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MINDAX LIMITED Interim / Quarterly Report 2011

Apr 28, 2011

65308_rns_2011-04-28_ff38d3d9-aa99-4572-a664-1fd9b69184a7.pdf

Interim / Quarterly Report

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ASX ANNOUNCEMENT

DATE: 29[th] April 2011

ASX Code: MDX

Activities for Quarter ending 31 March 2011

Corporate Description

Mindax's Mt Forrest Iron Project progressing through development with a view to moving 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

HIGHLIGHTS

  • Mt Forrest magnetite resource now stands at 1.43 billion tonnes @ 31.5% Fe (JORC Inferred + Indicated) placing it as the largest JORC compliant resource in the Yilgarn Iron Province and within the top 5 Australian magnetite resources.

  • A revised DSO resource up-grade to be completed in May will include newly identified magnetite-martite mineralisation.

  • Ongoing drilling at Mukinbudin for uranium has significantly increased the footprints of anomalous palaeochannel mineralisation at both Jindarra and Yandegin prospects.

Level 2, 25 Richardson Street West Perth WA 6005 T : +61 8 9485 2600 F : +61 8 9485 2500

Investors

Greg Bromley Managing Director E: [email protected]

Media

David Utting M: 0416 187 462 E: [email protected] ABN: 28 106 866 442

MINDAX LIMITED | ASX ANNOUNCEMENT - 29TH APRIL 2011

www.mindax.com.au

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Activities for quarter ending 31 March 2011

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Figure 1: Mindax Project Locations March 2011

PAGE 2 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011

EXPLORATION

MT FORREST PROJECT (Iron, Gold 100%)

This quarter saw an additional 50 RC holes for 10,122 m (MFC 259 – 270, 301 – 315, and 326 – 339) and 8 diamond holes for 1,153 m (MFD 8 and 10 – 16). Iron assay results for the 50 RC holes are included in Tables 1 and 2. These drill holes are raw down hole results and not true width intercepts. No diamond core was assayed as it is being retained for metallurgical test work. The position of prospects and drill holes is presented in Figures 2 to 4.

The drilling strategy at Mt Forrest focused on verifying the primary magnetite mineralization at depth, improving geological understanding, collecting extensive Davis Tube recovery information and upgrading the magnetite JORC Inferred resource:

  • Drill intercepts were achieved to RL 150m, approximately 400m below surface and provide a high level of confidence of the depth persistence of mineralisation.

  • A significant alteration event has been identified that has the effect of upgrading the primary magnetite content by development of coarse secondary magnetite.

  • The total number of DTR determinations is 573.

  • A Resource Update was released to the market on 14 April 2011 declaring 1.43 billion tonnes of primary beneficiable magnetite @ 31.5% Fe (JORC Inferred + Indicated), a 41% increase on the October 2010 position. It includes 82.9 million tonnes @ 32.4% Fe (JORC Indicated Category).

PAGE 3 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011

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

PAGE 4 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011

Drilling at Mt Forrest to date totals 318 holes completed for an aggregate 30,021.8 m since commencement in December 2009, a period of fifteen months. Drill hole information received since the April magnetite resource update are included here in Tables 1 and 2.

Preliminary Davis Tube Recovery metallurgical testing (DTR) has been undertaken at 80% passing 40 µm (P8040) and at 80% passing 150 µm (P80-150). Results for samples from Emu indicate generally good mass recoveries and recovered iron grades as well as low silica levels, but material types vary widely. Table 3 shows the current DTR results above a 20% DTR cut-off and Table 4 presents an overview by prospect.

Magnetite resources at Echidna, Euro, Dingo, Emu North and Emu South prospects are estimated by Snowden’s at 753.4 million tonnes of a head Fe grade at 32.5% above a 25% Fe cut-off (JORC Indicated and Inferred Mineral Resource classification). The Mineral Resource extends over an aggregate strike length of 4 kilometres to a maximum depth of 400 m below surface.

The residual Mineral Resource (October 2010 CSA) for the magnetite feed at Echidna, Euro, Dingo, Bungarra, Dunnart, Bat, Emu North and Emu South prospects is estimated at 671.7 million tonnes of a head Fe grade at 30.5% no Fe% cut-off (JORC Inferred Mineral Resource classification). The Mineral Resource extends over an aggregate strike length of 16.6 kilometres to a maximum depth of 300 m below surface.

Geological assessment of this work has established two key points:

  • The primary mineralization includes a significant component of altered iron formation. This material is characterized by epidote development and coarse secondary magnetite and results in a critical upgrading of primary iron content.

  • There remains potential for further DSO material. Oxidation of primary materials within the upper 50 metres above the base of complete oxidation results in a magnetite-martite mineralization. This material has been leached and compacted by the weathering process resulting in enhanced Fe grades.

