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Executives

Erik Tornquist - Executive Director, VP and COO

Pacific Booker Minerals Inc. (PBM) Wall Street Analyst Forum March 27, 2008 11:50 AM ET

Operator

Hi, good afternoon ladies and gentlemen. I'd like to introduce the next company, and this afternoon's metals and mining program. It is not just precious metals and mining program, but some diverse metals, including companies in the industrial metals and moly sector. We actually have two companies that are in the moly industry today, we had Thompson Creek earlier. We deliberately put a precious gold company in between the two so that the break out for Thompson would not compete with the group meeting for another company in a similar segment, so that was our logic there.

I would like to introduce Pacific Booker Minerals; they are in the final stages of completing Feasibility Study and Environmental Assessment of the Morrison copper/gold/molybdenum deposit located in Central British Columbia. Pacific Booker Minerals is proposing a 30,000 tonnes per day open-pit mining and milling operation for the production of copper/gold and molybdenum concentrate from the Morrison deposit.

The measured/indicated mineral resource is 206,869,000 tonnes, 0.46%, copper equivalent, and the inferred mineral resource of 56,524,000 tonnes grading at 0.47% copper equivalent. The Morrison deposit has the advantage of existing regional infrastructure to service the proposed mine. The start of the operation is targeted for the first quarter 2010.

I would like to introduce Erik Tornquist, who is the Executive Director, Vice President and Chief Operating Officer to be the primary speaker but he is accompanied today by Gregory Anderson, President and Chief Executive Officer of the company and John Plourde, Executive Director.

Erik Tornquist

Good morning and thank you for coming. Pacific Booker Minerals, we are demoting the Morrison Property. It's copper/gold/molybdenum and I have silver in bracket because we did not do sufficient essaying on silver to use it in a Feasibility Study. However, it will be used as an opportunity to enhance our project.

Our forward-looking statement basically says that there are no guarantees or life. I won't read the whole statement.

Pacific Booker Minerals, Inc. is trading on the Toronto Stock Exchange as BKM, and we are also trading on the American Stock Exchange as PBM. Pacific Booker Minerals owns 100% of Morrison property which is located in Central British Columbia, 65 kilometers northeast of Smithers and 35 kilometers north of the village of Granisle. And we are in the process of completing our Feasibility Study and our Environmental Assessment. We are proposing an open-pit mining and milling operation for the production of copper/gold/moly concentrate.

This match towards our location, we are closed to Prince George, which is a major center. And we are at the northern part of Babine Lake, which is the longest lake in British Columbia; it's about 100 miles long.

We are accessed by Highway 16 and Highway 321 to the village of Granisle. We had major highways going out to the village of Granisle. We have the long distance barge approximately 50 minute barge crossing. And the road network that extends to our camp, approximately 40 kilometers from the barge landing. And we are within 30 kilometers of two former producing mines, the Granisle and the Bell Mine.

This slide shows the Granisle Mine, the Bell and the Morrison. There is a belt that extends the North Valley -- extends the number of porphyry deposit. The Granisle Mine produce 214,000 tonnes of copper from 52.7 million tonnes of ore, averaging 0.47% copper. The Bell Mine produce 303,000 tonnes of copper up from 77.2 million tonnes of ore, averaging 0.47% copper.

Unidentified Audience Member

This is British Columbia you are talking?

Erik Tornquist

This is British Columbia, yes, Central British Columbia. The Morrison was discovered by Noranda Exploration in 1962, and they drilled 95 holes totaling 13,893 meters from 1963 to 1973. And they have published two resource estimates, the first in 1976 was 86 million tonnes grading 0.42% copper, and the second in 1992 an inferred resource of 190 million tonnes of 0.41% copper and 0.21 grants per ton gold.

Pacific Booker Minerals commenced with a 43-101 compliant drill program in January 1998 to establish grade and continuity of copper values and gold grades. And drilled 145 holes totaling 31,639 meters for resource estimation, metallurgical test-work, geotechnical and the proposed Tailings Area, the Plant Site and for Pit Slope Design; and also conducted some condemnation drilling, and also some water monitoring closed for hydrogeology.

The proposed mine is within the traditional territory of the Lake Babine Nation. We have five bands, one band and five communities that we're dealing with, three are in close proximity of the proposed mine, the two other bands are not. And it's on Crown land currently used for forestry activities. A lot of that area has been forested and were deforested and reforested. And we are within the Morice Land and Resource Management Plan.

Pacific Booker Minerals, Inc. proposing open-pit mine; primary crusher; 30,000 tonnes per day processing plant; low grade ore stockpile; waste and tailings disposal site; social infrastructure and electrical power supply.

The site layout shows the proposed open-pit our mill, and shops had been building at low grade stockpile and our Tailings facility. We have now changed the concept of storing some of the waste rock and the location of low grade ore stockpile, I will show you that on the next slide. This slide shows our Tailings Area, a lot of this area has been locked and reforested, so it’s a small group in that area.

This slide may be difficult for you to see but we had previously considered options for waste management, and it was not addressed fully until recently

We have now changed the location of low grade stockpile from this area to the southern side of the pit. We are now proposing to store waste rock adjacent to the pit, there is sort of natural attachment in this area of the drainage towards the pit. So we may store 60 million to 70 million tonnes of waste rock adjacent to the pit. Now, the ramification of that is for the benefits are that it would result in about a $36 million to $40 million reduction in the cost of constructing sale extent, and another associated $36 million to $40 million savings in the haulage cost. However, there will be an additional plus program for the training this waste rock site.

