POOCHERA KAOLIN POOCHERA KAOLIN PROJECT - SA Explorers

MINOTAUR EXPLORATION LIMITEDPOOCHERA KAOLIN PROJECT

Kaolin OverviewCarey’s Well Kaolin Deposit• Prefeasibility Study• Location• Resource• GeologyPilot Plant• Wet Plant• Dry Plant• LaboratoryCarey’s Well Kaolin Products• Hydrous Kaolin• Calcined KaolinPoochera Kaolin Deposits

Kaolin Uses• Paper filling and coating• Paint opacifier and whitener• Rubber , plastics and polymers• Pharmaceuticals• CeramicsKaolin OverviewKaolin Prices• $50 to >$1000 per tonne• Minotaur will target the higher price kaolin productsKaolin Products: classified and valued by physical characteristics• Particle size• Brightness and colour• Hydrous and Calcined

WORLD CALCINED KAOLIN USE(Excluding refractories)(Excluding refractories)14%24%5%57%1200KT PAPER500KT PAINT300KTRUBBER/PLASTICS100KT OTHERS

Poochera Kaolin Project Location

Poochera Kaolin Deposits

Carey’s Well Kaolin DepositPrefeasibility Study has commenced.This study will include all relevant technical, logistical, environmental andlegal aspects of the project but…..Critical components include:• Development of a range of high quality kaolin products• Specification sheets for each product• Worldwide market appraisal• Obtaining Offtake Agreements or Letters of Intent from Client Companies• Upgrading the Resource to Indicated and Measured categories: drillingplanned for Q1 2011It’s all about marketing!

Carey’s Well Kaolin Deposit

Carey’s Well Kaolin Deposit

Carey’s Well InferredResources45 million tonnes ofkaolinised granite,including:20 million tonnes of verywhite kaolinised granite

Where the grass is always greener………

Carey’s Well……. on the other side of the fence.

CAREY’S WELL KAOLIN - GENERALISED DRILLHOLE GEOLOGYDEPTH (m)0SURFACE LIMESTONE (CALCRETE) – Massive sheet and nodularlimestone.? PLEISTOCENE – Brown and yellow brown calcareous silt and clay,some fine sand7 - 20? TERTIARY - ? Channel and fluvial sand. Red brown, yellow and green,medium to coarse grained clayey sand . Some clay and fine gravelinterbandsSILCRETE – Hard sheet silcrete (silicified kaolinised granite)– Mediumto coarse quartz grains set in ?opaline silica matrixKAOLINISED GRANITE - Fine to coarse grey quartz grains in soft, slightlymoist, white to off-white to cream coloured kaolinitic matrix. Minordevelopment of yellow, brown and pink iron oxide/hydroxide staining10 - 40KAOLINISED GRANITE – Cream to yellow and pink moderately ironstained kaolinised granitePARTLY KAOLINISED GRANITE - often heavily iron stainedGRANITE – Unaltered pink quartz, potash feldspar (± mica) granite

~50% quartz-50% feldsparminor mica – trace anatase~50% quartz-50% kaolinminor mica – trace anatase2KAlSi 3 O 8 + 3H 2 O Al 2 Si 2 O 5 (OH) 4 + SiO 2 + 2KOH(Potash feldspar) (Kaolin)

Minotaur obtained ~55 tonnes of bulk samplesfrom 6 Calweld drillholes in July 2008.

Pilot Plant: built and commissioned in Kingaroy, Queensland

Kingaroy: loading of pilot plant: Friday 19 th November 2010

Streaky Bay: arrival of pilot plant: Monday 22nd November 2010

Streaky Bay: pilot plant in position: Tuesday 23nd November 2010T2 PC OverflowTankT3 RC Overflowand Bleach TankRefining CyclonePrimary CycloneHydraulicPressure FilterT1DilutionTankBlunger300μm vibrating screenPC Feed TankPlate & FrameFilter Press

Streaky Bay: comminution plant in position: Tuesday 23nd November 2010Dust CollectionBagCycloneHammer MillRolls Crusher

