Minotaur Exploration Ltd Stock Market Press Releases and Company Profile

Adelaide, July 27, 2006 AEST (ABN Newswire) - Minotaur Exploration Ltd (ASX: MEP) is pleased to announce that under its exploration alliance with Oxiana Limited (Oxiana), Oxiana have elected to sole fund the drilling of four iron oxide copper gold (IOCG) targets on the Gawler Craton and the Cloncurry district.

The targets comprise:

- Cormorant Prospect, EPM 8608, Cloncurry District

- Bulgunnia A2 Target, EL 3045, Gawler Craton

- Bulgunnia Bore 17 Target, EL 3045, Gawler Craton

- Nonning Target, EL 3535, Gawler Craton

Drilling is expected to commence at the Cormorant Prospect in late August, progressively shifting to the other targets, and involve 7 RC/DDH holes for approximately 1800 metres.

Background
The Exploration Alliance between the Company and Oxiana covers greenfield exploration for copper/gold in a number of areas of interest. When a prospect is identified by the Company, Oxiana may elect to sole fund the drill testing of the target.

Two of the tenements are under farm-in agreements with third parties, and the participation of Oxiana is subject to their approval including the completion of a deed agreeing to the terms and conditions of the existing agreements.

EPM 8608
The Company has farmed in to EPM 8608, held by BHP Billiton Minerals Pty Ltd, where it is initially earning a 51% interest by expending $0.5 million. Subject to finalഊagreement with BHP Billiton, Oxiana may earn 75% of the Company's interest by funding the Company to decision to mine.

EL 3045
The Company and BHP Billiton Minerals Pty Ltd are joint farminees to EL 3045 where they have together earned a 51% interest from Dominion Mining Limited and Resolute Resources Limited. and are now proceeding to earn a combined interest of 80%. As part of this Stage 2 farm-in, BHP Billiton has elected to be a non-contributing diluting partner so that equity interests at the end of Stage 2 will be Minotaur 59.2%, BHP Billiton 20.8%, Dominion 15%, Resolute 5%. Subject to final agreement with BHP Billiton, Oxiana may earn 75% of the Company's equity by funding it to decision to mine.

EL 3535
The Company holds a 100% interest in Nonning, EL 3535. Oxiana has the right to earn 75% in the project through expenditure of A$4m.

About Minotaur Exploration Ltd

Minotaur ExplorationMinotaur Exploration Ltd (ASX:MEP) is a public company listed on the Australian Securities Exchange (ASX) under the market code MEP. MEP commenced trading on ASX on 25 February 2005. Minotaur has extensive minerals exploration tenements in South Australia, New South Wales, Victoria, Queensland and Western Australia.

The Company is governed by a Board of Directors according to Australian Corporate law and the Listing Rules of the ASX. Minotaur specialises in application of innovative geophysical techniques to locate virgin mineralisation deep below the surface. Often, economic mineral deposits are contained within basement rocks, buried below several hundred metres of transported cover (overburden) and cannot be located through conventional surface exploration methods such as soil sampling, geochemical assays and drilling. Minotaur's remote sensing and interpretative approach has proven very successful, time and time again.

The directors and management of Minotaur each have over 30 years of exploration, mining and mineral resource experience and are eminently qualified in their respective fields of expertise. Under their direction, Minotaur has earned a strong reputation for technical excellence and a high profile within the Australian resources sector. Minotaur's share register comprises 3500 shareholders.

Minotaur is actively exploring IOCG style targets in Australia, where geophysics have identified numerous sub-surface anomalies prospective for copper-gold mineralisation and other targets prospective for base metals such as zinc, lead, copper.

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Contact

Derek Carter (Managing Director)
or Tony Belperio (Chief Geologist)
TEL: +61 8 8366-6000

Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS

231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au


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