The oxide potential of the area is presently being reassessed, taking account of this material and a resource upgrade for DSO material is anticipated shortly.

The Mt Forrest Scoping Study is continuing to absorb the new resource position and is close to completion. Applications have been made for miscellaneous licences for water exploration. Miscellaneous licence applications for a corridor to Menzies are presently awaiting settlement of the normal appeals process under WA Mining law.

The Directors consider the work at Mt Forrest to be very encouraging and that subject to the satisfactory completion of the Scoping Study, the project will progress to pre-feasibility stage.

PAGE 5 OF 27

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

www.mindax.com.au

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Activities for quarter ending 31 March 2011

Table 1: Drill Assay Result s

(MFC259 to MFC 270, MFC301 to 315, MFC326 to MFC339 using 25% lower cut)

Drill Hole From (m) To (m) Down Hole
Interval (m)		 Fe% SiO2% Al203% P% S% LOI%
Emu
26 58 32 37.2 42.7 1.6 0.05 0.02 2.2
MFC0259 68 76 8 36.0 42.9 2.1 0.06 0 2.8
86 132 46 36.2 47.4 0.1 0.07 0.05 -0.4
12 30 18 33.2 39.0 0.8 0.02 0.02 2.4
34 52 18 32.5 50.0 1.4 0.03 0.01 2.7
54 62 8 35.9 43.7 2.0 0.05 0.02 3.6
MFC0260 68 80 12 38.5 44.1 0.2 0.05 0.09 -0.4
98 112 14 36.5 42.0 1.8 0.05 0.16 -0.6
120 136 16 35.6 45.5 0.8 0.07 0.19 -0.7
138 162 24 34.8 48.1 0.1 0.08 0.22 -0.9
180 196 16 32.4 48..0 2.1 0.08 0.05 1.3
40 46 6 31.9 49.9 2.2 0.05 0.00 2.6
MFC0261
118 206 88 28.7 51.0 0.4 0.05 0.54 0.21
MFC0262 276 282 6 41.0 38.2 0.3 0.04 0.89 -0.3
318 326 8 42.8 34.7 0.4 0.05 1.29 -0.7
338 374 36 37.0 40.2 2.3 0.04 0.25 -0.7
70 116 46 39.3 42.9 0.2 0.04 0.30 -1.0
MFC0263 136 148 12 34.7 43.0 1.6 0.05 0.04 0.4
170 198 28 36.5 43.1 0.9 0.06 0.06 0.3
MFC0264 36 122 86 34.6 45.7 1.3 0.06 0.04 1.0
138 212 74 41.0 37.3 1.0 0.04 0.25 -0.8
MFC0265 222 234 12 41.1 37.1 1.0 0.04 0.04 -0.6
246 316 70 38.6 41.9 0.3 0.06 0.05 -0.6
MFC0337 74 92 18 32.8 45.1 1.8 0.05 0.39 -0.4

