MINDAX LIMITED — Interim / Quarterly Report 2009

Jul 29, 2009

PRINCIPAL OFFICE

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Statement to ASX Limited 30 July 2009

Mindax is a Perth based diversified explorer for uranium, gold, base metals and iron ore with tenement portfolios in the SandstoneMeekatharra area and in the Western Gneiss terrane of the Yilgarn Craton

Mindax Limited was listed on the Australian Securities Exchange in December 2004 Code: MDX

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

Greg Bromley Managing Director

Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

Activities for Quarter ending 30 June 2009

HIGHLIGHTS

• In a major advance at the Mt Forrest Iron Project, section 18 permission was granted by the Department of Indigenous Affairs to undertake drilling over Toucan and Macaw projects areas. This clears the impasse that has prevailed for the last eighteen months.

• The focus is now on satisfying the conditions of the section 18 and commencing the drilling towards a maiden DSO resource around the end of March 2010.

• Latest Scout Drilling Program in the Mukinbudin area shows values in excess of 0.02% Uranium. These results continue to provide confidence in Mindax’s exploration model for roll front sedimentary uranium and also underline the high prospectivity of the Yilgarn-Avon Province.

Investor inquiries can be directed to:

info@mindax.com.au

PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

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Figure 1: Mindax Project Locations

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au

ABN 28 106 866 442

EXPLORATION

MT FORREST PROJECT (Iron, Gold 100%)

The Mt Forrest Project lies 100 km south-east of Sandstone, in the Richardson Ranges. The project covers seven Mining Leases over 50 sq km and includes extensive iron formation as multiple bands within a folded package varying from 500 to 2000 metres width, over 17 km of strike. A small high-grade hematite deposit is recorded at Mt Richardson, immediately to the south of the Project area. Systematic reconnaissance sampling by Mindax indicates extensive hematite-magnetite mineralisation with low phosphorus content. Exploration priority is being given to identifying direct shipping hematite ores, with quantification of the extensive magnetite ore potential to be undertaken in the future.

The Mt Forrest Project also includes the Paradise Bore indicated/inferred oxide resource of 36,000 oz gold. This is hosted by the Cabaret Trend , a mineralised structure along the West Limb that has returned drill intersections of >3 g/t over 10 km.

As previously announced, the Minister for Indigenous Affairs has made a determination concerning an application (for drilling approval) made by Mindax pursuant to section 18 of the Aboriginal Heritage Act, in relation to the Toucan and Macaw areas within its Mount Forrest leases. (The Mount Forrest leases are held by Mindax’s wholly owned subsidiary Yilgiron Pty Ltd).

The Minister’s decision acknowledges that the Mt Forrest Range is a complex heritage site and imposes certain conservation protocols over the site, including avoidance of specific subsidiary sites. The Minister otherwise approves the undertaking of exploration drilling and ancillary activities in the areas concerned.

Exploration drilling activities over the remaining area of the Mt Forrest leases, but outside of these areas now approved by the Minister, will require supplementary section 18 consents, but these are expected to progress in a timely fashion now that the Mt Forrest Range site is determined. Accordingly, Mindax is taking immediate steps to lodge these additional applications and to secure approvals.

The focus now is on implementing a multi-stage drilling program directed towards a maiden DSO resource statement towards the end of March 2010. Mindax is well positioned to fast track this work as a considerable investment in geological mapping, environmental work, archaeology and ethnography is already in place.

During the quarter, the mapping and sampling program continued but was not completed as planned. Weather and illness prevented this but the work is now expected to reach completion in mid-August.

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

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Figure 2: Mt Forrest Prospects

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

BULGA DOWNS WIDE PROJECT (Iron, Gold, 100%)

The Bulga Downs Wide Project includes those tenements adjacent to the Mt Forrest mining leases where there is prospectivity for gold and also for iron that would be of strategic relevance to any mining operation at Mt Forrest. It includes the Panther and Tiger iron prospects where surface sampling has returned >60% Fe and overlapping areas of gold-in-soil geochemistry.

No work was carried out on these prospects during the quarter.

