2. ANNUAL GENERAL MEETING
22 November 2010
Andrew Woskett, Managing Director
Minotaur Exploration Limited
ACN: 108 483 601
ASX: MEP
Monday, 22 November 2010
3. Background
MINOTAUR
EXPLORATION
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 ďŹuidised bed Roaster
Kanowna Belle
Marymia, Granny Smith mods
Ballarat GoldďŹelds
Ivâe 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 ďŹnes operation, deďŹned 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
www.minotaurexploration.com.au
Monday, 22 November 2010
4. todayâs Agenda:
MINOTAUR
EXPLORATION
www.minotaurexploration.com.au
Monday, 22 November 2010
5. todayâs Agenda:
MINOTAUR
EXPLORATION
1. About Minotaur today; facts & ďŹgures
2. Minotaurâs achievements through 2010
3. Minotaurâs aims for the end of 2011
4. Minotaurâs aims for the end of 2012
5. Cloncurry IOCG exploration
6. Mutooroo Fe exploration and a regional perspective
7. Poochera Kaolin; the pathway to commercialisation
8. usual Disclaimer
9. Q&A
www.minotaurexploration.com.au
Monday, 22 November 2010
6. About Minotaur
MINOTAUR
EXPLORATION
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)
www.minotaurexploration.com.au
Monday, 22 November 2010
8. Minotaurâs priorities through 2010:
MINOTAUR
EXPLORATION
exploration mainly in:
Queensland
New South Wales
South Australia
and
Victoria
www.minotaurexploration.com.au
Monday, 22 November 2010
9. Minotaurâs priorities through 2010:
MINOTAUR
EXPLORATION
exploration mainly in: where the focus has been on:
Queensland deďŹning and drilling new IOCG Copper-gold targets
New South Wales deďŹning and drilling new Base metals (Pb, Zn) targets
South Australia investigating IOCG style (Cu-Au), Magnetite, Kaolin,
and and Gold prospects
Victoria acquiring new VMS style base metal targets & Gold
www.minotaurexploration.com.au
Monday, 22 November 2010
10. Minotaur âs achievements in 2010:
MINOTAUR
EXPLORATION
www.minotaurexploration.com.au
Monday, 22 November 2010
11. Minotaur âs achievements in 2010:
MINOTAUR
EXPLORATION
Project diversity, well funded by JVâs, investing $7 million through 2010:
Cloncurry (Qld): geophysics completed on multiple IOCG targets, ďŹrst drillhole
successfully completed, but program now hampered by early
onset of âwetâ 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, âworld classâ 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 ďŹelds, drilling started
www.minotaurexploration.com.au
Monday, 22 November 2010
12. Minotaurâs vision for end 2011:
MINOTAUR
EXPLORATION
www.minotaurexploration.com.au
Monday, 22 November 2010
13. Minotaurâs vision for end 2011:
MINOTAUR
EXPLORATION
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.
OďŹtake 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.
IdentiďŹed Gold resource and potential production prospects
www.minotaurexploration.com.au
Monday, 22 November 2010
14. Minotaurâs vision for end 2012:
MINOTAUR
EXPLORATION
www.minotaurexploration.com.au
Monday, 22 November 2010
15. Minotaurâs vision for end 2012:
MINOTAUR
EXPLORATION
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 ďŹrst
commercial production early in 2013
Victoria: VMS base metals targets advanced to new discovery stage.
Gold resources advanced to production proposition
www.minotaurexploration.com.au
Monday, 22 November 2010
16. Cloncurry IOCG
MINOTAUR
EXPLORATION
Australiaâs most productive
copper belt, but
surface deposits are depleted
vast areas are under cover (obscured)
and are under-explored
geophysics âsees throughâ the cover
to locate potentially mineralised
targets (anomalies)
looking for âErnest Henryâ style iron oxide,
copper-gold (IOCG) orebodies
multiple IOCG targets over 546 km2
Ernest Henry
30km N of Ernst Henry IOCG mine
JV with Japan Oil Gas & Metals Corp
JOGMEC earning 51%
Cloncurry
JOGMEC funding $4M over 3 years
www.minotaurexploration.com.au
Monday, 22 November 2010
17. Cloncurry IOCG
MINOTAUR
EXPLORATION
ground geophysics
completed
geophysical anomalies
selected for drilling
aka Eloise, Osborne,
Ernest Henry
drilling to resume in
2011, after Wet season
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
www.minotaurexploration.com.au
Monday, 22 November 2010
18. Cloncurry
MINOTAUR
EXPLORATION
Cloncurry River ďŹows (Saturday 13 November) as a result of ďŹrst rains overnight
www.minotaurexploration.com.au
Monday, 22 November 2010
19. Mutooroo Fe
MINOTAUR
EXPLORATION
a major new magnetite deposit
JV: Minotaur 40.1%, Sumitomo 59.9%
Australiaâs 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
www.minotaurexploration.com.au
Monday, 22 November 2010
20. Mutooroo Fe
MINOTAUR
EXPLORATION
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):
â 8 x RC & Diamond holes
planned along 40km strike
extent of highly magnetised
sedimentary beds
â Concentrate quality testing
â to estimate size of the
potential Exploration Target(s);
aiming for ~3b tonnes
The
 term
 "Explora/on
 Target"
 should
 not
 be
 misconstrued
 as
 an
 es/mate
 of
 Mineral
 Resources
 and
 Reserves
 as
 deďŹned
 by
Â
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
Â
www.minotaurexploration.com.au determina/on
 of
 a
 Mineral
 Resource.
 Refer
 Cl
 18
 of
 the
 JORC
 Code
 (2004).
