GATEWAY MINING LIMITED — Capital/Financing Update 2007

Oct 4, 2007

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

5 October 2007

The Company Announcements Office

Australian Stock Exchange Limited

MITSUBISHI, MINOTAUR and GATEWAY JOINT VENTURE COWRA DISTRICT- NEW SOUTH WALES

Minotaur Exploration Limited (ASX: MEP) is pleased to announce that Mitsubishi Materials Corporation and Mitsubishi Corporation (jointly “Mitsubishi”), have joined the Company in its Cowra Joint Venture with Gateway Mining NL.

The terms of the original joint venture between Minotaur and Gateway enabled Minotaur to earn a 75% interest in the project through expenditure of $2 million. In the new agreement, Mitsubishi is committed to an initial expenditure of $600,000 after which it may contribute a further $800,000 plus its share of the balance of the full $2 million earn-in expenditure, to earn a 24% interest.

At that time the equities will be:

Minotaur 51% Gateway 25% Mitsubishi 24%

The new joint venture, with Minotaur as operator, incorporates three exploration licences (EL5514, EL6102, EL6806), and is located near Cowra in New South Wales (figure 1).

The area is considered prospective for porphyry-related copper-gold mineralization and volcanic-hosted massive sulphide base metal deposits. Initial work will focus on generating new regional targets as well as follow up activities related to gold and copper drill-hole intersections reported earlier by Gateway.

This is Minotaur’s second joint venture with Mitsubishi which has interests in copper mines and smelters throughout the world. Mitsubishi Materials Corporation has invested in some of the largest copper deposits such as Escondida as well as in operations at Los Pelambres (Chile), Batu Hijau (Indonesia) and Huckleberry (Canada). Mitsubishi Corporation’s investments in copper mines include Escondida, Los Pelambres and Antamina (Peru). Mitsubishi Materials Corporation has three copper smelting plants in Japan and Indonesia, treating a total of 1.9M tonnes of concentrates annually.

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Figure 1: Location of Cowra Project tenements

For further information contact Derek Carter (Managing Director) or Tony Belperio (Exploration Director) at Minotaur Exploration on 08 8366-6000.

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