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.

[more information]

PATERSON PROJECT

Midas has applications for four Exploration Licences (E45/3467, E45/3468, E45/3768 and E45/3895) covering 1,100 sq km in the Paterson Province, Western Australia, covering key sections of the highly prospective Yeneena Group sediments including the Broadhurst Formation, which is host to copper deposits at Nifty and at Maroochydore; and the Coolboro Sandstone which is a target for uranium mineralisation especially where it is in contact with the underlying Rudall Metamorphic Complex.


[more information]

LEONORA GOLD PROJECT

Midas holds granted Exploration Licences E40/294 and E40/295 south of Leonora. Gold targets have been identified in both tenements and drill programs are planned to test targets at George Bore, Sunset-Bluebell and in the vicinity of the old Hawke workings. New tenements applications have been made and highly anomalous gold results have been reported by Midas from old workings at Sunbeam-Bluebell and Kookynie.


[more information]

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 applied for a Mining Lease over a gold deposit at Prospero where a Resource of 1,096,000t at 1.40g/t for 51,100oz of contained gold has recently 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)..


[more information]