PAGE 6 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011
0.8
0.07
0.27
-0.8
0.6
0.10
0.33
-0.1
0.4
0.06
0.73
-0.1
1.8
0.06
0.14
0.8
1.4
0.08
0.20
-0.6
0.1
0.08
0.30
-0.9
1.4
0.07
0.01
-0.1
2.8
0.1
0.02
-0.5
0.3
0.09
0.06
-0.4
1.1
0.11
0.04
-0.4
1.3
0.09
0.21
-0.7
8.2
0.05
0.02
4.6
2.7
0.07
0.01
1.9
0.5
0.10
0.29
0.5
1.4
0.08
0.03
-0.6
1.5
0.06
0.93
1.5
10.4
0.04
0.09
1.4
2.5
0.05
0.01
0.8
0.6
0.04
0.00
0.5
3.6
0.05
0.20
0.5
5.7
0.04
0.11
0.8
8.9
0.05
0.01
1.4
11.0
0.04
0.003
2.2
2.0
0.05
0.01
-0.7
4.5
0.05
0.03
0.1
2.1
0.05
0.01
3.6
3.4
0.04
0.00
2.1		 Activities for quarter ending 31 March 2011
0.8
0.07
0.27
-0.8
0.6
0.10
0.33
-0.1
0.4
0.06
0.73
-0.1
1.8
0.06
0.14
0.8
1.4
0.08
0.20
-0.6
0.1
0.08
0.30
-0.9
1.4
0.07
0.01
-0.1
2.8
0.1
0.02
-0.5
0.3
0.09
0.06
-0.4
1.1
0.11
0.04
-0.4
1.3
0.09
0.21
-0.7
8.2
0.05
0.02
4.6
2.7
0.07
0.01
1.9
0.5
0.10
0.29
0.5
1.4
0.08
0.03
-0.6
1.5
0.06
0.93
1.5
10.4
0.04
0.09
1.4
2.5
0.05
0.01
0.8
0.6
0.04
0.00
0.5
3.6
0.05
0.20
0.5
5.7
0.04
0.11
0.8
8.9
0.05
0.01
1.4
11.0
0.04
0.003
2.2
2.0
0.05
0.01
-0.7
4.5
0.05
0.03
0.1
2.1
0.05
0.01
3.6
3.4
0.04
0.00
2.1		 Activities for quarter ending 31 March 2011
0.8
0.07
0.27
-0.8
0.6
0.10
0.33
-0.1
0.4
0.06
0.73
-0.1
1.8
0.06
0.14
0.8
1.4
0.08
0.20
-0.6
0.1
0.08
0.30
-0.9
1.4
0.07
0.01
-0.1
2.8
0.1
0.02
-0.5
0.3
0.09
0.06
-0.4
1.1
0.11
0.04
-0.4
1.3
0.09
0.21
-0.7
8.2
0.05
0.02
4.6
2.7
0.07
0.01
1.9
0.5
0.10
0.29
0.5
1.4
0.08
0.03
-0.6
1.5
0.06
0.93
1.5
10.4
0.04
0.09
1.4
2.5
0.05
0.01
0.8
0.6
0.04
0.00
0.5
3.6
0.05
0.20
0.5
5.7
0.04
0.11
0.8
8.9
0.05
0.01
1.4
11.0
0.04
0.003
2.2
2.0
0.05
0.01
-0.7
4.5
0.05
0.03
0.1
2.1
0.05
0.01
3.6
3.4
0.04
0.00
2.1		 Activities for quarter ending 31 March 2011
0.8
0.07
0.27
-0.8
0.6
0.10
0.33
-0.1
0.4
0.06
0.73
-0.1
1.8
0.06
0.14
0.8
1.4
0.08
0.20
-0.6
0.1
0.08
0.30
-0.9
1.4
0.07
0.01
-0.1
2.8
0.1
0.02
-0.5
0.3
0.09
0.06
-0.4
1.1
0.11
0.04
-0.4
1.3
0.09
0.21
-0.7
8.2
0.05
0.02
4.6
2.7
0.07
0.01
1.9
0.5
0.10
0.29
0.5
1.4
0.08
0.03
-0.6
1.5
0.06
0.93
1.5
10.4
0.04
0.09
1.4
2.5
0.05
0.01
0.8
0.6
0.04
0.00
0.5
3.6
0.05
0.20
0.5
5.7
0.04
0.11
0.8
8.9
0.05
0.01
1.4
11.0
0.04
0.003
2.2
2.0
0.05
0.01
-0.7
4.5
0.05
0.03
0.1
2.1
0.05
0.01
3.6
3.4
0.04
0.00
2.1
140 212 72 34.8 44.9 0.8 0.07 0.27 -0.8
250 270 20 30.2 49.5 0.6 0.10 0.33 -0.1
MFC0338 48 114 66 37.6 41.8 0.4 0.06 0.73 -0.1
MFC0339 44 168 124 33.7 44.4 1.8 0.06 0.14 0.8
204 234 30 32.7 44.8 1.4 0.08 0.20 -0.6
256 280 24 33.8 46.6 0.1 0.08 0.30 -0.9
Echidna
84 158 74 36.0 43.2 1.4 0.07 0.01 -0.1
170 184 14 33.3 44.1 2.8 0.1 0.02 -0.5
MFC0301 204 214 10 29.5 54.2 0.3 0.09 0.06 -0.4
248 254 6 35.2 44.4 1.1 0.11 0.04 -0.4
264 280 16 35.3 43.8 1.3 0.09 0.21 -0.7
12 20 8 41.0 28.5 8.2 0.05 0.02 4.6
46 92 46 41.0 38.5 2.7 0.07 0.01 1.9
MFC0302 146 156 10 29.2 51.3 0.5 0.10 0.29 0.5
168 180 12 31.1 49.5 1.4 0.08 0.03 -0.6
226 236 10 26.2 53.3 1.5 0.06 0.93 1.5
80 92 12 33.5 28.4 10.4 0.04 0.09 1.4
102 112 10 39.5 37.9 2.5 0.05 0.01 0.8
120 140 20 38.2 43.3 0.6 0.04 0.00 0.5
148 178 30 35.5 41.0 3.6 0.05 0.20 0.5
196 198 2 28.7 42.7 5.7 0.04 0.11 0.8
MFC0303
202 204 2 25.6 43.4 8.9 0.05 0.01 1.4
210 212 2 26.1 38.2 11.0 0.04 0.003 2.2
230 256 26 36.0 44.2 2.0 0.05 0.01 -0.7
290 392 102 38.8 34.1 4.5 0.05 0.03 0.1
402 408 6 30.4 44.0 2.1 0.05 0.01 3.6
MFC0304 34 44 10 35.3 41.8 3.4 0.04 0.00 2.1

