I have not produced any of information below, Mindax Ltd has...

I have not produced any of information below,

Mindax Ltd has discovered significant areas of magnetite mineralisation associated with the outcropping iron formation in an aeromagnetic survey of the Mt Forest iron prospect at the Bulga Downs project.
The magnetic anomalies extend over 17km and range across 250m on the east limb to 2,000m on the west limb.
The aeromagnetic data has also indicated further potential for hematite mineralisation in an extensive area of demagnetisation concealed under cover to the north of the northern fold closure. Similar demagnetised features associated with alteration and hematite development have already been outlined from surface sampling at Targets Fe3 and Fe4.
The company said the work completed to date has highlighted the potential of the Bulga Downs project to host significant quantities of hematite and magnetite mineralisation. Mindax expects to drill these targets during the next quarter.
STOCK DASHBOARD: NOVEMBER 23, 2007


have done a bit of digging around, looked at some of the old ANNs from MDX and taken on board some of the comments on the forums and tried to put everything together in one post. A sort of reference point as to where things stand now:

First of all the simple stuff:

Number of shares : 56,428,467
Number of options : 26,214,224 – options mature 30th June 2008 exercise price 20c
Employee options: 700,000 – options mature December 2008 exercise price 25c

So at today's close of 19c we get the following mkt cap:

Undiluted: $10,721,408
Diluted: $15,835,111

Although of course the diluted mkt cap is only applicable once the heads go over 20c and if you take the employee options into account full dilution will only happen with the heads above the employee strike price of 25c.

Full exercise of the options in June of 2008 will raise $5,242,845 for the company with a further $175,000 coming at the end of 2008 once the employee options are exercised.

MDX is focusing on Uranium, Iron and Gold.

First the Iron

The ANN of 12th September describes the Mr Forrest iron formation as:

Extending over 17Km in length, widths up to 2km, within this there are “Mount Mason type targets” of 500m X 100m in areas of “intensive faulting of silicecous iron formation.”

Traversing of 3 selected wide spaced sections indicates multiple silicecous hermatite-magnetite units varying from 30m to 200m in thickness.

Samples confirm very low levels of contaminants.

Finally, Mt Forrest is 60 Kms from Jupiter's Mt mason hermatite deposit.

The ANN of 12th September also states that results from the systematic mapping and surface sampling are expected in early to mid October.

That means results are due out now.....one recalls JMS releasing an ANN last November and (admittedly with the help of nice Mr Talbot) seeing their SP shoot up to 40c from mid teens and more profitably causing the JMSO options to go from 2c to 20c in one week.

Lets face it with MDX, a 17Km long strike with widths upto 2km and a thickness varying between 50m and 200m is certainly not to be sniffed at if the grades are good. As MDX keeps describing the formation as a “Mt Mason type” deposit then perhaps good grades are a strong possibility. The sampling should give us a big clue here and as already mentioned the sampling results are due early to mid October.

Could one reason for today's action mean a juicy ANN is imminent? .... Just a guess....

Uranium project.

MDX has a JV with Heathgate Resources (itself somewhat unusual for such a small junior). Heathgate of course also had a JV with AGS – they went from 5c to more than $2. The project is using sampling of groundwater to use it as an indicator for identifying drilling targets should help speed up the discovery of prospective U308 deposits.

For more details on this do see the ANN of 10th October – warning it is a bit complicated but nevertheless a good read.

The U308 project JV has area of interest of 100,000Sq.KMs of which 5,500Sq.Kms has been granted tenure.

A further 12 applications covering 2,800Sq.Kms have also been lodged where paleodrainages (again using water sampling to identify targets) are considered prospective for roll front uranium.

Gold Projects

MDX has a number of prospective gold tennements under development, The most interesting of these being the Bulga Downs project.

Bulga Downs is described as currently having 36,000 ounces of indicated / inferred gold. What makes this interesting is that the April 2007 quarterly staes that this area includes a “mineralised structure” that reurned drill intersections greater than 3 g/t over 10Kms....a fair bit of potential there then.

At Bulga Downs MDX has their Toucan Gold prospect. Some grading from this area includes:

3m @ 6.17 g/t from 14m
1m @ 21.2g/t from 56m
13m @ 2.93g/t from 35m

The ANN of today was the rather pleasing news that MDX have just started drilling 10 further holes at this prospect.

