12 May 2011

RIU Conference - Sydney

ASX:MDS

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Disclosure Statement

DISCLAIMER

Nothing in this material should be construed as an invitation or an offer to purchase or subscribe for securities in any jurisdiction. In particular, this material does not constitute an invitation or offer in the United States of America.

The distribution of this material in jurisdictions outside Australia may be restricted by law and persons who come into possession of this material should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable security laws.

FORWARD LOOKING STATEMENTS

Statements made in this material, particularly those regarding possible or assumed future performance, costs, production levels or rates prices, reserves or potential growth of Midas Resources Limited, industry growth or other trend projections are or may be “forward looking statements”. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors and potential investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company’s business are more fully disclosed in the Company’s disclosure documents filed from time to time with Australian securities authorities.F

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Corporate Summary

Shares on issue 324,948,892 Options

48.1 million( 3c 30/11/12)

Unlisted options4.4 million(Directors/employees)

Market Cap @ 3c $9.7m

Cash (March 31) $1.2M

Director Participation:Terry Streeter 55.8M (18.4%)Don Boyer 30.9M (9.5%)Geoff Balfe 8.4M (2.5%) An SPP raised $1.44M in October 2010.

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Directors

Don Boyer – Chairman

Geologist and resource developer with more than 35 years experience in gold and base metals, responsible for technical operations from project acquisition through discovery to production. Experience at Director level in the identification development, public listing and ultimate sale of resource projects. Also currently chairman of Bass Metals Ltd.

Terry Streeter – Non-Executive Director

Investor with long involvement and track record in identifying and developing successful mining projects, particularly nickel. Chairman of Western Areas and Fox Resources and a founding investor and Director of Jubilee Mines.

Geoff Balfe – Managing Director

Geologist with more than 30 years exploration and evaluation experience in Australia and overseas. Involved in the discovery and development of nickel deposits at Silver Swan and Forrestania, and multi million ounce gold deposits in Turkey and Nevada. Has previous mining company Board experience.

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Iron Ore – Gold – Base Metals

GOLD PROJECTS:

Lake Carey (MDS 100%)

• 356,000oz Resource at Fortitude Deposit

• multiple exploration targets ready for drilling in Q3/Q4 2011.

• New Resource estimate for Gallant

Leonora (MDS 100%)

• Exploration Target at Sunset Well and a Mining Lease applied for.

• Program of infill drilling and met testwork planned at Sunset Well for Q3/Q4 2011.

• Exploration Licences south of Gwalia proceeding to grant and drill targets identified.

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Iron Ore – Gold – Base Metals

IRON ORE PROJECTS:

West Pilbara (MDS 100%)

• Maiden CID Resource established and Scoping Study completed by Evans & Peck.

• Objective is to expand the resource base.

COPPER/URANIUM PROJECTS:

Paterson Province (MDS 100%)

• Exploration Licence applications expand tenement area to a total of 1,101km2

• Copper and uranium potential between Nifty Copper Mine and Kintyre uranium.

• No objections to tenements which are moving through the approvals system.

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Lake Carey – Leonora Gold Projects

Expanding the Tenement Holdings and Building the Resource Base

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Lake Carey Project

Lake Carey

• 356,000oz total Resource at Fortitude deposit - open pit potential

• 20,000oz total Resource estimated for Gallant – open pit potential

• Multiple drill targets with 6,000m aircore drill program and geophysical surveys in Q3/Q4 2011

• Pipeline of new drill targets being generated by sophisticated geophysical analysis.

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Fortitude North Prospect

• Geophysical work highlights thickening of the Fortitude Shear Zone (FSZ) to the east of the existing drill coverage

• Significant gap in drill coverage

• Magnetic lows possibly due to magnetite destruction associated with mineralisation

• Northeast structures “jogs” are off-setting the FSZ to the east

• 4,000m aircore drill program planned Q3/Q4 2011.F

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Gallant - Intrepid Prospects

• Major structural corridor

• Resource estimation underway at Gallant

• Drilled mineralisation at Bravado and Intrepid

• Structural corridor not well defined by drilling

• Geophysical SAM and micro-gravity surveys are planned to define structure and work up future targets.

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New Mineral Resource for Gallant

• New JORC compliant Inferred Mineral Resource estimate on Bindah Shear Zone

• Good quality RC/DDH and A/C drill information with drilling on 25m x 50m and 25m x 100m grid

• Resource modeled to 180m and mineralisation drilled to 240m depth

• Potential to open pit

Resource estimated by Runge Limited May 2011

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Fortitude Mineral Resource Estimate

Ordinary KrigedEstimate

Tonnes (Mt)

Grade (g/t Au)

Metal(ozs Au)

Indicated 2.76 1.9 172,000

Inferred 3.53 1.9 213,300

Total 6.29 1.9 385,000

@ 1.0g/t Cut Off

Selective Uniform Conditioning

Tonnes (Mt)

Grade (g/t Au)

Metal(ozs Au)

Indicated 2.11 2.3 157,000

Inferred 2.75 2.3 198,000

Total 4.87 2.3 356,000

• As per Resource Estimate by Runge Limited - ASX release 6th May 2010• Rounding discrepancies may occur

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Leonora Gold Projects

Leonora

• Sunset Well - Mining Lease applied for over Prospero Exploration Target* of 0.5 to 2.0Mt @ 1.0 to 2.0g/t (16,000 to 129,000oz)

• Two EL’s applied for south of Gwalia and E40/294 recently granted.