PAGE 7 OF 27

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

www.mindax.com.au

Activities for quarter ending 31 March 2011

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56 126 70 34.9 46.0 1.3 0.04 0.01 1.2
144 148 4 29.4 53.1 0.4 0.08 0.09 -0.7
42 152 110 38.4 40.8 1.7 0.05 0.00 0.7
156 178 22 37.9 38.6 3.4 0.05 0.01 -0.7
MFC0305
202 230 28 36.4 42.5 2.0 0.05 0.00 -0.4
236 284 48 37.3 43.7 1.0 0.05 0.01 -0.6
MFC0306* 24 114 90 36.0 42.0 3.1 0.04 0.01 3.1
6 68 62 34.4 48.2 0.8 0.03 0.01 2.0
MFC0307
120 324 204 35.9 46.7 0.1 0.05 0.01 -0.4
MFC0308* 34 80 46 35.8 43.7 1.5 0.02 0.01 2.66
MFC0309 114 352 238 34.6 46.7 0.2 0.08 0.14 -0.7
38 136 98 34.5 46.4 0.8 0.05 0.08 0.9
MFC0310
176 226 50 29.7 48.2 1.9 0.08 0.14 -0.1
MFC0311 116 174 64 35.6 45.6 0.6 0.06 0.19 0.0
248 314 66 37.6 43.9 0.2 0.06 0.00 -0.2
Assays for MFC0312-0315 pending
Bungarra
152 168 16 30.3 50.7 1.7 0.10 0.10 0.5
MFC0326
174 204 30 31.1 50.8 0.3 0.07 0.42 -0.1
16 32 16 43.4 22.0 6.7 0.07 0.02 7.7
MFC0327 146 216 70 33.5 49.1 0.4 0.08 0.11 -0.5
230 320 90 38.0 43.8 0.4 0.07 0.02 -0.8
10 24 14 41.6 19.8 14.0 0.03 0.01 8.2
MFC0328 38 58 20 30.2 52.5 1.6 0.03 0.01 2.2
112 136 24 32.7 49.8 1.7 0.07 0.04 -0.1
Euro
MFC0329 22 58 36 30.3 38.8 8.9 0.02 0.01 7.4
Drill Hole 62 70 8 33.1 47.7 0.7 0.03 0.01 2.5

PAGE 8 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

Activities for quarter ending 31 March 2011

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116 136 20 29.3 52.6 0.3 0.08 0.24 -0.5
140 152 12 30.6 51.5 1.1 0.09 0.12 -0.7
156 176 20 30.4 49.5 1.3 0.09 0.07 -0.2
32 100 68 33.1 49.1 1.7 0.05 0.10 1.9
MFC0330
118 182 64 36.3 44.1 0.7 0.07 0.01 0.0
MFC0331 12 24 12 32.6 27.2 16.0 0.01 0.03 11.5
14 24 10 34.7 25.3 14.0 0.01 0.03 11.7
38 58 20 29.9 49.1 3.3 0.07 0.04 5.2
MFC0332
64 118 54 30.1 52.2 0.7 0.04 0.42 0.5
156 198 42 28.4 53.5 1.0 0.04 0.50 -0.4
0 18 18 31.2 49.2 1.8 0.05 0.03 4.5
40 56 16 30.2 54.5 0.2 0.02 0.01 2.4
MFC0333 62 94 32 29.0 54.6 0.9 0.02 0.01 2.5
102 110 8 29.4 51.3 1.8 0.08 0.09 -0.3
172 232 60 29.9 50.7 0.4 0.04 0.36 0.4
2 48 46 28.2 57.4 0.2 0.04 0.03 1.1
78 124 46 30.7 53.6 0.1 0.08 0.14 0.4
MFC0334 198 220 22 30.2 49.1 1.4 0.08 0.14 0.4
244 264 20 32.5 49.9 0.2 0.07 0.61 1.8
266 292 26 32.5 48.3 0.1 0.07 0.34 2.6
MFC0335 0 14 14 35.5 46.0 0.6 0.03 0.02 2.1
32 188 156 28.4 52.5 0.4 0.07 0.72 1.4
MFC0336 24 250 226 31.1 50.3 0.1 0.09 0.47 0.6
Dunnart
24 48 24 34.1 44.6 2.1 0.02 0.02 2.6
102 134 32 38.3 41.8 0.4 0.06 0.01 -0.5
MFC0267
154 164 10 33.3 44.7 1.3 0.06 0.54 0.3
176 196 20 35.8 43.9 0.8 0.07 0.03 -0.6

