Alkane Resources — Regulatory Filings 2008

Feb 4, 2008

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RESOURCES LTD
ABN 35 000 689 216
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Corporate Profile

Alkane Board

ASX ANNOUNCEMENT – 5 February 2008

FLOW OF HIGH GRADE GOLD INTERCEPTS CONTINUES FROM CALOMA

• The RC resource definition drilling program is continuing and results for a further eleven holes have been received. Significant high grade intercepts continue to be recorded.

• Results include:

PE 242 15 metres grading 6.73g/t gold from 21 metres and 2 metres grading 8.67g/t gold from 59 metres also 7 metres grading 3.58g/t gold from 82 metres PE 244 8 metres grading 4.37g/t gold from 42 metres including 5 metres grading 5.81g/t gold from 42 metres PE 247 10 metres grading 3.34g/t gold from 23 metres including 6 metres grading 4.41g/t gold from 24 metres PE 249 12 metres grading 2.10g/t gold from 56 metres including 6 metres grading 3.58g/t gold from 52 metres and 17 metres grading 3.82g/t gold from 91 metres including 5 metres grading 8.69g/t gold from 102 metres PE 250 13 metres grading 3.23g/t gold from 64 metres including 9 metres grading 4.15g/t gold from 68 metres

• As at the end of 2007, 4,378 metres of the initial 10,000 metre resource RC drilling program was completed. Due to expansion of the target area a further 10,000 metres has been added to the drill out. A second RC drill has been sourced to accelerate the program.

J. S. F. Dunlop (Chairman) D. I. Chalmers (Managing Dir) A. D. Lethlean

I. J. Gandel I. R. Cornelius L A Colless (Secretary)

Contact

Ian Chalmers 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$0.45 - $0.20

Market Cap 4 February 08

~A$83.3 million

ASX Code: ALK

241.6 million shares (Jan 08)

January 2008 Cash

~ $14 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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The 10,000 metre reverse circulation (RC) resource definition drilling program commenced at Caloma late October and 38 holes (PE 215 – 252) were completed to the end of 2007 (4,378m). Results have now been received for the final eleven holes (PE 242-252) and are summarised in Table 1. The RC program recommenced mid-January after a Christmas-New Year break and further results will be reported as they come to hand. Diamond core drilling for geological confirmation and metallurgical samples also commenced mid-January.

Multiple mineralised structures have previously been identified within the Caloma target area and the main host is a Wyoming style feldspar porphyry which is 80 to 100 metres in width and 1,000 metres in north-south extent. As a result of the recent drilling a more robust geological model is developing and it is apparent that most of the mineralised structures within the porphyry have an approximate north-northwest orientation, with a shallow south 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. There is also apparent steeper dipping mineralisation in north-south structures that lie at and near the footwall contact (east) of the porphyry and/or within the underlying volcanics and sediments.

Gold mineralisation has been intersected over the full length of the porphyry. Grid line 6394000mN is centre to the target area and to the north the porphyry has up to 10 metres of transported clay cover, while to the south the cover deepens up to about 30 metres. The current program targeting the central area of shallower cover has been expanded and a further 10,000 metres of RC drilling have been programmed to ensure the definition of a Measured and Indicated Resource. This open pitable resource is a priority for the feasibility study underway for the development of the Wyoming and Caloma deposits (Tomingley Gold Project). A second RC rig has been sourced but will not be on site till mid-February.

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. The recent discovery at Caloma could add significantly to the resource base and a substantial drilling program is scheduled to be completed by early 2008 to define this resource. A feasibility study for the development of the deposits is anticipated in the second half of 2008.

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, special alloys and glasses, fuel cells, nuclear power and as environmental drying agents and catalysts. A feasibility study is in progress, which includes the construction and operation of a Demonstration Pilot Plant, and a development commitment is anticipated by the end of 2008.

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. Exploration is continuing.

Elsewhere within the region, Alkane has defined a 2 million tonne 1.00% copper deposit 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 (15.5%) of listed iron ore explorer BC Iron Limited and a diluting 25% residual interest in a nickel sulphide joint venture with Jubilee Mines near Leinster .

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 5 February 2008

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– Table 1: Caloma results greater than 0.5g/t gold PE 242 PE 252 @ 5 February 2008

Hole No	East	North	RL (m)	**Azimuth **	Inclin	Intcpt (m)	Grade (g/t Au)	Interval (m)	EOH (m)	Comments
PE 242	**614770 **	**6394140 **	~270	**090° **	60°	15	6.73	21 -36	198
and						2	**8.67 **	**59 -61 **
also						7	3.58	82 - 89
also						5	0.83	**96 - 101 **
also						1	0.76	112 - 111
also						2	2.96	116 - 118
also						2	1.06	146 - 148
also						*6 **	1.17	157 - 163
also						2	1.88	172 - 174
also						4	**2.52 **	**183 - 187 **
also						*5 **	0.95	193 - 198		**In miner’ion **
PE 243	**614890 **	**6394140 **	~270	091°	60°	20	**1.54 **	20 - 40	90
**incl **						2	8.83	**32 -34 **
PE 244	**614870 **	**6394140 **	~270	**095° **	60°	8	0.70	19 - 27	120
and						8	**4.37 **	42 - 50
**incl **						5	**5.81 **	42 - 47
PE 245	**614850 **	**6394140 **	~270	**095° **	60°	3	0.68	36 -39	120
and						3	2.55	60 -63
also						4	2.50	96 - 100
PE 246	**614920 **	**6394100 **	~270	**089° **	60°	4	1.15	14 - 18	196
PE 247	614900	6394100	~270	090°	60°	10	**3.34 **	23 -33	42
**incl **						6	4.41	24 -30
PE 248	**614880 **	**6394100 **	~270	**090° **	60°	1	2.70	28 - 29	130
and						4	2.75	44 - 48
and						11	1.12	85 -96
**incl **						3	2.56	**88 -91 **
and						1	1.50	101 - 102
also						1	1.35	110 - 111
also						3	2.33	133 - 136
PE 249	**614860 **	**6394100 **	~270	**090° **	60°	2	1.03	40 - 42	174
and						12	2.10	**50 -62 **
**incl **						6	3.58	**56 -62 **
and						17	3.82	91 - 108
**incl **						5	8.69	**102 - 107 **
and						1	1.69	**150 -151 **
also						3	3.38	**164 - 167 **
PE 250	**614840 **	**6394060 **	~270	**090° **		13	3.23	64 - 77	186
**incl **						9	4.15	68 - 77
and						6	1.53	92 - 98
also						12*	0.71	117 - 129
also						4	2.38	175 - 179
**PE 251 **	**614830 **	**6394140 **	~270	**100° **	60°	2	1.50	16 - 18	162
and						3	2.68	70 - 73
also						26	**0.84 **	**136 - 162 **		**In miner’ion **
**incl **						6	1.27	147 - 153
**PE 252 **	**614910 **	**6394120 **	~270	**090° **	60°	*6 **	0.71	21 - 27	130

Gold analysis by 30g fire assay of 1 metre riffle split samples, or *rarely 3 metre composite samples. True widths are approx 90%.

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Alkane Resources Ltd – ASX Announcement 5 February 2008