MEP Proactive Investors - March 2011

Proactive Investors, Melbourne 16 March 2011

Andrew Woskett, Managing Director

Minotaur Exploration Limited ACN: 108 483 601

ASX: MEP

1.  usual Disclaimer 2.  About Minotaur today; facts & figures 3.  Overview of Minotaur’s exploration & development priorities through 2011 4.  Project Case Studies: ①  Australia’s next big iron province – the Braemar Iron Formation, which includes; Minotaur’s Mutooroo Magnetite project ②  The Maitland Iron oxide-copper gold & Rare Earths exploration target

5.  Q & A

Today’s Agenda:

Cautionary Statements:

About Minotaur

ASX ticker: MEP Equity: 92.7 million shares on issue Top 5 hold 23.7%: OzMinerals (8.7%), Newmont (5.7%)

52 week price range: 16.5c – 38c Last Price: 22c (@ close on 15 March) Market Capitalisation: $20.5 million (@ close on 15 March)

Less Cash (as @ 31 Dec): $5.2 million Less Listed Investments: $7.3 million thus Enterprise Value: $8 million (@ close on 15 March)

Exploration assets: $0.08 per share

Minotaur’s priorities through 2011:

Minerals exploration: q Magnetite Fe (SA)

q  Iron oxide – copper gold IOCG (SA, Qld, Canada)

q  Base Metals Cu, Pb, Zn (SA, NSW)

q Gold Au (SA, Vic)

Project Development - towards commercialisation: q Kaolin China Clay (SA)

2 case studies of activities in 2011:

Minerals exploration: ①  Magnetite Fe (SA)

②  Iron oxide – copper gold IOCG (SA)

①  Magnetite (iron) deposit, SA

Braemar Ironstones, SA: The next big (Fe) thing

² a significant regional sequence of highly magnetised sediments

² The Braemar Iron Formation is emerging to potentially be Australia’s next big iron ore province

² 100km SW of Broken Hill ² Heavy duty rail link 300km to Port Pirie

²  several ASX listed explorers are active along the Braemar Fe formation

² Regional potential for up to 20,000 million tonnes of in-situ Fe mineralised siltstone, circa 20-25% Fe

² Could anticipate ~10 billion tonnes of mineable magnetite ore to be defined

² Potential for annualised output of 25Mtpa of blast furnace quality magnetite concentrates grading around 65% - 70% Fe

Braemar Ironstones: the vision

² Exploration success being reported by all active explorers along the Braemar Iron formation

² multiple zones, each potentially hosting hundreds of millions of tonnes of magnetite rich siltstones

² Regional potential for ~10bt ore, with a foreseeable 100 year life of mining @ nominal 100Mtpa mining rate, producing 25Mtpa of concentrate, comprising: v 4-5 processing operations for

5-10Mtpa concentrate each, at ~$2b Capex each, or

v one 25Mtpa Super Plant and assoc infrastructure at ~$6b, saving ~$5b overall, with scale to include a Pellet Plant (producing a value added product)

v  equivalent to CITIC’s $5.5b for 28Mtpa huge magnetite project at Cape Preston, WA (see photos)

6 fully autogenous grinding mills @ 28MW each

450MW Power station, combined cycle, gas fired (photos sourced from www.citicpacificmining.com/resources/news)

The term "Explora/on Target" should not be misconstrued as an es/mate of Mineral Resources and Reserves as defined by the JORC Code (2004), and the term has not been used in that context. It is uncertain if further explora/on will result in the determina/on of a Mineral

Resource. Refer Cl 18 of the JORC Code (2004).

Minotaur’s Mutooroo Fe project

2011 Work Plan: "  40km strike extents of highly

magnetised sedimentary beds identified from helimag data

"  9 RC & diamond holes drilled to 200m vertical depth

"   thick magnetite beds intersected at surface or under thin cover

"  consistently high quality (~69%) magnetite concentrates made from composited drill chips (holes MUT01 & 02 to date)

"  Davis Tube Recovery Concentrate (DTRC) quality testing underway for holes MUT08-17

¨ Will lead to an estimate of potential size of the Exploration Target; aiming for ~1b tonnes at Muster Dam

