HAMMER METALS LIMITED — Regulatory Filings 2012

ASX Announcement ASX Code: MDS ABN 87 095 092 158 23 October, 2012

Company Facts

Diversified mining and metals company Midas Resources (ASX: MDS ) is a copper and gold focussed company with a multi-metal project in the Paterson Province where diamond drill-testing is underway on a number of geophysical targets for IOCG and Nifty style copper deposits. Midas has an advanced gold project at Lake Carey, south of Laverton, where the Company is carrying out a scoping study into development of the Fortitude gold deposit. Midas also has an active gold exploration program at Lake Carey testing various targets.

Key Projects:

• Paterson Province (100%)

• • Lake Carey (100%) • Leonora Gold Project (100%)

Corporate Structure

Company Directors

John Hopkins Chairman

Geoff Balfe Managing Director

Terry Streeter Non-Executive Director

Paterson Project - Drilling Update PADD002 in Altered Granite Breccia

Resources explorer and developer, Midas Resources Limited (“Midas” or “the Company”) (ASX:MDS), is pleased to provide an update on drilling operations that are underway at its Paterson Project in the East Pilbara district of Western Australia.

PADD002 is testing the Iron Oxide Copper Gold (IOCG) geophysical target in E45/3768 and it is currently in progress at a depth of 230m. The target for PADD002 is a bulls-eye magnetic anomaly which is interpreted to be due to a granitic intrusion at depth. Coring was commenced at a depth of 120m and the rock type is a fragmental unit containing rounded and sub-angular fragments of altered and sheared granite, porphyry, and sedimentary rock. The granite and porphyry fragments are characteristically pink-red in colour due to hematite flooding and they occur in an altered matrix of chlorite and specular hematite (Plate 1).

Commenting on progress CEO Geoff Balfe said that the rock type is very encouraging and possibly indicative of a large volcanic eruption center. Hematite enrichment is characteristic of IOCG systems and it is encouraging that it is present at such a shallow depth. IOCG mineralisation, if present, would be expected to be associated with increased hematite alteration at depth and an increased proportion of granite and porphyry fragments in the drill core.

The planned depth for PADD002 is 650m.

For and on behalf of the Board of Midas Resources Limited,

G D Balfe

Company Secretary Mark Pitts

MIDAS RESOURCES LIMITED | ABN 87 095 092 158 Level 1 282 Rockeby Road Subiaco WA 6008 | PO Box 356 Subiaco WA 6904 T +61 8 9388 2211 | F +61 8 9388 2600 | www.midasresources.com.au

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Competent Person’s 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 Australian 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.

Forward Looking Statements

This document may include forward looking statements. Forward looking statements include, but are not limited to, statements concerning Midas Resources Limited’s planned exploration and targets and other statements that are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “target”, “intend”, “may”, “potential”, “should” and similar expressions are forward looking statements. Although Midas Resources Limited believes that the expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward looking statements. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource in relation to the targets mentioned in this document.

Figure 1.Location Map

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Figure 2. Midas Paterson tenements, targets and geology

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Figure 3. Magnetic anomaly and IOCG target for PADD002

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Plate 1. PADD002 drill core showing sub-angular granite breccia fragment with quartz veins and pink-red hematite flooding (drill core is PQ 85 mm diam.)

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