Mutooroo Magnetite Project

Inferred Resource Estimate of the

Muster Dam Magnetite Fe Deposit 2nd December 2011

Andrew Burtt, Project Geologist

8th SA Exploration and Mining Conference Adelaide, SA

Maiden JORC Inferred Resource

1.5 Billion Tonnes @ 15.2% DTR and 18.02% Fe (Head) at 10% DTR cut-off

with

228 Mt of contained magnetite concentrate

Concentrate Grade

Fe 69.8%

Al2O3 0.4%

P2O5 0.002%

S 0.002%

SiO2 2.8%

LOI -3.3%

Location

Braemar Ironstones

Regional TMI

Area 1

Area 2

Area 3

3,497 line kilometres with flight line

spacing of 50m and terrain

clearance of 25m

Heli-magnetics

Muster Dam Magnetic Anomaly Outcropping steeply east dipping, magnetite-

bearing diamictite and siltstone

Magnetic Modelling

Muster Dam TMI

Anomaly -

3D magnetic

modelling by MIRA

Geoscience

Magnetic Modelling

Muster Dam TMI

Anomaly -

3D magnetic

inversion by

MIRA Geoscience

Magnetic Modelling

3D Inversion of Muster

Dam anomaly -

0.4 SI Magnetic

Susceptibility

iso surface

2D Forward Modelling 15 Sections Modelled

Section:

MDN001 Section:

MDN001

Section: MDN001

Planned Resource Drillholes

Section:

MDN001

36 planned RC

drillholes for

10,600m on

400m sections

150m apart

Resource Drilling

Section:

MDN001

49 x RC drillholes for 13,031m

10 x Diamond drillholes for 2,883m

Diamictite

Siltstone

Resource Drilling

Section:

MDN001

Section MDN001

Excellent correlation between modelled and drilling

Section:

MDN001

Section MDN001

Resource Drilling Excellent correlation between modelled and drilling

Davis Tube Recovery (DTR) 2,355 5m RC composite samples for DTR/XRF at 45µm grind size

558 5m ¼ core samples for DTR/XRF at 45µm grind size

Head sample input (20g) Magnetite concentrate sample recovered (DTR)

DTR or Mass Recovery

= Wt Mag(g) / Wt Head(g)

QA/QC

0

5

10

15

20

25

0 10 20 30

DT

R%

Fe% head

Mutooroo Magnetite Project Resource Drilling Standards

Standard 1 (High DTR)

Standard 2 (Moderate DTR)

15

16

17

18

19

20

21

22

23

24

25

553920

554140

554440

554620

554940

555140

555340

555620

555840

558120

556540

556740

556440

557020

557120

558240

558420

124040

558720

551540

DT

R (

%)

Sample ID

STD: STD1

Created our own Standard as there are no commercially available magnetite Fe standards

QA/QC

0

5

10

15

20

25

30

35

40

0 10 20 30 40

Du

pli

cate

Sam

ple

DT

R%

Alpha Sample DTR%

Field Duplicates DTR%

13 – 18% QA/QC samples including

standards, blanks, field duplicates and lab check samples

QA/QC

Diamond Drillholes • Twin of RC holes to confirm RC is

representative

• Confirm dip of sequence – Alpha-Beta

measurements

• SG measurements

0

5

10

15

20

25

30

35

40

45

0 50 100 150 200 250 300 350

DT

R%

Depth (m)

MDD001 vs MD003 DTR

MDD001 DTR%

MD003 DTR%

Resource Modelling H&S Hellman & Schofield Pty Ltd Independent review by Hellman & Schofield to produce

Inferred Resource:

