This powerpoint presentation contains or refers to "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements in this release, other than statements of historical fact, which address activities, events or developments that Buchans Minerals believes, expects or anticipates will or may occur in the future are forward-looking information. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipates" or "does not anticipate", "believes", "intends" and similar expressions or statements that certain actions, events or results "may", "could", " "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.

In particular, all statements in this powerpoint presentation that address estimated resource quantities, grades and contained metals, possible future mining, and exploration and development activities are forward looking statements. By its very nature, a preliminary economic assessment (“PEA”) prepared by Wardrop Engineering (“Wardrop”) is preliminary. The PEA includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the findings of the PEA will be realized. Wardrop's assumptions, estimates, expectations, analysis and opinions used in the PEA are based on the information available to Buchans Minerals and Wardrop as of the date of this news release. Wardrop's assumptions and estimates are based on experience and perceptions of trends, current conditions and expected development as well as other factors that Wardrop believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. In particular, assumptions have been made regarding a number of variables that impact the Lundberg project and include, among other things, market prices for metals, exchange rates, inferred resource tonnages & grades, stripping ratios, processing techniques, through-put rates, flotation recoveries, concentrate grades, smelter charges, transportation charges, tailings disposal, waste rock disposal, site reclamation, equipment salvage, operating costs (including mining, processing & general administrative costs), capital costs and assumptions that all the necessary regulatory (including environmental) permits will be issued in respect of the project.

Readers & viewers are cautioned that the foregoing list is not exhaustive of all factors, variables and assumptions which may have been used. Buchans Minerals is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Buchans Minerals’ actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of a number of factors, many of which are beyond the Company’s control. These factors include, but are not necessarily limited to, results of the exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource estimations, receipt and security of mineral property titles, receipt of licenses required to conduct mining activities, country risks, project cost overruns or unanticipated costs and expenses, the availability of funds, fluctuations in metal prices, currency fluctuations, and general market and industry conditions. Although the Company believes the expectations expressed in the PEA and other forward looking statements are based on reasonable assumptions, there is no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, such statements should not be in any way construed as guarantees of future performance as actual results or developments may differ materially from those forward-looking statements and readers should not place undue reliance on this information.

Forward Looking Statement Disclaimer

Corporate Information

Trading Exchange: Toronto Venture Exchange (TSX-V)

Trading Symbol: BMC.V

Shares Outstanding: 166,283,160

Options: 12,485,000

Warrants: 41,653,699

Cash (Sep 30th, 2012): ~$1,660,000

Trading Range (12 month): $0.040 - $0.175

Market Cap (Nov 1st, 2012): ~$5,800,000

!  BASE METAL ASSETS

!  Lundberg Deposit

!  Positive Preliminary Economic Assessment

!  Optioned to Minco plc. to earn up to 50% by investing $8 million to advance Lundberg project to Final Feasibility over 4 years

!  MANGANESE ASSETS

!  Woodstock Manganese deposits

!  One of the largest undeveloped carbonate manganese deposits in N. America

!  Optioned to Minco plc. to earn up to 50% interest by making phased investments over 3.5 years to advance to Pre-Feasibility

Atlantic Canada Exploration & Development

Buchans

Head Office

Exploration Office

Toronto

Woodstock

Buchans

Head Office

Exploration Office

Toronto

Buchans

Head Office

Exploration Office

Toronto

Woodstock

LUNDBERG DEPOSIT

•  Located at the historic Buchans mine operated from 1928 to 1984. One of Canada’s richest base metal mines.

•  Identified mineralization that w a s n o t c o n s i d e r e d economic to mine in the early 1980’s.

•  This stockwork mineralization was called the Lundberg deposit and is located below the old Lucky Strike massive sulphide ore body.

