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Minotaur Exploration Limited : 1 May12 - Quarterly Report Clarificationnew!

05/01/2012 | 02:17am US/Eastern
MINOTAUR EXPLORATION LTD

247 Greenhill Road, Dulwich 5065, South Australia

A.C.N. 108 483 601

Tel: +61 8 8366 6000 Fax: +61 8 8366 6001

Website: www.minotaurexploration.com.au

Email: admin@minotaurexploration.com.au

ASX Code: MEP

1 May 2012

The Company Announcements Office

Australian Securities Exchange Limited

Quarterly Report Clarification

Minotaur Exploration Limited ("Minotaur", ASX Code: MEP) issues the following clarification to its Quarterly

Report for the period ending 31 March 2012, with particular reference to the Lake Purdilla gypsum deposit.

Minotaur retracts the statement on page 11 that refers to Lake Purdilla as the largest known undeveloped gypsum resource in South Australia as no mineral resource has been defined at Lake Purdilla.

Minotaur also retracts the statement that "it is envisaged that a mining rate of 1Mt/yr could support an

export operation with~50 year life-of-mine ".

Information in the foregoing report 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 mineralization 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 the inclusion in the report of the matters based on his information in the form and context in which it appears.

For further information contact: Andrew Woskett (Managing Director) or Tony Belperio (Exploration Director) Minotaur Exploration Ltd tel: +61 8 8366-6000

Minotaur Exploration Limited, MEP

ASX Release 1 May 2012

Page 1 of 1

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