• Drill target already identified by rock chip sampling at “Reach”; other targets at Bluebell and Hawk

• Big structures and many old gold workings.

* The potential size and grade of the Exploration Target is conceptual in nature and it is uncertain if further exploration will result in the determination of a Mineral Resource

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Sunset Well Project

10 0.5

kilometres

Max Gold in Drillhole> 1.0 g/t0.5 to 1 g/t0.3 to 0.5 g/t< 0.3 g/t

Zones ofMineralisation

Oberon Prospect2m @ 0.71 g/t Au from 32m

Prospero Exploration TargetRange: 0.5 to 2.0 Mt @ 1.0 to 2.0 g/t Au

Talbot Prospect1m @ 2.8 g/t Au from 22m

100 RL

0 RL

10,200mE10,100mE

Felsic Dyke

Felsic Dyke

Basalt

Saprolite

Felsic Schist

Felsic Schist

Shear

Saprolite

Overburden

Cross Section 6000mN

• Mineralised shear zone with prospects at Prospero, Oberon and Talbot

• Oxidised gold mineralisation at Prospero tested by 41 RC holes and 2 DDH’s over 1,000m strike and to 80m depth

• Prospecting Licences remain alive under the Mining Lease application so exploration and evaluation can continue.

• Program of infill drilling and metallurgical testwork being planned at Prospero.

• Drill intercepts include:

32 m @ 3.02 g/t Au from 36m in SWR1348 m @ 4.02 g/t Au from 28m in SWRC0154 m @ 3.18 g/t Au from 32m in SWR133

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Rock Chip Results from Hawk Prospect:F

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Pilbara Iron Ore Project

• Maiden Iron Ore Resource (Indicated) of 11.5Mt @ 53% Fe at West Pilbara defined by 40 RC drill holes in May 2010.

• High level concept study by Evans & Peck indicates possible development and infrastructure pathway.

• West Pilbara Project located close to future rail infrastructure.

• Additional CID’s are in proximity to Midas’West Pilbara Project

• Potential to grow Resource by JV’s & acquisitions.

Existing Rail Network is Shown

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Maiden CID Resource

Category Tonnes Fe% P% SiO2% Al2O3% LOI% Indicated 11,500,000 53.1 0.042 7.75 5.57 9.86

Perspective view of CID

CID Resource estimated by CSA Global at 50% Fe cut off grade

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Paterson Province – Copper/Uranium Targets

All tenements are applications

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Paterson Province - MagneticsF

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Paterson Province

• Highly mineralised multi-metal Province: Nifty Copper mine, Kintyre Uranium, Telfer Gold mine.

• Four Exploration Licences under application ~ 1,101km2

• Tenements moving through approvals system with no outstanding objections.

• Target generation by Midas is already producing a pipeline of quality targets for testing:

• Copper targets in the Broadhurst Formation are associated with magneticanomalies (c.f. Encounter Resources BM-1 and BM-2).

• Uranium targets are associated with unconformity between RudallMetamorphics and overlying Coolboro Sandstone

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Summary - Drill Targets + Upside

Lake Carey• 6,000m A/C drill program testing four targets in

Q3/Q4 CY2011

• Resource estimate for Gallant

• Geophysical program and pipeline of targets

Sunset Well/Leonora• Drilling and testwork at Prospero to produce an

initial Resource estimate in 2011

• Other targets at Talbot and Oberon

• Drill target at Reach in E40/294

Iron Ore• Investigating potential to expand the Resource

base at West Pilbara

Paterson Province• Tenements moving through the approvals

system; quality targets identified

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Competent Persons Statement

The information in this report as it relates to exploration results and geology was compiled by Mr John Downing, who is a Member of the Australasian Institute of Geoscientists and a full time employee of the Company. Mr Downing has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration 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 Downing consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

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Thank you

Geoff BalfeManaging Director

P. 08 9388 2211F. 08 9388 2600E. GBalfe@midasresources.com.au

Level 1, 282 Rokeby Road SubiacoWestern Australia 6008

Investor RelationsWarrick Hazeldine0417 944 616P. 08 6314 6300F. 08 6314 6355E. whazeldine@purplecom.com.au

www.midasresources.com.au

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