•  2008 inferred resource defined

•  2011 Positive preliminary e c o n o m i c a s s e s s m e n t published

•  Lundberg & Engine House deposits

•  Bulk tonnage base metal stockwork mineralization at surface

•  Open pit mine plan completed Wardrop Engineering

Lundberg Inferred Resource (National Instrument 43-101 compliant)

Threshold Tonnes Zn % Pb % Cu % Ag g/t Au g/t Combined Zn, Pb, Cu %

Lundberg Inferred Resource

20,700,000 1.68 0.72 0.38 5.92 0.07 2.78

Engine House Inferred Resource

1,120,000 2.04 0.85 0.82 9.79 0.12 3.71

Inferred Resource Within Open Pit Shell Design

* 17,278,660 1.63 0.69 0.40 5.96 0.07 2.72

* This value does not reflect any economic parameter, as an Inferred Mineral Resource Estimate does not imply mineability. Inferred Resource Estimate reported from: Technical Report on the Mineral Resource Estimate for the Lundberg and Engine House deposits Buchans Area, Newfoundland, Canada. Prepared for Royal Roads Corp. by Peter

C. Webster, B.Sc., P.Geo., P. James F. Barr, B.Sc., Mercator Geological Services Limited. Effective Date November 3, 2008.

LUNDBERG RESOURCE

Preliminary Lundberg PEA Economics Lundberg PEA Economic Summary Base Case

Pre-Tax IRR 43.94%

Pre-Tax NPV @ 6% discount rate $217.8 million

Pre-Tax Cash Flow over Life of Mine $471.5 million

Mine Capital $152.0 million

Inferred Resource included in PEA pit design (tonnes) 17,278,660 tonnes @ 2.72% Cu, Zn, Pb

Waste Mined (tonnes) 52,930,648

Stripping Ratio 3.06 to 1

Metal Prices $1.22 Zn, $1.10 Pb, $3.62 Cu, $22.74 Ag

Revenue $52.95 / tonne

Operating Costs (Mining, Processing & G&A) $23.79 / tonne

Revenue to Cost ratio 2.2 to 1

Operating Years 10

Payback Period (Years) 1.4

The PEA is based only on Inferred Mineral Resources and are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is therefore no certainty that the conclusions of the PEA will be realized.

2012 DRILLING

Woodstock Carbonate Manganese Deposits

•  Buchans Minerals acquired a 100% interest in the Woodstock manganese mineral claims for only $20,000 and no royalties.

•  Possibly one of largest undeveloped carbonate manganese resources in North America as estimated by historical drilling

•  Historic metallurgy tests successful in leaching manganese from host rock

Woodstock Manganese (Historic non 43-101 compliant) Deposit Mn % Fe %

South Hartford 45,000,000 * 8.00 12.0

North Hartford 45,000,000 * 8.00 12.0

Plymouth 46,500,000 * 10.9 13.3 * These resources are historic in nature and are not national instrument 43-101 compliant and rely entirely on data provided by other sources which have not and cannot be independently verified at this time. As such, the data discussed herein should not be relied upon, but are presented as an indication of the exploration and development potential of the mineralization described.

Buchans acquired Woodstock Carbonate manganese deposits

Carbonate VS Oxide Manganese Ores Produce Different Products

Mn Oxide ore ~35% - 44% Mn grade

Woodstock Deposits Mn Carbonate ore

~10% - 15% Mn grade

Electrolytic Manganese Metal ~99.7% Mn

Electrolytic Manganese Dioxide ~91% - 96% Mn

High carbon Ferromanganese ~65% - 80% Mn & 7% carbon

Silicomanganese ~60% - 77% Mn & 2% carbon

Market Share

Refined Ferromanganese ~75% - 85% Mn & 2% carbon

Other Alloys & slag 21%

10%

20%

38%

2%

9%

Metallurgical divide Hydrometallurgical

Physical concentration

Carbonate VS Oxide Manganese Ores Equivalent Values

12% Manganese CARBONATE ORE

40% Manganese OXIDE ORE

Produces 99.7% Manganese Metal

Estimated Revenue $378 / tonne

Produces 50% Manganese Concentrate

Estimated Revenue $216 / tonne

*Carbonate ore: Using the 2011 average international price for EMM of $3,500 / tonne: 1 tonne of 12% Mn carbonate ore produces 0.108 tonnes of EMM (~90% recovery) valued at $378 per tonne of ore (3,500*0.12*0.9) *Oxide ore: Using an average price for international oxide ore of $6 / dmtu: 1 tonne of 40% Mn carbonate ore produces 0.72 tonnes of 50% Mn oxide concentrate (~90% recovery) valued at $6/dmtu (ie. $6 / 1% Mn) or $216 per tonne of ore (0.79*50*6) * The above are simple revenue calculations from public sources. Although NI 43-101 regulations prohibit the Company from disclosing its net revenue calculations for comparing manganese carbonate vs manganese oxide ores, the Companies internal conclusions are that a 12% carbonate ore is roughly equal to a 40% oxide ore.

