MINDAX LIMITED — Capital/Financing Update 2007

Dec 12, 2007

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9/57 Labouchere Road SOUTH PERTH 6151 Western Australia

Telephone 08 9474 3266 Facsimile 08 9474 3299

ABN 28 106 866 442

EXPLORATION UPDATE

Statement to the ASX 13 December 2007

Mindax Limited was listed on ASX Limited Code: MDX in December 2004

Mindax is a West Australian based gold, copper, iron and uranium explorer

A full description of the Company’s activities is available at our website

www.mindax.com.au

Inquiries about this statement or about the Company’s business should be directed to

Mindax has completed a successful capital raising and has embarked on a focussed drilling campaign to advance its key projects:

• Mt Forrest Iron, extensive low phosphorus haematite and magnetite mineralization

• Yilgarn-Avon JV Uranium, roll front uranium mineralization in major palaeochannel

• Mortlock JV Copper-Gold, emerging copper-gold area in the Western Gneiss Terrain.

Exploration to date on these projects has demonstrated that they each have the potential to host significant new mineralization. Extensive drilling is programmed to extend through the March and June Quarters of 2008.

The Mt Forrest Iron Project covers some 17km of iron formation east of Geraldton and North of Koolyanobbing. Exploration completed to date has successfully identified:

• high grade hematite surface samples to +60% Fe

Greg Bromley Managing Director

• magnetite mineralisation indicated at depth

• positively characterised by very low phosphorus content

• five target areas (Fe1 – Fe5) identified >55% Fe

• scout drilling planned in March Quarter

Investor inquiries can be directed to: info@mindax.com.au

• includes magnetite testing.

The Yilgarn-Avon JV Uranium Project covers 350km of the Yilgarn River palaeodrainages through Southern Cross, Muckinbuddin and Quairading:

• uranium enriched waters to 1000ppb in headwaters

• lignite carbon traps along the palaeochannel

• scout drilling through the March and June Quarters.

The Mortlock JV Copper-Gold Project covers a newly identified mineralised high grade metamorphic suite of rocks in the Western Gneiss terrain immediately east of Perth. Significant widths of lowgrade Cu-Au mineralization at Forrest Centre and Southern Brook extends have been traced over 6 kilometres and remains open along strike:

• recent AEM geophysics has identified five new anomalies for copper-gold mineralization

• drill testing during the June Quarter of 2008.

9/57 Labouchere Road SOUTH PERTH 6151 Western Australia

Telephone 08 9474 3266

Facsimile 08 9474 3299

ABN 28 106 866 442

In addition to these key programs, there are a number of other projects that will also be drilled in keeping with our wider exploration strategy:

• a continuing drilling program to upgrade the gold potential on Bulga Downs , at Toucan and Macaw, building on the established gold resource at Paradise Bore

• scout drill testing of the 10 Mile iron formation on Maynard Hills north along the regional structure that controls Bulga Downs. Limited sampling indicates low phosphorus magnetite potential over 4.5km length of multiple iron formations.

• first pass drill testing of the Fugue and Tocatto gold-in-soil anomalies at Maynard North , to the north-east of Troy Resources Lords goldmines near Sandstone

• further reconnaissance drilling for gold at Meekatharra North immediately along strike from Mercator’s reactivated gold mining operation in this significant historical gold camp.

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9/57 Labouchere Road SOUTH PERTH 6151 Western Australia Telephone 08 9474 3266 Facsimile 08 9474 3299

ABN 28 106 866 442

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MINDAX LIMITED
Projects December 2007
Carnegie
Meekatharra
North Wiluna
)))) ))))))) )
Maynard Hills
Mt Magnet
Sandstone
))))))) ) ))))))) )
Geraldton
Leonora
)))))) Bulga ))))))
)))))) Downs
Kalgoorlie
Mortlock Southern ))))))) )
))))))) ) Cross
PERTH ))))) Yilgarn Avon
Norseman
!!!!!
))))))) )
[0] 0 250250 500500
kilometerskilometers
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Figure 1 Distribution of Mindax Projects, Dec 2007

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9/57 Labouchere Road SOUTH PERTH 6151 Western Australia Telephone 08 9474 3266

Facsimile 08 9474 3299

ABN 28 106 866 442

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Target Fe5
Toucan
Paradise Bore
Target Fe2
Target Fe3
Target Fe1
+
Mt Forrest
Target Fe4
MINDAX LIMITED
Bulga Downs Project
0 1.5 3
kilometers
Iron Formation
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Figure 2 Mt Forrest (Bulga Downs) Project, targets for drill testing

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9/57 Labouchere Road SOUTH PERTH 6151 Western Australia Telephone 08 9474 3266

Facsimile 08 9474 3299

ABN 28 106 866 442

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Mindax Limited - Quasar pl ))))))) )
Yilgarn Avon jv
0 50 100
kilometers
Mortlock
earning 80% ))))))) ) Southern
Cross
Merredin
))))))) )
PERTH
!!!!! Yilgarn_Avon 100%
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Figure 3 Yilgarn-Avon Project, Tenure Dec 2007

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9/57 Labouchere Road SOUTH PERTH 6151 Western Australia Telephone 08 9474 3266 Facsimile 08 9474 3299

ABN 28 106 866 442

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Wongan Hills
.
UU L Kalguddering
E70/2668
AEM Targets + H Burabadji Creek U [U]
E70/2520
E70/2521 . [Goomalling]
West Target
L
+ +
L East Target
Boonjading Application 100% YAJV
+
Centre Forrest
L 37m @ 0.7g/t Au, 0.25% Cu
+ Southern Brook
L
Au-CuAu-Cu
. Northam E70/2518
Mindax-Quasar
and E70/2519
Mortlock JV
Tenements
Northam-Wongan Hills Area
0 10 20
kilometers
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Figure 4 Mortlock Project, showing new geophysical anomalies

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9/57 Labouchere Road SOUTH PERTH 6151 Western Australia

Telephone 08 9474 3266

Facsimile 08 9474 3299

ABN 28 106 866 442

Yours sincerely

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Greg Bromley Managing Director 13 December 2007

Inquiries to mobile 0418 845 384

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Gregory John Bromley who is a member of the Australasian Institute of Mining and Metallurgy, with more than 5 years experience in the field of activity being reported on. Mr Bromley is a full-time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit 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 Bromley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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