HAMMER METALS LIMITED — AGM Information 2009

Nov 22, 2009

23 November 2009

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ASX ANNOUNCEMENT

MANAGING DIRECTOR’S PRESENTATION TO NOV 23 AGM

The Managing Director’s presentation to shareholders at the Nov 23 Annual General Meeting is hereby submitted for release to the market.

For and on behalf of the Board of Midas Resources Limited,

G D Balfe Managing Director/CEO

Principal Office Level One 282 Rokeby Road Subiaco WA6008

Web: www.midasresources.com.au Tel: 61 8 9388 2211 Fax: 61 8 9388 2600

_________________

ABN 87 095 092 158

INVESTOR PRESENTATION

PROXY TABLE

Resolution	For	Against	Abstain	Open
1	26,518,354	1,237,338	24,016,870	7,587,193
2	51,772,562	-	-	7,587,193

GOLD – IRON ORE – BASE METALS

SUMMARY

• Fortitude Gold Project – Scoping study into toll treatment at Sunrise Dam; Potential to fast track.

• Pilbara Iron Ore – Exploration target of 25Mt-35Mt @ 53% - 55% Fe at Pilbara West; Pipeline of projects.

• Paterson Province – JV with Giralia and MPF Exploration ~1,200km[2] ; World class Cu, Pb, Zn, gold and uranium potential.

• Rights issue fully subscribed raising $1.6 million. Paterson Securities Limited broker to the issue.

COMPANY SNAPSHOT

Shares on issue: 283,526,546 Options: (10c, 29/05/11) 50.2 million ( 3c, 30/12/12) 51.6 million Unlisted options: (director/employee) 5.9 million

Market Cap @ 4.0c $11.3m Cash $1.7m

LAKE CAREY PROJECT WA (100%)

Three phase program in 2010:

1. Fortitude Scoping Study – Evaluate an open pit recovering 80,000 to 100,000oz with toll treatment at Sunrise Dam. . Key decision: Fast track remaining feasibility work 2. Farm-in/JV/acquire - other resources in a 50km radius to increase the resource base to support an on-site treatment plant.

2. Exploration - Increase the Resource base to + 1.0M oz and build a stand-alone operation.

FORTITUDE RESOURCE STATEMENT*

Category	Tonnes (Mt)	Grade (g/t Au)	Metal (ozs Au)
Measured	-	-	-
Indicated	3.05	1.7	164,000
Inferred	6.02	1.6	309,000
Total	9.07	1.6	473,000

• As per Resource Estimate by RSG Coffey Mining 2007 released to ASX on 31 June 2007

RECORD GOLD PRICE DRIVING FORTITUDE

One Year

Five Years

DEVELOPMENT OF FORTITUDE

• Initial Scoping Study based on trucking ore 35km to Sunrise Dam for toll treatment.

• Subject to Scoping Study, complete Feasibility Study in 2010/2011:

• Environmental monitoring

• Hydrology drilling

• Geotechnical drilling

• Infill grade-control drilling

• Design Pit

• Final Feasibility Study

• Project Management Plan prepared

• Waste water discharge permit obtained

Full Feasibility Study to be costed.

REGIONAL CONSOLIDATION

• Approx 900,000 oz undeveloped within 50kms of Fortitude.

• Most deposits are on western side of Lake Carey with limited access to Sunrise Dam treatment plant.

• A treatment plant at Fortitude would be in an optimum situation to treat these remaining deposits.

EXPLORATION

• Drill target at Fortitude South to be drill tested early 2010 – 2500m A/C with RC follow-up.

• Resource at Gallant to be assessed for upside potential and a JORC compliant estimate made.

• Pipeline of other targets.

EXPLORATION TARGET AT SOUTH FORTITUDE

• 2.5 KM gap between Fortitude and Stealth.

• Fortitude Shear Zone not fully tested as earlier interpretations placed it further west.

• 2,500m A/C drill program planned in Jan 20101.

• RC drilling to follow-up gold anomalies.

PILBARA IRON ORE PROJECTS

� Package of tenements acquired from Mulga Minerals for $75k and six million Midas shares.

• CID Exploration Target at West Pilbara 25Mt-35Mt @ 53% to 55% Fe – Resource drill-out in Q2 2010 after tenement granted.

• Pipeline of Iron Ore projects.