PAGE 9 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011

210 246 36 32.8 47.0 0.4 0.08 0.16 0.0
Assays for MFC0269, 0270 pending

Note: Diamond Pre Collar

Table 2: Drill hole Collar Locations

Drill Hole Easting MGA94 Northing MGA94 Dip Azimuth Total Depth (m)
MFC0259 787027 6816981 54.2 240.0 132
MFC0260 786981 6817123 74.6 260.0 196
MFC0261 787350 6816510 51.4 90.0 330
MFC0262 787279 6816478 55 270.0 402
MFC0263 787159 6816588 60 270.0 246
MFC0264 787075 6816808 50 270.0 186
MFC0265 787143 6816788 60 270.0 330
MFC0266 790575 6820201 60 80.0 222
MFC0267 790644 6820601 60 90.0 264
MFC0268 790542 6820602 55 90 204
MFC0269 790550 6820603 50 90 330
MFC0270 790557 6821002 55 90.0 282
MFC0301 789701 6824221 65 270.0 288
MFC0302 789681 6824339 50 90 282
MFC0303 789688 6824340 60 270 408
MFC0304 789732 6824417 54 270.0 168
MFC0305 789757 6824415 60 90.0 284
MFC0306 789861 6824515 57 250.0 200
MFC0307 789893 6824517 70 70.0 324
MFC0308 789760 6824420 50 80.0 80
MFC0309 789804 6824751 70 90.0 357
MFC0310 789809 6824749 66 270 259
MFC0311 789795 6824646 63 70.0 314
MFC0312 789956 6824321 55 90 337
MFC0313 790068 6824182 60 270 211
MFC0314 790122 6823802 60 75 18

PAGE 10 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011

MFC0315 790123 6823800 70 75 111
MFC0326 789303 6822371 61 88.0 204
MFC0327 789292 6822243 54 91.0 325
MFC0328 789306 6822370 46 90.0 192
MFC0329 788528 6819332 70 270.0 253
MFC0330 788520 6819339 60 90.0 228
MFC0331 788392 6819349 75 270.0 24
MFC0332 788392 6819363 75 270.0 211
MFC0333 788286 6818853 77 270.0 259
MFC0334 788279 6818842 62 90.0 294
MFC0335 788239 6818594 71 270.0 199
MFC0336 788195 6818593 58 90.0 250
MFC0337 787239 6818599 60 285.0 324
MFC0338 787297 6818200 65 270.0 300
MFC0339 787072 6818455 70 270.0 283
MFD0007 789618 6824595 43 90 237.2
MFD0008 789650 6824191 50 270 155.4
MFD0010 789654 6824191 58 90.0 225.6
MFD0011 789880 6824344 50 270.0 357.4
MFD0012 789860 6824516 57 250.0 391.7
MFD0013 789763 6824421 55 84 227.2
MFD0014 787129 6818827 73 320 427.1
MFD0015 787063 6818511 75 280 360.4
MFD0016 787184 6816505 60 270 219.4

PAGE 11 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

Activities for quarter ending 31 March 2011

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Table 3: DTR Testing Results (<12.0% SiO2 150µ and 40µ)

Down
hole
depth
from(m)		 Down
hole
depth
to(m)
Down
hole
width(m)		 % DTR
Weight
Recovery
Hole
Number		 Head
Fe%		 Conc
Fe%		 Conc
**SiO2% **		 Conc
**Al2O3% **		 Conc
P%		 Conc
S%		 Conc
LOI%
Prospect
Emu 112 132 20 42.0 32.6 67.7 7.2 0.02 0.02 0.01 -2.9
132 134 2 39.4 NA 69.8 3.5 0.05 0.02 0.01 -3.1
144 172 28 40.6 31.0 69.2 5.0 0.01 0.02 0.01 -2.5
188 192 4 44.2 31.0 66.8 9.7 0.001 0.02 0.03 -3.0
MFC0252
196 204 8 36.2 31.7 68.0 7.1 0.1 0.02 0.27 -3.0
204 208 4 36.2 NA 65.0 11.5 0.01 0.02 0.01 -3.0
240 244 4 36.0 NA 65.4 10.1 0.04 0.03 0.8 -2.6
244 296 52 48.3 33.5 67.8 7.3 0.01 0.01 0.04 -3.1
90 98 8 19.8 NA 66.1 7.1 0.16 0.02 0.12 -0.02
144 152 8 43.4 32.0 65.9 10.3 0.001 0.02 0.02 -2.9
MFC0253
184 192 8 44.5 NA 67.1 7.9 0.003 0.02 0.01 -2.9
192 288 98 39.1 30.7 68.9 5.1 0.05 0.01 0.13 -3.1
54 68 14 23.4 34.3 67.4 4.8 0.02 0.03 0.01 -0.7
72 74 2 28.8 34.6 66.9 6.1 0.01 0.03 0.01 -0.9
78 80 2 23.9 33.7 66.1 6.9 0.01 0.03 0.01 -0.9
152 160 8 40.5 32.0 68.4 6.1 0.02 0.02 0.04 -3.1
MFC0254 168 192 24 46.4 28.6 69.3 4.9 0.01 0.01 0.03 -3.2
192 194 2 42.7 33.5 66.9 6.9 0.001 0.03 0.02 -3.1
194 274 76 40.5 31.4 69.6 4.2 0.00 0.01 0.13 -3.2
336 340 4 40.8 31.8 70.0 3.9 0.02 0.02 0.06 -3.2
340 362 22 44.0 34.4 68.6 6.7 0.01 0.01 0.01 -3.1

