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1 ASX Announcement 30 January, 2012 MIDAS RESOURCES (ASX: MDS) DECEMBER QUARTER 2011 ACTIVITIES REPORT Lake Carey Gold HIGHLIGHTS Scoping study underway into heap leach amenability of the Fortitude deposit. Metallurgical testwork has commenced with the objective of providing gold recovery information for modelling of a heap leach operation. Kappes, Cassidy & Associates appointed to manage the study. Potential remains to treat high-grade ore at Sunrise Dam. An aircore drilling program on the Bindah structure, south of Intrepid, has generated a number of gold anomalies for further follow up drilling. Paterson Province Copper-Gold Negotiations for an Access agreement are progressing with the Western Desert Lands Aboriginal Corporation representing the Martu traditional owners. The Company expects to conclude the Access agreement in Q and this should then result in the tenement applications being processed to grant. The Company has identified and prioritised a range of exploration targets for geophysical surveys and drill testing, following the grant of the tenements. Leonora Project - Gold An heritage survey was satisfactorily completed in E40/295. Encouraging sample results were received from old mine workings in the Sunbeam- Bluebell area and a drill target has been identified at Sunbeam 600m west of the old Bluebell workings. An archaeological survey was completed at George Bore in E40/294 and this has been satisfactorily completed ahead of plans for an initial drill test. Pilbara - Iron Ore The focus remains on expanding the resource-base through consolidation with other projects in the area where suitable synergies exist.

2 OPERATIONS SUMMARY WESTERN AUSTRALIA GOLD PROJECTS During the December Quarter, the Company advanced exploration on its Lake Carey and Leonora gold projects. The focus remains on Fortitude and the evaluation of various development options. Field reconnaissance and geophysical data acquisition assisted with the identification of drill targets at Leonora and in the Lake Carey area. An aircore drill program completed south of Intrepid at Lake Carey produced a number of gold anomalies for follow-up. Encouraging sample results were obtained from an area northwest of Bluebell and heritage and archaeological surveys were completed in preparation for drilling. Project Locations Midas Resources Limited December Quarter 2011 Activity Report 2

3 Lake Carey - Fortitude Project (M39/709, M39/710, M39/1065) (100% Midas) The objective of current work is to twofold: 1. To identify Resources that can be trucked and treated at AngloGold s Sunrise Dam processing facility; this represents a high grade case for Fortitude. 2. To determine the amenability of Fortitude to treatment by on-site heap-leach ; this represents a bulk or low grade case. 1. High Grade Case The company is carrying out an evaluation of the high grade case to determine if there is a worthwhile margin for the Fortitude Project if the ore is treated at Sunrise Dam. Studies were conducted into the amenability of the Fortitude deposit to mining at a range of gold cut-off grades. CSA Global Pty Ltd (CSA) was engaged to complete a change of support modelling exercise in order to determine whether Midas current kriged Mineral Resource block model and the underlying drill coverage were suitable for calculating grade-tonnage curves at a range of cut-off grades. A final report is expected in January Based on CSA s preliminary analysis, Midas has conducted an in-house study of the Fortitude Mineral Resource data to obtain preliminary indications of grade-tonnage performance at a range of cut-off grades for various pit shells. The information will be used for a scoping level evaluation of treatment of Fortitude ore at Sunrise Dam based on a range of cut off grades. 2. Heap Leach The Company has appointed Kappes, Cassidy and Associates (KCAA) to design and manage a test program to determine the amenability of Fortitude ore to treatment by heap leach. AMMTEC has been selected to carry out the testwork. A representative suite of drill samples has been selected from samples in storage and these have been submitted to AMMTEC for Intermittent Bottle Roll Tests (IBRT). IBRT is a bench scale method of testwork that approximates the extraction of gold from crushed ore in a leach pad. Samples have been selected that are representative of the oxide, transitional and primary zones and testwork will be carried out over the next Quarter. Based on the IBRT results a scoping level study will be carried out by KCAA into a mining and heap leach operation. The results of the study are expected to be available by the end of the March Quarter. Strategy The results (1) and (2) above will guide the Company in decisions concerning either a toll treatment or a heap leach operation, or a combination of both methods i.e. high-grade ore treated at Sunrise Dam and low-grade ore heap leached on site. Favourable results would justify a Feasibility Study including the completion of baseline environmental studies and permitting. An estimate of the time frame, scope and cost for a Feasibility Study will be included in the scoping study. Midas Resources Limited December Quarter 2011 Activity Report 3

