significant new drill intersection at bindah

31 January 2007
ASX RELEASE
SIGNIFICANT NEW DRILL INTERSECTION AT BINDAH
�� The third RC hole at Bindah (BNRC007) intersects 8m @ 10.56 g/t Au from 116m,
including 3m @ 22.37 g/t Au
�� The intersection is 50m vertically below the old Bindah open pit
�� A steep easterly plunge for the mineralisation is indicated, with the latest intersection
possibly representing the top of a new high-grade shoot.
�� The new shoot is open in all directions.
�� Results for the fourth hole located 25m north of BNRC007 are pending
Midas Resources Limited (ASX:MDS) (“Midas” or “the Company”) is pleased to report that a
significant result has been received for BNRC007, which is one of four RC holes recently
completed at the Bindah gold mine, an old open pit within the Lake Carey project area.
Drill Results
The Company drilled four RC holes at Bindah in December 2007 testing for a down plunge
continuation of high-grade gold mineralisation beneath the old Bindah open pit. Results to date
including the latest result for BNRC007 are given below.
Bindah RC Drill Results – December 2006
All Results Received by 30/1/2007
Mineralised Interval
Hole
Number Northing Easting
Di
p Az
EOH
Dept
h From To
DH
Width Au g/t
BNRC007 6754501 456592.74 -60 225 204 116 124 8 10.56
Incl
113 116 3 22.37
BNRC008 6754596 456518.15 -60 224.8 246 183 189 6 3.01
BNRC009 6754568 456546.54 -60 224.8
246
(Incl
156
160
163
163
7
3
1.83
3.30
BNRC009 6754568 456546.54 -60 224.8 246 168 170 2 0.89
BNRC010 6754522 456557.3 -60 225 246
Assays
pending
1m riffle split samples analysed for Au by 40g fire assay/ ICP-OES determination at Ultra Trace
Laboratory, Perth. Results compiled using 0.5g/t Au cut-off grade, no top-cut grade, maximum
2m of internal dilution. NSR – No significant result. eoh – End of hole depth
ABN 87 095 092 158

Background to the Drilling Program
A short RC drilling program comprising 4 drill holes for 942m (BNRC007 – BNRC010) was
completed at the Bindah Project in December (Figs 1 & 2). Bindah is located 5km southwest of
the Company’s Fortitude project.
Fig 1
ABN 87 095 092 158

Combined historic underground and open pit production has amounted to 71,375t at 6.81g/t Au
for 15,600 oz gold, and mineralisation at Bindah remains open at depth beneath the shallow
oxide pit. Best previous drill intersections in the 1980’s from spase deeper drilling below the pit
include 7.45m at 5.7g/t Au and 4m at 3.75g/t Au. An off-hole conductive geophysical target
identified by a previous explorer, but not followed up, indicates potential for further sulphide
hosted mineralisation at depth.
The Bindah gold mineralisation is associated with a major regional scale structure, extending for
more than 15km through the Company’s tenements, with gold mineralisation occurring in pyritepyrrhotite
rich chert, containing significant vein quartz, over intervals up to 10m in width.
The mineralisation occurs at the sheared contact between a thick sequence of mafic and
ultramafic rocks and this structural/stratigraphic position is consistent with that of the previously
mined gold mineralisation on the Bindah structure.
Historical mining of the Bindah area was largely confined to a strike length of 350m. Open pit
mining did not extend into the primary sulphide zone because the milling and treatment facilities
in the Laverton and Leonora districts in the 1980’s were not amenable to treating sulphide ores.
The Bindah mineralisation is associated with minor copper sulphides and should further
exploration and feasibility studies lead to a commercial project then future treatment options
could include production of a sulphide concentrate by floatation and then sale of a copper-gold
concentrate. Testwork on drill samples is required to determine metallurgical characteristics.
Significance of the Results
The intersection in BNRC007 is in fresh rock 50m below the base of the open pit (fig 3). Two
old drill holes situated between BNRC007 and the base of the pit were also mineralised albeit at
lower tenor than BNRC007.
ABN 87 095 092 158

Further Exploration at Bindah
The latest result confirms the potential of the Bindah structural corridor to host significant gold
deposits. Following receipt of results for BNRC010 and the down-hole electrical (EM)
geophysical survey a follow-up drill program can be planned to test the resource potential. The
EM survey is required to give additional information on the position and orientation of sulphide
mineralization so that more effective targeting of drill holes can be achieved.
The EM survey is scheduled for later in February, following delays caused by rain in early
January.
Future drilling is likely to consist of a combination of diamond and RC drilling.
The existing open pit, if dewatered, could provide a fortuitous point for development of a decline
to access any ore body that is shown by future drilling to exist below the pit.
Update – Fortitude Results
Results were received for two additional RC holes:
Fortitude RC Drill Program – December 2006
Latest Results
Hole Mineralised Interval
Number
Northin
g
Eastin
g
Di
p Az
EOH
Depth From To DH Width Au g/t
FTRC239 6756800 457012 -60 270 54 27 29 2 1.81
FTRC239 6756800 457012 -60 270 54 35 41 6 3.15
FTRC240 6756800 457039 -60 270 60 18 19 1 1.23
FTRC240 6756800 457039 -60 270 60 56 58 2 1.81
1m riffle split samples analysed for Au by 40g fire assay/ ICP-OES determination at Ultra Trace
Laboratory, Perth. Results compiled using 0.5g/t Au cut-off grade, no top-cut grade, maximum
2m of internal dilution. NSR – No significant result. eoh – End of hole depth
• One intercept from FTRC240 lies below the current $600/oz optimised pit and confirms
interpreted mineralisation.
• Intercepts in FTRC239 confirm continuity of mineralisation between adjacent sections to the
north and south.
• Results for another 46 holes are outstanding.
• Plans are in progress for additional metallurgical testwork to ascertain suitability for
processing at the Barrick Granny Smith treatment plant.
ABN 87 095 092 158

Midas Resources is a Perth based resource exploration company with projects in Western
Australia (Lake Carey-Fortitude), Queensland, China and USA (Alaska). The Company is
moving the Fortitude gold project to full feasibility in 2007 and advancing its other gold projects.
For and on behalf of the Board of Midas Resources Limited,
G D Balfe
Managing Director CEO
Investor Information
Principal Office Capital Structure
Level One Ordinary Shares (MDS): 155,982,669
282 Rokeby Road Listed Options (MDSO): 50,327,557
Subiaco WA6008 Unlisted Options: 4,500,000
Web: www.midasresources.com.au
Tel: 61 8 9388 2211
Fax: 61 8 9388 2600
____________________________________________________________________________________
The information within this report as it relates to exploration results, geology and mineral
resources was compiled by Mr. Geoff Balfe who is a member of the Australian Institute of
Mining and Metallurgy. Mr. Balfe is 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 his information in the form and context in which it appears.
_____________________________________________________________________________
ABN 87 095 092 158