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Activities for quarter ending 31 March 2011

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Emu MFC0255 106 118 12 42.4 NA 69.2 4.7 0.02 0.02 0.03 -3.0
Emu 136 140 4 55.8 NA 69.1 4.2 0.02 0.01 0.00 -0.03
150 154 4 35.4 32.7 64.4 10.7 0.3 0.01 0.3 -2.6
158 170 12 32.3 31.5 64.5 8.3 0.15 0.01 0.74 -0.8
MFC0255
178 184 6 37.6 29.6 65.3 6.8 0.16 0.02 0.47 -0.95
184 186 2 47.3 33.3 66.5 7.4 0.04 0.01 0.1 -2.9
186 190 4 47.5 29.9 68.8 4.3 0.01 0.01 0.00 -3.0
248 260 12 29.8 26.5 67.5 7.3 0.04 0.02 0.2 -2.8
84 142 58 42.0 35.1 69.0 4.7 0.02 0.01 0.01 -3.0
146 164 18 27.8 NA 67.6 6.2 0.03 0.01 0.02 -3.2
MFC0257
168 172 2 28.3 NA 65.9 9.1 0.05 0.03 0.02 -3.0
192 194 2 35.2 NA 63.7 9.9 0.02 0.02 0.02 -2.9
194 202 8 31.8 NA 67.3 7.2 0.04 0.01 0.18 -2.9
80 100 20 30.8 NA 67.9 5.1 0.02 0.01 0.01 -1.5
108 116 8 19.6 NA 66.9 8.0 0.02 0.01 0.01 -1.5
MFC0258
120 124 4 49.3 NA 64.2 11.8 0.02 0.02 0.04 -2.8
166 178 12 24.1 NA 65.5 9.1 0.11 0.02 0.01 -2.9
Dingo MFC0248 180 188 8 26.3 34.4 64.0 9.2 0.08 0.04 0.00 -0.5
112 176 64 41.7 34.1 68.0 5.8 0.00 0.02 0.02 -2.9
176 180 4 49.1 33.6 66.5 7.7 0.01 0.01 0.01 -3.1
180 188 8 43.1 31.6 66.8 7.5 0.00 0.02 0.02 -3.0
MFC0249 188 190 2 49.9 35.3 67.9 7.7 0.02 0.01 0.01 -3.0
190 234 44 43.6 35.6 68.4 5.7 0.00 0.02 0.02 -3.1
234 236 2 59.4 36.9 67.2 6.0 0.02 0.02 0.01 -3.1
240 300 60 40.2 36.6 68.8 4.8 0.00 0.02 0.17 -2.9

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Activities for quarter ending 31 March 2011

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238 258 20 31.1 NA 63.1 10.5 0.05 0.02 1.53 -2.27
Dingo 268 272 4 30.5 NA 61.7 10.3 0.07 0.03 1.47 -2.2
MFC0250
284 288 4 56.9 NA 67.2 8.1 0.01 0.03 0.02 -2.9
292 312 20 33.1 NA 65.0 9.9 0.04 0.03 0.83 -2.5
58 60 2 38.4 35.2 65.7 8.4 0.001 0.02 0.03 -2.0
60 68 8 30.5 33.8 66.7 6.9 0.001 0.02 0.01 -1.8
MFC0251 68 70 2 23 NA 63.6 10.3 0.02 0.04 0.01 -3.3
74 78 4 31.9 NA 63.2 10.6 0.02 0.04 0.01 -1.22
94 98 4 16.1 26.0 66.0 9.3 0.2 0.03 0.37 -0.22
Echidna 76 92 16 13.3 NA 67.3 6.5 0.05 0.01 0.00 -2.1
MFC0300
104 118 14 43.7 NA 69.2 3.0 0.61 0.01 0.00 -2.3
MFC0301 124 136 12 39.0 NA 69.0 4.0 0.06 0.01 0.00 -3.2

Note: Lilac shaded region denotes interim DTR results 80P150

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MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

Activities for quarter ending 31 March 2011

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Figure 3: Mt Forrest Northern plan view with Drill Collar Location

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MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

Activities for quarter ending 31 March 2011

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Figure 4: Mt Forrest Southern plan view with Drill Collar Location

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Activities for quarter ending 31 March 2011

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

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Figure 5: YAJV Project Locations

Aircore drilling undertaken by Mindax in the period January to March 2011 has continued to highlight the prospectivity of the company’s YAJV projects to host significant uranium mineralisation (Figure 5). This information was detailed in a release to the ASX on 29 April 2011.