4 Lake Carey Exploration (E39/348, E39/1286, E39/1287, P39/4471, P39/4644, P39/4645) Exploration Prospects at Lake Carey Intrepid - Bindah A program of aircore drilling was completed over the Bindah Shear zone south of Intrepid on E39/348. Two east-west traverses were drilled 230m apart. The traverses were situated on the southern side of Lake Carey between the Intrepid prospect to the north and historic reconnaissance drilling to the south. The traverses were designed as a reconnaissance program to identify the prospective contact between granite to the west and the Lake Carey intermediate volcanic package to the east. The Bindah Shear, a discrete, narrow mineralised shear zone, is interpreted to closely follow this lithological contact. Seventeen aircore holes for a total of 1,532m were drilled at 50m intervals to blade refusal on a - 60 degree west dip. Results greater than 100ppb Au are tabulated below: Midas Resources Limited December Quarter 2011 Activity Report 4

5 Date Hole ID Sample Id m from m to Au g/t MGA East MGA North Dec 11 INAC143 J Dec 11 INAC143 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC146 J Dec 11 INAC50 J Dec 11 INAC151 J Dec 11 INAC151 J Dec 11 INAC156 MB Dec 11 UNK MB The intervals reported above are not actual or true widths of mineralisation. The orientation of the mineralised zones is not known. The drill hole coordinates are tabulated below: HoleID MGA East MGA North RL Max Depth Dip Mag Azimuth Date INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 Midas Resources Limited December Quarter 2011 Activity Report 5

6 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 INAC /10/2011 TOTAL 1532 The drill results have highlighted a gold anomalous zone coinciding with the Bindah Shear Zone extending over 4.5km to the south of Intrepid. More systematic drill testing of this target will be carried out in conjunction with other programs in the course of Stealth, Mirage, Fortitude North and Fortitude South Permit of Work (POW) applications were submitted to DMP for the planned 6,000m of aircore drilling at Fortitude North, Fortitude South and Mirage and these have been approved. Decisions on the full scope of drill programs will be made later in 2012 following the completion of the scoping studies at Fortitude. Gallant Resource (M39/198, E39/1287) Subject to the results of the scoping study being conducted for Fortitude there is potential to extend the Heap Leach study to include Gallant. Additional drilling and metallurgical testwork would be required to raise the classification of the Mineral Resource at Gallant to Measured and Indicated status under the JORC Code, which is a requirement for Reserve estimation and Feasibility studies. Phantom Well E 39/1288 (100% Midas) - Barranco Pty Ltd has the right to earn back to a 15% interest Additional geophysical data has been acquired and various exploration targets have been reviewed including targets at Stealth and Mirage. High-grade gold mineralisation has previously been drilled at both prospects but no Resources have yet been established. Geophysical surveys are being considered for Stealth and Mirage prospects to better define the geology and key structures so that drill targets can be refined for testing later in Midas Resources Limited December Quarter 2011 Activity Report 6

7 Butcher Well E39/1499 (100% Midas) Target generation continues. LEONORA PROJECT P37/ P37/6907, E40/294, E40/295, E37/1104, E37/312, P40/1282 and M37/1297 (Midas 100%) The project area totals more than 200km 2, extending from Sunset Well immediately east of Leonora down to E 40/294 which is about 50kms south of Leonora, and to the historic Kookynie gold mining district. In addition to the recently reported maiden Inferred Mineral Resource at Prospero, Midas has generated a range of new exploration targets within the Leonora Project tenements. These include targets at George Bore in E 40/294 and Bluebell and Hawke in the recently granted E40/295, and Eureka in the recently applied for P 40/1282. Midas Resources Limited December Quarter 2011 Activity Report 7

8 Leonora Project Tenements E40/295 In December 2011, rock chip samples were taken from spoil surrounding old gold workings and mine shafts at the Bluebell and Sunbeam prospect areas. Samples were generally taken where grey/blue quartz or laminated quartz was visible. Some samples also exhibited minor boxwork textures indicative of remnant oxidised sulphides. All samples taken from Bluebell and Sunbeam returned anomalous gold results, listed below in Table 1. Table 1. Rock Sample Results Bluebell and Sunbeam The Sunbeam prospect is located 600m west of the Bluebell workings. Three old RC drill holes have been located but the location and orientation of the drill holes is considered by Midas to be ineffective for testing the observed trend of the mineralized vein structure. The Company has planned three RC drill holes to test below the old workings which contained the high grade gold values reported above. The timing of this drilling will be finalized when final ethnographic clearance is obtained at George Bore in E40/295 thereby allowing a larger drill program to be undertaken including both George Bore and Sunbeam. A PoW has already been approved for the Sunbeam prospect. Further information on the scope of drilling at Sunbeam and George Bore will be released when the programs are finalized prior to the start of drilling. Midas Resources Limited December Quarter 2011 Activity Report 8

