Minotaur Resources Ltd

  1. 1,094 Posts.
    Hi folks,

    In case you missed it, this came through to my screen at 17:16:28.


    cheers
    kaitie




    MINOTAUR RESOURCES LIMITED 2002-07-01 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    Today the Sydney Morning Herald published an article concerning
    Minotaur Resources Ltd and its Prominent Hill project. The article
    said "...given that the company has been spending roughly $1.5
    million to $2 million a quarter on the Mt Woods project, which hosts
    the Prominent Hill discovery, another equity raising appears
    inevitable at some stage later this year or early next."

    THE COMPANY WISHES TO CLARIFY THIS STATEMENT:

    The amount referred to in this article is the total exploration
    expenditure managed by the Company and provided by the contributing
    joint venture partners. To date, the only contributing partner has
    been BHP Billiton. Having elected to earn a 19% interest, the Company
    will be obliged to contribute to future exploration costs commencing
    in approximately August, following the approval of the next phase of
    exploration. With exploration expenditure at Prominent Hill
    approximating less than $2 million a quarter, the Company's
    contribution would amount to less than $400,000 a quarter. As
    operator, the Company will be entitled to recover overhead costs,
    thus reducing its cash outgoings.

    The Company currently has in excess of $7.5 million cash.

    With respect to information from the drilling at Prominent Hill, the
    Company expects further results will be available in 2 3 weeks.
 
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