• Project Generation is Pro-active

Existing Rail Network is Shown

WEST PILBARA PROJECT

• Midas CID Exploration Target identified in E08/1997 - 25Mt to 35Mt @ 53% to 55% Fe.

• Similar deposit already drilled out at Anthiby Well: 37.6Mt @ 53.6% Fe, 0.04% P, 7.5% SiO2, 4.8% Al2O3.

• Grant of E08/1997 expected early in

• 2010 with drilling possible in Q2 2010.

• Potential for BID deposits in E47/1893 (granted).

• Extensive drilling by Rio on adjacent tenements for BID targets.

PILBARA WEST SAMPLING RESULTS

• Rock chip results confirm a typical Robe River Channel Iron Deposit (CID).

• A CID resource at Anthiby Well recently established by Giralia Resources.

• Good access – only 5km from main highway.

• � E08/1997 is expected to be granted in Q1 CY2010.

YANDICOOGINA PROJECT

• 9 km south east of BHP

• Billiton’s Yandi mine site.

• 8 km south west of the Rio

• Tinto Yandicoogina mine.

• Close to infrastructure.

• 600m from the BHP Area C.

• 1.5km from the Rio Tinto

• Yandicoogina rail line.

YANDICOOGINA SAMPLING RESULTS

TARGET Buried channels of Robe River Pisolite similar to the deposits being mined at the Yandi, Yandicoogina and Junction South Mines. The potential for these buried channels will remain the focus of exploration activities within the project.

FORMATION OF A CID DEPOSIT

PROPOSED RAIL EXTENSIONS IN WEST PILBARA

Rail infrastructure is set to expand in the West Pilbara

MARANDOO

Significant area of Brockman Iron Fmn with mapped detrital (canga) and bedded iron deposits (BID). Surface sampling and assessment underway – initial sample results are encouraging.

MARANDOO – BID AND CANGA Fe TARGETS

PATERSON PROVINCE

• World Class Proterozoic Cu, Zn and Au province - 450km east of Port Hedland, Western Australia.

• Midas has 7 EL’s under application totaling approx ~1,200km[2]

• Same geology as the Nifty Cu deposit; highly prospective for Cu deposits

• of the Mt Isa and Zambian Cu belt types.

• Kintyre is an Alligator River style uranium deposit associated with an unconformity at the base of the Yeneena Basin sediments.

• World class Telfer gold deposit associated with 600Ma-700Ma granite domes in upper Yeena Group.

PATERSON PROVINCE - MIDAS APPLICATIONS

MINERAL POTENTIAL IS WORLD CLASS Multiple Cu and Zn targets in ground recently applied for by Midas.

FORMATION OF PATERSON JOINT VENTURE

• Five Midas exploration licence applications in the Nifty area are in

• competition with simultaneous applications by Giralia Resources NL and MPF Exploration P/L and would normally be subject to a ballot.

• On 16 Nov Midas, Giralia and MPF announced a Deed of Consent to Priority of Applications and a tripartite JV concerning the competing exploration licence applications in the Nifty area.

• The ground was previously held by Aditya Birla and it became open for application on 5 September 09 when Birla failed to renew its tenements.

• � The “Paterson Joint Venture” circumvents the need for a ballot to determine the priority of applicants and each party has a 1/3 participating interest in the exploration venture subject to granting of the tenements.

• Birla has objected to all of the applications on various grounds.

PATERSON PROVINCE

The Paterson Joint Venture is the priority applicant for the Birla Expired ground. The process of Wardens Court hearings and dealing with the Birla objections could take at least 12 to 18 months. Subject to granting, the PJV has agreed to spend $750,000 on exploration in the first 18 months after grant.

Source: Aditya Birla ASX Release 16/11/09

COMPETENT PERSONS STATEMENT

The information within this presentation as it relates to exploration results and geology was compiled by Mr Paul Dunbar who is a member of the Australasian Institute of Mining and Metallurgy. Mr Dunbar is a full time employee of the Company. Mr. Dunbar 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 Dunbar consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

The information within this presentation as it relates to mineral resources was compiled by Mr. Brian Wolfe who is a member of the Australian Institute of Mining and Metallurgy. Mr. Wolfe is a resource consultant with Coffey Mining. Mr. Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration

Thank you ladies and gentlemen