9 Sunbeam Prospect - Proposed RC Drill Holes E40/294 George Bore Heritage surveys have been completed without issue however an archaeological survey is required by DIA due to proximity to a designated DIA area. The archaeological survey is expected to be carried out in the March Quarter. Midas has identified an area of anomalous gold results in historic Augur drill results that have not been followed up by systematic drilling. Completion of the archaeological survey is required before the DMP will issue a PoW for Midas planned drilling in this area. P 40/1282 Kookynie This tenement is awaiting grant. Ground reconnaissance was completed and work focused on two well defined trends of old workings running NW through the centre of the tenement. The western trend is considered prospective due to its complex structural history and abundance of old gold workings. However, more mapping and sampling work is necessary before target generation can be carried out. The eastern workings contain more extensive historic gold workings than the Midas Resources Limited December Quarter 2011 Activity Report 9

10 western trend and several old RC drill holes have also been located. These old drill holes trended ~60 towards 280 and they intersected intermediate intrusive rocks (grandodiorite or tonalite) indicating that the area was subject to a more complex intrusive history than is shown by the GSWA surface mapping. The complex structural and intrusive events observed in this tenement highlight the potential for further work to identify worthwhile drill targets. Sunset Well - P37/ P37/6907, The Company has applied for mining lease ML37/1297 over existing Midas tenements P37/6901 to P37/6907 covering the Prospero Mineral Resource and its extensions along strike. The Runge Inferred Mineral Resource estimate which was reported to the ASX on July 4, 2011 is tabulated below: Prospero June 2011 Inferred Mineral Resource Estimate (1.0g/t Au cut-off grade) Zone Type Tonnes Au Uncut Au t g/t Ounces Oxide 609, ,900 Transitional 287, ,300 Fresh 200, ,000 Total 1,096, ,100 The deposit meets the criteria for an Inferred Mineral Resource. The Company is currently evaluating options for toll treatment of the Prospero Resource in the Leonora district. BASE METALS PATERSON PROVINCE (Applications) E45/3467, E45/3468, E45/3768, E45/ Midas 100% Midas is the priority applicant for Exploration Licences E45/3467, E45/3468, E45/3768 and E45/3895 totalling approximately 1,101km 2. The tenements are considered to be highly prospective for copper, gold and uranium and they are in proximity to several significant mineral deposits including Nifty Copper Mine, Kintyre uranium and Maroochydore copper. The tenements are not subject to any objections by third parties. Midas Resources Limited December Quarter 2011 Activity Report 10

11 Paterson Province Tenement Applications The tenements are subject to the Native Title Rights of the Martu People and an Access and Heritage agreement is required to be executed before the DMP will grant the tenements. Midas is in an advanced stage of negotiation with the Western Desert Lands Aboriginal Corporation which is the body that represents Martu. The Board of Midas is confident that the Access agreement can shortly be executed thus allowing the tenements to be processed for grant in time for significant field work, including drilling, to be undertaken in IRON ORE PROJECTS The Company is following a commercial strategy at West Pilbara aimed at expanding the resource base through consolidation with other projects in the area. West Pilbara Project - E47/1893 and EL08/ % Midas CID Iron Ore Resource The Company continues to focus on expansion of its CID Resource-base through a combination of exploration or joint venture with other companies that have similar resources in proximity to Midas West Pilbara Project. Marandoo E47/1885 No work was carried out on the Marandoo tenement in the June Quarter. Further mapping Midas Resources Limited December Quarter 2011 Activity Report 11

12 and sampling of iron enriched outcrops is planned in the next Quarter. Yandicoogina E47/1901, E47/1958 No work was carried out on the Yandicoogina tenements in the December Quarter. The Company is currently seeking a joint venture partner or outright sale for this project. OUTLOOK The Company successfully completed a Renounceable Rights Issue in October 2011 and it is now focussed on its gold project at Fortitude where the objective is to demonstrate that the gold deposit is amenable to processing by the heap leach method. The Board is pleased that a highly experienced firm such as Kappes, Cassidy and Associates (KCAA) is managing the metallurgical testwork and the modelling of a heap leach operation for Midas. If the current studies are positive then these will be followed by systematic metallurgical testwork involving column leach of composited core samples, and other feasibility work. It is expected that the scoping level mining and heap leach study will be completed in the March Quarter, followed by a decision to commence further feasibility work. The Board of Midas is especially pleased about the progress of negotiations with Martu concerning the Access agreement in the Paterson Province. The Board is hopeful that the agreement will be executed in the March Quarter and that this will allow for worthwhile exploration, including drilling, to be carried out in The Company has already selected a number of targets for geophysical surveys and diamond drilling. In addition to its focus on existing projects, the Company remains aware of opportunities to acquire quality mining projects in other regions and Midas maintains an active generative program looking for suitable opportunities. Yours faithfully, GEOFF BALFE Managing Director/CEO MIDAS RESOURCES LIMITED Competent Person Statement: The information in this report as it relates to exploration results and geology was compiled by Mr Geoff Balfe, who is a Member of the Australasian Institute of Mining and Metallurgy and a full time employee of the Company. Mr Balfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Balfe consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. Midas Resources Limited December Quarter 2011 Activity Report 12