Monday, 22 November 2010
21. Mutooroo Fe
MINOTAUR
EXPLORATION
08RCMUT-Ââ02 08RCMUT-Ââ01
www.minotaurexploration.com.au
Monday, 22 November 2010
22. Mutooroo Fe
MINOTAUR
EXPLORATION
Magnetite Pellet Fines - Quality Criteria08RCMUT-Ââ01
08RCMUT-Ââ02
BF Pellet
MUT01/02
Species ďŹnes grade Comment Result
(target %) DTRC %
Fe >60.0 69.3 pure magnetite is 72.4% Fe (maximum grade achievable)
FeO >25 ~26.4 calculated by differences
SiO2<5% preferred for Blast Furnace (âBFâ) feed.
SiO2 <5.5 3.57
For DRI grade Si+Al <2% (preferred) and certainly <3%
Al2O3 1.0-1.5 0.36 low Al2O3 can be considered âpreferredâ by BF
CaO <3.0 0.10 moderate CaO can offset ďŹux addition in BF
MgO <3.0 0.05 moderate MgO can offset ďŹux 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
DTRC: Davis Tube Recovery Concentrate
Mutooroo DTRC grade, to date, ticks all the boxes
BF:
Blast Furnace; a steel making furnace
www.minotaurexploration.com.au
Monday, 22 November 2010
23. Mutooroo Fe
MINOTAUR
EXPLORATION
A Regional Vision:
Australiaâs 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 6 autogenous grinding mills @ 28MW each
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 CITICâs $5.5b for 28Mtpa huge
magnetite project at Cape Preston, WA
(see photos)
450MW Power station, combined cycle, gas ďŹred
www.minotaurexploration.com.au (photos sourced from http://www.citicpaciďŹcmining.com/resources/news)
Monday, 22 November 2010
24. Poochera Kaolin
MINOTAUR
EXPLORATION
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 âChina Clayâ
exceeds 10 million tonnes per year.
Used in plastics, paints, paper coatings, tyres,
www.minotaurexploration.com.au pharmaceuticals, ceramics
Monday, 22 November 2010
25. Poochera Kaolin, âworld classâ
MINOTAUR
EXPLORATION
MEP 100%
Poochera kaolin ticks all the quality boxes
20Mt Inferred Kaolin resource
5m - 30m below surface, soft digging
92% < 2um hydrous kaolin product
world class âUltra whiteâ & âUltra brightâ
hydrous kaolin qualities;
ReďŹectance (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 OďŹtake discussions Note: * elevated Alumina level is beneďŹcial
Pre-feasibility study in H1 of 2011
www.minotaurexploration.com.au
Monday, 22 November 2010
26. so, to conclude......Minotaur has:
MINOTAUR
EXPLORATION
a divers ified portfolio with real growth as s ets
www.minotaurexploration.com.au
Monday, 22 November 2010
27. Disclaimer and Competent Personâs Statement
MINOTAUR
EXPLORATION
This
 presenta/on
 has
 been
 prepared
 by
 the
 management
 of
 Minotaur
 Explora/on
 Limited
 (ASX:
 MEP)
 for
 the
 general
 beneďŹt
 of
 analysts,
 brokers
Â
and
 investors
 and
 does
 not
 cons/tute
 speciďŹc
 advice
 to
 any
 par/cular
 party
 or
 persons.
 Informa/on
 herein
 is
 based
 on
 publicly
 available
Â
informa/on,
 internally
 developed
 data
 and
 other
 sources.
 Where
 an
 opinion,
 projec/on
 or
 forward
 looking
 statement
 is
 expressed
 in
 this
Â
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
Â
representa/ons
 are
 made
 or
 implied
 as
 to
 origin,
 validity,
 accuracy,
 completeness,
 currency
 or
 reliability
 of
 the
 informa/on.
 MEP
 speciďŹcally
Â
disclaims
 and
 excludes
 all
 liability
 (to
 the
 extent
 permiVed
 by
 law)
 for
 losses,
 claims,
 damages,
 demands,
 costs
 and
 expenses
 of
 whatever
 nature
Â
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.
Â
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
Â
evalua/ons,
 such
 expecta/on
 or
 belief
 is
 expressed
 in
 good
 faith
 and
 is
 believed
 to
 have
 a
 reasonable
 basis.
 However,
 such
 projected
 outcomes
Â
are
 subject
 to
 risks,
 uncertain/es
 and
 other
 factors
 which
 could
 cause
 actual
 results
 to
 diďŹer
 materially
 from
 projected
 future
 results.
 Such
 risks
Â
include,
 but
 are
 not
 limited
 to,
 explora/on
 success,
 metal
 price
 vola/lity,
 changes
 to
 current
 mineral
 resource
 es/mates
 or
 targets,
 changes
 to
Â
assump/ons
 for
 capital
 and
 opera/ng
 costs
 as
 well
 as
 poli/cal
 and
 opera/onal
 risks
 and
 government
 regulatory
 outcomes.
 MEP
 disclaims
 any
Â
obliga/on
 to
 advise
 any
 person
 if
 it
 becomes
 aware
 of
 any
 inaccuracy
 in
 or
 omission
 from
 any
 forecast
 or
 to
 update
 such
 forecast.
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
âAustralasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reservesâ. 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.
www.minotaurexploration.com.au
Monday, 22 November 2010
28. and if imitation is the highes t form of flattery....
MINOTAUR
EXPLORATION
www.minotaurexploration.com.au
Monday, 22 November 2010
29. ANNUAL GENERAL MEETING
22 November 2010
Questions please............then a cup of tea.
Minotaur Exploration Limited
ACN: 108 483 601
ASX: MEP
Monday, 22 November 2010