PATERSON PROJECT

Midas is exploring for IOCG copper-gold deposits and Nifty style copper deposits. The Company has three granted tenements (E45/3467, E45/3468 and E45/3768), and two applications (E45/3895 & E45/4091) covering 1,343 sq km in the Paterson Province, Western Australia. Granted tenements cover 795 sq km. The tenements include key sections of the highly prospective Yeneena Group sediments including the Broadhurst Formation, which is host to copper deposits at Nifty, Encounter and at Maroochydore; and the Coolboro Sandstone which is a target for uranium mineralisation, especially where it is in unconformable contact with the underlying Rudall Metamorphic Complex. Midas has recognised the potential for IOCG deposits hosted by an extensive heterolitihc breccia deposit along the east side of the major Vines growth fault.


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LAKE CAREY PROJECT - WA


The Company's 100% owned Lake Carey gold project is situated in the Laverton Tectonic Zone in Western Australia's North Eastern Goldfields. The project includes the Fortitude gold deposit and adjacent satellite deposits, where the JORC compliant Mineral Resource estimate (Indicated + Inferred) of total Mineral Resources stands at 6.29 million tonnes grading 1.9 g/t Au (385,000 ounces of contained gold) at a 1.0 g/t Au cut off grade.

The resource was estimated by Runge Limited using Ordinary Kriging. A bulk resource was first estimated by the Ordinary Kriging (OK) method using a new geological wire frame model and this Resource was then used for a more selective estimate using the method of Selective Uniform Conditioning (UC) which resulted in 4.8Mt at a grade of 2.3 g/t for 356,000oz of contained gold at a 1.0g/t cut-off grade. Both estimates are being used in pit optimisation studies.

Midas is currently undertaking studies into the most efficient and cost effective method of mining and treatment for the Fortitude gold deposit.

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LEONORA GOLD PROJECT

Midas holds granted Exploration Licences E40/294 and E40/295 and Prospecting Licence P40/1282 south of Leonora. Gold targets have been identified in all tenements and RC drill programs have been carried out on selected targets including Reach, and Dingo Well. In addition, augur geochemistry and soil sampling has been carried out over key structures at George Bore, Dahlia and . The results of these programs are currently being assessed and a decision has been made to either sell or joint venture the Project. A number of companies have expressed interest in the tenements.


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SUNSET WELL GOLD PROJECT

The Sunset Well Gold Project is located just 10km east of Leonora which is a major gold mining centre with a treatment plant at Gwalia, immediately south of the town. The Sunset Project is part of Midas' Leonora Gold Project. Midas has granted Mining Lease E37/1297 over the Prospero gold deposit at Sunset Well where a Resource of 1,096,000t at 1.40g/t for 51,100oz of gold has been estimated By the Company's consultants - Runge Limited. The Resource estimate has been reported in accordance with recommendations in the Australasian Code for Reporting of Mineral Resources and Ore Reserves (2004) by the Joint Ore Reserves Committee (JORC)..


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