The PlatSearch Board is pleased to announce the formation of a strategic alliance between PlatSearch and Minotaur Exploration Ltd (ASX Code: MEP) (Minotaur). The alliance will boost PlatSearch’s funding for exploration project generation activities in Eastern Australia and will provide Minotaur with a preferred right to farm-in to projects generated by that activity.

The alliance will be established by the issue to Minotaur of 8,750,000 shares at a price of 12 cents per share compared to the current market price of 7.6 cents. These shares will be partly paid to 4 cents per share and will raise initially $350,000, with the balance of the subscription price payable by two equal instalments of $0.04 per share each the first of which falls due and becomes payable on or before 30 June 2007 and the second of which falls due and becomes payable on or before 30 June 2008. Therefore the total amount raised by the issue will be $1,050,000.

The funds raised by the issue will be used by PlatSearch to target base and precious metals opportunities in New South Wales, Queensland, Victoria and Tasmania. Minotaur will have an exclusive right for a period of two months to farm-in to any tenements that flow from these activities on standard joint venture terms.

Minotaur is a highly regarded South Australian based company and one of the more active and successful junior explorers in Australia. Following the discovery of Prominent Hill by Minotaur Resources Limited in 2001 and that company’s subsequent merger with Oxiana in 2005, the current Minotaur Exploration Ltd listed in February 2005. Minotaur has a strategic alliance with Oxiana (ASX Code: OXR). Minotaur has a market capitalisation of $44 million and is a substantial shareholder in Mithril Resources, Toro Energy and Petratherm, and now a significant shareholder in PlatSearch (11%).

The alliance with Minotaur is an acknowledgement of PlatSearch’s reputation for seeking and acquiring quality exploration opportunities. The PlatSearch Board regards this development as very positive for the company and looks forward to a constructive and successful relationship.

Please direct any questions to Bob Richardson on (02) 9906 5220 or 0414 592 080.