MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP

MINOTAUR

EXPLORATION

Release

21 April 2015

www.minotaurexploration.com.au

ELOISE COPPER JV REPORT

HIGHLIGHTS

• Joint venture partner GFR undertakes to resume payments and continue with exploration expenditure contributions
• Joint Venture will resume field work upon receipt of final payment from GFR pursuant to agreed payment plan
• Results for six Diamond drill holes testing Artemis copper-gold-zinc mineralisation reported herein
• Analysis of Artemis drill data indicates host structure continues at depth
• Down-hole EM survey detects drill-ready off-hole conductor below drill hole EL15D05
• Drill targets identified below adjacent Sandy Creek deposit
• Ground reconnaissance of remaining regional VTEM
conductors completed with 5 targets identified for

Joint Venture Arrangements

The JV work plan was temporarily suspended in March1 due to financing limitations affecting joint venture partner GFR's ability to fund its obligations under the JV. Minotaur issued GFR with a Notice of Default requiring remedy by 20 April 2015. GFR represents that it has put arrangements in place that resolve its difficulties and
has undertaken to recommence payments according to joint venture terms and conditions. Minotaur, as Manager, has provided GFR with an extension of time in which to complete its payments under an agreed specific payment plan. That plan comprises several payments totaling $3.3 million through May - mid
June 2015, upon the satisfaction of which Minotaur will re-commence field exploration activity, and not prior thereto. As consideration for stay of termination of the JV by Minotaur, GFR agreed that its beneficial interest
in the tenements is reduced to 0%. GFR's interest will become 25% upon receipt by Minotaur of payments aggregating $2.3 million (excluding accrued interest). Should GFR default on the payment plan prior to gaining
25% interest and should Minotaur elect to terminate the JV GFR's interest will be maintained at 0%. Otherwise, and on completion of the payment plan GFR's interest will increase to 50%.

1 Eloise Copper JV, MEP report to ASX dated 5 March 2015

LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T +61 8 8132 3400 F +61 8 8132 3499 E [email protected] www.minotaurexploration.com.au

ASX RELEASE 21 APRIL 2015

Artemis Drilling

Drilling resumed at the Artemis copper-gold-zinc-silver prospect, located 20km west of the Eloise copper-gold mine (Figure 1) on 1 February. Six Diamond drill holes (EL15D01 to EL15D06) were completed (Figure 2, Table
1) up to 9 March when drilling activities were suspended due to delays in receipt of funds from joint venture partner GFR.
Holes EL15D01 to EL15D04 targeted dip extensions
to mineralisation. Drill spacing for holes EL15D02 and EL15D03, was not optimal due to trajectory issues encountered during drilling. Holes EL15D05 and EL15D06 were planned as step-out holes to drill along strike north and south respectively below the Artemis lode, targeting similar lenses of massive sulphide mineralisation.
Downhole EM surveys were conducted in drill holes EL15D05 and EL15D06 to assist with targeting future drill holes.
Assay results for all six Diamond drill holes are presented in Table 2.

Figure 1: Location of the Artemis Prospect within the Eloise Copper Joint Venture and in relation to other Minotaur Cu-Au prospective tenements in the Cloncurry region.

Drill Results and Analysis

Drill hole EL15D01 intersected two zones of mineralisation. The first zone lies in the hangingwall approximately 40m up-hole of the Artemis massive sulphide mineralisation. This zone has two intercepts comprising 5.35m @ 0.6% Cu, 0.19g/t Au, 2.8% Zn, 1.1% Pb and 36g/t Ag from 246.65m, and 2.32m @ 1.1% Cu,
0.49g/t Au, 2.9% Zn, 1.7% Pb and 61g/t Ag from 254m and is in a similar position above the massive sulphide lode as that intersected in hole EL14D35 drilled in late
2014.
The second zone of mineralisation in EL15D01 is pyrrhotite-rich massive sulphide mineralisation representing the main contact and comprises 2.6m @
0.74% Cu, 0.2g/t Au and 6.5% Zn from 286.2m. The lower grade and narrower width of mineralisation suggests
this massive sulphide lode pinches out down dip, a view supported by drill holes EL15D02, EL15D03 and EL15D04 that all failed to intersect mineralisation of any significance at the targeted lode position below EL15D01 (Figure 3).
Drill hole EL15D02 intersected mineralisation in a similar hangingwall position down-dip from hole EL15D01, of
3m @ 0.1% Cu and 0.46g/t Au from 251m and 5m @ 0.2% Cu and 0.52g/t Au from 259m.
Drill hole EL15D05 intersected the contact zone at the anticipated position around -140m elevation and approximately 150m north of EL14D34 which is not mineralised. A downhole EM survey was conducted to search for possible mineralisation at the contact away from EL15D05 and a moderate-strength EM response was detected off-hole. Modelling of the data indicates
an untested conductive source that may be up to 100m x

