Minotaur Resources Ltd 247Greenhill Road, Dulwich 5065, South Australia Tel: +61 8 8366 6000 Fax: +61 8 8366 6001 Website www.minotaurresources.com.au Email [email protected] A.C.N. 091 504 497 15 October 2004 DRILLING UPDATE - PROMINENT HILL Prominent Hill Joint Venture ELs 3056, 3079, 3162 and 2597 Minotaur Resources Ltd 100%, Oxiana Limited earning up to 65%. Resource drilling continues at Prominent Hill, with the current results focussed on the western and eastern extensions to the mineralisation. The resource announcement of August 26 did not include areas of gold-only mineralisation in these areas. The drilling confirms the presence of significant gold-only mineralisation in the west and suggests a significant increase to the gold inventory at Prominent Hill will be achieved. WESTERN AREA Extensions to the gold-only mineralisation outside of the Prominent Hill Resource have been discovered in the western portion of the deposit. This is highlighted by the results from hole PHO4 D079, drilled on the western edge of the currently outlined mineralised system to intersect the entire mineralised system from north to south. As anticipated, this hole intersected the copper-gold breccia, returning intercepts such as: 69.0 metres at 2.34% copper and 0.23 g/t gold from 435.0 metres down hole; 25.0 metres at 1.87% copper and 0.72 g/t gold from 666.0 metres; and 31.0 metres at 1.74% copper and 0.94 g/t gold from 763.0 metres. Potentially of greater significance however, is that the hole, on the southern footwall of the copper-gold mineralization, entered steely haematite with gold-only mineralisation immediately after intersecting the copper-gold mineralisation reported above. The hole intersected: 28.0 metres at 3.72 g/t gold from 794 metres and ended in high-grade mineralisation with the last six metres returning an uncut average of 10.4 g/t gold. The final metre returned 27 g/t gold. The intersection is open at depth and in section (Figure 2) indicates a complex transition from copper-gold breccias to gold-only mineralisation associated with the western steely haematite.
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