Download - Mep Portfolio Review 21 September 2010

MELBOURNE MINING CLUB, CUTTING EDGE SERIES21 September 2010

Andrew Woskett, Managing Director

Minotaur Exploration LimitedACN: 108 483 601

ASX: MEP

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Minotaur is:

www.minotaurexploration.com.au

MINOTAUREXPLORATION

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an active Explorer in:

Nova Scotia, Canada Queensland New South Wales South Australia Victoria

where the focus is on:

IOCG style Copper-gold, Magnetite iron IOCG style Copper-gold Base metals (Pb, Zn) IOCG style Copper-gold, Magnetite iron, kaolin Gold, VMS style base metals

http://www.minotaurexploration.com.au


Project Pipeline


MINOTAUREXPLORATION

PROJECT Location Type Sept Oct Nov Dec

Cobequid Nova Scotia IOCG Geophysics Geophysics Drilling Lab Assays

Bass River Nova Scotia Magnetite Geophysics Target generation

Drilling Lab Assays

Cloncurry Qld IOCG Geophysics Drilling Drilling Lab Assays

Aphrodite SA IOCG Road access Drilling Lab Assays Interpretation

Border SA Base metals Geophysics Geophysics Drilling Drilling

Mutooroo SA Magnetite Geophysics Target generation

Drilling Drilling

Poochera SA Kaolin Product Specifications

Marketing Marketing Off Take discussions

Tunkillia SA Gold Start CSIRO ISL Study

Regional Biogeochem

Regional Biogeochem

CSIRO ISL Study ends

Louth NSW Base Metals Drilling Drilling Lab Assays Interpretation

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Business Model

A multi-optioned approach to building value :

Active and diverse exploration effort in iron-oxide-copper-gold (IOCG, or Prominent Hill style), gold, base metals, & iron mineralised systems

Strategic ASX Investments broaden exposure to exploration success

steadily moving advanced Kaolin (China Clay) project towards commercialisation

actively seeking new brownfields acquisition opportunities in metals


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About Minotaur

ASX: MEP

Equity: 80.5M shares on issue

Top 5 hold 27.4%: Oz Minerals (9.98%); Newmont (6.61%)

52 week range: 16.5c - 38c

Last Price (20 Sept): $0.36

Market Capitalisation: $29M Cash (31 August): $3.7M Listed Investments: $ 6.9M Enterprise Value: $18.4M Exploration Assets/share: $0.23 (as @ 20 September 2010)


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Strategic Investments

Leveraging ground exposure and technical sk i l l s v ia equit y in :

Mithril Resources (MTH) nickel and copper explorer (16.6%)

Petratherm (PTR) geothermal energy developer (18.35%)

PlatSearch NL (PTS) base metals explorer (4.5%)

Thomson Resources (TMO) applying frontier geology to Thomson Fold Belt (NSW), expect ASX listing in October (Minotaur equity approx 13%)


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Significant ground position in Nova Scotia, offering multi-metal opportunities:

Cobequid: IOCG; geophysics underway on multiple IOCG anomalies, drill in November Bass River: Magnetite; proven iron ore province, geophysics underway

along 20km magnetic horizon, drill test in November

Exploration focus - Canada


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Exploration - Nova ScotiaSignificant Regional IOCG and iron play


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Tenure along 200km of the fault zone

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Exploration - Nova ScotiaMineralisation types


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Exploration - Nova ScotiaIOCG


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Exploration - Nova ScotiaIOCG anomalies, examples


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NS13West is a gravity only anomaly

(Haematite target)

NS13East shows coincident gravity and magnetic anomalies (Magnetite target)

1VD Magne*cs1VD Gravity

NS13West (Haematite) NS13East (Magnetite)

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Exploration - Nova ScotiaBass River Magnetite


MINOTAUREXPLORATION

Magnetite deposit is: 15km from trans

Canada railway & highway 50km from Port of

Parrsboro 150km from major

Port of Halifax in a recognised iron

ore province

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Exploration - Nova ScotiaBass River Magnetite


