rain

16 November 2010
The Company Announcements Office
Australian Securities Exchange Limited
Drilling programmes frustrated by heavy rainfall across Queensland,
South Australia & Victoria
BACKGROUND:
Heavy rainfall events were experienced across much of eastern Australia over the weekend of
13-15 November 2010. Disruption occurred to Minotaur?s drilling campaigns both underway and
about to start, with programmes having been adversely affected in Queensland, South Australia
and, to a minor degree, in Victoria.
CLONCURRY IOCG PROJECT, QUEENSLAND:
A four-hole programme to intersect different IOCG1 geophysical targets in the Cloncurry district
started late in October2. The first hole, at the Gypsy Plains prospect, was successfully completed
on 12 November. Rapid deterioration in weather conditions that day presaged the approach of
the annual wet season, and an operational decision was taken to immediately suspend the drill
program.
Heavy rains since have caused the Cloncurry River to flow preventing access to drillsites and
vindicating the operation?s decision. Had the decision to decamp been delayed overnight it is now
probable the rig would have been marooned on the project side of the Cloncurry River, for many
weeks and possibly not until after the ?wet?. In those circumstances the Joint Venture?s3 cost
exposure could have been significant, but has been averted. Remaining work in the plan will be
resumed after the North Queensland ?wet? has ended, in the new year. Meanwhile, core from the
Gypsy Plains drillhole (MNDDH016) will be dispatched to Minotaur?s office for close inspection
and assessment.
MUTOOROO MAGNETITE PROJECT, SOUTH AUSTRALIA:
A multi-purpose drill rig was scheduled to start 15 November on an eight hole programme on five
regional ironstone targets exhibiting strong magnetism, indicating excellent potential for
magnetite iron mineralisation4.MINOTAUR EXPLORATION LTD
Minotaur Exploration Limited, MEP
ASX Release 16 November 2010
Page 2 of 2
A regional rain event over the weekend resulted in over 100mm of rain at the project site,
rendering station tracks impassable to heavy vehicles, thereby preventing entry to the sites.
Station owners advise that at least two weeks of continual fine weather is required before tracks
can be used without sustaining damage. The prognosis for continuing clear weather in the shortterm
is low, so a decision has been made to defer the work programme until after the new year,
by which time stable summer conditions will prevail.
MT TARRENGOWER, GOLD PROSPECT, VICTORIA:
Diamond drilling started at Mt Tarrengower, near Maldon, on 12 November. Rain across central
Victoria on 13 November was intense and widespread, causing localised flooding. The
topography at Mt Tarrengower is steep so run-off is immediate, the ground competent and work
time lost amounted to only 1.5 days.
Drilling resumed on 15 November and the initial hole is now at 216m downhole, approaching the
target zone at 300m. Core recovery is excellent and downhole surveys show minimal trajectory
deviation from the design alignment.