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Figure 3: Iron Prospects Sandstone to Mt Forrest

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PRINCIPAL OFFICE

ABN 28 106 866 442

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au

YILGARN AVON JOINT VENTURE – PALAEOCHANNEL PROJECT (Uranium, 50% and operator)

Mindax along with Quasar Resources as the Yilgarn Avon Joint Venture is searching for roll front uranium in palaeochannels of South-Western WA. The Yilgarn Avon project has already demonstrated very significant uranium anomalism in ground waters to >1,000 ppb uranium and suitable carbon traps for uranium within the drainages.

A scout drilling campaign of widely spaced holes to basement has been initiated, aimed at determining the general geological morphology of the Yilgarn palaeochannel and its geological and hydro-geochemical characteristics, particularly with respect to uranium mineralisation. The 2008 reconnaissance program demonstrated sedimentary style uranium mineralisation in this hitherto unexplored region.

This quarter, scout drilling continued along the Yilgarn palaeochannel system. Since late April, 94 air core holes have been completed for a total of 5,473 metres drilled in the Kellerberrin and Mukinbudin project areas.

The current program has continued to demonstrate very elevated uranium values along the drainage at depths of between 50 and 90 metres. The best intercept is 1 m @ 216 ppm U (0.02%) in hole YAA0169 (Section A), 1 m @ 211 ppm U in hole YAA0154 and 90.8 ppm U over 7 m in hole YAA0164 (Section B).

These results are in accordance with Mindax’s exploration model for roll front sedimentary uranium and continue to underline the high prospectivity of the area.

Table 1 Significant Exploration Drilling Results (see Figure 4.1)

**Hole No **	**Depth (m) **	Interval (m)	Uranium Intercepts (ppm U)	Uranium Intercepts (ppm U)
YAA0139	80	32‐40	8m @ 50.9ppm U	incl 36‐40m @71.7 ppm U
		60‐64	4m @ 23.8ppm U
YAA0152	86	56‐64	8m @ 37.4ppm U	incl 56‐60m @ 48.8ppm U
		76‐84	8m @ 26.7ppm U
YAA0154	33	28‐36	8m @ 80.6ppm U	incl 31‐32m @ 211ppm U
YAA0157	107	64‐68	4m @ 46.6ppm U
		72‐76	4m @ 33.2ppm U
		96‐104	8m @ 25.2ppm U
YAA0164	91	72‐74	2m @ 47.8ppm U
		77‐84	7m @ 90.8ppm U	incl 79‐80m @ 216ppm U
YAA0169	82	60 ‐ 72	12m@58.8ppm U	incl 60 ‐ 64m at 72.8ppm U

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au

ABN 28 106 866 442

The drilling has also identified widespread lignite development throughout the channel. The lignites are one important part of the exploration model, providing one of a number potential traps for the uranium. They will also be valuable for dating the channels and may also have potential for coal bed methane generation, for example. This program has identified thicknesses of 5 m but no attempt has yet been made to establish their lateral extent or the quality of the material.

It is planned to recommence scout drilling in August, progressing down the channel. Target areas are being progressively identified and more detailed testing of these will start as the reconnaissance phase reaches conclusion. Evaluation of the lignite potential will continue in parallel with the uranium work.

Gravity surveying is in progress further down the channel to better define the axis of the palaeochannel in preparation for drilling.

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

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Figure 4: Yilgarn Avon Project and Scout Drilling

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

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Figure 4.1: Drillhole location plan

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Figure 4.2: Section A – Hole YAA 168

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

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Figure 4.3: Section B – Hole YAA164

YILGARN AVON JOINT VENTURE - MORTLOCK PROJECT (Copper, Gold, Uranium, 50% and operator)

The Yilgarn Avon Joint Venture (YAJV) has an application over 200 sq km at Boonjading, in the western part of the area, covering the Centre Forest and Southern Brook prospects (CFSB Trend).

Significantly wide intercepts of copper-gold mineralisation have been drilled, including 61 m @ 0.83 g/t Au, 37 m @ 0.72 g/t Au and 0.26% Cu, and a diamond core intercept of 25 m @ 0.47 g/t Au and 0.18% Cu. Drilling and detailed surface geochemistry indicates a zone of some 6 km length, now with EM geophysical support. The target zone is open along strike in both directions with a regional geophysical and geochemical signature extending over 20 km.

