Alkane Resources — Regulatory Filings 2008

Aug 6, 2008

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RESOURCES LTD
ABN 35 000 689 216
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ASX ANNOUNCEMENT –7 August 2008

Corporate Profile

Alkane Board

CORE RESULTS FROM THE CALOMA AND WYOMING THREE GOLD DEPOSITS

• Results have been received for eight of the nineteen diamond core holes completed at the Caloma, Wyoming One and Wyoming Three deposits within the Tomingley Gold Project

J. S. F. Dunlop (Chairman) D. I. Chalmers (Managing Dir) A. D. Lethlean (Director) I. J. Gandel (Director) I. R. Cornelius (Director)

L A Colless (Joint Secretary) K E Brown (Joint Secretary)

Contact

Ian Chalmers

• These core holes were designed to confirm the geology of the deposits and provide samples for metallurgical test work.

• Selected results include:

PE 253D 13 metres grading 2.37g/t gold from 207 metres including 5 metres grading 4.84g/t gold from 212 metres PE 254D 5.7 metres grading 3.79g/t gold from 177.5 metres PE 255D 3.9 metres grading 12.02g/t gold from 33.1 metres and 4 metres grading 6.44g/t gold from 166 metres PE 256D 17 metres grading 2.64g/t gold from 49 metres including 8 metres grading 4.14g/t gold from 56 metres PE 271D 12 metres grading 2.15g/t gold from 186 metres including 7 metres grading 3.04g/t gold from 190 meters WY 840D 2.7 metres grading 33.0g/t gold from 66.3 metres WY 842D 21 metres grading 3.18g/t gold from 89 metres including 5 metres grading 4.28g/t gold from 92 metres and 4 metres grading 7.86g/t gold from 101 metres

Managing Director 96 Parry Street PERTH WA 6000 Telephone +61 8 9328 9411 Facsimile +61 8 9227 6011 Email ichalmers@alkane.com.au Web – www.alkane.com.au

12 month share price range

A$0.515 - $0.25

Market Cap 6 August 08

~A$73 million

ASX Code: ALK

242.4 million shares (June 08)

June 2008 Cash

~ $9.7 million No debt

Media Relations

Westbrook Communications Level 1, 17 Castlereagh Street SYDNEY NSW 2000

Telephone +61 2 9231 0922 Facsimile +61 2 9231 0131 Web – www.westbrookfin.com.au

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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Caloma – Tomingley Gold Project

The major reverse circulation (RC) and diamond core resource definition drilling program at Caloma was completed in May and a total of 22,034 metres were drilled. The drilling program focussed on a 400 metre long central section of the 1,000 metre north-south trending Wyoming style feldspar porphyry host which is located at the contact of pelitic sediments in the west and an andesitic volcanic and volcaniclastic sequence to the east (figure 1). RC results have been summarised in previous Quarterly Reports.

Ten core holes (PE 253D – 257D, PE 271D – 272D, PE 289D and PE 292D – 293D) totalling 2,571 metres have also been drilled at Caloma to check the geology, structures and mineralisation defined by the RC drilling and to provide samples for metallurgical testing. Results have been received for five holes and are summarised in Table 1.

The RC program was completed on a 20 metre by 20 metre pattern to ensure the definition of a Measured and Indicated Resource to a depth of about 150 metres. Gold mineralisation is known to extend further to the north and south within the porphyry host but it was decided to focus on the central section to compile the resource and open pit mining model as soon as possible. This should enable completion of the feasibility study by early 2009.

Multiple mineralised structures have been defined within the main feldspar porphyry host which is 80 to 100 metres in width. As a result of the current drilling a robust geological model has been developed and it is apparent that most of the mineralised structures within the porphyry have an approximate northerly orientation, with a shallow westerly dip. These structures range in width from a few metres to in excess of 20 metres and appear to extend across the full width of the porphyry host. Intersecting structures, or structures intersecting lithological contacts, occasionally generate substantial intercepts. East-west, and apparently vertical, cross cutting dolerite dykes displace the mineralisation at irregular intervals. The drilling has also demonstrated that the mineralised structures project through the eastern contact of the porphyry into the volcaniclastic sediments and have expanded the resource potential into that area.

