Strategic Investments

A key element in maximising Minotaur’s exposure to exploration upside and future project development opportunities is its pro-active effort supporting new investment vehicles in the resources sector. Through a series of highly successful ‘spin-outs’ Minotaur has maintained a passive involvement across a range of commodities in Australia without direct expenditure. That approach serves to spread Minotaur’s exposure to new discoveries and potential project development with minimal risk.

Through its wholly owned subsidiary Minotaur Resources Investments Pty Ltd, Minotaur holds strategic shareholdings in the following ASX listed companies:

Minotaur also holds founders shares in Thomson Resources Limited, an explorer of frontier geology in the Thomson Fold belt of NSW, Australia. Thomson Resources expects to move to an initial public offering on ASX around July 2010. www.thomsonresources.com.au

Project Development

Minotaur is actively moving several projects towards economic realisation. Subject to further advances in resource definition and feasibility study outcomes, Minotaur is optimistic about the future benefits to be potentially reaped from its wholly owned Kaolin project at Poochera, in South Australia, where scope for a 20 million tonne kaolin deposit has been identified. More significantly, recent process testwork has shown the kaolin quality to be exceptionally good in terms of its brightness, whiteness and abrasiveness. Material quality characterisation and sample preparation are ongoing as a precursor to test marketing to possible end users.

Also in South Australia, Minotaur has a 51% interest in the Tunkillia gold project (Helix Resources Ltd 49% and diluting), where a JORC resource of 803,000 ounces of gold has been defined within the ‘223 deposit’. A conceptual pit shell has been determined around the resource, but as the resource extent represents only a minute fraction of the entire 80 km strike extent of the Yarlbrinda Shear Zone, Minotaur has ‘stepped out’ along strike to test for extensions of the system. Drilling success during 2010 should enhance the current gold endowment and demonstrate upside potential within the major regional shear structure.

New Opportunities

Minotaur is actively scouring the resources sector for new business opportunities, whether in joint venture or through outright acquisition. Minotaur is determined to leverage its geological and geophysical expertise into production scenarios whereby sustainable cash producing assets will underwrite ongoing exploration activity and build value. Minotaur is therefore investigating ‘brownfield’ properties where exploration potential is matched against production infrastructure and/or near-term mine development options. We are constantly reviewing such situations across Australia and offshore in favourable risk regimes.