating mine-to-steel mill operation.
17

18. INTRODUCTION
Albania
Albania political and fiscal regime
 Candidate EU country and NATO member. Acceptance of acquis
communitaire by government in interests of greater transparency.
 Improving political risk perception with stable parliamentary
democratic institutions.
 No restrictions on foreign ownership or capital/dividend
restrictions.
 Competitive corporate tax regime at 10% flat rate.
 Investor-friendly mining code with consanguineous rights to apply
for mining licence.
 Duty free regime for importation of mining equipment.
18

19. INFRASTRUCTURE
Implications for Development
Current road access from Bulqiza to port of Durres is 150 km.
Current transport time is 12 hours and costs at US$13 per tonne of ore.
The current road is
shown in blue.
A new road
(red/green dash) is
under construction
and due for
completion in
2011/2. This will cut
the average journey
time to some 2
hours from
chromite collection
Tirana
point to port.
Durres Port
Durres Port
19

20. ALBANIA
Geological Map
Bulqiza town and the head frame (operated by DCM-Terwingo JV),
looking East.
Eastern Ophiolite
Belt
DCM-Terwingo JV tailings recovery plant, Bulqiza. View to NW. 20

21. BULQIZA MASSIF
BULQIZA MASSIF: the most prolific chromite producer in Albania
 Historic Bulqiza Massif Production
(1948-2007) of 20M tonnes (+35%
Cr2O3).
 Bulqiza ores are characterized by
high grades (+40% Cr2O3) and
(Cr:Fe ratios of 3:1).
 The Bulqiza Massif contains some
65 identified chromite deposits and
over 370 occurrences and Batra area: private mining operation adjoining Empire licence.
70,000 tonnes at >42% Cr2O3 extracted (October 2009). 17,000
showings; many are within tonnes high grade stockpile in centre of picture.
Empire’s licence areas.
21

22. EMPIRE’S LICENCES
Bulqiza-Batra (38.8 km2)
 Direct extension of the Bulqiza and
Batra chromite deposits (large red
area).
Bulqiza Veriore (6.9 km2)
 Projected extension or repetition of
Bulqiza ore body.
Qafe Burreli (6.1 km2)
 Partially explored deposits, near high
grade Shkalla Mine, northwest
Bulqiza.
Liqeni i Dhive (12.7 km2)
 Partially developed mines
Empire Mining’s licences
* Not all in Empire’s licensed area
22

23. EMPIRE LICENCE PERIMETERS
Main project areas
Bulqiza Mine
Bulqiza Town
Batra
Thekna deposit
23

24. WORK ACCOMPLISHED
 January 2009: Exploration Licences
awarded.
 Economic scoping studies carried out by
SRK (to obtain view of the potential
business objective).
 2009: Review and digitisation of all
available data including field
measurements and completion of a NI
43-101 compliant Technical Report and
an independent audit.
 New understanding of structural setting of
the Bulqiza-Batra deposit. Confirmed by
Outcropping massive chromite on Empire licence at Batra (45% Cr2O3)
field work and extraction by independent
miners.
Drilling to commence April
2010 at Batra
and Bulqiza East Limb
24

25. REINTERPRETATION OF THE BULQIZA-BATRA SYSTEM
Generalised Schematic
The fold cusp areas are generally characterised by thicker and higher grade ores.
26

26. BULQIZA-BATRA OREBODY REINTERPRETATION
Recognition of Conformable Chromite Bodies
Left:
Banded and massive chromite mineralization,
Batra area.
The original structural interpretation
involved an anticline with thickening at
the cusp. Past drilling by the state failed
to find the presumed deep eastern limb.
Right:
Outcrop of layered chromite mineralization in
harzburgite, with well developed axial plane
lineation (azimuth 110º, plunge 10º). Batra Mine
area.
27

27. BULQIZA-BATRA OREBODY
Recognition of Thrust Tectonics Within a Homocline
Photos: Low-angle thrust faults mapped on
surface at Bulqiza (top, developed in brecciated
harzburgite) and Batra (below, with surfaces in
harzburgite and prominent sub-vertical joints
striking 265º.
The current interpretation, supported by
field evidence indicates that the Bulqiza-
Batra deposits are cut by major thrusts
that divide the main orebody into at least
three segments, of which only the central
one has been mined. This not only fits the
drilling and structural evidence, but also
explains the lack of success experienced
by the state in the search for the eastern
limb. The eastern limb, in particular is
shallow and accessible from available
infrastructure. It is also entirely within
Empire’s licence.
28