For details of all the gold projects underway you will have to read the July quarterly.

The only top 20 I could find was from 2006 so it is a bit old but that gave figures of 46% of the heads and 46% of the oppies were held by the top 20.

The 3 main Directors of MDX hold the 12,885,822 heads and 5,632,410 oppies between them. This means the 3 directors own between them 22.8% of the issued heads and 21.5% of the issued oppies.

Our of the three main areas the Iron project looks potentially huge. Remember an ANN is due early – mid October giving further details on the Mt Forrest Fe project with more grades expected from the sampling. It is 17KMs long and upto 2KMs wide.

The gold drilling started today and the U308 project with Heathgate certainly look exciting.

Today about 10% of the company changed hands with a 65% rise is the SP and an 83% rise in the oppies yet the company is still only valued at $10.7mn

The upside is obviously huge. The oppies have a strike price of 20c and at the 4.4c close offer 4X leverage and almost 9 months to maturity.

Looking forward to a juicy ANN on the Fe next week.... now what will that do to the SP?

Guess what ... I bought quite a few of these today ;-)

EB

EXPLORATION UPDATE

Mindax has completed a successful capital raising and has embarked on a focussed drilling campaign to advance its key projects:

• Mt Forrest Iron, extensive low phosphorus haematite and magnetite mineralization

• Yilgarn-Avon JV Uranium, roll front uranium mineralization in major palaeochannel

• Mortlock JV Copper-Gold, emerging copper-gold area in
the Western Gneiss Terrain.

Exploration to date on these projects has demonstrated that they each have the potential to host significant new mineralization. Extensive drilling is programmed to extend through the March and June Quarters of 2008.

The Mt Forrest Iron Project covers some 17km of iron formation east of Geraldton and North of Koolyanobbing. Exploration completed to date has successfully identified:

• high grade hematite surface samples to +60% Fe
• magnetite mineralisation indicated at depth
• positively characterised by very low phosphorus content
• five target areas (Fe1 – Fe5) identified >55% Fe
• scout drilling planned in March Quarter
• includes magnetite testing.

The Yilgarn-Avon JV Uranium Project covers 350km of the Yilgarn River palaeodrainages through Southern Cross, Muckinbuddin and Quairading:

• uranium enriched waters to 1000ppb in headwaters
• lignite carbon traps along the palaeochannel
• scout drilling through the March and June Quarters.

The Mortlock JV Copper-Gold Project covers a newly identified mineralised high grade metamorphic suite of rocks in the WesternGneiss terrain immediately east of Perth. Significant widths of lowgrade Cu-Au mineralization at Forrest Centre and Southern Brook extends have been traced over 6 kilometres and remains open along strike:

• recent AEM geophysics has identified five new anomalies
for copper-gold mineralization

• drill testing during the June Quarter of 2008.

In addition to these key programs, there are a number of other projects that will also be drilled in keeping with our wider exploration strategy:

• a continuing drilling program to upgrade the gold potential on Bulga Downs, at Toucan and Macaw, building on the established gold resource at Paradise Bore

• scout drill testing of the 10 Mile iron formation on Maynard Hills north along the regional structure that controls Bulga Downs. Limited sampling indicates low phosphorus magnetite potential over 4.5km length of multiple iron formations.

• first pass drill testing of the Fugue and Tocatto gold-in soil anomalies at Maynard North, to the north-east of Troy Resources Lords goldmines near Sandstone

• further reconnaissance drilling for gold at Meekatharra
North immediately along strike from Mercator’s reactivated gold mining operation in this significant historical gold
camp.

Mindax Reports Iron Exploration Target
Friday February 8, 2008, 3:30 pm

Original Announcement: Iron Exploration Target
Mindax has completed a project summary paper in relation to its Mt Forrest iron project (MDX 100%) at Bulga Downs in Western Australia. It is estimated that there may be some 650-750Mt of iron stone on the Company's property. Five targets for direct shipping hematite ore have been identified at Mt Forrest in the Bulga Downs Project and drilling is planned for March with a view to delineating a resource. Exploration priority is to be given to direct shipping hematite ore with investigation of the significant potential for magnetite ore to be undertaken at some time in the future.