Target area expanded for junior

摘要

Minotaur Exploration Ltd is stepping up its exploration for gold and copper in eastern Australia after taking a 1 million dollars equity position in PlatSearch NL. The active South Australian-based junior has subscribed to 8.75 million shares in PlatSearch with the funds to be paid in three tranches of 350,000 dollars (or 0.04 cents/share per tranche) over the next two years for a total price of 12 cents/share. The proceeds can only be spent by PlatSearch on generating potential base and precious metals exploration drilling opportunities in Queensland, New South Wales, Victoria and Tasmania. Minotaur would have first right of refusal on anything found. A key expectation of Minotaur is for potential greenfields gold and copper targets, (particularly) to be identified in the Lachlan Fold Belt, which covers much of central and eastern NSW as well as central and eastern Victoria. "This expansion has the firm objective of lifting both the number of base and precious metals targets we can consider for drilling, and subsequently to increase the frequency and scope of our drilling along the eastern seaboard," Minotaur managing director Derek Carter said.