Alkane Resources — Capital/Financing Update 2010

Apr 14, 2010

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15 April 2010

Manager Announcements Company Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

Dear Sir,

DISPOSAL OF INVESTMENT

The directors of Alkane Resources Ltd are pleased to advise that the Company has raised approximately $9.7m (less costs) by the sale of its remaining investment in BC Iron Ltd. The funds raised will augment the Company’s existing cash balances and will be used to progress its core activities (being the Tomingley Gold Project, the Dubbo Zirconia Project and other New South Wales exploration projects).

Alkane was instrumental in the formation of BCI and has been a strong supporter of their rapid progress towards production. The Company wishes BCI all success in the future.

Yours faithfully,

for ALKANE RESOURCES LTD

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D I Chalmers Managing Director

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