oxr...mnr joint venture ann...

Prominent Hill Joint Venture ELs 2563, 2597, 3056, 3079
Minotaur Resources Ltd 100%, Oxiana Limited earning up to 65%

Minotaur Resources Ltd is pleased to advise that the detail for the next stage of exploration at Prominent Hill has been agreed with Oxiana. The joint venture had previously agreed that $3.5 million would be spent to arrive at a decision point. The first $1 million was spent in completing the work undertaken late last year and reported upon on 7 January 2004.

The partners have now agreed to spend $2.5 million to progress a drilling and metallurgical test program, at which point a decision whether to proceed will be made by Oxiana. Should results at that point indicate exploration to have been a success, the program will continue. Approximately 15,000 metres of drilling will be required to achieve a JORC-compliant resource estimate.

It is anticipated that two diamond drill rigs and one reverse circulation rig will be employed, the first in the period March-June, the latter April-May. The re-establishment of the camp at Prominent Hill will commence immediately with the drill rigs expected to be on site by mid March.



M2u