re: Ann: Drillhole Completed at Aphrodite IOC... 12 November...

re: Ann: Drillhole Completed at Aphrodite IOC... 12 November 2010
The Company Announcements Office
Australian Securities Exchange Limited
Maiden JORC reported gold resource estimate issued for
Golden Mountain project, Victoria
HIGHLIGHTS:
?X A maiden JORC reported resource estimate of 70,500 ounces of gold was issued for the
Golden Mountain project
BACKGROUND:
Minotaur Exploration Limited (??Minotaur??, ASX: MEP) recently entered into an Option Agreement1
with ASX listed Mining Projects Group Ltd (ASX: MPJ) to explore and, at Minotaur??s election,
subsequently acquire Xplor Pty Ltd (??Xplor??), a wholly owned subsidiary of MPJ. Xplor is the
owner of Victorian exploration licence EL 4533 at Mt Tarrengower, Maldon, and mining licence
MIN 4683, ??Golden Mountain??, near Bonnie Doon. Subject to timely renewal of the mining licence
(application submitted to DPI), Minotaur will manage the ongoing exploration programme.
RESOURCE ESTIMATE:
A gold resource estimate was completed by independent consultants CSA Global Pty Ltd (??CSA??),
and contains 950,000 tonnes at 2.31g/t using a 1.0 g/t Au cut off, totaling 70,500 ounces of gold,
as presented in Table 1. The resource estimate has been classified as Inferred under the JORC
code (2004 edition) The tonnage grade curve data output from the model are reported in Table 2
and graphically depicted in Figure 1.
Cut off
(Au g/t)
Classification Tonnes Grade (g/t Au) Ounces Comments
1.0 Inferred 950,000 2.31 70,500 CSA Global - 2010
Table 1: Golden Mountain Resource, CSA 2010, 1.0g/t Au cut off
Note: The Mineral Resource has been classified as Inferred due to the lack of QAQC on the historic drilling and due to
uncertainty as to the extent of historic mining. Differences may occur due to rounding
A total of 180 diamond and reverse circulation (RC) drill holes were used to compile the resource
estimate (Table 3).
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