A further 177 holes were completed for a total of 14,684m. Drilling was undertaken at the Yandegin and Jindarra Prospects and the scout drilling program was continued at the Mukinbudin and Quairading Projects (Table 4).

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MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

Activities for quarter ending 31 March 2011

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Prospect Number of Holes Metres
Yandegin Prospect 62 4,453
Jindarra Prospect 14 1,463
Jindarra North 19 2,136
Mukinbudin Scout 59 5,313
QuairadingScout 23 1,319
Total 177 14,684

Table 4: Break Down of 2011 Drilling by Prospect

Assay results have been received for 4 metre composite samples of holes drilled within the Mukinbudin Project but are currently outstanding for the Quairading Project. Results to date at Mukinbudin have continued to identify significant uranium mineralisation throughout the Project.

Further drilling at the Yandegin Prospect (best interval 0.63% U3O8 (5368 ppm U - ASX Release 3/11/2010) has identified the zone of mineralisation now extending along the palaeochannel for approximately 3.2km. Best results to date include 8m @ 400ppm and 24m @ 373ppm. It is expected that the 1m resampling will resolve these intervals as either broad anomalous zones or interbedded high grade bands. The location of mineralised drill holes at the Yandegin Prospect is shown in Figure 6.

Wide spaced drilling completed 3km up palaeochannel of the Jindarra discovery(best interval 0.2% U3O8 (1690ppm U) – ASX Release 8/10/2009) has indicated further anomalous uranium with intersections including 8m @ 202ppm U (Figure 7). This now indicates a palaeochannel foot print of 5 kilometres .

A large program of ground gravity surveying started in October 2010 was completed in February. This survey resulted in 7,295 new gravity stations being collected. Data was collected from the Mukinbudin, Quairading and Kellerberrin Projects. This new data has been combined with data from previous smaller surveys conducted by Mindax during 2008, 2009 & early 2010. The final combined dataset consists of over 12,000 gravity stations. The database is currently being interpreted by our consultant geophysicists. To date the gravity data has been used to help interpret the morphology of the palaeochannel and has allowed better targeting of the aircore drilling.

Two new exploration licenses have been applied for. E77/1918 is located north of Jindarra. E70/4062 was applied for to cover elevated radiation readings in drill holes close to the western boundary of E70/2986.

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Activities for quarter ending 31 March 2011

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Figure 6: New Mukinbudin Drillhole Locations

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Activities for quarter ending 31 March 2011

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Figure 7: Yandegin Prospect Drill Locations

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Figure 8: Jindarra Prospect Drill Locations

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MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

Activities for quarter ending 31 March 2011

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Figure 9: YAJV Gravity survey locations

YILGARN AVON - SIPA JOINT VENTURE - MORTLOCK PROJECT (Copper, Gold, Mindax as Operator)

A program of RC drilling was conducted at the Centre Forest East prospect. Drilling was designed to test ground EM targets adjacent to the Centre Forest mineralisation discovered by SIPA and spatially related to a blanket of regolith copper geochemical anomalism. In total three holes were drilled for 696m. Further ground EM was also undertaken.

Hole CFC0011 targeted EM target VC4B and was drilled to 202m. Hole CFC0012 targeted EM target VC4A and went to 268m. Hole CFC0013 targeted EM target VC5 and went to 226m.

Geology intersected in all of the holes was 60-70m of regolith material followed by fresh rock being dominated by mafic granulite with a small amount of felsic gneiss. Relatively little sulphide (dominantly pyrite) was intersected and the targets are unresolved.

Hole CFC0011 : Targeted EM anomaly VC4B and was planned for 200m. It went to 202m EOH. Lithology consisted of 60-70m of regolith comprising upper and lower saprolite and sap rock before passing into felsic gneiss and then into a mafic granulite. Very little sulphide was observed in this hole however a small amount of graphite was encountered close to the end of the hole.

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MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011

Hole CFC0012 : Targeted EM anomaly VC4A and was planned for 260m. It went to 268m EOH. Lithology again was 60-70m of regolith before going into mafic granulite. There was a few instances of small aggregates of sulphides, most likely pyrite but in some cases possibly chalcopyrite. This mineralisation was most predominant from 200-210m which could correspond with the modelled EM conductor.

Hole CFC0013 : Targeted EM anomaly VC5 and was planned for 300m. The hole went to 226m EOH. The lithology of this hole was 25m of transported sands and clays before going into laterite to approximately 60m. The rest of the hole was dominantly granulite with occasional more felsic intersections. The best occurrence of sulfides was seen between 140-152m, with pyrite and possibly chalcopyrite evident in larger aggregates. This hole stopped just short of the target.