100m in dimension below and south of EL15D05 (Figure 3).

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ASX RELEASE 21 APRIL 2015

Drill hole EL15D06 intersected the contact zone
100m vertically above its intended position at approximately 0m elevation (Figure 3). A narrow zone of massive pyrrhotite mineralisation occurs at the contact that returned 2.55m @ 0.69% Cu and 0.07g/t Au. The contact is east of its expected position and appears likely to have been offset
by a later fault, however the implications of possible fault displacement to mineralisation is not yet known. A downhole EM survey detected a strong off-hole response north and above the hole that is consistent with the position of the massive sulphide lode.
Significant assay results are presented in Tables 2 and 3 with QAQC discussed in the Appendix.

Assessment of the Artemis Deposit

Evaluation of the data shows the massive sulphide body at Artemis is fault controlled where mineralisation has focused in a dilation zone, or jog, within a fault developed adjacent to a major lithological boundary.
Data indicates the massive sulphide lode pinches out up and down dip and potentially along strike however alteration, typical of that associated with the sulphide, continues at depth on or immediately adjacent the lithological boundary suggesting the system is prospective along this contact at depth. Drill hole EL14D34 (Figure 3), supports this interpretation and indeed contains a 1.1m wide zone of semi- massive sulphide in a 4m wide zone of mafic alteration at this lithological contact that could be indicative of further mineralisation developed at depth associated, potentially, in another
fault jog. Minotaur plans to test this concept with additional drilling (see future work section below).

Table 1: Collar details for recent Minotaur drill holes at the Artemis Prospect. All coordinates refer to GDA94 datum, Zone 54. All holes are located by handheld GPS.

Table 2: Key mineralised intervals for holes EL15D01, EL15D02 and

EL15D06. Depths tabulated are downhole depths. HW = Hangingwall.

Figure 2: Plan of the Artemis Prospect with Minotaur and historic drill holes shown. Recent Minotaur drill hole traces are shown in red.

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Figure 3: Long section of "Main Zone" at Artemis (looking WNW along 290 true bearing) showing intersection points of Minotaur drill holes and historic drill holes.

Future work on the Eloise Copper Joint

Venture

Field work will resume once GFR's compliance with the agreed payment plan is complete (by mid June at the latest). The main contact zone at Artemis, which hosts massive sulphide mineralisation, will continue to be the focus of further drill testing.
A number of holes are planned to test down
dip and along strike of existing drilling aimed at defining extensions to known mineralisation and to test for massive sulphide along the prospective lithological boundary hosting Artemis (Figure 3). Drilling will be aided by down-hole EM surveys to examine the contact away from the holes to give a wider search area.

Table 3: Analytical data for holes EL15D01, EL15D02 and EL15D06. Samples with

A review of the Sandy Creek mineral resource2, located just
350m east of Artemis, is advanced. Sandy Creek appears to share some features with Artemis; in particular there are notable zones of strongly elevated zinc with copper-gold mineralisation that may suggest the systems have a common link. Sandy Creek remains open in the southern portion of the deposit. Modelling of historic data suggests mineralisation plunges south below the existing drilling (Figure 4), representing valid targets at depth for drill testing.

2 Sandy Creek Inferred Resource, comprising 2Mt @ 1.32% Cu and 0.3g/t Au, was previously reported according to JORC 2004 by Breakaway Resources Ltd. Minotaur advises that the data has not been re-estimated according to JORC 2012 as the information has not changed in any material aspect.

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Figure 4: Oblique long section view of Sandy Creek Cu-Au deposit showing interpreted direction where deposit remains open. Coloured blocks show Cu >1.5% as estimated from the historic resource2

model. Artemis mineralisation is represented for spatial comparison purposes.

