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, with JORC compliant Contained Mineral Resources totalling 5.327 million tonnes grading 2.3 g/t (388,000 ounces of contained gold) at a 1.0 g/t Au cut off grade. This strategically located project is just 35 km by exisiting road from Anglogold's Sunrise Dam mining operation (past production and current resources total ~8.0 million contained ounces). Recent mining studies on Fortitude have been based on a toll milling arrangement with Barrick Granny Smith (BGS) located 75km north of Fortitude by exisitng haul road. The high fixed costs of trucking and toll treatment have caused the Company to revert to evaluation of a stand-alone project and to continue to aggressively explore the Lake Carey tenements with the objective of substantially increasing the Resource base.

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QUEENSLAND PROJECTS


Midas has a 51% interest in the Connors Range Joint Venture where the Company has an active exploration program for porphyry copper and molybdenum mineralisation. Midas has the right to increase its interest to 100% subject to making certain payments to joint venture partners. The project is located 100km west of the town of Macay. Connors Range also has potential for high-grade epithermal gold mineralisation, similar to the Pajingo-Vera-Nancy deposits near Charters Towers. However, the current focus is on following up the known porphyry copper-molybdenum mineralisation at Waitara. Midas also has a 100% interest in the Ukalunda gold-silver base metals project located in the Northern Drummond Basin.

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Da Hong Shan Copper Project

Midas Resources and Zijin Mining Group have entered into a Memorandum of Understanding for the Da Hong Shan copper exploration project in western China. Midas can acquire up to a 70% interest in the tenements through a total investment of approximately US$3.5 million over four years and taking the project to a development decision, subject to Zijin’s Buy-back rights. The porphyry copper Da Hong Shan project comprises three contiguous exploration licences with a total area of 302 km2 located in the mineral-rich Tian Shan Belt of Xinjiang province, western China.

Visible copper oxide mineralisation has already been identified in the exploration trenches at the Da Hong Shan Project over an initial 2.5km strike length. Midas is planning an aggressive program of diamond drilling once formal joint venture documentation is completed.
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SHIMIAN JOINT VENTURE - SICHUAN PROVINCE - CHINA

Shimian is a joint venture with Geological Brigade 405 in Sichuan Province. Brigade 405 is a substantive government mineral exploration division and under the JV agreement 405 provides local know-how, geological and topographic data bases and skilled personnel to the JV. Midas has a 60% interest and is funding the first $180,000 of expenditure. Midas is targeting big Au and Cu-Au Gold systems within the 700km2 joint venture area which contains more than thirty known gold prospects and mines.

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