Minotaur Demonstration Slides

ANNUAL GENERAL MEETING22 November 2010

Monday, 22 November 2010


Andrew Woskett, Managing Director

Minotaur Exploration LimitedACN: 108 483 601

ASX: MEP


I joined Minotaur on 1 March 2010 and I am delighted to be part of such a great team I am an engineer with 30 years multi-disciplinary, mining industry experience & in technology plus a Masters in Commercial Law, Fellow of AusIMM I have been directly responsible for creating numerous large, new gold & copper processing

operations, such as: Bougainville Copper concentrator & mine area infrastructure Kalgoorlie Super Pit, Fimiston plant & Gidgee fluidised bed Roaster Kanowna Belle Marymia, Granny Smith mods Ballarat Goldfields

Iv’e managed studies for a range of new projects in gold, silica, coal, iron ore, copper and coal-to-liquid fuels, such as:

Cockatoo Island - restructured the high grade {64% Fe} iron ore fines operation, defined new mineable reserves and extended the life of mine by several years, saving it from closure Olympic Dam - planned the new open pit operation & organisation (for WMR) Pilbara Iron - planned the Hamersley iron expansion to 230Mtpa Extension Hill - PFS for a 5Mtpa hematite/magnetite plant and open pit mine Eneabba Coal - PFS for a 500ktpa DRI pig iron nugget plant & open pit mine

Background

www.minotaurexploration.com.au

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http://www.minotaurexploration.com.au


today’s Agenda:


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1. About Minotaur today; facts & figures2. Minotaur’s achievements through 20103. Minotaur’s aims for the end of 20114. Minotaur’s aims for the end of 20125. Cloncurry IOCG exploration6. Mutooroo Fe exploration and a regional perspective7. Poochera Kaolin; the pathway to commercialisation8. usual Disclaimer9. Q & A

today’s Agenda:


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About Minotaur

Equity: 92.7M shares on issue

Top 5 hold 23.7%: Oz Minerals (8.67%); Newmont (5.74%)

52 week range: 16.5c - 38c

Last Price (as @ 19 Nov): $0.245

Market Capitalisation: $22.7M

Cash (31 Oct): $6.2M Listed Investments: $7.5M

Enterprise Value: =$9.0M (the disturbingly low value that the market ascribes to our real assets)

Exploration Assets valued @: $0.097 per share (as @ 19 November 2010)


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Minotaur’s priorities through 2010:


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exploration mainly in:

Queensland New South Wales South Australia

and

Victoria






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exploration mainly in:

Queensland New South Wales South Australia

and

Victoria

where the focus has been on:

defining and drilling new IOCG Copper-gold targets defining and drilling new Base metals (Pb, Zn) targets investigating IOCG style (Cu-Au), Magnetite, Kaolin,

and Gold prospects acquiring new VMS style base metal targets & Gold




Minotaur ‘s achievements in 2010:


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Project diversity, well funded by JV’s, investing $7 million through 2010:

Cloncurry (Qld): geophysics completed on multiple IOCG targets, first drillhole successfully completed, but program now hampered by early onset of ‘wet‘ season

Aphrodite (SA): IOCG target 35km SE of Olympic Dam. Access approvals gained.Drilled to 829m depth in October. The gravity anomaly was tested but not explained by core. New downhole geophysical methods needed to assess and understand the anomaly

Border (SA): AEM & EM surveys completed on base metals targets, drill in 2011

Mutooroo (SA): High quality sedimentary hosted magnetite deposit discovered.Drilling delayed by wet, to re-commence in January 2011

Poochera (SA): Highest quality, ‘world class’ kaolin resource characterised. Planning for a new mine operation from end 2012; +50 year life. Production to ramp from 50,000 tpa @ start up to +100,000 tpa (assumes 2 x wet processing modules)

Victoria: Successfully tendered for new VMS tenure; Option taken on exploration & acquisition of 2 historic gold fields, drilling started

Minotaur ‘s achievements in 2010:


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Minotaur’s vision for end 2011:


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Project outcomes:

Cloncurry: drill testing done on multiple IOCG anomalies for new mineral deposits

Mutooroo: have completed a Scoping Study of 1 billion tonne Magnetite target with possible mineralisation upside to 3 billion tonnes. An initial JORC Inferred resource reported. A case made to JV to proceed to PFS from March 2012

Poochera: have completed PFS & DFS studies into Kaolin commercialisation. Offtake agreements in place, ready to make an Investment decision to proceed to design, construction and commissioning in 2012

Victoria: have delineated and drilled VMS style base metals targets. Identified Gold resource and potential production prospects






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Project outcomes:

Cloncurry: intensive drilling completed on several new IOCG mineral deposits

Mutooroo: PFS completed. A case made to JV for progression of a $50M BFS, from March 2013, into a 40Mtpa magnetite mining & processing operation

Poochera: design, construction & commissioning complete; readying for first commercial production early in 2013

Victoria: VMS base metals targets advanced to new discovery stage. Gold resources advanced to production proposition




looking for ‘Ernest Henry’ style iron oxide, copper-gold (IOCG) 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

Cloncurry IOCG


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Cloncurry

Ernest Henry

Australia’s most productive copper belt, but

surface deposits are depleted vast areas are under cover (obscured)

