MINDAX LIMITED — Interim / Quarterly Report 2011

Jul 28, 2011

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ASX ANNOUNCEMENT DATE: 29[th] July 2011

ASX Code: MDX

Activities for Quarter ending 30[th] June 2011 HIGHLIGHTS

ABN: 28 106 866 442

Corporate Description

Mindax's Mt Forrest Iron Project progressing through development with a view toward mining phase.

The company is carefully putting in place necessary approvals and aligning infrastructure partners including and port.

Coupled with its significant iron assets, Mindax is also the greenfields discoverer of a new uranium province near Mukinbudin, Western Australia.

Through technically advanced exploration and an eye for detail, Mindax has successfully built a significant portfolio of minerals projects in Western Australia‟s Yilgarn Craton of about 40 tenements covering over 4,600 square kilometres.

Mindax aims to develop strategic resources through innovative exploration. Higher yield projects will be moved to production via strategic partnerships.

Key Projects

Mt Forrest DSO Iron, Magnetite Yilgarn-Avon JV Sedimentary Uranium Mortlock JV Copper-Gold

Address

Level 2, 25 Richardson Street West Perth WA 6005 Telephone: +61 8 9485 2600 Facsimile: +61 8 9485 2500 Email: info@mindax.com.au

Investor enquiries

Greg Bromley Managing Director Email: info@mindax.com.au

• Mt Forrest Regolith Iron Resource now stands at 19 million tonnes @ 42.3% Fe (6.3 Mt @44.7% Fe JORC Indicated and 12.7 Mt @ 41.1% Fe JORC Inferred - uncut).

• **

• An Exploration Target of 35 to 50 million tonnes of Regolith Iron material at a grade of 42% to 58% Fe has been established from the enhanced geological understanding developed of mineralisation at Mt Forrest.

• Deep drilling completed at Mt Forrest in 2011 Q1 confirms 50% Fe primary magnetite mineralisation with positive implications for DSO targeting in regolith zone.

• 10,000m drilling program to commence at Mt Forrest next quarter.

• Mineralisation at the Jindarra Uranium prospect now extends over 5.5 km of palaeochannel including intersections of up to 0.09% U3O8 (760 ppm U).

• The Yandegin uranium mineralisation extends over 4 km and includes new values of up to 0.25% U3O8 (2086 ppm U) and an 18 metre interval of 0.06% U3O8 (482 ppm U).

Media enquiries

David Utting Mobile: +61 416 187 462 Email: david@davidutting.com

** The nature of the exploration target means that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result

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MINDAX LIMITED | ASX ANNOUNCEMENT - 29 JULY 2011

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Figure 1: Mindax Project Locations June 2011

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MT FORREST PROJECT (Iron, Gold 100%)

Final drilling results were received from the drilling program through January-February. These results are yet to be factored into the standing magnetite resource. That work will be undertaken during 2011 Q3.

The project focus shifted back to the regolith iron potential where there is an opportunity for an earlier production schedule for the Project.

A Regolith Iron Mineral Resource was developed by Snowden Mining Industry Consultants Pty Ltd (“Snowden”) and announced to the market in May 2011 (Table 1). This regolith material includes hematite goethite mineralisation and weathered magnetite material overlying primary magnetite resources.

Table 1:Regolith Iron Resource atMt	Table 1:Regolith Iron Resource atMt	Forrest (Un-cut and using SG of 2.8)	Forrest (Un-cut and using SG of 2.8)	Forrest (Un-cut and using SG of 2.8)	Forrest (Un-cut and using SG of 2.8)
JORC	KTonnes	Fe%	**SiO2% **	**Al2O3% **	P%	S%	LOI
Indicated	6,338	44.7	23.0	5.4	0.06	0.08	7.0
Inferred	12,723	41.1	30.3	3.6	0.04	0.05	4.5
Inferred + Indicated	19,061	42.3	27.9	4.2	0.05	0.06	5.4

Some inconsistencies due to rounding may occur.

Preliminary work by Promet Metallurgical Consultants has identified additional value could be realised unlocking the lower grade mag-hematite material by simple beneficiation to a DSO equivalent product. A sampling program is already underway and bench test work will be carried out in the prefeasibility study commencing later this year.

To guide further resource definition, an overall Exploration Target** of 35 to 50 million tonnes of Regolith Iron material at a grade of 42% to 58% Fe has been established from the enhanced geological understanding developed from mineralisation at Mt Forrest.

