report out drilling to start

Long suffering MDS holders should be somewhat relieved that they have finally got a drill rig. These drill results should be exeptional if the presently known indicatrors proove to be correct. Good luck to all holders.

Report 20/08/07

Midas to Commence Diamond Drill Testing of Gold Mineralisation
at Bindah Prospect, Lake Carey gold project
Midas Resources Limited (“Midas” or “the Company”, ASX: MDS) will shortly commence drilling programme at its Bindah prospect at the Lake Carey gold project in Western Australia.
Both the Intrepid and Bindah prospects were identified by Midas as priority targets for the identification of high grade gold deposits in the Lake Carey tenements. A diamond drill rig has been secured for the Bindah Project, while efforts continue to secure a suitable Reverse Cycle (RC) percussion drill rig for Intrepid.
Bindah Gold Prospect – Drilling program
Diamond drilling is expected to commence in four to six weeks at the Bindah Gold Prospect. The objective of this drilling program is to test along strike and down dip of the high-grade gold mineralisation associated with massive sulphides that has previously been reported by Midas.
Geophysical modelling of the down hole EM data indicates a very strong electrical conductor below all previous drilling. The Company plans to drill a 500m diamond drill hole to test this target, as well as four shallower diamond drill holes between 150m and 300m deep along strike of the known gold mineralisation, in order to give an indication of the potential size of the gold deposit and whether or not a major follow-up drilling programme will be required to establish a Resource.
In addition, BNRC007 which contained 8m @ 10.5 g/t Au from 116m will be twinned by a diamond drill hole to obtain structural information on the orientation of quartz-sulphide veins. All approvals have been obtained for the drill programme and drill sites have been prepared. The location of planned drill holes is shown in the attached figure 1.