Alkane Resources — Capital/Financing Update 2007

Sep 26, 2007

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----- Start of picture text ----- RESOURCES LTDABN 35 000 689 216----- End of picture text -----

ASX ANNOUNCEMENT – 27 September 2007

AIRCORE DRILLING FURTHER EXTENDS CALOMA TARGET

• Further reconnaissance aircore drilling has been completed at the Caloma Prospect within the Tomingley Gold Project. The drilling confirmed the orientation of several mineralised zones but also identified two new east-west structures in the north. This extended the central zone of mineralisation to greater than a 700 metre strike length.

• Two core holes were also completed to assist with the geological modelling. Detailed logging and sampling of the core is still in progress but several zones of alteration and mineralisation have been observed.

• Results include:

PE 185 18 metres grading 3.90g/t gold from 45 metres including 3 metres grading 13.07g/t gold from 45 metres PE 198 12 metres grading 3.52g/t gold from 46 metres including 7 metres grading 5.39g/t gold from 51 metres PE 208 7 metres grading 2.89g/t gold from 17 metres PE 210 6 metres grading 2.91g/t gold from 73 metres PE 179D 17 metres grading 2.46g/t gold from 52 metres Precollar to core hole

A further 35 aircore (AC) holes were drilled (2111 metres) at Caloma to assist with the interpretation of the mineralised zones, prior to commencement of the resource definition drilling program. Two diamond core holes (PE 178D and 179D) were also drilled to assist with the geological interpretation and continuity of the mineralised zones at depth. Caloma is adjacent to the Wyoming deposits within the Tomingley Gold Project (TGP ) in the Central West of New South Wales.

Gold mineralisation at Caloma is associated with a Wyoming style feldspar porphyry intrusive, which appears to be several hundred metres in north-south extent and 80 to 100 metres in width. Within the porphyry, altered and multiple mineralised zones have both a north-south and east-west orientation with generally steep dips. Substantial widths of high grade mineralisation are often recorded where these structures intersect. Mineralisation is also evident on or near the east and west contacts of the porphyry.

Results of a scoping study released to the ASX (29 August 2007) indicated that geological interpretation of the central 300 metre sector of the mineralised porphyry at Caloma enabled a potential tonnage and grade model to be developed for that area. The drilling detail at this time is not sufficient for this body to be assigned as an Identified Mineral Resource but a conceptual range was determined to be 1.5 to 2.0 million tonnes grading 2.5g/t gold to 3.0g/t gold (120,000 to 190,000 ounces). This potential was assigned within a depth of about 100 metres from the surface.

Registered Office: 129 Edward Street Perth WA 6000 Telephone: 61 8 9227 5677 Facsimile: 61 8 9227 8178 PO Box 8178 Perth Business Centre Western Australia 6849 www.alkane.com.au mail@alkane.com.au

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The AC holes recently completed demonstrated continuity of many of the high grade east-west structures and also located two new zones of previously unrecognised east-west mineralisation, including PE 185 with 18 metres at 3.90g/t gold at the north end of the Caloma porphyry host. This new zone extends the central mineralised porphyry area to at least 700 metres in strike length, and the overall mineralised porphyry to about 1 kilometre in north-south extent (figure 1).

Detailed geological logging and sampling of the core from the two diamond holes is still in progress but several zones of alteration and sulphide mineralisation with visible gold have been observed. The RC precollar of PE 179D returned 17 metres at 2.46g/t gold prior to the commencement of coring at 69 metres.

Due to availability delay for the RC drill, the resource definition program is now scheduled to commence mid October.

Table 1: TGP RC and AC Drill Results greater than 0.5g/t gold @ 27 September 2007

Hole No	East	North	RL(m)	**Azimuth **	Inclin	Intercept(m)	Grade(g/t Au)	Interval(m)	EOH(m)	Comments
**PE179D **	**614905 **	**6394120 **	~270	**270° **	60°	17	2.46	52 -69	*69 **	RC Precollar
PE180	**614860 **	**6394170 **	~270	**360° **	60°	7	2.72	**27 -34 **	**57 **
PE183	**614880 **	**6394500 **	~270	**360° **	60°	3	**0.91 **	30 -33	56
PE185	614880	6394440	~270	360°	60°	18	3.90	45 - 63	64*	in min’sation
**incl **						3	**13.07 **	45 - 48
PE188	**614880 **	**6394350 **	~270	**360° **	60°	3	1.09	42 - 45	68
PE190	**614860 **	**6394290 **	~270	**360° **	60°	2	1.22	**59 -61 **	83
**PE191 **	**614860 **	**6394260 **	~270	**360° **	60°	13	1.66	60 - 73	**81 **
**incl **						7	2.49	**60 -67 **
PE192	614860	6394230	~270	360°	60°	1	2.13	47 – 48	61
PE193	**614860 **	**6394200 **	~270	**360° **	60°	4	2.96	44 – 48	56
PE198	**614910 **	**6394380 **	~270	**360° **	60°	12	**3.52 **	46 –58	*58 **	in min’sation
**incl **						7	5.39	51 –58
PE205	**614830 **	**6394450 **	~270	**090° **	60°	3	1.53	27 –30	76
PE206	**614951 **	**6394302 **	~270	**090° **	60°	10	**2.02 **	46 –56	*56 **	in min’sation
PE208	614890	6394300	~270	090°	60°	7	2.89	17 – 24	24*	in min’sation
PE210	**614830 **	**6394300 **	~270	**090° **	60°	6	**2.91 **	73 – 79	*79 **	in min’sation
PE211	**614760 **	**6394059 **	~270	**090° **	60°	14	0.73	19 –33	35
PE212	**614760 **	**6394030 **	~270	**360° **	60°	2	2.00	**32 –34 **	36
PE214	**614760 **	**6393975 **	~270	**360° **	60°	3	1.69	36 –39	45

Gold analysis by 30g fire assay of speared 3m composite or selected 1m Air Core or RC samples. All true widths are not clear at this time.

Mr D I Chalmers, FAusIMM, FAIG, (director of the Company) 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 Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ian Chalmers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Enquiries: Ian Chalmers, Managing Director Tel: +61 8 9328 9411 Fax: +61 8 9227 6011 Email: ichalmers@alkane.com.au

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Alkane Resources Ltd – ASX Announcement 27 September 2007

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