The Exploration Target** has taken into consideration:

• Existing iron resources and input from previous resource modelling

• Target limitation to 50m below surface

• Updated surface mapping and sampling

• Density information.

** The nature of the exploration target means that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource

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Figure 2: Mt Forrest plan view with Mineral Resource Areas by Independent Consultants

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A 10,000m drilling program has been planned and is expected to progress during 2011 Q3 in parallel with a Prefeasibility Study.

Work has continued on general Project Development. Further applications for Miscellaneous licences have been put in place, both for access to the Menzies railhead and for water exploration. These require some negotiation with affected landholders but are progressing through that process and are expected to be finalised soon.

Discussions with third party infrastructure providers has advanced. These include gas providers, pipeline providers, rail and port people and related Government Departments. Completion of the Magnetite Scoping Study has been delayed by a range of factors, particularly the skills shortage. The target date is now mid August. This report remains important to the new emphasis on the DSO component of the Project.

Environmental baseline work continues to advance. Autumn Level 2 Flora and Fauna survey was completed. No declared rare flora was identified reinforcing earlier work in the area. Mindax carried out the first comprehensive flora survey of the area in 2005.

The fauna survey identified a range of common species (79) but only two priority (4) species. No listed or threatened species were observed . Mallee fowl nests occur through out the area. Thirty of these were revisited and none are considered to be active. Two new nests were identified.

A summer baseline study is planned.

The Company has now received Ministerial Consent under the section 18 provision of the WA Heritage Act for access for exploration purposes to the remaining areas of iron prospectivity. This will allow testing of priority DSO targets at Currawong and Bulga which have been largely inaccessible since drilling commenced sixteen months ago.

A s. 9 application under the Federal Act has been lodged by the Ngalia Group over the Mt ForrestMt Richardson Range area including the Mt Forrest Mining Leases. A decision from the Federal Minister Environment is pending. Mindax is in full compliance with its obligations under State legislation and has a long history of management of the issue. The Ngalia Group have a long history of this type of activity in the region generally and the matter is not at this stage considered to pose a significant threat to the Project.

YILGARN AVON JOINT VENTURE – MUKINBUDIN, KELLERBERRIN, QUAIRADING PROJECTS (Uranium, 53% and operator)

Drilling results from the 2011 Q1 program at Jindarra and Yandegin in the Mukinbudin Project area confirmed and extended the mineralized footprints (Figure 3).

At Jindarra the mineralized zone was extended 5.5 km to the north including intersections of up to 0.09% U3O8 (760 ppm U). Drilling in this northern area is sparse on 1000 metre sections. More detailed drilling is expected to re-rate the area.

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The Yandegin mineralisation (Figures 4 & 5) extends over 4 km and includes new values of up to 0.25% U3O8 (2086 ppm U) and an 18 metre interval of 0.06% U3O8 (482 ppm U).

The best results from the 1m resampling program at Yandegin and Jindarra are shown in Table 2 and all results greater than 100ppm uranium are shown in Table 3.

Table 2: Best Uranium Results from 2011 Drilling Programme. All holes were drilled vertical.

Prospect	Hole ID	Depth From	Depth To	Interval	U (ppm)	U3O8%
Jindarra North	JDA0077	44	45	1	604	0.07
Jindarra North	JDA0082	73	79	6	350	0.04	incl. 1m @ 0.09% U3O8
Jindarra North	JDA0092	79	81	2	394	0.05
Yandegin	YDA0012	31	36	5	360	0.04	incl. 2m @ 0.08% U3O8
Yandegin	YDA0015	35	36	1	624	0.07
Yandegin	YDA0016	49	54	5	263	0.03	incl. 2m @ 0.06% U3O8
Yandegin	YDA0033	63	68	5	313	0.06	incl. 1m @ 0.11% U3O8
Yandegin	YDA0042	33	36	3	306	0.04
Yandegin	YDA0046	31	32	5	325	0.04	incl. 1m @ 0.09% U3O8
Yandegin	YDA0051	39	44	5	418	0.05	incl. 2m @ 0.08% U3O8
Yandegin	YDA0052	38	56	18	482	0.06	incl. 1m @ 0.24% U3O8and 2m @ 0.21% U3O8

Encouragingly there is a large number of results having thickness of 5m or greater and grades approaching and exceeding 0.05% U3O8 (425ppm uranium) located at a depth which suggests a consistent mineralised horizon (Figure 5). Initial drilling results also suggest that the mineralisation is suited to the low cost, low impact In-situ Recovery style of mining pioneered in Australia by Mindax‟s joint venture partner Quasar Resources.