SediGraph 5100This instrumentmeasures particle sizedistribution

PRODUCT COMPARISON CALCINED KAOLINCarey’s WellPremium Calcined Kaolin 1 ISO Brightness R457nm 96.48 CIE b* value +0.85 Cum. residue% 16um Refractive Index 1.56 Oil Absorb. 80 Specific Gravity 2.68 Bulk Density 0.38 Equiv. spherical diameter 0.90Engelhard (USA)Ansilex93/Satintone ISO Brightness R457nm 90.17 CIE b* value +3.04 Cum. residue% 0.06 Einlehner Abrasion mg ~20 Hegman Grind >50um Refractive Index 1.56 Oil Absorb. 101 Specific Gravity 2.74 Bulk Density 0.38 Equiv. Spherical diameter 0.731 Results of testing at Cairns 1998

SPECIFICATIONS FOR CALCINED KAOLIN FEEDSTOCK

SPECIFICATIONS FOR CALCINED KAOLIN FEEDSTOCKHIGH PURITY – VERY LOW QUARTZ CONTENT

SPECIFICATIONS FOR CALCINED KAOLIN FEEDSTOCKHIGH PURITY – VERY LOW QUARTZ CONTENTHIGH WHITENESS RAW REFLECTANCE R 457 >80

SPECIFICATIONS FOR CALCINED KAOLIN FEEDSTOCKHIGH PURITY – VERY LOW QUARTZ CONTENTHIGH WHITENESS RAW REFLECTANCE R 457 >80VERY FINE PARTICLE SIZE>92% LESS THAN 2 MICRONS~80% LESS THAN 1 MICRON

SPECIFICATIONS FOR CALCINED KAOLIN FEEDSTOCKHIGH PURITY – VERY LOW QUARTZ CONTENTHIGH WHITENESS RAW REFLECTANCE R 457 >80VERY FINE PARTICLE SIZE>92% LESS THAN 2 MICRONS~80% LESS THAN 1 MICRONTOTAL IRON AND TITANIA VERY LOW (

SPECIFICATIONS FOR CALCINED KAOLIN FEEDSTOCKHIGH PURITY – VERY LOW QUARTZ CONTENTHIGH WHITENESS RAW REFLECTANCE R 457 >80VERY FINE PARTICLE SIZE>92% LESS THAN 2 MICRONS~80% LESS THAN 1 MICRONTOTAL IRON AND TITANIA VERY LOW (

PILOT PLANT PRODUCT PSDS100.090.080.070.0CUMULATIVE MASS % FINER60.050.040.030.0KAOLINISED GRANITECALCINER FEED CAIRNS P/P20.0B16-18 RC3 O/F210.030 MINUTES DELAMINATION LABORATORY0.01000.0100.010.0PARTICLE SIZE Microns1.00.1

PremiumHydrousPremiumCalcinedResults from Minotaur, CSIRO and Uni SA tests, 2010

KAOLINISATION2KAlSi 3 O 8+ 3H 2 O Al 2 Si 2 O 5 (OH) 4 + SiO 2 +2KOH(Potash feldspar) (Kaolin)

70µmPLATES IN STACKS COMPOSED OF VERY FINE (

Pilot Plant Product 2010:Hydrous Kaolin: 92%

CAREY’S WELL CALCINED KAOLIN

In summary, the Carey’s Well Kaolin Deposit:• Is very large (>50 year potential mine life based on the 20 million tonneinferred resource and kaolin production of 100,000 tonnes per annum)• Appears to be very uniform in quality and distribution (based onassessment of historical drilling and bulk sample processing)• Has all the physical and chemical qualities to allow production of highquality hydrous kaolin using conventional processing techniques• Demonstrates all the properties required for very high quality calcinedkaolin feedstock and trials have produced premium quality calcinedkaolin• Is well located with a port at Thevenard within easy trucking distance• Has an excellent waste to ore ratio and could be mined using simpleopen cast mining processes.

Where would you rather be?