MINOTAUR EXPLORATION LTD

247 Greenhill Road

Dulwich Adelaide 5065
South Australia, Australia

t. (61 8) 8366 6000

f. (61 8) 8366 6001
E-mail: admin@minotaurexploration.com.au
www.minotaurexploration.com.au

Q R
U E
A P
R O Quarter One Highlights

T R Acropolis
 Drilling intersected alteration and veining consistent with that often
associated with IOCG mineralisation such as that seen at Olympic

E T Dam and Prominent Hill.

Poochera Kaolin Project

R  An updated resource of 20 million tonnes of “bright white”

kaolinised granite was calculated.

L
Tunkillia Gold Project
 A regional biogeochemical survey commenced aimed at outlining
new areas of gold mineralisation.

Y Border, Louth, Cowra and Boorowa Projects

 Over the four projects, a total of 6,500 line kilometres of airborne
electromagnetic surveys was completed. A number of significant
anomalies has been highlighted.

Cash
FOR PERIOD  The Share Purchase Plan, which closed on 11th February 2009,
ENDING returned the Company $818,000. The sale of 25,950,000 Toro
31 MARCH 2009 Energy shares in March and the first week of April, realised $3.7
million. Cash reserves at the end of the Quarter were $2.9 million,
increasing to $6.6 million in early April.

1
Corporate

Share Purchase Plan

The Share Purchase Plan (SPP), announced in January, resulted in the allocation of 4,544,577
shares at 18 cents per share, to participating shareholders. The Plan raised $818,000 before
expenses, with the funds to be directed towards additional exploration and project development
in 2009.

Toro Energy Ltd

During the Quarter, the Company sold 750,000 shares in Toro Energy. In early April, an
additional 25.96 million shares were sold with the full proceeds from the sale netting the
Company $3,717,949. The Company retains 6,051,000 shares in Toro.

Review of Activities

Figure 1: Australian project locations

Poochera Kaolin Project, SA

EL 3366 Minotaur 100%

Following an assessment of all previous drilling data, the Inferred Resource at the Carey’s Well
deposit has doubled to 20 million tonnes of “bright white” kaolinised granite (Figure 2) (ASX
announcement 10th February 2009). Yields of 40% (total kaolin product/in situ kaolinised
granite) are estimated, but processing of bulk samples through a pilot plant is required to define
achievable yields accurately.

2
Construction of a transportable pilot plant at Kingaroy has been completed and will be used
initially to process some of the bulk samples collected during the 2008 drilling program. It is
planned to produce about 200-350 kg of hydrous kaolin, some of which will be calcined, then
both hydrous and calcined products will be available for testing by potential investors and end-
users (Figure 3).

Figure 2: Block model of Carey’s Well kaolin deposit coloured by raw brightness (R457)

Figure 3: Recently commissioned kaolin pilot plant

3
Tunkillia Gold Project, SA
EL 3335, 3403, ELA 389/06 Minotaur 51%; Helix Resources 49% diluting

A study is well advanced in re-evaluating all previous drilling data in order to update the gold
and silver inventory at Area 223. Meanwhile, metallurgical test work continues on diamond
core from Tunkillia Area 223 while geotechnical investigations revealed no unexpected adverse
ground conditions. Follow-up studies into the utility of vegetation sampling as a means of
targeting new areas of gold mineralisation commenced with the University of Adelaide. The
focus is on structurally favourable localities to the east and to the south of Area 223. The
geochemical response of the regolith across Area 223 to a variety of partial leach techniques is
also being investigated in conjunction with PIRSA to ascertain which, if any, is the most
appropriate to be used elsewhere on the tenement package.

Douglas Creek IOCG Project, SA

EL 3446 Rio Tinto 100%, Minotaur option to explore

During the previous Quarter, the Company entered into an Option Agreement with Rio Tinto
Exploration Pty Limited, (“Rio Tinto”) to explore for IOCG-style mineralisation at their
Douglas Creek Project near William Creek. The Douglas Target is one of the largest untested
gravity targets on the eastern Gawler Craton (Figure 4).

Ground magnetic surveys were completed over two portions of the gravity anomaly and
indicate depth to crystalline basement ranges between 450–650 metres. Subject to appropriate
clearances and approvals, the Company will be drill testing this target during the next Quarter
utilising financial assistance from PIRSA under its PACE Initiative.