A number of high grade samples from Yandegin and Jindarra have been submitted to CSIRO to undertake studies on the uranium mineralogy. This work will involve looking at the samples using an SEM (Scanning Electron Microscope) and conducting XRD analysis of some samples.

A Conceptual Exploration Target is currently being devised for the Mukinbudin Project area and work to establish a maiden uranium resource for the Wheatbelt at the Yandegin Prospect is underway.

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Figure 3 : Mukinbudin Aircore Drilling 2011

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Figure 4: Yandegin Prospect showing best results from 2011 Drill Programme

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Figure 5: Schematic cross-section through Yandegin Prospect

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Figure 6: Jindarra Prospect showing latest drilling results and discovery holes

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Table 3: All Uranium Results over 100ppm U from 2011 Drilling Programme. All holes were drilled vertical.

Prospect	Hole ID	Easting	Northing	EOH Depth	Depth From	Depth To	Interval	U (ppm)	U3O8%		Depth From	Depth To	Interval	U (ppm)	U3O8%
Jindarra North	JDA0064	660017	6622383	119	62	63	1	149	0.02
Jindarra North	JDA0076	660408	6622396	71	54	55	1	115	0.01
Jindarra North	JDA0077	659805	6625393	99	44	45	1	604	0.07
Jindarra North	JDA0082	659591	6626209	136	73	79	6	350	0.04	Incl.	74	75	1	760	0.09
					82	83	1	124	0.01
Jindarra North	JDA0092	659081	6627396	132	79	81	2	394	0.05
Yandegin	YDA0001	636568	6604700	67	63	65	2	173	0.02
Yandegin	YDA0002	636574	6604872	77	37	46	9	163	0.02
Yandegin	YDA0003	636578	6605057	64	45	47	2	130	0.01
Yandegin	YDA0006	636596	6605548	117	50	51	1	333	0.04
					53	54	1	154	0.02
					69	70	1	234	0.03
					72	73	1	103	0.01
Yandegin	YDA0012	636675	6604903	43	31	36	5	360	0.04	Incl.	32	33	1	654	0.08
					39	40	1	140	0.02		33	34	1	676	0.08
Yandegin	YDA0015	72	636485	6604782	35	36	1	624	0.07
Yandegin	YDA0016	56	636476	6604904	49	54	5	263	0.03	Incl.	51	52	1	520	0.06
											52	53	1	453	0.05
Yandegin	YDA0017	66	636474	6605012	54	57	3	100	0.01
Yandegin	YDA0018	78	636470	6605097	61	63	2	164	0.02
Yandegin	YDA0020	75	637005	6605549	40	41	1	114	0.01
					52	53	1	139	0.02
					60	61	1	188	0.02
					63	64	1	131	0.02
					66	67	1	164	0.02
Yandegin	YDA0021	121	636995	6605763	41	43	2	245	0.03
					47	48	1	185	0.02
Yandegin	YDA0023	46	637001	6606141	44	46	2	133	0.02
Yandegin	YDA0027	100	636160	6604721	28	29	2	128	0.02
Yandegin	YDA0029	68	636773	6605356	27	28	1	132	0.02
Yandegin	YDA0033	119	637399	6605942	63	68	5	556	0.06	Incl.	64	65	1	986	0.11
Yandegin	YDA0040	55	636634	6604972	39	40	1	114	0.01
Yandegin	YDA0041	55	636630	6604925	36	38	2	171	0.02
Yandegin	YDA0042	48	636626	6604873	33	36	3	306	0.04
Yandegin	YDA0043	58	636622	6604828	32	35	3	169	0.02
Yandegin	YDA0046	67	636412	6604782	31	32	5	325	0.04	Incl.	33	34	1	795	0.09
Yandegin	YDA0047	50	636534	6604778	33	35	2	215	0.03
Yandegin	YDA0048	50	636525	6604827	36	40	4	188	0.02	Incl.	36	37	1	383	0.05
					42	43	1	107	0.01
					45	46	1	105	0.01
					48	49	1	135	0.02
Yandegin	YDA0049	67	636516	6604877	29	30	1	296	0.03
Yandegin	YDA0051	56	636524	6604927	39	44	5	418	0.05	Incl.	39	40	1	831	0.10
											40	41	1	608	0.07
Yandegin	YDA0052	63	636568	6605004	38	56	18	482	0.06	Incl.	40	41	1	2043	0.24
					60	62	2	492	0.06		48	49	1	2086	0.25
											49	50	1	1474	0.17
											61	62	1	718	0.08

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YILGARN AVON - SIPA JOINT VENTURE - MORTLOCK PROJECT

(Copper, Gold, Mindax as Operator)

Further programs of soil sampling were conducted during the quarter over a number of targets. These programs were suspended once seeding activities began so as not to interfere with the seasonal cropping activities of the land owners. The samples collected are currently awaiting assay.

