CVV – Caravel Minerals Limited

Wow nothing on SWN for nearly 6 years.

Ordinary Shares 131.5 million
Options 35.0 million
Market Cap (at 3.6 cents) $4.7 million
Cash $3.4 million

Shareholders
Copulos Group 17.73%
Paul van Loenhout 4.16%
HSBC Nominees Australia Limited 3.86%
Hillgrove Resources Limited 3.19%
Richard Brown 2.56%

Projects – Spain and Australia

La Codosera Gold Project
• Located 40km from the provincial capital Badajoz of the Extremadura region of eastern Spain
• Five mineral permits (Afra, Buenavista, Breña, Monteviejo and Sierra Lugar) of 18.5km²
• Extensive historic gold workings; 8 gold prospects
• Gold associated with stacked saddle reefs, in fault-parallel veins, steep oblique breccia zones, along the limbs and in the core of antiforms, in conglomeratic quartzites

Potential for significant and multiple horizons of open-pit gold mineralisation
• Historic diamond drilling returned high-grade intersections: 10m @ 3.6g/t Au & 4.6m @ 2.3g/t Au (C27B); 8m
@ 3.0g/t Au (C-27); 7.1m @ 2.7g/t Au (C-32); 4m @ 5.9g/t Au (Ng-08); 16m @ 1.5g/t Au (NG-15)
• Positive historic trench results 22m @ 1.7 g/t, 16m @ 2.7 g/t, 4m @ 7.2 g/t and others
• Native gold filling fractures and vugs at Cerro de Los Algarbes
• Potential for significant and multiple horizons of gold: open pit
• Large undrilled areas to be tested

Joint Venture – Silver Swan Group & Astur Gold Inc: Key terms
• Silver Swan will expend on exploration a total of AUS$3.0M for an 80% interest in the project from Astur Gold
– $1.5M expenditure to earn 51% within a period of 3.5 years (including $500,000 minimum expenditure
commitment to be expended within a period of 14 months)
– $1.5M expenditure to earn 80% within a period of 5 years
• SWN will provide to Astur up to $1.0m worth of SWN shares, in $0.5m tranches, conditional upon SWN achieving Indicated JORC Resources of 500,000oz gold and 1,000,000oz gold respectively

Quinns VMS Project
JORC Mineral Resource Estimate: (ASX Announcement 6 April, 2010)
[email protected]% Cu, 1.39% Zn, 0.24g/t Au, 3.31g/t Ag
Measured (463,428t) Indicated (703,286t) Inferred (317,708t)
High grade intercepts
• 58m@2% Cu from 148m, including:
• 5m@ 10% Cu
• 2m@ 17% Cu
• 38m@14% Zn from 105m, including:
• 2m@46% Zn
• 6m@33% Zn

Flinders VMS Prospect
Flinders prospect – strong indicators of VMS mineralisation
11FLD001 5m @ 1.2% Zn, (258-263m), 11m @ 0.2%Cu
11FLRCD003 10m @ 4.7% Zn incl. 6m @ 7.0% Zn (247-257m)
11FLRCD004 5m @ 1.3% Zn (333-338m) & 6m @ 0.3% Cu (336-342m)
11FLRCD006 8m @ 1.2% Zn incl. 1m @ 5.1% Zn (252-260m)

Drilling to commence in mid June

Tasman & Murchison Wonder VMS Prospect
10TSRC002 6m @ 3%Zn, 12m @ 5.5g/t Ag, 6m @ 0.4%Cu
Drilling of diamond holes in each prospect area is due to commence in mid June

11MWRC005 3m @ 2.9%Zn, incl. 1m @ 5.5% Zn, 1m @ 2.7% Zn
11MWRC003 9m @ .85% Zn, incl. 1m @ 1.53% Zn, [email protected]% Zn,[email protected]% Zn

YAGAHONG PROJECT
• Highly prospective for Cu-Au mineralisation
• Airborne VTEM has delineated 5 anomalies
• Drilling at Lady Alma into off-hole conductor
• All NE-trending fault systems to be systematically traversed for Gabanintha Cu-Au style mineralisation
2m @ 1.3% Cu
Copper Hills
7m @ 1% Cu, 2m @ 2.6% Cu,
1m @ 3g/t Au, 1m @ 1.4% Cu
• Highly prospective for Cu-Au mineralisation
• Airborne VTEM has delineated 5 anomalies
• Drilling at Lady Alma into off-hole conductor
• All NE-trending fault systems to be systematically traversed for
Gabanintha Cu-Au style mineralisation

3m @ 1.4% Cu, 1m @ 1.8g/t Au
2m @ 1.3% Cu, 3m @ 1.4% Cu, 5g/t Au,
3m @ 1% Cu, 1m @ 2g/t Au, 1m @ 1.9% Cu, 2.3g/t Au
3m @ 2.5% Cu, 1m @ 1.4g/t Au
7m @ 1.3% Cu, 3m @ 2% Cu
4m @ 2.4% Cu, 1.6g/t Au
5m @ 1.2g/t Au

Abbotts Gold Project
• Tenements cover 265km², 30km NNW of Meekatharra
• Prospective for lode-gold mineralisation
• Dismembered layered intrusion, felsic & mafic sequences – opens up Cu-Zn mineralisation
• Over 600m of strike, gold results include: 4m @ 13.9g/t, 4m @ 13.2g/t, [email protected]/t, 4m@10g/t, [email protected]/t. [email protected]/t
• Anomalous copper mineralisation identified in the north
• Much of Abbotts remains unexplored

Fully Underwritten Rights Issue to raise $2.1M
$2.1M to be raised in a fully underwritten Rights Issue
One new share offered at $0.032 for every two shares on issue
One free attaching listed option with an exercise price of $0.07 cents per share for every two new shares issued
Cash to be principally directed at exploration and drilling programmes in Spain and Australia