Figure 4: 1VD gravity image and planned drill target for the Douglas gravity anomaly

Acropolis/Roxby IOCG Project, SA

EL 3761, 3762 Minotaur and Toro 100%; JOGMEC earning 51%

The Aphrodite gravity anomaly (Figure 5), with an amplitude of 2 mgals and area extent of
4 x 2 kilometres, is a new target generated from regional and infill gravity surveys undertaken
by the Company. The Wirrda Well gravity anomaly, 10 kilometres to the northwest on a
linking structure and outside of the Company’s exploration licence (Figure 5), was discovered
by Western Mining Corporation in 1982. Western Mining’s drillhole WRD9 at Wirrda Well
recorded 215m @ 0.8% Cu from 419 – 634m.

The Company’s first drillhole at the Aphrodite target intersected crystalline basement at
671.2 m and continued to total depth of 804.5 m. Intervals of red-rock alteration and
sericitisation are present, as are late stage veins of carbonate (calcite, dolomite and siderite)

4
variously containing haematite, fluorite, chalcocite, bornite and chalcopyrite (Figures 6–8).
Although assay values are low, such as 0.2 metres @ 1950 ppm Cu and 26.4 % Fe for a 0.2m
wide bornite-bearing carbonate vein at 758.8 metres, alteration and veining are consistent with
IOCG-style alteration regionally present at Olympic Dam, Acropolis and Wirrda Well. The
lithologies intersected are not sufficiently dense to explain the positive gravity anomaly and a
more detailed gravity survey will be undertaken to provide better resolution within the
Aphrodite complex.

Figure 5: Aphrodite gravity anomaly and location of drillhole AS09D03. Wirrda Well gravity
anomaly is located 10 kilometres northwest of Aphrodite.

Figure 6: Vein of calcite and fluorite within mylonitised granite displaying sericitic and red-
rock alteration (AS09D03: 694.32m)

Figure 7: Calcite vein containing coarse-grained bornite and chalcocite (AS09D03: 759.0 m)

5
 Figure 8: Dolomite vein with earthy haematite and associated chalcopyrite (AS09D03:
720.0 m)

Mabel Creek IOCG Project, SA

EL 3324, 3455 Minotaur 100%; JOGMEC earning 51%

A three-hole drilling program tested a number of geophysical targets. Depths to basement

ranged from ~220–250 metres. Basement comprised high grade gneisses with little alteration
and assay values uniformly low. Several breccia zones were intersected (<2 m vertical
thickness) containing basement lithologies in a matrix rich in chlorite. No visible mineralisation
was observed in the breccias, but they represent the first documented Mesoproterozoic breccias
for this portion of the Gawler Craton.

Nonning Base Metals Project, SA

EL 3535 Minotaur 100%; Menninnie Metals earning 51%

Assessment continues by Menninnie Metals of gravity and IP survey data collected during late
2008. Discussions are proceeding well with the Native Title Claimant Group over land access
issues.

Bonython Hill Base Metals Project, SA

EL 3521 Minotaur 55%; BHPBilliton 45%

A 31 hole aircore drilling program, targeting an interpreted palaeochannel, was undertaken by

Toro Energy who have the uranium rights on the tenement. Basement samples are being
analysed for gold and base metals.

Border Base Metals Project, SA-NSW

EL 3596, 3745, 6124, 6523, 6804, 6815, 6496, ELA 2008/409, ELA 35/09 Sumitomo 58.8%,
Minotaur 41.2%

A major airborne electromagnetic (VTEM) survey involving 2530 line kilometres was flown
over portions of Mutooroo, Mingary, Cockburn, Woodville Dam and Malachite tenements.
Interpretation of the data reveals a number of anomalies, including two significant bed-rock
conductors, previously unknown, and located near the historical Birthday and Record
Prospects. Historic drilling at the Birthday Prospect intersected low levels of lead, zinc and
cobalt, whilst a strong bedrock conductor is present ~1 kilometre to the east and has a strike
length exceeding 2.5 kilometres. It is untested.

A strong bedrock conductor is also evident coincident with a linear aeromagnetic anomaly near
the Record Prospect (Figure 9). Historic drilling at the Record Prospect yielded anomalous

6
copper, gold, silver and cobalt, but the new bedrock conductor is concealed by alluvial soil and
has not previously been drill tested.

Channel 8
VTEM B-Field Data Line 40300 Channel 9
Channel 10
Channel 11
1 Channel 12
Channel 13
0.9 Channel 14
Channel 15
0.8
Channel 16
Channel 17
0.7
Channel 18
Channel 19
0.6
Asinh pV/ms

Channel 20
0.5 Channel 21
Channel 22
0.4 Channel 23
Channel 24
0.3 Channel 25
Channel 26
0.2 Channel 27
Channel 28
0.1 Channel 29
Channel 30
0
Channel 31
Channel 32
-0.1
Channel 33
6412500 6413000 6413500 6414000 6414500 6415000 6415500
Channel 34
Northing (m)
Channel 35

Figure 9: VTEM survey profile near the Record Prospect

Due to the global financial crisis, Joint Venture partner Sumitomo has postponed follow-up
field activities including ground EM surveys and drill testing of EM anomalies.

