Minotaur Exploration : 24 Mar 14 – Drilling Underway at Catch Dam & Mingary Copper+Gold Targetsnew!

MINOTAUR EXPLORATION LIMITED ACN 108 483 601 A S X : M E P

ASX Release

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D R I L L I N G U N D E R WAY AT C AT C H D A M A N D M I N G A RY C O P P E R + G O L D TA R G E T S

HIGHLIGHTS
•Inaugural drill hole at Catch Dam targeting exceptionally strong IP chargeability anomaly for
Cu + Au mineralisation
•Drill campaign at Mingary targeting EM conductors for Cu + Au + Pb + Zn mineralisation
•Drilling expected to take 3 weeks.
Drill testing is underway at various new copper + gold and other base metals targets ~400 km northeast of Adelaide (Figure 1). The four-hole Diamond and Reverse Circulation drill program (for 1,100m, Table 1) incorporates one deep diamond hole at the 'Bella Vista' anomaly at Catch Dam on EL 4352 (Collins Tank tenement) and three reverse circulation holes near the old Mingary Mine on EL 4745 (Bonython Hill tenement).
EL 4352 is part of the Border Joint Venture, encompassing 4 tenements, between Sumitomo Metal Mining Oceania Pty Ltd (57.8%) and Minotaur Exploration (42.2%).
EL 4745 is held 100% by Minotaur.
Field activity is now possible following a protracted process spanning more than 12 months to obtain new Native Title Agreements and their formal recognition by DMITRE.

Figure 1: Catch Dam and Mingary Mine locations over regional TMI-RTP

magnetic image.

Table 1: Drillhole collar details near Catch Dam (EL 4352) and Mingary

Mine (EL 4745).

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L E V E L 1 , 8 B E U L A H R O A D , N O RW O O D , S O U T H A U S T R A L I A 5 0 6 7 T + 6 1 8 8 1 3 2 3 4 0 0 F + 6 1 8 8 1 3 2 3 4 9 9 E a d m i n @ m i n o t a u r e x p l o r a t i o n . c o m . a u

At Catch Dam, IP surveys in 2012 identified a number of significant positive chargeability anomalies proximal to positive gravity anomalies and within a magnetically quiet zone. The largest of these IP anomalies
is the soil-covered Bella Vista target
where the chargeability anomaly has a very high computed amplitude of 72 mrads*
and occurs at a depth of ~100 -150m (Figure 2). There are no historical drillholes in the vicinity of the Bella Vista target.
The strength of the chargeability anomaly coincident with a conductive anomaly provides an exciting new target for potential Cu and Au mineralisation. It will be tested
by a single diamond drillhole to 450m depth
(Figure 2).

Note*: for technical details of the recent work refer to

Minotaur Quarterly Report for period ended 31 December

2012. Results therein were reported under the JORC Code

2004 edition. Republishing those results in conformance with the JORC Code 2012 edition is not presently warranted, as the information on which the report was based has not changed in material aspects.

Near the historic Mingary copper Mine (Figure 3), limited surface geochemical sampling of tectonised quartzite and gossanous ironstone indicated highly anomalous Au (up to1.7 g/t), Ag (up to
8.5 g/t), Cu (up to 0.16%) and Pb (up to
2.1%). Ground EM surveying delineated two conductive bodies, one coincident with the lode horizon and a second, deeper zone.
Three RC holes will be drilled near Mingary Mine to depths between 150-250m, targeting the two EM conductors for potential Cu, Au and other base metals (Figure 3).

Information in this report that relates to Exploration Results is based on information compiled by Mr Ian Garsed, a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Garsed is a full-time employee of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code).

Mr Garsed consents to inclusion in the report of the matters based on his information in the form and context in which

it appears.

Figure 2: IP inversion Chargeability section at the Bella Vista target showing position of current drillhole 14DDCT001 with respect to geophysical features.

Figure 3: Magnetic image for the Mingary Mine area showing location of 3 new drillholes, historic drillholes and Minotaur's recent ground EM survey lines.

For further information contact: Andrew Woskett (Managing Director) or
Tony Belperio (Director, Business Development) Minotaur Exploration Ltd
T+61 8 8132 3400

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