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

to locate potentially mineralised targets (anomalies)




Drill Targets at: Gypsy Plains, drilled 12 Nov to

401.5m target depth, core being transported to Adelaide for full technical assessment

Cormorant

Cotswold

Woolshed Flat

Cloncurry IOCG


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ground geophysics completed geophysical anomalies

selected for drilling aka Eloise, Osborne,

Ernest Henry drilling to resume in

2011, after Wet season




Cloncurry River flows (Saturday 13 November) as a result of first rains overnight

Cloncurry


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Mutooroo Fe


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a major new magnetite deposit JV: Minotaur 40.1%, Sumitomo 59.9%

Australia’s next big iron province? 90km SW of Broken Hill

35km from E-W rail line

Heavy duty rail link 300km to Port Pirie

a case could well arise for regional consolidation of new infrastructure to deliver multi-user Processing, Rail, Port, Power, Water supply facilities etc, supporting all magnetite mines in the area




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).

Mutooroo Fe


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2 RC holes drilled to 200m thick magnetite beds

intersected under thin cover consistently high quality (~69%)

magnetite concentrates made from composited drill chips

low level Heli-Mag data reveals extensive regional arrangement of magnetised siltstone beds Work Plan (rain delayed):★ 8 x RC & Diamond holes planned along 40km strike extent of highly magnetised sedimentary beds★ Concentrate quality testing ★ to estimate size of the potential Exploration Target(s); aiming for ~3b tonnes




Mutooroo Fe


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08RCMUT-‐02 08RCMUT-‐01




Mutooroo Fe


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

SpeciesBF Pellet

fines grade(target %)

MUT01/02DTRC % 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 3.57SiO2<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, to date, ticks all the boxesDTRC: Davis Tube Recovery ConcentrateBF: Blast Furnace; a steel making furnace




Mutooroo Fe


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A Regional Vision: Australia’s next big iron province?

several aspiring developers side-by-side

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

Regional potential for ~10bt ore, with a foreseeable 100 year life of mining @ nominal 100Mtpa mining rate, producing 25Mtpa of concentrate, comprising:

4-5 processing operations for 5-10Mtpa concentrate each, at ~$2b Capex each, or

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

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

6 autogenous grinding mills @ 28MW each

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




http://www.citicpacificmining.com/resources/

http://www.citicpacificmining.com/resources/

Poochera Kaolin


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!

Granite decomposes to granitic kaolin through tropical weathering

Finished product size is 92% passing 2 microns (or 2 thousandths of one millimetre).

World trade of highest quality ‘China Clay’ exceeds 10 million tonnes per year.

Used in plastics, paints, paper coatings, tyres, pharmaceuticals, ceramics




MEP 100%

20Mt Inferred Kaolin resource

5m - 30m below surface, soft digging

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

hydrous kaolin qualities; Reflectance (ISO): R457 = 90.7

pilot plant producing world class calcined product: R457 = 92.4

potential for new operation producing +100kt pa for over 50 years

100km from Port Thevenard, SA

marketing exposure expected to lead to preliminary Offtake discussions

Pre-feasibility study in H1 of 2011

Poochera Kaolin, ‘world class’


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Note: * elevated Alumina level is beneficial

* *

Poochera kaolin ticks all the quality boxes




so, to conclude......Minotaur has:

a diversified portfolio with real growth assets


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Disclaimer and Competent Person’s Statement

Information in the foregoing presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr A. P. Belperio, who is a Director and full-time employee of the Company and a Fellow 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 is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr A. P. Belperio consents to inclusion in the presentation of matters based on his information in the form and context in which it appears.


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This presenta/on has been prepared by the management of Minotaur Explora/on Limited (ASX: MEP) for the general benefit of analysts, brokers and investors and does not cons/tute specific advice to any par/cular party or persons. Informa/on herein is based on publicly available informa/on, internally developed data and other sources. Where an opinion, projec/on or forward looking statement is expressed in this presenta/on, it is based on the assump/ons and limita/ons men/oned herein and is an expression of present opinion only. No warran/es or representa/ons are made or implied as to origin, validity, accuracy, completeness, currency or reliability of the informa/on. MEP specifically disclaims and excludes all liability (to the extent permiVed by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connec/on with the informa/on, its accuracy, completeness or by reason of reliance by any person on any of it. Where MEP expresses or implies an expecta/on or belief as to the success of future explora/on and the economic viability of future project evalua/ons, such expecta/on or belief is expressed in good faith and is believed to have a reasonable basis. However, such projected outcomes are subject to risks, uncertain/es and other factors which could cause actual results to differ materially from projected future results. Such risks include, but are not limited to, explora/on success, metal price vola/lity, changes to current mineral resource es/mates or targets, changes to assump/ons for capital and opera/ng costs as well as poli/cal and opera/onal risks and government regulatory outcomes. MEP disclaims any obliga/on to advise any person if it becomes aware of any inaccuracy in or omission from any forecast or to update such forecast.




and if imitation is the highest form of flattery. . . .


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Questions please............then a cup of tea.

Minotaur Exploration LimitedACN: 108 483 601

ASX: MEP


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