Thomson Fold Belt Base Metals Project, NSW

EL 6630, 6631, 6646, 6664, 6668, 6720, 6721, 6850, 6851 and 6909, PlatSearch 100%;
Minotaur earning up to 80%

Drilling during 2008 at four widely separated sites confirmed the potential of the region to host
Endeavor (formerly Elura) style polymetallic mineralization. Bedrock lithologies associated
with the targeted discrete circular magnetic anomalies comprise siltstones and sandstones with
intervals of significant quartz-sulphide veining. Pyrite and pyrrhotite are the dominant
sulphides, along with minor sphalerite, galena and chalcopyrite. Mineralisation at Endeavor is
intimately associated with pyrrhotite in steeply plunging, ellipsoidal pipes. Detailed ground
magnetic and other geophysical surveys are being planned to improve resolution and
delineation of the geophysical anomalies.

Louth Base Metals Project, NSW

EL 7169 Minotaur 100%, JOGMEC earning 51%

A regional gravity survey was conducted over the entire tenement at a station spacing of
1 x 1 kilometre. In addition, a large airborne electromagnetic (VTEM) survey incorporating
~2550 line kilometres over three selected regions was completed (Figure 10). Assessment of
preliminary line data reveals a number of bed-rock conductors and assessment continues on
ranking their significance and their comparison with respect to the new gravity data, pre-
existing regional magnetic data and known geology. More than 15 highly ranked airborne EM
targets have been identified and it is planned to test some of these with ground EM surveys.

7
 Figure 10: Helicopter-borne VTEM survey configuration

Cowra Base Metals Project, NSW

EPM 5514, 6102, 6806 Gateway Mining 100%; Minotaur and Mitsubishi Corporation-
Mitsubishi Materials Corporation earning 51% and 24% respectively

An airborne electromagnetic (VTEM) program of 960 line kilometres covering 205 square
kilometres was completed March. Initial processing and interpretation are very encouraging
with data quality excellent and a significant number of bedrock anomalies evident.
Previous targeting on Cowra was driven by soil geochemistry, magnetics and ground
geophysical methods. The VTEM approach provides a new, synoptic, deep penetrating
methodology for locating conductors in the ground.

It is planned to immediately follow-up the anomalies through fieldwork and a program of

ground electromagnetics, to define drill targets for subsequent drill testing.

Boorowa Base Metals Project, NSW

EL 6805, 6882, Minotaur 100%; Mitsubishi Corporation and Mitsubishi Materials Corporation
earning 32%

An airborne electromagnetic (VTEM) survey of 460 line kilometres was flown during March
synchronous with the adjoining Cowra survey. Initial processing and assessment of the data are
underway and select bed-rock conductors will be targeted for follow-up ground surveys and
subsequent drill testing.

Booubyjan Base Metals Project, Qld

EPM 14476, 14979 ActivEX 100%; Minotaur and Mitsubishi Corporation-Mitsubishi Materials
Corporation earning 51% and 24% respectively

The 2009 exploration program includes 1400 metres of drilling to test the deeper parts of the
central Booubyjan porphyry (gold/copper) system. Quotations have been received from various

8
drilling companies and drilling is scheduled for the next Quarter once the summer wet season
has passed.

Naraku IOCG Project, QLD

EPM 8608, 12463, 14296, 16977, 16594, EPMA 16479, 16927, 17286, 16975, 17773, 18017,
16396 Minotaur 100% except EPM 8608 with royalty by BHPBilliton

During the current wet season, Minotaur expanded its tenement package north of Cloncurry
with a large number of tenement applications over terrain considered highly prospective for
IOCG-style mineralisation.

Black Mountain Mo Project, Qld

EPM 14432, 15898 Private Owners; Minotaur option to explore

After evaluation of all drilling data, it appeared unlikely that there is sufficient molybendite at
Black Mountain to warrant continued exploration and Minotaur has formally withdrawn from
the project.

Woolanga Rankin Cu Au Project, NT

(EL 9529, 22759, 26440, Maximus Resources 100%)

After evaluation of ground EM and gravity data and historical drilling records, a 500 m drilling
program at Johnnies Reward is proposed to examine the continuity of significant gold
mineralisation recorded from historical drill hole Alcoa DDH2 (50 metres at 1.8 g/t Au, 76–
126 metres).