MINOTAUREXPLORATION

Magnetite breccia mineralisation shows

magnetic high intensity sporadically along

20km of strikeHigh resolution ground

magnetic survey underway to guide drill investigation at 5 high

intensity targets

Lodestone (1988) produced 1,000t of

magnetite Con at grade of 83% Fe3O4 from

2,000t of ore

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Exploration - Nova ScotiaBass River Magnetite, Geology


MINOTAUREXPLORATION

Geology of the Bass River area showing the location of magnetite breccia outcrops between Bass River and Economy River relative to the Cobequid-Chedabucto Fault Zone (CCFZ) and the alkaline Pleasant Hills Pluton of Carboniferous age.

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Exploration - Nova ScotiaMagnetite sampling


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The Bass River Magnetite deposit was bulk sampled as a source of high quality magnetite in

1988. The presence of Co-rich pyrite was recognised. The deposit averages 500ppm Co

while the pyrite concentrate averages 0.9% Cobalt (Co metal is ~US$42,000 per tonne).

The magnetite mineralisation has an obvious structural control and is localised essentially along the trace of the Cobequid Fault, a major suture of the Cobequid-Chedabucto Fault Zone.

Fragments of Carboniferous age Pleasant Hills Pluton are present in the brecciated magnetite mineralisation. In addition, veinlets of pinkish granite and/or K-feldspar are also present, suggesting the granite and magnetite formed contemporaneously.

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Project diversity, well funded, spending $7 million through 2010:

Cloncurry (Qld): geophysics underway on multiple IOCG targets

Aphrodite (SA): Major IOCG target 35km SE of Olympic Dam.Ready to drill to 900m depth in October. Shows very distinct similarities to the nearby ‘Carrapateena’ gravity anomaly

Border (SA): base metals, AEM & EM complete, drill in November

Mutooroo (SA): Braemar sedimentary hosted magnetite Fe deposit.Exploration target size to be assessed by end 2010 from Heli-EM and drilling

Poochera (SA): Highest quality kaolin resource. +50 year life. Planning new operation from end 2012, ramping from 50,000 tpa @ start up to +100,000 tpa (assumes 2 x wet processing modules)

Exploration focus - Australia


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looking for Ernest Henry style orebodies

multiple IOCG targets over 546 km2

30km N of Ernst Henry IOCG mine

JV with Japan Oil Gas & Metals Corp

JOGMEC earning 51%

JOGMEC funding $4M over 3 years

Exploration - Cloncurry


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Cloncurry

Ernest Henry

Australia’s most productive copper belt, but

surface deposits are depleted vast areas under cover (obscured)

and are under-explored geophysics “sees through” the cover

to locate potentially mineralised targets (anomalies)

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Drill ready Targets modeled at: Woolshed Flat

Gypsy Plains

Cormorant

Cotswold



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ground geophysics underway drill selected

geophysical anomalies in October-November aka Eloise, Osborne,

Ernest Henry

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Woolshed Flat: entirely new IOCG target

coincident magnetics, gravity with positive ground TEM anomalies on prominent NW trending fault



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Gypsy Plains: coincident magnetic high &

gravity anomaly, adjacent a major EM conductive linear feature (dashed line)

in-filling gravity sections hole NRRCD-08 intersected

massive magnetite with pyrite-chalcopyrite from130m - 360m downhole

hole NJVD12 on structure, intersected elevated Cu and high Fe; gravity being acquired



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Cormorant: new geophysics shows

that previous explorers appear to have drilled parallel to the conductive structure (red line)

exceptionally strong EM conductor to be tested by new drill hole in November



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new drill trace, oriented to intersect conductive plate

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JV with JOGMEC (earning 51%)