The YAJV Mortlock project includes the right to earn 80% in certain adjacent tenements held by Sipa Resources. This area of high-grade metamorphic rocks extends south of the Kalguddering uranium mineralisation and the Wongan Hills greenstone hosted copper-gold mineralisation through Boonjading to the south. The extensive geoscientific data set indicates two target areas: The Jennacubbine Trend, a target horizon comprising EM geophysical anomalies and regional geochemical responses extending over 20 km of strike and also extensions of the CFSB trend.

This quarter, auger geochemistry was completed over the Jennacubbine and CFSB Trend and is being integrated into the regional interpretation. This new data indicates the main EM anomaly at Centre Forest to be supported with elevated copper values and to have an axis displaced to the east of the previously drilled mineralisation. This area has been identified for follow up drilling as soon as is practical. The area is farm land and is under crop.

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

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Figure 5: Mortlock Project

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

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Figure 5.1: Centre Forest East – Exploration Target Model

SANDSTONE PANHANDLE PROJECT (Gold, Copper, 100%)

The Panhandle Project lies on the Edale fault , 40 km south west of the Mt Forrest Project and 130 km south east of Sandstone. The area has returned gold-copper anomalism in soils associated with geophysical complexity and a pronounced jog in the main structure. Historical drilling has returned up to 2.67 g/t Au. Extensive iron formation occurs within the area. Reconnaissance sampling indicates some hematite potential.

Detailed mapping and sampling was initiated over areas of iron formation indicated as prospective on previous sampling. Further heritage clearance work is in progress.

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au ABN 28 106 866 442

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Figure 6: Iron Prospect Locations and Proposed Work

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au

ABN 28 106 866 442

SANDSTONE WIDE PROJECT (Iron, Gold 100%)

The Sandstone Wide Project area includes the Maynard Hills and Maynard North Projects and covers the Edale and Illara structures projecting north west from the Mt Forrest Project area through the Creasy 1 gold discovery to immediately east and north of Troy’s Lord Henry and Lord Nelson gold mines.

Exploration by Mindax has continued to demonstrate the gold bearing character of these structures. Much of the prospectivity lies under shallow alluvial cover. The northern part of the area in particular has seen no previous exploration.

Iron formations through the area indicate potential for hematite-magnetite mineralisation at Ocelot and Ten Mile.

MEEKATHARRA NORTH PROJECT (Gold, 100%)

The Meekatharra North Project lies 20 km along structure from the Paddy’s Flat field (where 2.5 million ounces of gold have been produced) and is adjacent to the recent Mercator Plc discovery at Maid Marion . The area is substantially covered by a thin blanket of colluvium and deeper palaeochannels. Drilling has identified a series of blind mineralised and altered shears through the area.

Further heritage clearance work has been sought from the traditional owners to facilitate an extension of the planned drilling.

TENEMENTS

New Applications:

E70/3661, E70/3662 – YAJV Mukinbudin Project E70/3641 – YAJV Kellerberrin Project

Partial Relinquishments:

Nil

CORPORATE

CASH RESERVES

As at 30 June 2009 the Company held cash reserves of approximately $7.832 million to fund its exploration program and for working capital.

LAPSE OF UNLISTED EMPLOYEE OPTIONS

During the quarter , 660,000 unlisted employee options with an exercise price of 60 cents lapsed as a result of certain vesting conditions not having been met by the vesting date of 1 April 2009.

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PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au

ABN 28 106 866 442

CAPITAL STRUCTURE

The current issued capital of the Company is as follows:

Number Listed	Class
129,115,756	Ordinary Fully Paid Shares.

Number Unlisted	Class
100,000 250,000	Employee options with $0.25 exercise price expiring 10 January 2011. Employee options with $0.53 exercise price, vesting 1 August 2009 and expiring 1 August 2012.

ASX CODES

MDX – listed ordinary shares.

Yours sincerely

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Gregory J Bromley Managing Director 30 July 2009

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 Greg 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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