MINDAX LIMITED - Interim / Quarterly Report 2011

Statement to ASX Limited 24 March 2011

With its Mt Forrest Iron exploration progressing well, Mindax is putting in place necessary approvals and aligning infrastructure partners to progress the project.

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

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 4600 sq km.

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

Mt Forrest Iron Project – Interim Drilling Results

Highlights

The last phase of drilling at Mt Forrest is complete with the following positive indications:

Six of the 8 magnetite targets drilled and confirm magnetite mineralisation intersections persist at depths greater than 250m below the surface.
A significant new category of soft oxidised magnetite material has been identified juxtaposed to defined DSO mineralisation in the thus far uncategorised 0 to 50m zone.
Significant coarse secondary high-grade magnetiteepidote mineralisation has been identified at Dingo, Emu and Echidna.
Experimental Davis Tube work at Emu and Dingo returns DTC%rec >40%, DTC%Fe >68% and DTC%Si <6% at 80P150 micron grind size.

ASX Code: MDX

Revised Resource anticipated at end March

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

www.mindax.com.au

Scoping Study on track for end March

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

Greg Bromley Managing Director

Investor inquiries can be directed to:

[email protected]

Page 1

In October last year the company released a resource statement that identified 1.01 billion tonnes of beneficiable magnetite ore grading 31 % Fe (JORC Inferred).

In the period since October 2010 to mid February 2011, a further 66 drill holes have been completed at Mt Forrest for an advance of 15,476 metres (including 6 core holes for 820.8 metres of core for metallurgical testing). Further primary assay results not included in the release last January and available Davis Tube test results are included in this announcement.

The data is presented here as raw down hole results. True width intercepts will not be available until resource modelling is complete. The results of metallurgical tests on core are not yet to hand and some Davis Tube results remain outstanding. Outstanding details will be included in an updated resource statement scheduled at end of March.

Total iron focussed drilling at Mt Forrest to date now totals 314 holes completed for an aggregate 29,485.7 m in the fourteen month period since December 2009.

This drilling has the objective of enhancing the existing resource in terms of both quantum and status, of quantifying ore processing characteristics and providing material for further metallurgical testing. This information is important to further quantifying a business case within a Scoping Study and advancing the project to Prefeasibility status.

Mapping and drilling has identified 8 prospects for magnetite ore at Mt Forrest: Kangaroo, Bat, Dingo, Emu, Echidna, Bungarra, Kangaroo, Dunnart and Euro. Six of these (Bat and Kangaroo excluded) have been tested in this drilling program.

Significant observations from this work are:

Six of the 8 magnetite targets drilled and confirm magnetite mineralisation intersections persist at depths greater than 250m below the surface.
A significant new category of soft oxidised magnetite material has been identified juxtaposed to DSO mineralisation in the thus far uncategorised 0 to 50m zone. This will be included in future calculations subject to suitable beneficiation characteristics.
Significant secondary coarse high-grade magnetite-epidote mineralisation has been intersected at Dingo, Emu and Echidna and is interpreted as a primary alteration product and positively influences grade and recovery data where it occurs.
Experimental Davis Tube work at Emu and Dingo returns DTC%rec >40%, DTC%Fe >68% and DTC%Si <6% at 80P150 micron grind size. All other test work is carried out at a standard 80P40 micron.

Yours sincerely

Gregory J Bromley

Managing Director

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

Table 1: Drill Assay Results MFC259 to MFC 270, MFC301 to 315, MFC326 to MFC339 using 25% lowercut.