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

1993 1996 1999 2002 2005 2008 2011p 2014p 2017p 2020p

Real Prices Nominal Prices

Real and Nominal Manganese Flake Prices (min 99.7% Mn)Annual, 1993 - 2021p

US$ / Lb.

(Base: 2011 Prices)

ProjectedActual -

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2001 2003 2005 2007 2009 2011e 2013p 2015p 2017p 2019p 2021p

RoW China

Global EMM Demand Projections: China and Rest of World (RoW)Annual, 2001 - 2021pMetric Tonnes

2001- 2011eChina: 41.4% CAGRRoW: 0.8% CAGR

2011e- 2021pChina: 6.6% CAGRRoW: 4.9% CAGR

Strong Pricing •  111.3% real growth from 2001-2010 •  56.1% projected real growth from 2011 to 2021

•  $0.65/lb real EMM price in 2001 (actual) •  $1.38/lb real EMM price in 2010 (actual)

•  $2.40/lb EMM price in 2021 (projected)

Strong Demand •  539% growth from 2001-2010 •  85.3% projected growth from 2011 to 2021

•  220,000 tonnes in 2001 (actual) •  1,406,101 tonnes in 2010 (actual)

•  2,838,938 tonnes in 2021 (projected)

Electrolytic Manganese Metal (EMM)

Stainless Steel42%

Other Steels32%

Mn Alloys12%

Electronics2% Other

12%

Global EMM End-Uses, 2011eGlobal EMM End-Uses, 2011e

•  China currently supplies 98% of

world EMM supply •  Highly fragmented industry within

China, 600 mines & 200 EMM plants. Average plant capacity of 7,000 TPY. Only 22% of Chinese plants have capacity > 50,000 TPY. Buchans evaluating 50,000 – 100,000 TPY.

•  Declining Chinese ore reserves & grades, Increasing electrical tariffs, labour rates and relatively high inflation rate

•  High Chinese production costs (from $0.81 - $1.10/lb EMM) plus 17% VAT & 20% export tax for sale to international markets =~$1.11-$1.50/lb

•  Window of Opportunity opening for low cost EMM producers. Buchans target goal of <$0.80 / lb EMM

Fragmented & High Cost Chinese EMM Industry

2011 WORK PROGRAM

deposit outline (historic data)

100m

11-11

11-10

11-08

11-07 11-06

1987 ground magnetic data

(total field)

North Drill Section

South Drill Section

•  5 drill holes on Plymouth deposit completed �  Confirms 1957 & 1987 grades ~ 11% Mn �  Confirms widths ~ 75 – 200+ metres

•  Hydrometallurgical program completed �  ~118 batch tests completed by Thibault &

Associates �  Leach recoveries as high as 96% �  Conceptual hydrometallurgical flow sheet

developed

•  Dynamic economic model completed �  Model developed by Thibault &

Associates using METSIM

•  Surface right acquisition program initiated �  130 acres acquired covering about half

the Plymouth deposit. �  Further surface acquisitions will continue

when a development partner is found

Drill Section with Manganese Assays (2011 Assays plotted with *1987 assays)

*1987 assays - New Brunswick Department of Natural Resources and Energy, Open File Report 90-4.

50 m

100 m

150 m

200 m

Plymouth Deposit (drill section looking northeast)

Woodstock Manganese (South Section)

50 m ?

?

11-10

11-09

10.83% Mn 74.9 m

12.70% Mn 109.73 m

8.61% Mn 44.0 m

11.27% Mn 101.0 m

11.67% Mn 78.0 m

11.68% Mn 82.3 m

12.51% Mn 78.0 m

?