Cobar Supergroup rocks host Pb, Zn, Ag, Au, Cu mineralisation (Endeavour, CSA & Peak mines) discrete conductive anomalies

derived from VTEM and ground EM surveys in 2009 Targets under 100m of sedimentary

cover now drilling 3 targets into basement,

550m hole depth JV budget is $400k in 2010

Exploration - Louth base metals project


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Aphrodite; a major new IOCG gravity anomaly 35km SE of Olympic Dam

MEP 100% Offset Gravity/Magnetic

anomalism bounded by regional lineaments

2009 discovery hole drilled to 800m below surface

distinctive Olympic Dam style peripheral mineralisation in core; indicates close proximity to significant hydrothermal system

Exploration - Aphrodite IOCG target


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Aphrodite

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Carrapateena pipesHole 2: 355m @ 1.25% Cu, 0.5 g/t Au

Hole 50: 905m @ 2.0% Cu, 1.0 g/t Au

a Carrapateena look-alike Carrapateena-style hematite rich

breccia system intersected 670m below surface

core showed pervasive sericite alteration with hematite & chalcopyrite, suggesting proximity to major hydrothermal mineralisation event

new geophysics refined the centre of anomaly > new drill site located 600m S

In October, will start new diamond hole down the anomaly to 900m depth



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MINOTAUREXPLORATION

Carrapateena gravity anomaly, superimposed at same scale

0 1 2 3

km

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multiple Pb/Zn targets

40km W of Broken Hill

JV with Sumitomo (MEP 40.9%)

ground geophysics underway

drill selected targets Nov-Dec

$700k budget in 2010

Exploration - Border Base metals


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Exploration - Mutooroo Fe


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90km SW of Broken Hill

35km from E-W rail line

Heavy duty rail link 300km to Port Pirie

JV with Sumitomo (MEP 40.9%)

initial drill intersections show 200m thick magnetite mineralised beds

3,500 line km of heli borne EM done to define magnetic sedimentary horizons

drill targets through October - November

$500k budget in 2010

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MINOTAUREXPLORATION

2 RC holes drilled to 200m.

Program for H2 2010:★ low level Heli-Mag data acquisition - completed in August★ 10 x RC & Diamond holes planned along 40km strike extent of magnetised beds★ Beneficiation testing ★ estimate size of Exploration Target★ Scoping Study

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MINOTAUREXPLORATION

08RCMUT-‐02 08RCMUT-‐01

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Exploration - Mutooroo Fe3D ground Magnetic Intensity shells


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08RCMUT-‐02 08RCMUT-‐01

MUT02: 114m 20% DTR Fe with DTRC grade of 69.7% Fe

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MEP 54.75% (Helix Resources 45.25%)

803,000 oz JORC resource established

multiple targets within 5km radius

tested 4 targets in June (RC; 1650m)

validated biogeochem method (gold in plants) as a viable exploration tool

refer ASX release dated 30 June ’10

80km extents of Yarlbrinda shear zone remain untested

Exploration - Tunkillia gold project


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Commercialisation - Poochera Kaolin


MINOTAUREXPLORATION

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Granite decomposes to granitic kaolin through tropical weathering

Finished product size is 92% passing 2 microns.World consumption of highest quality ‘China

Clay’ exceeds 10 million tonnes per year.Used in plastics, paints, paper coatings, tyres

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MEP 100%

20Mt Inferred Kaolin resource

5m - 50m below surface

92% < 2u hydrous kaolin product world class ‘Ultra white’ & ‘Ultra bright’

hydrous kaolin qualities; ISO Reflectance: R457 = 90.7

pilot plant producing world class calcining feedstock; R457 = 92.4

potential for +100kt pa operation for >50 years

100km from Port Thevenard, SA

marketing exposure from October, leading to preliminary Offtake discussions

leads into 2011 Pre-feasibility study

Commercialisation - Poochera Kaolin


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and to conclude......

Minotaur, a diverse portfolio with plenty of zing


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Download - Mep Portfolio Review 21 September 2010

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