*Drill Hole*	*From (m)*	To	*Down Hole* *Interval (m)*	*Fe%*	*SiO2%*	*Al203%*	P%	S%	*LOI%*
		*(m)*
				*Emu*
*MFC0259*	26	58	32	*37.2*	*42.7*	*1.6*	*0.05*	*0.02*	*2.2*
	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*
*MFC0260*	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*
	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*
*MFC0261*	40	46	6	*31.9*	*49.9*	*2.2*	*0.05*	*0.00*	*2.6*
	*118*	*126*	8	*31.1*	*51.1*	*0.3*	*0.04*	*0.03*	*0.0*
	*162*	*170*	8	*32.1*	*53.4*	*0.8*	*0.01*	*0.01*	*1.3*
*MFC0262‐* *265, 337‐* *339*			*Assays* *Pending*
				*Echidna*
*MFC0301*	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*
	*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*
*MFC0302*	12	20	8	*41.0*	*28.5*	*8.2*	*0.05*	*0.02*	*4.6*
	30	42	12	*36.5*	*46.3*	*0.3*	*0.04*	*0.00*	*1.3*
	64	92	28	*33.9*	*33.9*	*3.2*	*0.09*	*0.02*	*1.4*
	*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*

*Drill Hole*	*From (m)*	To	*Down Hole* *Interval (m)*	*Fe%*	*SiO2%*	*Al203%*	P%	S%	*LOI%*
		*(m)*
	*226*	*236*	10	*26.2*	*53.3*	*1.5*	*0.06*	*0.93*	*1.5*
*MFC0303*	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*	*0.83*
	*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*
	*292*	*310*	18	*39.4*	*33.2*	*4.9*	*0.05*	*0.06*	*‐0.4*
	*316*	*392*	74	*39.5*	*34.9*	*3.7*	*0.05*	*0.01*	*‐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*
	56	*126*	74	*34.4*	*43.9*	*1.3*	*0.04*	*0.01*	*1.1*
	*144*	*148*	4	*29.4*	*53.1*	*0.4*	*0.08*	*0.09*	*‐0.7*
*MFC0305*	42	56	14	*36.0*	*45.4*	*0.9*	*0.05*	*0.01*	*1.2*
	72	*152*	80	*40.0*	*39.6*	*1.2*	*0.06*	*0.00*	*‐0.1*
	*156*	*178*	22	*37.9*	*38.6*	*3.4*	*0.05*	*0.01*	*‐0.7*
	*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	66	42	*35.5*	*40.3*	*4.7*	*0.03*	*0.02*	*4.5*
	68	*114*	46	*37.3*	*43.2*	*1.3*	*0.05*	*0.01*	*1.5*
*MFC0307*	6	68	62	*34.4*	*48.2*	*0.8*	*0.03*	*0.01*	*2.0*
	*120*	*274*	*154*	*36.1*	*46.7*	*0.1*	*0.05*	*0.01*	*‐0.3*
*MFC0308‐* *315*			*Assays* *pending*
				*Bungarra*
*MFC0326*	*152*	*168*	16	*30.3*	*50.7*	*1.7*	*0.10*	*0.10*	*0.5*
	*174*	*204*	30	*31.1*	*50.8*	*0.3*	*0.07*	*0.42*	*‐0.1*
*MFC0327*	16	32	16	*43.4*	*22.0*	*6.7*	*0.07*	*0.02*	*7.7*
	*146*	*216*	70	*33.5*	*49.1*	*0.4*	*0.08*	*0.11*	*‐0.5*

