ACTIVEX LIMITED — Regulatory Filings 2008

Mar 17, 2008

MINOTAUR EXPLORATION LTD

247 Greenhill Road, Dulwich 5065, South Australia Tel: +61 8 8366 6000 Fax: +61 8 8366 6001 Website www.minotaurexploration.com.au Email admin@minotaurexploration.com.au A.C.N. 108 483 601

18[th] March 2008

The Company Announcements Office

Australian Stock Exchange Limited

Update on Australian drilling projects

Minotaur Exploration Limited (ASX: MEP) is pleased to provide an update on the status of drilling operations at a number of projects within Australia.

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Figure 1: Select Australian projects

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Deep IOCG Project – South Australia (EL 3761, 3762) (JOGMEC earning 51%)

Assay results received for drillhole AS07D01 at the Westopolis gravity target, southwest of Olympic Dam, confirm iron oxide copper-gold style alteration and mineralisation in the basement. Basement was intersected at 1461.8 m and hole drilled to total depth of 1559.0 m, intersecting felsic Gawler Range Volcanics displaying varying degrees of haematite alteration including four zones of haematite breccia development with minor–trace chalcopyrite (see ASX announcement 4[th] February 2008).

Assays of drill core were predominantly over 1 m intervals. Highest metal values were 660 ppm Cu (1470.2–1471 m), 160 ppm U (1471–1472), 145 ppm Mo (1476–1477 m) and 0.41 ppm Au (1512–1513 m) and occur within the zone of intense haematite alteration which contain 40–52% Fe. Associated Ba and rare earth elements La and Ce are highly anomalous and consistent with typical concentrations for Mesoproterozoic IOCG deposits such as Prominent Hill.

The results are highly encouraging and suggest that the drillhole may be proximal to a significant volcanic vent and mineralised breccia pipe, and further geophysical appraisal is being undertaken.

Drilling at the Northopolis gravity target, 7 km to the north, has been completed. Crystalline basement units intersected from a depth of 1312 m to 1487 m, consist of felsic tuff and agglomerate of the Gawler Range Volcanics. The lithologies lack significant haematite alteration and the nature of rock units causing the gravity anomaly remains enigmatic.

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Figure 2: Haematite breccia within AS07D01 (Westopolis target)

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Duchess Project – Cloncurry (EPM 1190, 12395) (Cullen Resources, Minotaur earning

51%)

A drill program of 5 holes for 770 metres at Duchess, 80 kilometres southwest of Cloncurry, is underway to test various geophysical and geochemical anomalies. Results of samples submitted for analysis should be available in approximately one month.

Surprise Project - Cloncurry (EPM 9053, 13677) (Gateway Mining, Minotaur earning 75%)

Drilling of 4 holes for a total 480 metres on these tenements 60 kilometres northwest of Cloncurry, will follow on from the Duchess drilling in late March 2008. Principle targets are electrical geophysical anomalies adjacent to historic soil and shallow drill geochemical anomalism.

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Figure 3: IP section showing one planned Surprise drillhole (black trace) and historical

drilling colour coded with respect to Cu values

Cowra and Boorowa Projects – New South Wales (EPM 5514, 6102, 6805, 6806, 6882) (Gateway Mining, Minotaur and Mitsubishi JV)

A drilling company has been contracted to drill 7 holes for a total 1550 m on various IP and magnetic geophysical targets below strong surface geochemical anomalies. Drilling is expected to commence in early April 2008.

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Figure 4: IP section at Kiola Prospect (Cowra) showing magnetic bodies and one planned drillhole

Booubyjan Project – Queensland (EPM 14476, 14979) (Activex, Minotaur and Mitsubishi

JV)

A drilling company has been contracted to drill 15 holes for a total 3400 m on various electrical geophysical and geochemical targets. The rig has been delayed due to heavy rains in the area and drilling is expected to commence in April 2008.

Thomson Fold Belt Project – New South Wales (EL 6630, 6631, 6646, 6664, 6668, 6850, 6851 and 6909) (Platsearch and Minotaur JV)

A drilling company has been contracted to drill 7 holes for a total of ~2500 m on discrete magnetic anomalies believed to represent base metal targets. Thickness of cover sediments will range between 150–250 metres, with drilling expected to commence in mid to late April 2008.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr A. P. Belperio, who is a Director and full-time employee of the Company and a Fellow of the Australasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr A. P. Belperio consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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