28. BULQIZA-BATRA OREBODY
East-West Extension Model - present drilling plans
Important Implications Arising From
the New Interpretation:
 Only the central block has been
mined.
 The ‘eastern limb’ potentially extends
to some 2 km2 and plunges
Bulqiza drilling southwards.
area
 The northern end of the eastern limb
subcrops and is accessible from a
short adit at the 1738 elevation.
 The eastern limb is accessed for
exploration and production from the
existing 1440 adit (on Empire ground).
Batra drilling  The western limb can be accessed
area
from the 1050 adit at the Bulqiza Mine.
29

29. BULQIZA-BATRA OREBODY SOUTH END (BATRA)
East Limb exploration and development; NW of ‘Neli’ open
pit
April drilling
programme
30

30. BULQIZA EAST LIMB
Planned drilling at North (shallow) end of limb
Subcropping chromite
Mineralisation.
31

31. THEKNA DEPOSIT
Isometric view from southeast.
State drilling result;
3.6m at 37% Cr2O3 plus
22m at 43% Cr2O3 (with 3m parting).
Exploited area
Thekna ‘Main’ deposit Not in model
extension
High grade ‘cylinder’-
shaped zone accessible
by new 250m decline
from 27 level.
32

32. EMPIRE’S MINIMUM AND UPSIDE OBJECTIVE
Development objectives:
• Minimum 3-5M tonnes mineable ore at c40% Cr2O3 for a
minimum 10 year mine life (baseline business).
• IF the Bulqiza-Batra east and west limbs are fully
confirmed including the thicker cusp mineralisation, then
the objective could be increased to a mine life of >20 years
at 500kt/y.
• Actual optimum output can only be determined with
mining. Both Batra and Bulqiza produced as much as
800kt/y in the 1980s. We need to know what is sustainable
with modern mining methods for optimum economic
performance.
33

33. OVERALL DEVELOPMENT AIMS
• Aim for mining in 12 months from initial development
investment. Drilling and underground exploration to achieve
initial NI43-101 resource.
• Stepped approach from drilling programme (Feb 2010).
• Initial 150kty output of c40% Cr2O3 from Thekna, Bulqiza-Batra
east limb (priority areas) and others if feasibility confirms.
• Aim for expansion over next two to three years to optimal
output of (?) 400-500kty by additional exploration and
development work.
• Initial cost outlay: $6M over the first year. Total $15-20M to fund
expanded project over three years, plus staged feasibility.
34

34. Empire Mining Corporation
910 - 475 Howe Street
Vancouver, BC V6C 2B3
CANADA
www.EmpireMiningCorp.com

35. Indicative numbers only. Sources ICDA/World Industrial Minerals
Layered complexes: ‘Podiform’:‘Reserves’
‘Reserves’
• Bushveld Complex (South • Kazakhstan 320Mt.
Africa) 1 050Mt.
• Albania 37Mt.
• India 27Mt (90% from Orissa).
• Russia 11Mt.
• Great Dyke (Zimbabwe) 140Mt.
• Turkey 5Mt.
• Kemi (Finland) 94Mt.
• TOTALS: +90Mt
• Brazil 14Mt.
• + Others
• TOTAL 1 600Mt.
36

36. CHROMITE IN WORLD STEEL PRODUCTION
The role of China (Acknowledgements to ENRC)
38

37. WHAT IS CHROMITE?
39

38. CHROMITE
Sources of ore – very different types
Layered ‘Podiform’:
complexes:
• Co-products important (PGE, • Chromite only commercially-
Fe) important product.
• Low Cr: high Fe (typically 2:1) • High Cr:Fe (typically 3:1).
• Variable Fe2:Mg • Constant Fe2:Mg
• Extensive layers, little • Generally deformed and lack
deformation. continuity.
• Uniform repetitive layers in • Dunite envelope and
body with ultramafic harzburgite host in ophiolites
composition at the base, felsic related to
at the top. subduction/obduction.
40

39. Share of world production
Turkey Finland Albania
41

40. STEEL USE WITH INDUSTRIAL DEVELOPMENT
Source: BHP Billiton March 2010
42

41. CHINESE SHARE OF WORLD STEEL PRODUCTION
Source: BHP Billiton March 2010
43