Mutooroo Magnetite ProjectMutooroo Magnetite ProjectInferred Resource Estimate of the

Muster Dam Magnetite Fe Deposit2nd December 2011

Andrew Burtt, Project Geologist8th SA Exploration and Mining Conference

Adelaide, SA

Inferred Resource Estimate of theMuster Dam Magnetite Fe Deposit

2nd December 2011Andrew Burtt, Project Geologist

8th SA Exploration and Mining ConferenceAdelaide, SA

Maiden JORC Inferred ResourceMaiden JORC Inferred Resource

1.5 Billion Tonnes @ 15.2% DTR and 18.02% Fe (Head)at 10% DTR cut-off

with228 Mt of contained magnetite concentrate

Concentrate GradeFe 69.8%Al2O3 0.4%P2O5 0.002%S 0.002%SiO2 2.8%LOI -3.3%

LocationLocation

Braemar IronstonesBraemar Ironstones

Regional TMIRegional TMI

Area 1Area 2

Area 3

3,497 line kilometres with flight linespacing of 50m and terrainclearance of 25m

Heli-magneticsHeli-magnetics

Muster Dam Magnetic AnomalyMuster Dam Magnetic AnomalyOutcropping steeply east dipping, magnetite-bearing diamictite and siltstone

Magnetic ModellingMagnetic Modelling

Muster Dam TMIAnomaly -

3D magnetic modelling by MIRA

Geoscience

Magnetic ModellingMagnetic Modelling

Muster Dam TMIAnomaly -

3D magnetic inversion by

MIRA Geoscience

Magnetic ModellingMagnetic Modelling3D Inversion of Muster

Dam anomaly -0.4 SI MagneticSusceptibilityiso surface

2D Forward Modelling2D Forward Modelling15 Sections Modelled

Section: MDN001

Section:MDN001

Section: MDN001

Planned Resource DrillholesPlanned Resource Drillholes

Section:MDN001

36 planned RC drillholes for 10,600m on

400m sections 150m apart

Resource DrillingResource Drilling

Section:MDN001

49 x RC drillholes for 13,031m10 x Diamond drillholes for 2,883m

Diamictite

Siltstone

Resource DrillingResource Drilling

Section:MDN001

Section MDN001

Excellent correlation between modelled and drilling

Section:MDN001

Section MDN001

Resource DrillingResource DrillingExcellent correlation between modelled and drilling

Davis Tube Recovery (DTR)Davis Tube Recovery (DTR)2,355 5m RC composite samples for DTR/XRF at 45µm grind size558 5m ¼ core samples for DTR/XRF at 45µm grind size

Head sample input (20g)Magnetite concentrate sample recovered (DTR)

DTR or Mass Recovery= Wt Mag(g) / Wt Head(g)

QA/QCQA/QC

0

5

10

15

20

25

0 10 20 30

DTR

%

Fe% head

Mutooroo Magnetite ProjectResource Drilling Standards

Standard 1 (High DTR)

Standard 2 (Moderate DTR)

1516171819202122232425

5539

20

5541

40

5544

40

5546

20

5549

40

5551

40

5553

40

5556

20

5558

40

5581

20

5565

40

5567

40

5564

40

5570

20

5571

20

5582

40

5584

20

1240

40

5587

20

5515

40

DTR

(%)

Sample ID

STD: STD1

Created our own Standard as there are no commercially available magnetite Fe standards

QA/QCQA/QC

0

5

10

15

20

25

30

35

40

0 10 20 30 40

Dup

licat

e Sa

mpl

e D

TR%

Alpha Sample DTR%

Field DuplicatesDTR%

13 – 18% QA/QC samples includingstandards, blanks, field duplicates and lab check samples

QA/QCQA/QC

Diamond Drillholes• Twin of RC holes to confirm RC is

representative• Confirm dip of sequence – Alpha-Beta

measurements• SG measurements

05

1015202530354045

0 50 100 150 200 250 300 350

DTR

%

Depth (m)

MDD001 vs MD003 DTR

MDD001 DTR%

MD003 DTR%

Resource ModellingResource ModellingH&S Hellman & Schofield Pty LtdIndependent review by Hellman & Schofield to produce Inferred Resource:

• 2,913 x 5m DTR composites from drilling

• 280 estimated from magsus using Conditional Expectation statistical technique

• Total of 3,193 x 5m composites used for resource estimation

• Due to curved nature of deposit 4 sub-domains modelled

• Unconstrained Ordinary Kriging used with 10% DTR cutoff and no top cut with a block size of 100 x 50 x 20m

• Av. density of 2.96 g/cm3 estimated from 2,357 x 5m downhole geophysics composites with density assigned to ore blocks

• Only Fresh Rock resource reported

12

3

4

Resource ModellingResource Modelling

4

H&S Model validation demonstrates that the block model honours the drill hole composite grades

