Firstly use .x only atm as the .3ds support is removed in patch 4.
.x can be saved as a text file or as binary (.3ds is binary only btw) but it is very much down to the program you are using to export your .x files as to what method is used.
Before you run your project, ensure you have saved both the source file and the project file to a new folder. Then put the model in the folder also - THEN run your program with all of those files together, and it will work.
You only need to use the media tab to build a final .exe, it will not assist your code in finding the model you still have to type the path.
Pneumatic Dryll