*Drill Hole*	*From (m)*	To	*Down Hole* *Interval (m)*	*Fe%*	*SiO2%*	*Al203%*	P%	S%	*LOI%*
		*(m)*
	*230*	*320*	90	*38.0*	*43.8*	*0.4*	*0.07*	*0.02*	*‐0.8*
*MFC0328*	10	24	14	*41.6*	*19.8*	*14.0*	*0.03*	*0.01*	*8.2*
	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	32	10	*30.6*	*28.8*	*14.1*	*0.03*	*0.01*	*11.2*
	38	58	20	*31.9*	*45.1*	*3.9*	*0.02*	*0.01*	*4.3*
	62	70	8	*33.1*	*47.7*	*0.7*	*0.03*	*0.01*	*2.5*
*Drill Hole*	*116*	*136*	20	*29.3*	*52.6*	*0.3*	*0.08*	*0.24*	*‐0.5*
	*140*	*152*	12	*30.6*	*51.5*	*1.11*	*0.09*	*0.12*	*‐0.7*
	*156*	*176*	20	*30.4*	*49.5*	*1.34*	*0.09*	*0.07*	*‐0.2*
*MFC0330*	32	*100*	68	*33.1*	*49.1*	*1.65*	*0.05*	*0.10*	*1.9*
	*124*	*182*	58	*36.6*	*43.9*	*0.71*	*0.07*	*0.01*	*‐0.1*
*MFC0331*	12	24	12	*32.6*	*27.2*	*16.0*	*0.01*	*0.03*	*11.5*
*MFC0332*	14	24	10	*34.7*	*25.3*	*14.0*	*0.01*	*0.03*	*11.7*
	38	58	20	*29.9*	*49.1*	*3.28*	*0.07*	*0.04*	*5.2*
	64	*116*	52	*30.1*	*52.3*	*0.71*	*0.05*	*0.42*	*0.5*
	*162*	*198*	36	*28.2*	*53.7*	*1.13*	*0.04*	*0.51*	*‐0.4*
*MFC0333*	0	18	18	*31.2*	*49.2*	*1.84*	*0.05*	*0.03*	*4.5*
	40	56	16	*30.2*	*54.5*	*0.17*	*0.02*	*0.01*	*2.4*
	62	94	32	*29.0*	*54.6*	*0.91*	*0.02*	*0.01*	*2.5*
	*102*	*110*	8	*29.4*	*51.3*	*1.77*	*0.08*	*0.09*	*‐0.3*
	*172*	*232*	60	*29.9*	*50.7*	*0.39*	*0.04*	*0.36*	*0.4*
*MFC0334*	2	48	46	*28.2*	*57.4*	*0.22*	*0.04*	*0.03*	*1.1*
	78	*124*	46	*30.7*	*53.6*	*0.12*	*0.08*	*0.14*	*0.36*
	*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‐* *336*			*Assays* *Pending*
		*Dunnart*

*Drill Hole*	*From (m)*	To	*Down Hole* *Interval (m)*	*Fe%*	*SiO2%*	*Al203%*	P%	S%	*LOI%*
		*(m)*
*MFC0266‐* *269*			*Assays* *Pending*

*Diamond Pre Collar

Table 2: Drillhole 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
MFC0315	790123	6823800	70	75
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

*Drill Hole*	*Easting_MGA94*	*Northing_MGA94*	*Dip*	*Azimuth*	*Total Depth (m)*
MFD0010	789654	6824191	58	90.0	225.6
MFD0011	789880	6824344	50	270.0	357.4
MFD0012	789860	6824516	57.0	250.0	391.7

Table 3: DTR Testing Results (<12.0% SiO2)