• 2,913 x 5m DTR composites from drilling

• 280 estimated from magsus using Conditional

Expectation statistical technique

• Total of 3,193 x 5m composites used for resource

estimation

• Due to curved nature of deposit 4 sub-domains modelled

• Unconstrained Ordinary Kriging used with 10% DTR

cutoff and no top cut with a block size of 100 x 50 x 20m

• Av. density of 2.96 g/cm3 estimated from 2,357 x 5m

downhole geophysics composites with density assigned

to ore blocks

• Only Fresh Rock resource reported

1

2

3

4

Resource Modelling

4

H&S Model validation demonstrates that the block model honours the drill hole

composite grades

0.00 - 6.00

6.00 - 10.00

10.00 - 14.00

14.00 - 18.00

18.00 - 22.00

22.00 - 10000.00

model extents

DTR_Mag range

blocks this lay er only

487000 488000 489000 490000 491000

6407000

6408000

6409000

6410000

6411000

Plan Plot of DTR_Mag

RL slice: 80.0 +/- 10.0

East

No

rth

0.00 - 6.00

6.00 - 10.00

10.00 - 14.00

14.00 - 18.00

18.00 - 22.00

22.00 - 10000.00

DTR_Mag Range

Point Data

UNIVARIATE STATISTICS

Mean: 12.74425

Variance: 55.66199

CV: 0.58542

Minimum: 0.00

Q1: 7.2500

Median: 13.300

Q3: 17.4800

Maximum: 62.1900

No. of Data: 3193

0.00 - 6.00

6.00 - 10.00

10.00 - 14.00

14.00 - 18.00

18.00 - 22.00

22.00 - 10000.00

model extents

DTR_Mag range

blocks this lay er only

489500 489600 489700 489800 489900 490000 490100 490200

-300

-200

-100

0

100

200

300

400

Section Plot of DTR_Mag

Northing slice: 6409100.0 +/- 50.0

East

Ele

v

0.00 - 6.00

6.00 - 10.00

10.00 - 14.00

14.00 - 18.00

18.00 - 22.00

22.00 - 10000.00

DTR_Mag Range

Point Data

UNIVARIATE STATISTICS

Mean: 12.74425

Variance: 55.66199

CV: 0.58542

Minimum: 0.00

Q1: 7.2500

Median: 13.300

Q3: 17.4800

Maximum: 62.1900

No. of Data: 3193

Resource Modelling

DTR Mag Cut Off % BTonnes DTR Mag Recovery % Fe Head Grade %

6 1.60 14.84 17.96

8 1.58 14.93 18.02

10 1.51 15.18 18.20

12 1.36 15.64 18.57

14 1.02 16.47 19.17

16 0.54 17.74 20.01

18 0.18 19.38 20.77

Muster Dam Concentrate Grades

Category

Billion Tonnes

Magnetite DTR %

Fe% Al2O3 % P2O5 % S % SiO2 % LOI %

Inferred 1.5 15.2 69.8 0.4 0.002 0.002 2.8 -3.3

Exploration Target

Target Area No of

Bands

Strike (km) Thickness

(m)

Volume (Bill m3) Tonnage (Bt)

Muster Dam 1 5.5 to 6.5 100 to 325 0.30 to 0.45 1.0 to 1.5

Muster Catch 2 1.7 to 2.3 80 to 150 0.03 to 0.06 0.05 to 0.15

Muster South 1 1.7 to 2.3 80 to 120 0.03 to 0.06 0.05 to 0.15

Duffield 1 1 3.0 to 3.5 100 to 300 0.09 to 0.13 1.0 to 1.5

Duffield 2 2 1.5 to 2.5 80 to 100 0.25 to 0.40 0.1 to 0.3

Surrender Dam 4 3.0 to 3.5 80 to 150 0.10 to 0.15 0.2 to 0.4

Totals 16.4 to 20.6 80-325 0.80 to 1.25 2.4 to 4.0

The term “Exploration Target” should not

be misconstrued as an estimate of

Mineral Resources and Reserves as

defined in the JORC Code (2004), and

the term has not been used in that

context. The term is conceptual in nature

and it is uncertain if further exploration

will result in the determination of a

Mineral Resource. Refer Clause 18 of

the JORC Code (2004).

Future

JORC statement directly

comparable to that for

CAP’s Hawson’s Project

25km distant

Grind optimisation &

Scoping Study

underway; for

completion in February

2012

Measured resource at

Muster Dam

Inferred resource at

Duffields

Acknowledgements

Mutooroo Pastoral Company

Sumitomo Metal and Mining Oceania

Frank Walsh Drilling

Macquarie Drilling

ALS Laboratories

AMDEL

Hellman & Schofield

Euro Exploration

Minotaur personnel

Adelaide University students

Disclaimer This presentation has been prepared by the management of Minotaur Exploration Limited (ASX: MEP) for the general benefit of

analysts, brokers and investors and does not constitute specific advice to any particular party or persons. Information herein is

based on publicly available information, internally developed data and other sources. Where an opinion, projection or forward

looking statement is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an

expression of present opinion only. No warranties or representations are made or implied as to origin, validity, accuracy,

completeness, currency or reliability of the information. MEP specifically disclaims and excludes all liability (to the extent permitted

by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection

with the information, its accuracy, completeness or by reason of reliance by any person on any of it. Where MEP expresses or

implies an expectation or belief as to the success of future exploration and the economic viability of future project evaluations,

such expectation or belief is expressed in good faith and is believed to have a reasonable basis. However, such projected

outcomes are subject to risks, uncertainties and other factors which could cause actual results to differ materially from projected

future results. Such risks include, but are not limited to, exploration success, metal price volatility, changes to current mineral

resource estimates or targets, changes to assumptions for capital and operating costs as well as political and operational risks and

government regulatory outcomes. MEP disclaims any obligation 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 “Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves”. 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.

Competent Person’s Statement