Regional Exploration

Field reconnaissance of the remaining VTEM anomalies was completed recently. Five anomalies have been selected
for further work (Figure 5) that is to include detailed soil sampling and/or IP-resistivity geophysical surveying,

with the view of defining new drill targets for testing. The targeted mineralisation style is Iron Sulphide Copper Gold (ISCG) similar to that developed at Eloise, Artemis and Sandy Creek.

ASX RELEASE 21 APRIL 2015

About the Eloise Copper Joint Venture

The Eloise Copper JV (JV ) is managed and operated by
Minotaur Exploration on behalf of joint venture
partner Golden Fields Resources Pty Ltd (GFR) who, upon expenditure of $6 million, may earn a 50% beneficial
joint venture interest in the tenements (EPM 17838 and EPM 18442, but excluding those parts subject to the Altia joint venture with Sandfire Resources NL). As at
31 December 2014 GFR had earned 14% interest in the tenements.

COMPETENT PERSON'S STATEMENT Information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Glen Little, who

is a full-time employee of the Company and a

Member of the Australian Institute of Geoscientists

(AIG). Mr Little has sufficient 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 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr

Little consents to inclusion in this document of the information in the form and context in which it

appears.

Figure 5: VTEM conductivity image showing remaining 5 targets to be followed up (yellow dots).

2 ibid

Andrew Woskett

(Managing Director)

Tony Belperio

(Director, Business Development)

Minotaur Exploration Ltd

T +61 8 8132 3400 www.minotaurexploration.com.au

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APPENDIX

Table 4

JORC Code, 2012 Edition

Section 1: Sampling Techniques and Data

Criteria JORC Code explanation Commentary

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/ second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

The cores from drill holes EL15D01 to EL15D06 were cut and quarter core samples were collected as generally 1 metre composites, however some samples were not whole metres. The sampled intervals were selected based upon visual observations of lithologies and perceived zones of alteration and mineralisation. Unsampled core intervals are expected to be unmineralised.

Each laboratory submission sample was collected in an industry-standard calico bag with sample number written in black on the bag and sample number ticket inserted into the bag.

Samples were placed in large plastic polyweave bags, labeled with the sample number range and secured with a plastic cable tie for direct transport to ALS Laboratories in Mount Isa by a Minotaur representative.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument

make and model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of

accuracy (i.e. lack of bias) and precision have been established.

Results reported in the body of this Report pertain to quarter core samples from drill holes EL15D01 to EL15D06 analysed by ALS Laboratories. A

48-element suite including Cu, Zn, Pb, Ag was analysed by four acid digest and ICP-MS/ICP-AES finish (ALS method ME-MS61): a four acid digest is considered a near total digest and appropriate for resource appraisal.

Cu, Zn, Pb and Ag results above the upper detection limit of ALS method ME- MS61 were repeated with ALS method OG46 (aqua regia digest and AAS finish): an appropriate method for evaluation of ore/high grade material.

Gold content analysed by fire assay with AAS finish (ALS method Au-AA25).

ALS analysed regular blanks (around 1 in 15), regular standards (around 1 in 12) and regular duplicates (around 1 in 15) when analysing the samples from drill holes EL15D01 to EL15D06.

Four different commercially-sourced standards were submitted by Minotaur to ALS simultaneously with drill core samples from EL15D01 to EL15D06.

Ten packets of standard pulps were submitted representing around 1 in 12 samples.

Eight coarse basalt blanks (around 1 in 15 samples) were also submitted to ALS as part of Minotaur's quality control procedure; assay results for blanks have been within expected limits.

Nine duplicate quarter core samples (around 1 in 15 samples) were submitted to ALS as part of Minotaur's quality control procedure. Duplicate sample assays compare well to alpha samples.

For the laboratory results received and reported in the body of this Report an acceptable level of accuracy and precision has been confirmed by Minotaur's QAQC protocols.

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APPENDIX

Table 4

JORC Code, 2012 Edition

Section 1: Sampling Techniques and Data continued

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APPENDIX

Table 5

JORC Code, 2012 Edition

Section 2: Reporting of Exploration Results

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APPENDIX

Table 5

JORC Code, 2012 Edition

Section 2: Reporting of Exploration Results continued

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