Pacific Booker Minerals completed NI 43-101 complaint measured and indicated resource estimate of 206,869,000 tonnes grading 0.46% copper equivalent.

The Contained Metal is 1.78 billion pounds of copper, 1.3 million ounces of gold, and 20.6 million pounds of moly. In addition, there is an inferred resource of 56,334,000 tonnes grading 0.47% copper equivalent. And the Contained Metal is 494 million pounds of copper, 374,000 ounces of gold, and 6.2 million pounds of moly.

Now we'd like to add that if they look at our 0.15% cut-off then our total measured indicated inferred resources about 372 million tonnes of 0.4% copper equivalent.

The metallurgy is straightforward and good recoveries and acceptable concentrates can be achieved. And the metallurgical recoveries would be very similar to the former Bell Mine. We have completed a metallurgical test-work three different times, three different companies and our recovery has range from 88.4% copper to 84.1% copper and 63% gold to 59.4% gold. The moly recovers 79% and silver at 55.6%.

We're planning an open pit two-phase mining operation utilizing conventional truck and shovel equipment. And the mining methods will incorporate drilling, blasting, loading and haulage and the production rate is 30,000 tonnes per day.

At the treatment process will be a conventional crushing, grinding and flotation system. Yeah, okay.

Unidentified Audience Member

(Question Inaudible)

Erik Tornquist

Okay

Unidentified Audience Member

So I would say show goes on.

Erik Tornquist

Show goes on, good. Thank you. The treatment process will be a conventional crushing, grinding and flotation system. High Pressure Grinding Rolls will be utilized to reduce power and consumable costs, and the production will be approximately 155,000 tonnes of copper concentrate per year.

Last year we had the opportunity to visit the Cerro Verde mine in Peru, to investigate their use of High Pressure Grinding Rolls. Subsequently, we said Polysius in Germany to have our orchestra for suitability for High Pressure Grinding Rolls, and subsequently made decision to use High Pressure Grinding Rolls. This is a picture of the High Pressure Grinding Rolls, our metallurgist, not ours but our consultant, more drops metallurgist right here, and John Plourde here looking at the rollers.

The result of using High Pressure Grinding Rolls versus conventional SAG mill is about 23% saving in crushing and grinding costs. The savings in consumables is about $0.59 per tonne; power is about $0.08 per tonne, the reduction in power is about 3.7 megawatts. So, it's a considerable saving in using High Pressure Grinding Rolls versus the Conventional SAG mill.

In consumables it’s about $4 million a year savings. Power will come from the former Bell Mine site which is about 25 kilometers from the project site, but the transmission line will be less than 25 kilometers and the mine is about 21 kilometers away, and we looked at some line routings that we are between 23 and just under 25 kilometers.

This copper landing is the location of the barge. We have the village at Granisle, and adjacent to village at Granisle we have a fabulous substations underlying running along the west side of the Babine Lake. There is an underwater portion and the line goes up to the former gold site, as we will extend that line the Babine line shows extension for the Morrison property. We just completed an integrity check of that line last year and it is suitable and we have agreements from (inaudible) to extend that line.

The project has the advantage of existing regional infrastructure place to service the region. A road network a nearby electrical power, full service town Granisle within daily commuting distance from the project sites, approximately 45 minute commuting time. And a deep-sea shipping terminal at the port of Stewart for our shipment of concentrate to Asian markets.

This slide shows the village of Granisle, which has the capacity to house about 2,500. We have the population of about 350. This is the Hagen pour service road on the east side of lake, which goes from the barge landing up to our property.

Wardrop Engineering, are completing the Feasibility Study. They have completed several work mechanical, piping, electrical, instrumentation, preliminary cost estimates, operating cost and capital cost of turbine at this time.

Geo-Sim Services, Inc. completed 43-101, Complaint Resource Estimate.

Nilsson Mine Services, Open Pit Optimization mining equipment, scheduling, et cetera.

SGS Canada, Inc. in Toronto completed the Grinding and Flotation test-work, Circuit Design and Tailings Characterization.

Klohn Crippen Berger Ltd, Geotechnical Engineering and Design for tailings and waste rock management, surface water management and infrastructure foundation design.

And Rescan Environmental Services, they are completing our Environmental Assessment and Permitting, at First Nations/Public Consultation.

Now, as a result of storing some waste rock adjacent to the pit, we have to do some additional sole sampling in that area. We also require to do some more environmental work, and now that we identified the route for the transmission line, that will be completed shortly, and we have some work to complete in our First Nations. And again, we should complete the Feasibility Study within the next two months, and following that, our Environmental Assessment, and then apply for permit.

Our ore production rate 30,000 tonnes per day and 16 year mine life at the proposed production rate. Mining will be carried out by conventional open-pit methods. Proposed construction date is 2009, we'll start our operation in 2010.

Now, returning on American Stock Exchange as PBM and Toronto Stock Exchange as BKM, shares outstanding is 10.1 million. Shares fully diluted will be 13 million and with a market cap of $100 million. We had no debts, no net smelter return. At the moment we have approximately $6 million in cash and the shares or warrants and options we have outstanding will average about $6 so that this should give us another $80 million last year fully exercised.

We have gold/copper/moly and silver resource, excellent access and regional infrastructure in place, low operational costs, low capitalization, environmental assessment and feasibility study final stages of completion and British Columbia is mining friendly. Contact information we also have some handouts which you could get that information from. And thank you very much. Any questions? Good. Thank you.

Question-and-Answer Session

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