PILBARA IRON ORE PROJECTS


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The iron ore tenements include targets with potential for Robe River Pisolite deposits, generally known as "Channel Iron Deposits" (CID's) and Bedded Iron Deposits (BID's). Work already completed by Midas has verifyed the outcropping targets and helped establish access conditions to the tenements for drilling. Four separate project areas have been defined:

West Pilbara - Multiple CID targets have been identified as mesas of Robe River Pisolite. The first drill program within E08/1997 has resulted in a maiden Iron Ore Resource (Indicated Category) of 11,500,000 Tonnes @ 53.1%Fe, 0.042% P, 7.75% SiO2%, 5.57% Al2O3% and 9.86% LOI%.

The resource work was carried out by CSA Global, a major mining consultancy group, and it is reported in accordance with the JORC Code at a 50% Fe cut off grde. Additional targets remain to be tested.

Marandoo - The tenement covers a highly prospective part of the Brockman Iron Fmn that is not included in the Karanjini National Park. Previous mapping by other companies has identified multiple CID's (Mt Stevenson Deposit) and canga type targets. Canga is a detrital Iron Ore deposit that forms on the down-slope side of BID's. They may be easily mineable and are usually low in phosphorous.

Yandicoogina - The key tenements are E47/1901 and E47/1958. All tenements are granted. The tenements cover approximately a 1.5km long section of Yandicoona Creek and include burried CID targets in aluvium covered areas that have known Robe Pisolite deposits (CID's) further down stream. A reconnaiscance drilling program is planned in the second half 2010.

West Angelas - Potential Robe River Pisolite targets (CID's).

Logisitics and Infrastructure
West Pilbara is within 5km of the sealed Nanutarra-Paraburdoo highway while the other projects are all close to existing rail networks and infrastructure. Access to this infrastructure cannot be guaranteed but the WA government recently released a draft Railway Access Regime for public comment. The draft document envisages Pilbara-based iron ore developers (third parties) that do not currently have access to rail being able to use the railways of RIO and BHP via haulage services arrangements. In West Pilbara possible extensions to exisiting rail networks by third parties in order to access their deposits provides significant advantages for Midas to work with those third parties for mutual benefit.

Throughout 2010 and 2011 Midas will be implementing drill programs designed to test prioritised Iron Ore targets.

Tenements
Granted Tenements - E47/1885, E47/1893, E47/1901, E08/1997, E47/1886, E47/1985