mines and money, page-5

BHP is currently signing up tenements in the Roxby Downs/Olympic Dam area.

9th March announcement by BHP/Archers Exploration details the Heads of Agreement for the sale of 80% legal and beneficial interest in Archers West Roxby tenements. The deal is on schedule for completion on or before 30th April 2012 after the initial HoA was announced on 28th Dec 2011.

Minotaurs prospects in the Olympic Dam (OD) area are Acropolis to the SW of OD and Aphrodite which is only 30 kms to the SE of OD. Until recently Acropolis which is in the Woomera rocket testing area has had restricted access. The focus for MEPs exploration has therefore been in the Aphrodite prospect and is the most likely one to attract the attention of BHP as most drilling and surveys have been here. That isn't to say that BHP wouldn't have an interest in Acropolis because it must be very close to the Archers tenements.

Just another pice in the jigsaw but the 4 month period it has taken to settle with Archer would fit nicely in the time frame for raising more cash for the Cloncurry and Mutooroo targets. Remember that Minotaur were not very well supported when they were raising cash from the market last year and were left with a Plan B for raisings. I think that BHP are part of Plan B.

kippax