Minotaur in expansionary mood

Minotaur Exploration has foreshadowed further national and overseas expansion....

  Minotaur Exploration has foreshadowed further national and overseas expansion into gold and copper mineral exploration and development projects.Minotaur has flagged the additional growth prospects on the back of its successful expansion in 2007 through attracting funding support in joint venture operations from major Japanese and Canadian resources houses.The company’s direct investment in resource plays has in the past 12 months taken its involvement into eastern Australia and overseas into Canada. The company said it is aiming for continued growth through innovation and discovery both nationally and internationally.Minotaur Managing Director, Derek Carter said the value of the company’s spread of investments is now worth in excess of $47m or, on current share values, about A$0.73 per Minotaur share.“This compares with [our] closing price on the ASX of A$0.78 and a market capitalisation of A$51m,” Mr Carter said.“Such a price is grossly undervalued and barely allows any rating for Minotaur’s own significant holdings of iron oxide-copper-gold projects throughout Australia, particularly in South Australia’s Gawler Craton and our new focus in New South Wales and Queensland,” he said“The company will move into 2008 as an Australian explorer with a large investment portfolio in-house and looking to build on that project involvement through our wider net now of globally-backed JV partners, and our close alliance with Oxiana Limited.”