One metre resampling of selected intervals from the RC drilling conducted at the Centre Forest East during the last quarter has been completed. These samples are currently awaiting analysis.

Land access negotiations are in progress to enable us to drill test priority EM anomalies VC-6, VC-10 and VC-31. These targets were originally generated by an airborne survey and were subsequently confirmed and defined by ground based surveys during the last quarter.

MEEKATHARRA NORTH PROJECT (Gold, 100%)

No fieldwork was undertaken during the quarter. A Program of Work application to conduct aircore drilling has been approved by the Department of Mines and Petroleum. Negotiations to conduct a heritage survey are underway. This program will target north-west orientated structures that are known to host gold immediately to the north of the tenement in the Andy Well area.

TENEMENTS

Miscellaneous Licences Applications during the quarter:

Yilgiron Pty Ltd

Yilgiron Infrastructure Pty Ltd

• L29/107

• L29/108

Miscellaneous Licences Applications Withdrawn during the quarter:

Yilgiron Pty Ltd

• L57/36 and L57/37 withdrawn

Yilgiron Infrastructure Pty Ltd

• L29/101 and L29/105

• L29/83, L29/84, L29/92, L29/93, L29/94, L29/95, L29/96, L29/97, L29/98, L30/48

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CORPORATE

Cash Reserves and Capital Raisings

As at 30 June 2011 the Company held cash reserves of approximately A$1.974 million to fund its exploration program and for working capital.

On the 19[th] of April 2011, the Company finalised a placement of 5,818,811 fully paid ordinary shares to raise gross proceeds of approximately A$2.03M .

On the 30[th] of June 2011, the Company announced a pro-rata Entitlements (Rights) Issue to follow the placement on the basis of one (1) new share for every existing five (5) shares held at an issue price of 25 cents per new share to eligible shareholders. Each new share will have a „piggyback‟ option attached to it ( New Option ). The new shares will rank equally in all respect from the date of allotment with the existing class of quoted ordinary shares. The New Options will represent a new class of options and will comprise a primary option with an exercise price of 30 cents that will be exercisable during April 2012, expiring on 30 April 2012. The New Option is exercisable into one (1) ordinary share and also one (1) secondary option with an exercise price of 35 cents and an expiry date of 31 May 2015.

The Entitlements Issue has been partially underwritten by Patersons Securities Limited to the extent of approximately A$4.75 million and will seek to raise gross proceeds of approximately A$7.57 million .

The total amount to be raised from the placement and Entitlements Issue is approximately A$9.60 million (before associated issue costs).

On 13 July 2011 and 18 July 2011 the Company issued 2 ordinary shares and 7 ordinary shares respectively from the conversion of options with a 75 cent exercise price and an expiry date of 1 December 2011.

Capital Structure

The current issued capital of the Company is as follows:

Number Quoted	Class
151,514,576 64,938,800	Ordinary Fully Paid Shares. Options with $0.75 exercise price, expiring 1 December 2011.

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Number Not Quoted	Class
250,000 300,000 1,800,000 3,000,000	Employee options with $0.53 exercise price, expiring 1 August 2012. Employee/consultant options with $0.48 exercise price, expiring 12 October 2012. Director/consultant options with $0.60 exercise price, expiring 31March 2012. Options with $0.75 exercise price, expiring 1 December 2011.

Appointment of an additional Non-Executive Director

On 16[th] of May 2011, the Company announced the appointment of Mr Kenneth Pettit to the Board as a non-executive director. It has been the view of the Board of Directors that as the Company progresses towards the development of the resource at the Mt Forrest Project an expansion to the Board membership would be in the interests of shareholders.

Mr Pettit is a distinguished lawyer and senior barrister practising in Perth

ASX CODES

MDX – listed ordinary shares.

MDXO – listed options.

Yours sincerely

Gregory J Bromley

Managing Director

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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