Mutooroo Fe project

www.minotaurexploration.com.au

Muster Dam deposit Ø  Magnetic intensity indicates

strike extent of 7km, width > 500m

Ø  Drill intersections define mineralised beds over package width of >700m

Ø  Beds outcrop and sub-crop è low strip ratios

Ø  DTRC tests underway for holes MUT08-17

Ø  Metallurgical results due in April

Ø  Estimate of Exp loration Target due in April

Ø  JV to consider $5M phase of work for remainder of 2011

The Mutooroo Fe project is a

contributing joint venture between Sumitomo Metals

Mining Oceania Pty Ltd (50.1%) & MEP

(40.9%)

Mutooroo Fe project

Mutooroo Fe project

Cross Section – Muster Dam approx width of mineralised package 700m

Mutooroo Fe

08RCMUT-‐02 08RCMUT-‐01 Magnetite Pellet Fines - Quality Criteria

Species BF Pellet

fines grade (target %)

MUT01/02 DTRC % Comment Result

Fe >60.0 69.3 pure magnetite is 72.4% Fe (maximum grade achievable) ✔

FeO >25 ~26.4 calculated by differences ✔

SiO2 <5.5 3.57 SiO2<5% preferred for Blast Furnace (‘BF’) feed. For DRI grade Si+Al <2% (preferred) and certainly <3% ✔

Al2O3 1.0-1.5 0.36 low Al2O3 can be considered ‘preferred’ by BF ✔

CaO <3.0 0.10 moderate CaO can offset flux addition in BF ✔

MgO <3.0 0.05 moderate MgO can offset flux addition in BF ✔

TiO2 <0.75 0.06 Concentrate is unsaleable if TiO2 > 1% ✔

Mn <0.050 0.02 Mn increases coke rate in BF ✔

P <0.030 0.01 P<0.08% preferred as P reports to pig iron smelt ✔

S <0.010 <0.01 S contributes to acid rain (SO2) gases in BF exhaust ✔

"   Mutooroo DTRC grade, for holes MUT01&02, ticks all the boxes DTRC: Davis Tube Recovery Concentrate BF: Blast Furnace; a steel making furnace

q  Metallurgical results for holes MUT08-MUT17 not yet available; expected to be released in April 2011

②  A new IOCG target on SA Yorke Peninsula

08RCMUT-‐02 08RCMUT-‐01

Maitland IOCG & REE Target


Located 15km south of the Moonta copper township on South Australia’s Yorke Peninsula. Moonta-Wallaroo were the World’s richest copper mines, operating 1861-1923 Within the world class Gawler Craton (host to OD, Prominent Hill, Carrapateena, Hillside, Wirrda Well, Challenger, Tunkillia) Extensive exploration conducted by MIM, CRAE, BHP & WMC/NBH since 1962 had detected anomalous Ce and Co Minotaur earning 51% in Joint Venture with Red Metal Ltd (100%), targeting Cu-Ni-Co-REE mineralisation VTEM aerial magnetic survey to start this month for 500 line km, enabling basement interpretation from geophysical data

EL 3413

Maitland IOCG Target




Core review of mineralised zones from three best drill holes (operator CRAE)

DD85WE1 – Tea Tree 17.4m @ 0.35% Cu, 0.1% Ni, 0.14% Ce & 0.07% La DD86WE3 – Hillview Altered brecciated meta-volcanic zone at 156m, 1m @ 0.18% Cu & 90ppm U DD86WE6 – Tea Tree 2.6m @ 0.77% Cu, 0.35% Ni, 0.12% Co & 1.2% Ce

DD85WE1

Upper mineralised zone (72.7-89.2m) – intensely altered carbonate rock interbedded (protolith) with biotite-rich metasediment (tightly folded) . Pyrite and chlorite (after biotite) replacing earlier red rock altered (hematite-dusted albite?) fine-grained meta-sediments. K-feldspar alteration replaced by fine-grained magnetite (discontinuous stringers & disseminations). Pyrite/biotite (chlorite)/magnetite replacement concentrated in more permeable zones of biotite-rich metasediment – biotite developed along alteration selvedge


08RCMUT-‐02 08RCMUT-‐01 VTEM Low level (50m) helicopter borne electro-magnetic array; a cost and time effective regional target data acquisition method

Ask me Questions

Minotaur Exploration Limited ACN: 108 483 601

ASX: MEP www.minotaurexploration.com.au

MEP Proactive Investors - March 2011

Investor Relations

Transcript of MEP Proactive Investors - March 2011