Wyoming Three – Tomingley Gold Project

Nine core holes (WY 840D – 848D) totalling 1,213 metres have also been completed at the Wyoming One and Wyoming Three deposits located to the south west and west of Caloma. As with Caloma, the drilling was designed to provide confirmatory geological information and samples for metallurgical testing. Results have been received for three of the four holes drilled at Wyoming Three and are summarised in Table 2.

Gold mineralisation at Wyoming Three also shows a strong relationship with feldspar porphyry, although at this location the porphyry forms an irregular shaped body roughly 150 metres by 150 metres (figure 1). The mineralisation is localised within three to four separate quartz rich lodes which strike about 105[o] , dip steeply to the north and appear to be controlled within a narrow shear plane. The lodes are hosted within the feldspar porphyry as well as andesitic volcanics and fine grained volcaniclastic siltstones on the northern margin of the porphyry.

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.

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Alkane Resources Ltd – ASX Announcement

7 August 2008

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Table 1: TGP - Caloma Core results greater than 1.0g/t gold @ 7 August 08

Hole No	East	North	RL (m)	**Azimuth **	Inclin	Intcpt (m)	Grade (g/t Au)	Interval (m)	EOH (m)	Comments
**PE 253D **	**614718 **	**6394118 **	~270	**090° **	60°	3	1.35	107 – 110	339.5	Caloma
and						7	0.96	116 – 123
also						8	2.18	171 – 179
also						5	4.00	198 - 203
also						13	**2.37 **	207 – 220
inlc						5	**4.84 **	212 – 217
also						3	1.16	**228 – 231 **
also						7	1.26	239 – 246
also						15	1.19	258 - 273
**incl **						6	1.80	260 – 266
also						1	1.74	309 -310
PE 254D	**614718 **	**6394038 **	~270	**090° **	60°	1	2.20	175 – 176	282.5	Caloma
and						**5.7 **	3.79	**177.5 – 183.2 **
**PE 255D **	**614778 **	**6394138 **	~270	**090° **	60°	10	**1.67 **	**8.4 – 18.4 **	210.6	Caloma
and						3.9	**12.02 **	**33.1 -37 **
also						2	1.05	**50 -52 **
also						2	2.35	74 - 76
also						3	1.46	**78 -81 **
also						2	1.00	**85 -87 **
also						6	3.05	108 - 114
also						2	1.89	141 - 143
also						2	2.83	**152 - 154 **
also						4	6.44	166 - 170
also						4	2.69	175 - 179
also						8	1.33	**186 - 194 **
**incl **						1	4.15	**193 - 194 **
**PE 256D **	**614848 **	**6394097 **	~270	**090° **	60°	17	**2.64 **	49 -66	195.6	Caloma
**incl **						8	4.14	**56 -64 **
also						**1.7 **	1.16	**100.7 – 102.4 **
also						2	**1.54 **	108 - 110
also						7.15	1.13	149 – 156.15
also						4.5	1.85	166.5 - 171
PE 271D	**614699 **	**6393999 **	~270	**090° **	60°	3.5	2.13	**57.5 -61 **	345.6	Caloma
and						4	3.45	69 - 73
also						1	**1.61 **	179 - 180
also						12	2.15	186 - 198
**incl **						7	**3.04 **	**190 - 197 **
also						10	**1.32 **	212 - 222
**incl **						3	2.99	215 - 218
also						1	1.42	276 - 277
also						1	3.18	288 - 289
also						**3.4 **	1.76	**294 – 297.4 **
also						2.35	1.05	303.65 -306

Gold analysis of quarter core by 50g fire assay. True widths are approx 90 - 95%.