Highest gold values were 542 ppb in regolith at 34-37m in hole CFC0013 and 438 ppb at 87-88m in hole CFC0012 with a corresponding high copper value of 722 ppm . The highest copper value was 2172 ppm at 95-97m in hole CFC0012. These last copper intervals have been logged with some sulfides (pyrite).

These highest copper/gold values are comparable to the results seen in the previous aircore drilling program.

Sampling and assaying of 1 metre resamples is underway.

Hole ID Easting MGA94 Northing MGA94 Dip Azimuth Total Depth(m)
CFC0011 484419 6514399 58 270 202
CFC0012 484412 6514903 60 270 268
CFC0013 485052 6514400 58 270 226

Table 5: Drill Collar and survey table

A fixed loop ground electromagnetic survey was conducted over four areas of interest.

Airborne EM targets VC-6, VC-10, VC-14 & VC31 were tested with a ground based EM survey. Interpretation and modelling of this data by Mindax’s consultant geophysicists suggest that there are conductive responses representing drill targets at VC-6, VC-10, & VC31 but not at VC-14.

These modelled conductors are currently being integrated with our geological model to determine a drilling priority.

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MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011

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Figure 10: Mortlock Project March 2011

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MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

Activities for quarter ending 31 March 2011

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Figure 11: New Ground EM targets.

Soil samples are continuing to be collected over a number of targets throughout the project. Samples are currently awaiting assay. Results from this work will be used to plan reconnaissance drilling.

MEEKATHARRA NORTH PROJECT (Gold, 100%)

No fieldwork was undertaken during the quarter. Planning for a new drilling program to be undertaken late in the next quarter is under way. This program will target north west orientated structures that are known to host gold immediately to the north of the tenement.

PAGE 24 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011

TENEMENTS

Miscellaneous Licence applications:

YilgIron Pty Ltd

  • L29/102 - Menzies Sandstone Road (Perrinvale)

  • L30/52 - Evanstone Menzies Road (Riverina)

  • L57/36 - Menzies Sandstone Road (Bulga Downs)

  • L57/37 - Paynes Find Sandstone Road (Yuinmery)

Yilgiron Infrastructure Pty Ltd

  • L29/101 – (Menzies Sandstone Road) Applied for on 21[st] March 2011

  • L29/103 – (Menzies Sandstone Road) Applied for on 21[st] March 2011

  • L29/104 – (Menzies Sandstone Road) Applied for on 21[st] March 2011

  • L29/105 – (Menzies Sandstone Road) Applied for on 21[st] March 2011

Mindax Energy Pty Ltd

  • E77/1918 - (Mukinbudin Project) Applied for on 14[th] January 2011

  • E70/4062 - (Mukinbudin Project) Applied for on 21[st] February 2011

Tenement application withdrawn :

  • L29/91 – (Miscellaneous Licence) withdrawn on 13[th] January 2011

CORPORATE

Cash Reserves

As at 31 March 2011 the Company held cash reserves of approximately A$2.313 million to fund its exploration program and for working capital.

On the 14[th] of April 2011, the Company announced it had secured commitments for a placement of 5,818,811 ordinary fully paid shares at 35 cents per share to raise gross proceeds of approximately A$2.03 million. Such placement was finalised on 19[th] April 2011.

The Company also announced a pro-rata entitlements issue to follow the placement on the basis of 1 new share for every existing 8 shares held at an issue price of 35 cents per new share to eligible shareholders. The entitlements issue is to raise gross proceeds of approximately A$6.63 million.

The total amount to be raised from the placement and entitlements issue is approximately A$8.66 million (before associated issue costs).

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MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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Activities for quarter ending 31 March 2011

Capital Structure

The current issued capital of the Company is as follows, after allowing for the expiry of 100,000 unlisted employee options that expired in January 2011; and the issue of shares under the placement that settled on 19[th] April 2011:

Number Quoted Class
151,514,567
64,938,809		 Ordinary Fully Paid Shares.
Options with $0.75 exercise price, expiring 1 December 2011.
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 CHIEF FINANCIAL OFFICER

On 25[th] February 2011, the Company announced the appointment of its inaugural Chief Financial Officer, Christopher Pougnault. A chartered accountant, Christopher has extensive, high level finance and operational experience in the minerals sector.

ASX CODES

MDX – listed ordinary shares. MDXO – listed options.

Yours sincerely

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Gregory J Bromley Managing Director

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MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

www.mindax.com.au

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Activities for quarter ending 31 March 2011

For more information:

Media:

Greg Bromley David Utting Managing Director David Utting Communications Mindax Limited +61 (0) 416 187 462 +61 (0) 8 9485 2600

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.

PAGE 27 OF 27 www.mindax.com.au

MINDAX LIMITED | ASX ANNOUNCMENT - 29TH APRIL 2011

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