487000 488000 489000 490000 491000

000

000

000

000

000

Plan Plot of DTR_Mag

RL slice: 80.0 +/- 10.0

East

489500 489600 489700 489800 489900 490000 490100 490200

-300

-200

-100

0

100

200

300

400

Section Plot of DTR_Mag

Northing slice: 6409100.0 +/- 50.0

East

Resource EstimationResource Estimation

DTR Mag Cut Off % BTonnes DTR Mag Recovery % Fe Head Grade %6 1.60 14.84 17.968 1.58 14.93 18.0210 1.51 15.18 18.2012 1.36 15.64 18.5714 1.02 16.47 19.1716 0.54 17.74 20.0118 0.18 19.38 20.77

Muster Dam Concentrate Grades

CategoryBillion Tonnes

Magnetite DTR %

Fe% Al2O3 % P2O5 % S % SiO2 % LOI %

Inferred 1.5 15.2 69.8 0.4 0.002 0.002 2.8 -3.3

Exploration TargetExploration TargetTarget Area No of

BandsStrike (km) Thickness

(m)Volume (Bill m3) Tonnage (Bt)

Muster Dam 1 5.5 to 6.5 100 to 325 0.30 to 0.45 1.0 to 1.5Muster Catch 2 1.7 to 2.3 80 to 150 0.03 to 0.06 0.05 to 0.15Muster South 1 1.7 to 2.3 80 to 120 0.03 to 0.06 0.05 to 0.15Duffield 1 1 3.0 to 3.5 100 to 300 0.09 to 0.13 1.0 to 1.5Duffield 2 2 1.5 to 2.5 80 to 100 0.25 to 0.40 0.1 to 0.3

Surrender Dam 4 3.0 to 3.5 80 to 150 0.10 to 0.15 0.2 to 0.4Totals 16.4 to 20.6 80-325 0.80 to 1.25 2.4 to 4.0

The term “Exploration Target” should notbe misconstrued as an estimate ofMineral Resources and Reserves asdefined in the JORC Code (2004), andthe term has not been used in thatcontext. The term is conceptual in natureand it is uncertain if further explorationwill result in the determination of aMineral Resource. Refer Clause 18 ofthe JORC Code (2004).

FutureFuture JORC statement directly

comparable to that for CAP’s Hawson’s Project 25km distant

Grind optimisation & Scoping Study underway; for completion in February 2012

Measured resource at Muster Dam

Inferred resource at Duffields

AcknowledgementsAcknowledgements

Mutooroo Pastoral Company Sumitomo Metal and Mining Oceania Frank Walsh Drilling Macquarie Drilling ALS Laboratories AMDEL Hellman & Schofield Euro Exploration Minotaur personnel Adelaide University students

DisclaimerDisclaimerThis presentation has been prepared by the management of Minotaur Exploration Limited (ASX: MEP) for the general benefit ofanalysts, brokers and investors and does not constitute specific advice to any particular party or persons. Information herein isbased on publicly available information, internally developed data and other sources. Where an opinion, projection or forwardlooking statement is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is anexpression of present opinion only. No warranties or representations are made or implied as to origin, validity, accuracy,completeness, currency or reliability of the information. MEP specifically disclaims and excludes all liability (to the extent permittedby law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connectionwith the information, its accuracy, completeness or by reason of reliance by any person on any of it. Where MEP expresses orimplies an expectation or belief as to the success of future exploration and the economic viability of future project evaluations,such expectation or belief is expressed in good faith and is believed to have a reasonable basis. However, such projectedoutcomes are subject to risks, uncertainties and other factors which could cause actual results to differ materially from projectedfuture results. Such risks include, but are not limited to, exploration success, metal price volatility, changes to current mineralresource estimates or targets, changes to assumptions for capital and operating costs as well as political and operational risks andgovernment regulatory outcomes. MEP disclaims any obligation to advise any person if it becomes aware of any inaccuracy in oromission from any forecast or to update such forecast.

This presentation has been prepared by the management of Minotaur Exploration Limited (ASX: MEP) for the general benefit ofanalysts, brokers and investors and does not constitute specific advice to any particular party or persons. Information herein isbased on publicly available information, internally developed data and other sources. Where an opinion, projection or forwardlooking statement is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is anexpression of present opinion only. No warranties or representations are made or implied as to origin, validity, accuracy,completeness, currency or reliability of the information. MEP specifically disclaims and excludes all liability (to the extent permittedby law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connectionwith the information, its accuracy, completeness or by reason of reliance by any person on any of it. Where MEP expresses orimplies an expectation or belief as to the success of future exploration and the economic viability of future project evaluations,such expectation or belief is expressed in good faith and is believed to have a reasonable basis. However, such projectedoutcomes are subject to risks, uncertainties and other factors which could cause actual results to differ materially from projectedfuture results. Such risks include, but are not limited to, exploration success, metal price volatility, changes to current mineralresource estimates or targets, changes to assumptions for capital and operating costs as well as political and operational risks andgovernment regulatory outcomes. MEP disclaims any obligation to advise any person if it becomes aware of any inaccuracy in oromission from any forecast or to update such forecast.

Information in the foregoing presentation that relates to Exploration Results, Mineral Resources or Ore Reserves isbased on information compiled by Dr A. P. Belperio, who is a Director and full-time employee of the Company and aFellow of the Australasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience,which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he isundertaking, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves”. Dr A. P. Belperio consents to inclusion in the presentationof matters based on his information in the form and context in which it appears.

Competent Person’s StatementCompetent Person’s Statement