Central Nova Scotia IOCG Project, Canada

Minotaur 100%; Dundee Precious Metals earning 51%

The Company has a large regional tenement package in the central Nova Scotia IOCG belt, the
majority of which is being explored under joint venture with Toronto-based Dundee Precious
Metals (Figure 11).

Drilling of the NS05 Target intersected strong haematite alteration, brecciation and sulphidation
along a structurally modified granite margin, but with the dominant sulphide type being pyrite.

Modelling and prioritization of a new suite of targets has continued throughout the Quarter. Of
specific interest are targets located on major fault conduits and adjacent to large oxidised and
altered granites. Targets NS13 East and NS13 West represent respectively dense-magnetic and
dense-nonmagnetic target bodies located on the faulted margins of the Pleasant Hill Pluton and
are high priority targets for drill testing.

9
 Figure 11: Location Plan, Nova Scotia Gravity Targets.

Figure 12: Geological setting of NS13East and NS13West Gravity Targets.

Buenaventura IOCG Project, Chile

Minotaur / Mariana / Buenaventura CSM JV

The Company advised Mariana of its intention to withdraw from the joint venture due to
financial considerations.

10
Investments

Petratherm
Following the exercising of 2,000,000 options, the Company holds 20,437,501 shares in
Petratherm. The Company held options over a further 3,000,000 shares and arranged for these
shares to be taken by others, thus injecting a total of $1 million into Petratherm.

Petratherm recently announced that drilling is expected to commence at the Paralana project on
15th June 2009 while, in Spain it announced that it had entered into an agreement with the
French group, Dalkia, to further the Madrid district heating project.

Toro Energy Ltd

At the end of the Quarter, the Company held 32 million shares in Toro which was further
reduced to 6,051,000 by mid April. The sales netted the Company $3.7 million after brokerage.

Toro owns the Lake Way – Centipede uranium deposit in Western Australia, and has an option
to purchase the Napperby deposit located in the Northern Territory. Both projects are in the
pre-feasibility stage.

Mithril Resources Ltd

The Company holds 8,900,000 shares in Mithril Resources Ltd. Mithril has made further
discoveries in its search for nickel sulphides in the Huckitta area of the Northern Territory. An
additional sulphide bearing mafic intrusive was outlined south of its Edmonds Prospect.

PlatSearch NL
The Company holds 8,750,000 shares in PlatSearch, and an exploration alliance that has
resulted in a number of joint ventures between the two companies in NSW.

ActivEX Ltd
The Company holds 2,000,000 shares in ActivEX, the operator of the Booubyjan project in
which the Company and Mitsubishi are joint venture partners.

Finance

As at 31st March 2009, the Company held realisable assets of $15.05 million, comprising cash
and term deposits of $2.86 million and investments of $12.19 million.

A week following the close of the Quarter, the cash reserves of the Company increased to
approximately $6.6 million (see “Toro Energy” above).

Expenditure incurred on an accrual basis during the quarter included $2.35 million on
exploration and evaluation projects, relating primarily to geophysical surveys, drilling on
targets, and contract and salaried employee costs. Of this total, $2.15 million has been, or is to
be, reimbursed by Minotaur’s joint venture partners.

The 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 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 which 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 the inclusion in the report of the matters based on his
information in the form and context in which it appears.

11
 Appendix 5B
Mining exploration entity quarterly report

008 Rule 5.3

Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity
MINOTAUR EXPLORATION LIMITED

ABN Quarter ended (“current quarter”)

35 108 483 601 31 March 2009

Consolidated statement of cash flows

Current quarter Year to date
Cash flows related to operating activities $A’000 (9 months)
$A’000
1.1 Receipts from product sales and related debtors - -

1.2 Payments for (a) exploration and evaluation (2,583) (7,620)

(b) development
(c) production
(d) administration (163) (676)
1.3 Dividends received
1.4 Interest and other items of a similar nature received 12 125
1.5 Interest and other costs of finance paid (3) (11)
1.6 Income taxes paid
1.7 Other (Joint Venture Repayments) 3,108 5,422
1.7 Other (Service Fees) 21 99

Net Operating Cash Flows 392 (2,661)

Cash flows related to investing activities

1.8 Payment for purchases of: (a) prospects
(b) equity investments (400) (400)
(c) other fixed assets (5) (29)
1.9 Proceeds from sale of: (a) prospects
(b) equity investments 120 614
(c) other fixed assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other
(285) 185
Net investing cash flows
1.13 Total operating and investing cash flows (carried (285) (2,476)
forward)

+ See chapter 19 for defined terms.

