Minotaur Exploration Limited : 18 Sep 13 – Positive Drill Results From Inaugural Osborne Copper-Gold Drill Programnew!

MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP

ASX Release

18 SEPTEMBER 2013

POSITIVE DRILL RESU LTS FROM INAUGURAL

OSBORNE COPPER - GOLD DRILL PROGRAM

HIGHLIGHTS

• Assay results from exploratory drillholes at the Brolga and Wedgetail Prospects confirm

anomalous copper and gold mineralisation

• Drillhole OS13D03 at the Brolga Prospect recorded elevated gold to 0.39 g/t

associated with quartz-pyrite veining

• Drillhole OS13D04 at the Wedgetail Prospect recorded elevated copper to 1.65% Cu

associated with sulphide-bearing breccia

• Results confirm widespread development

of Cu-Au mineralisation under cover across
the region south of Osborne mine with numerous targets to be followed up across the Osborne Project area.
The Company completed a four-hole diamond drill program totaling 1240 metres at three
new prospects (Osprey, Brolga, Wedgetail) to test for copper-gold mineralisation under shallow but widespread cover south of Osborne copper-gold mine, in the Cloncurry district, Queensland (Figure 1).
Assay results for two drillholes at the Osprey target were reported in a Company announce- ment on 2nd September 2013. At Osprey, thin quartz +calcite +chalcopyrite veins within
the interval 203 - 211m of drill hole OS13D02 returned a best assay result of 0.45m @ 0.59%
Cu and 0.22 g/t Au (210.55 - 211.00m).

The veins indicate a potential southerly extension of the mineralising system at Kulthor mine (Figure 1).
Assay results have now been received for exploratory drillholes at the Brolga and Wedgetail targets (Figure 1, Table 2).

Figure 1: Location of Minotaur's tenements and recent drill holes (red circles) for the Osborne Project area surrounding Osborne and Kulthor mines of Inova Resources. IP lines = green, positive IP chargeable anomalies = yellow asterisks.

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LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T +61 8 8132 3400 F +61 8 8132 3499 E admin@minotaurexploration.com.au

Table 1: Hole particulars for drilling at the Osprey, Brolga and Wedgetail targets.

Table 2: Anomalous assay data for hole OS13D04 at the Wedgetail

Prospect. Intervals are down-hole depths and true thickness is not known.

A number of IP chargeability anomalies are present on two regional IP traverses across the Brolga Target (Figure 1). Drill hole OS13D03 targeted a weak IP anomaly (7 mrad) at the eastern end of North Line in what was considered a favourable structural position and drilled to depth of 283.8m (inclined; Table 1). Quartz and pyrite veins within a zone of shearing and faulting (172 - 183m) contain elevated Au and As, including a best interval of 0.9m @ 0.39 g/t Au from
172m (downhole depth interval; true thickness not known). Graphite is also present within this sheared interval thereby adequately accounting for the positive IP anomaly.
A number of subtle gravity anomalies are associated with the truncated southern margin of an intrusive complex at Wedgetail. Drill hole OS13D04 targeted one such gravity anomaly coincident with a weak IP anomaly (6 mrad) (Figure 1). Metasedimentary gneisses, pegmatite and garnetiferous amphibolite were intersected, along with a 2.26m interval of pyrite- and chalcopyrite-bearing breccia containing
0.94% Cu (195.0 -197.26m downhole; Table 2, Figure 2). The mineralised breccia, along with
similar data from a historic BHP drillhole in this region
(AND24), supports the interpretation of tectonic
mobility synchronous with a regional IOCG mineralising event. Further investigation of targets along the truncated southern margin of the Wedgetail intrusive complex is warranted.

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Figure 2: Breccia at 197.25m in OS13D04 (Wedgetail Prospect)

containing coarse-grained pyrite and chalcopyrite.

Osprey, Brolga and Wedgetail Prospects are new targets under widespread cover generated from regional tectonic, geological and geophysical considerations. Anomalous mineralisation has been intersected in three of four exploratory holes.
Together, the results from Osprey, Brolga and Wedgetail provide good evidence of a widespread Cu-Au mineralising system and a strong incentive to pursue new targets under the extensive soil
cover of the Osborne Project area. Numerous targets remain to be sharpened and investigated.

Information in this 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 Belperio has experience 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" (JORC Code). Dr Belperio consents to inclusion in

this report of the information in the form and context in which it appears.

For further information contact: Andrew Woskett (Managing Director) or

T +61 8 8132 3400

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