?

BMC 2011 drill hole assay composite (red)

historic drill hole (1987) assay composite (green)

LEGEND

11-09

manganese grade/ core length (metres) 1987 assays

9.22% Mn 63.0 m

manganese grade/ core length (metres) BMC 2011 assays

9.22% Mn 63.0 m

mineralized iron formation

Conceptual Hydrometallurgical Process

Grinding

Sulphuric AcidLeach

Primary Goethite

Precipitation

ResidueRe-Pulp Wash

Electrowinning

Run-of-Mine Ore

H2SO4 Make-up

Electrolytic Manganese Metal

To End User

Crushing

Tertiary Solution Purification

Lime / Air

Tertiary PurificationReagents

Heavy Metal Residue

Leach Residue

To Tailings Management

To Tailings Management

Grouping of Unit Operations

Leaching

Solution Purification

Product Recovery

Comminution

Process Water

Secondary Goethite

Precipitation

Lime / Air Acidic Process Water

Goethite I Residue

To Tailings Management

Ammonium Sulphate E/W Efficiency Promoting Reagent

ManganesePrecipitation

Re-Pulp Wash Filtrate

Spent Electrolyte / Acid Recycle

Manganese Precipitate Recycle

Goethite II ResidueRecycle

Spent ElectrolyteBleed Stream

Process Wastewater

To Wastewater Treatment

Misc. Residue Wash Filtrates

Lime

Crushing and Grinding Grind to a P80 of 58 to 62 micron.

Sulfuric Acid Leach Direct leaching of iron carbonate / oxide and manganese carbonate to form manganese sulfate/ iron sulfate.

Goethite Precipitation/ Washing Multi-stage precipitation of iron / formation of stable iron complex.

Sulfide Precipitation Precipitation of heavy metals from solution.

Electrowinning/ Recyle Acid Electroplating of manganese and generation of sulfuric acid.

Conceptual Dynamic Economic Model

Revised Flowsheet / Product Opportunity

Flowsheet Design

Mass and Energy Balance Simulation

Mine Plan Design

Ore Grade and Tonnage

Equipment Sizing / Cost Estimation

CAPEX / OPEX Cash Flow Model

Revenue Generator

Economic Viability

Process Definition

Return on Investment

Project Life

Woodstock Manganese (Future Drilling)

1987 Magnetics (total field – gammas)

deposit outline (historic data)

South - 152 m depth, North - 79 m depth

(deepest intercept 213 m – open)

100m

North Drill Section

South Drill Section BUCHANS MINERALS CORPORATION

Plymouth Deposit - Drill Plan deposit location & magnetics

(compiled from 1987 data)

*1987 - New Brunswick Department of Natural Resources and Energy, Open File Report 90-4.

BMC 2011 drill hole assay composite (red)

historic drill hole (1987) assay composite (green)

LEGEND

BMC 2012 drill hole (proposed resource drilling)

•  LOOKING FORWARD

•  Continue Lundberg pre-feasibility work program with Minco plc. – First priority to complete drilling and publish a new NI 43-101 Indicated Resource

•  Initiate drilling of Plymouth Manganese deposit in January 2013 and define an NI 43-101 compliant inferred resource. Thereafter Minco plc. can elect to proceed to complete a Preliminary Economic Assessment.

•  INVESTMENT OPPORTUNITY

•  Cash: $1.66 million – Sep 30, 2012

•  Market value of assets: $4.14 million ($5.8 market cap – $1.66 cash)

•  Market values company at 2.6% of net present value of Lundberg PEA (~$217 million)

•  Market attributes zero value to the manganese project despite its obvious scale and managements belief that the project could become the company’s flagship asset.

•  VALUE

•  If you valued the base metal assets at just 10% of the NPV value of Lundberg and attributed the same value to the Woodstock assets then the company’s market cap would be ~$45 million or $0.26 / share. The Company currently trades at $0.045 / share. Management believes this to be a very conservative valuation.

LOOKING FORWARD & INVESTMENT OPPORTUNITY

BMC–TSX-V