04 Appendix 5B Page 1
 Appendix 5B
Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought (285) (2,476)
forward)

Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc 818 818
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings (8) (19)
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (Share Issue Costs) (61) (61)
Net financing cash flows 749 738

Net increase (decrease) in cash held 856 (1,738)

1.20 Cash at beginning of quarter/year to date 2,023 4,557

1.21 Exchange rate adjustments to item 1.20 (23) 37
1.22 Cash at end of quarter 2,856 2,856

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities
Current quarter
$A'000

1.23 Aggregate amount of payments to the parties included in item 1.2 171

1.24 Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions

Directors’ fees, salary payments and superannuation

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and
liabilities but did not involve cash flows

Nil

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting
entity has an interest

Nil

+ See chapter 19 for defined terms.

Appendix 5B Page 2
 Appendix 5B
Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

Amount available Amount used

$A’000 $A’000
3.1 Loan facilities - -

3.2 Credit standby arrangements - -

Estimated cash outflows for next quarter

$A’000
4.1 Exploration and evaluation 429 (1,800 less 1,371 Joint Venture
Contributions)

4.2 Development -

4.3 Administration 150

Total 579

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in Current quarter Previous quarter
the consolidated statement of cash flows) to the related items $A’000 $A’000
in the accounts is as follows.
5.1 Cash on hand and at bank 1,097 934
1,759 1,089
5.2 Deposits at call
- -
5.3 Bank overdraft

5.4 Other - -
2856 2,023
Total: cash at end of quarter (item 1.22)

Changes in interests in mining tenements

Tenement Nature of interest Interest at Interest at
reference (note (2)) beginning of end of
quarter quarter
6.1 Interests in mining EL3157 Tenement relinquished 100% 0%
tenements relinquished, EPM14432 Option lapsed 0% 0%
reduced or lapsed EPM15898 Tenement relinquished 100% 0%

6.2 Interests in mining EPM16594 Tenement granted 0% 100%

tenements acquired or EPM16977 Tenement granted 0% 100%
increased

+ See chapter 19 for defined terms.

04 Appendix 5B Page 3
Appendix 5B
Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

Total number Number quoted Issue price per Amount paid up per
security (see note 3) security (see note 3)
(cents) (cents)
7.1 Preference - - - -
+securities

(description)
7.2 Changes during - - - -
quarter
(a) Increases
through issues
(b) Decreases
through returns of
capital, buy-backs,
redemptions
7.3 +Ordinary

securities 70,129,581 70,129,581 Fully paid Fully paid

- - -
7.4 Changes during 4,544,577 4,544,577 Fully Paid Fully Paid
quarter
(a) Increases
through issues
(b) Decreases
through returns of
capital, buy-backs
7.5 +Convertible debt - - - -
securities
(description)
7.6 Changes during - - - -
quarter
(a) Increases
through issues
(b) Decreases
through securities
matured, converted
7.7 Options Exercise Price Expiry Date
(description and 4,500,000 $0.40 31/12/09
conversion factor) 1,630,000 $0.40 14/02/10
130,000 $0.60 31/12/10
50,000 $0.75 16/05/11
470,000 $0.80 18/01/12
200,000 $0.90 11/11/12
200,000 $1.00 11/11/12
400,000 $0.77 02/12/12
120,000 $0.55 30/01/13
600,000 $0.25 02/12/13

7.8 Issued during Exercise Price Expiry Date

quarter
7.9 Exercised during - - - -
quarter
7.10 Expired during - - - -
quarter

+ See chapter 19 for defined terms.

Appendix 5B Page 4
 Appendix 5B
Mining exploration entity quarterly report

7.11 Debentures - -
(totals only)
7.12 Unsecured notes - -
(totals only)

Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting
standards as defined in the Corporations Act or other standards acceptable to ASX (see note
4).

2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: 22 April 2009

Print name: Donald Stephens

(Company Secretary)

Notes
1 The quarterly report provides a basis for informing the market how the entity’s activities have been
financed for the past quarter and the effect on its cash position. An entity wanting to disclose
additional information is encouraged to do so, in a note or notes attached to this report.

2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining
tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a
joint venture agreement and there are conditions precedent which will change its percentage
interest in a mining tenement, it should disclose the change of percentage interest and conditions
precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1
and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB
1026: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Accounting
Standards for foreign entities. If the standards used do not address a topic, the Australian standard
on that topic (if any) must be complied with.

== == == == ==

+ See chapter 19 for defined terms.

04 Appendix 5B Page 5