INVESTMENT MANAGEMENT AGREEMENT



         AGREEMENT made on March 25, 2004, by and between Midas Dollar Reserves,

Inc., a Maryland corporation (the "Fund") and Midas Management Corporation, a

Delaware corporation (the "Investment Manager").



         WHEREAS the Fund is registered under the Investment Company Act of

1940, as amended (the "1940 Act"), as an open-end management investment company

and offers for public sale shares of common stock; and



         WHEREAS the Fund desires to retain the Investment Manager to furnish

certain investment advisory and portfolio management services and the Investment

Manager desires to furnish such services;



         NOW THEREFORE, in consideration of the mutual promises and agreements

herein contained and other good and valuable consideration, the receipt of which

is hereby acknowledged, it is hereby agreed between the parties hereto as

follows:



1. The Fund hereby employs the Investment Manager to manage the investment and

reinvestment of the assets of the Fund, including the regular furnishing of

advice with respect to portfolio transactions subject at all times to the

control and final direction of the Fund's Board of Directors, for the period and

on the terms set forth in this Agreement. The Investment Manager hereby accepts

such employment and agrees during such period to render the services and to

assume the obligations herein set forth, for the compensation herein provided.

The Investment Manager shall for all purposes herein be deemed to be an

independent contractor and shall, unless otherwise expressly provided or

authorized, have no authority to act for or represent the Fund in any way, or

otherwise be deemed an agent of the Fund.



2. The Fund assumes and shall pay all the expenses required for the conduct of

its business including, but not limited to, salaries of administrative and

clerical personnel, brokerage commissions, taxes, insurance, fees of the

transfer agent, custodian, legal counsel and auditors, association fees, costs

of filing, printing and mailing proxies, reports and notices to shareholders,

preparing, filing and printing the prospectus and statement of additional

information, payment of dividends, costs of stock certificates, costs of

shareholders meetings, fees of the independent directors, necessary office space

rental, all expenses relating to the registration or qualification of shares of

the Fund under applicable Blue Sky laws and reasonable fees and expenses of

counsel in connection with such registration and qualification and such

non-recurring expenses as may arise, including, without limitation, actions,

suits or proceedings affecting the Fund and the legal obligation which the Fund

may have to indemnify its officers and directors with respect thereto.



3. The Investment Manager may, but shall not be obligated to, pay or provide for

the payment of expenses which are primarily intended to result in the sale of

the Fund's shares or the servicing and maintenance of shareholder accounts,

including, without limitation, payments for: advertising, direct mail and









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promotional expenses; compensation to and expenses, including overhead and

telephone and other communication expenses, of the Investment Manager and its

affiliates, the Fund, and selected dealers and their affiliates who engage in or

support the distribution of shares or who service shareholder accounts;

fulfillment expenses including the costs of printing and distributing

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