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Alkane Resources Ltd – ASX Announcement 7 August 2008

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Table 2: TGP - Wyoming Core results greater than 1.0g/t gold @ 7 August 08

Hole No	East	North	RL (m)	**Azimuth **	Inclin	Intcpt (m)	Grade (g/t Au)	Interval (m)	EOH (m)	Comments
**WY840D **	**614099 **	**6394195 **	~270	**180° **	60°	**6.2 **	1.78	**24.8 -31 **	81.5	Wyoming 3
also						**2.7 **	33.00	66.3 -69
WY842D	614174	**6394199 **	~270	**180° **	60°	1.5	1.41	**12.9 – 14.4 **	**123.4 **	Wyoming 3
also						2	1.75	**32 -34 **
also						21	3.18	89 - 100
**incl **						5	4.28	**92 -97 **
and						4	7.86	101 - 105
also						3	1.99	115 - 118
**WY843D **	**614225 **	**6394165 **	~270	**180° **	60°	2	5.58	41 - 43	**108.6 **	Wyoming 3
also						**0.4 **	2.25	**45 – 45.4 **
also						12	**1.92 **	47 -59
also						6	1.45	64 - 70
also						1	**1.07 **	87 -88
also						3	1.89	**94 -97 **

Gold analysis of quarter core samples by 50g fire assay. True widths are approx 70 - 75%.

BACKGROUND

Alkane is a multi commodity explorer and miner with its operations focussed in the Central West of New South Wales , centred about 400km northwest of Sydney. Over several years, including experience in developing the Peak Hill Gold Mine, Alkane has built a substantial resource base and is proceeding towards several developments:

The Tomingley Gold Project currently has a 606,000 ounce gold resource within the Wyoming deposits , of which 75% is in the Measured and Indicated categories (full details 2007 Annual Report). The recent discovery at Caloma could add significantly to the resource base and a substantial drilling program has been completed to define this resource. A feasibility study for the development of the project is anticipated to be completed early 2009.

The Dubbo Zirconia Project is based upon a world class resource of the metals zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements. The deposit also contains significant uranium. Over several years Alkane has developed a flow sheet which can recover a variety of products which have expanding applications in electronics, ceramics, catalysts, special alloys and glasses, fuel cells, special batteries and permanent magnets, nuclear power and as environmental drying agents. Following a $3.3 million Commercial Ready Grant from AusIndustry in 2006, the feasibility study was reactivated. The study includes the construction and operation of a Demonstration Pilot Plant, and a development commitment is anticipated mid 2009.

Near Orange, the Company has a joint venture ( ODEJV ) with Newmont, one of the world’s largest gold miners, which resulted in the discovery in 2006 of a potentially significant gold deposit at McPhillamys within the Moorilda Project . This discovery includes intersections of 123 metres grading 1.96g/t gold and 77 metres at 1.65g/t gold within a 300 metre by 200 metre mineralised zone. Late in 2007 two deep core holes produced substantial gold intercepts in KPD002 of 225 metres grading 1.16g/t gold and KPD003 with 263 metres at 1.30g/t gold, and within both holes there were several higher grade intervals (e.g. KPD002 51 metres at 1.67g/t gold and 52 metres at 1.55g/t gold; KPD003 26 metres at 3.75g/t gold and 48.7 metres at 2.74g/t gold)

Elsewhere within the region, Alkane has defined a 2 million tonne 1.00% copper Indicated Resource (details 2007 Annual Report) which is being reviewed for its development potential at Galwadgere within the Wellington Project , and several other advanced exploration projects with encouraging drill intercepts.

In Western Australia the Company holds 9 million shares (15.15%) of listed iron ore explorer BC Iron Limited and a diluting 25% residual interest in a nickel sulphide joint venture with Xstrata Nickel (Jubilee) near Leinster .

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Alkane Resources Ltd – ASX Announcement

7 August 2008

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