Prospect	Hole Number	Down hole depth from(m)	Down hole depth to(m)	Down hole width(m)	% DTR Weight Recovery	Head Fe%	Conc Fe%	Conc SiO2%	Conc Al2O3%	Conc P%	Conc S%	Conc LOI%
	*MFC0252*	*116*	*132*	16	*43.7*	*32.6*	*68.2*	*6.5*	*0.01*	*0.02*	0	*‐3.1*
		*144*	*172*	28	*40.6*	*31.0*	*69.2*	*5.0*	*0.01*	*0.02*	*0.01*	*‐2.5*
		*188*	*208*	20	*40.3*	*29.5*	*66.1*	*9.8*	*0.03*	*0.02*	0	*‐0.6*
		*240*	*296*	56	*46.8*	*34.5*	*67.7*	*7.5*	*0.01*	*0.01*	0	*‐2.8*
	*MFC0253*	*184*	*288*	*104*	*38.3*	*30.8*	*68.7*	*5.5*	*0.04*	*0.01*	0	*‐2.9*
	*MFC0254*	54	74	20	*22.9*	*34.6*	*67.3*	*4.9*	*0.02*	*0.03*	0	*‐0.7*
		78	88	10	*33.0*	*33.4*	*65.0*	*8.2*	*0.01*	*0.03*	0	*‐0.6*
		*152*	*160*	8	*40.5*	*32.0*	*68.4*	*6.1*	*0.02*	*0.02*	0	0
		*168*	*274*	*106*	*42.2*	*31.4*	*69.2*	*4.8*	*0.01*	*0.01*	0	*‐0.3*
		*336*	*356*	20	*45.0*	*33.8*	*68.6*	*5.6*	0	*0.02*	0	*‐0.6*
	*MFC0255*	*106*	*118*	12	*42.4*	NA	*69.2*	*4.7*	0	*0.2*	0	*‐3..0*
		*150*	*170*	20	*32.3*	*32.1*	*63.5*	*11.5*	*0.19*	*0.02*	*0.01*	*‐1.0*
		*178*	*190*	12	*42.5*	*30.3*	*66.3*	*8.2*	*0.1*	*0.02*	*0.01*	*‐2.0*
	*MFC0257*	84	*104*	20	*42.0*	*37.0*	*68.9*	*5.7*	0	*0.01*	0	*‐2.9*
Dingo	*MFC0249*	12	*234*	*122*	*42.9*	*34.8*	*68.0*	*6.1*	0	*0.02*	0	*‐2.9*
		*240*	*272*	32	*38.1*	*37.7*	*69.7*	*4.2*	0	*0.01*	0	*‐3.1*
		*276*	*300*	24	*42.9*	*33.0*	*67.6*	*6.3*	*0.01*	*0.02*	*0.01*	*‐2.5*
	*MFC0250*	*300*	*312*	12	*33.1*	*25.4*	*66.9*	*7.7*	*0.04*	*0.03*	*0.02*	*‐2.7*

Lilac shaded region denotes interim DTR results 80P150

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Figure 1: Mt Forrest Location Plan

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Figure 1: Mt Forrest Drill Status – March 2011

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Figure 3: Mt Forrest Northern Collar Plan – March 2011

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Figure 4: Mt Forrest Southern Collar Plan – March 2011

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2011 03 24 ASXMt Forrest

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1 22 m @ 36.5% F ee
46.3% SiO2
12m @ 33.5% Fe 28.4% SiO2
28m @ 38.9% Fe 10m @ 39.5% Fe 37.9% SiO 22
10m @ 51.3%29.2% Fe SiO2 20m @ 3830m @ .2% Fe 35.5% Fe 43.3%41.0%SiO SS 2 iO2
1 22 m @ 31.1% F ee
49.5% SiO2 26m @ 36.0% Fe 44.2% S
Regolith
Magnetite 18m @ 39.4% Fe 3
Basalt
Dolerite 74m @ 39.5%
Chert
Fe & SiO2%
25 0
Echidna - Dril l Section with Primary Fe & Si O 2 Grades
MFC 0302 MFC 0303
Metres RL
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AI assistant

MINDAX LIMITED Interim / Quarterly Report 2011

65308_rns_2011-03-23_24d44c9c-222a-4752-b495-a0c8de687261.pdf

Mt Forrest Iron Project – Interim Drilling Results

Highlights

ASX Code: MDX

www.mindax.com.au

Greg Bromley Managing Director

[email protected]

Table 3: DTR Testing Results (<12.0% SiO2)

AI assistant

MINDAX LIMITED — Interim / Quarterly Report 2011

65308_rns_2011-03-23_24d44c9c-222a-4752-b495-a0c8de687261.pdf

Mt Forrest Iron Project – Interim Drilling Results

Highlights

ASX Code: MDX

www.mindax.com.au

Greg Bromley Managing Director

[email protected]

Table 3: DTR Testing Results (<12.0% SiO2)

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MINDAX LIMITED Interim / Quarterly Report 2011