ATHENA RESOURCES LIMITED — Capital/Financing Update 2009

Oct 29, 2009

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63 Lindsay Street Perth WA 6000 p 61 8 9428 2900 f 61 8 9428 2910 e ahn@athenaresources.com.au www athenaresources.com.au ABN : 69 113 758 900

30 October 2009

The Company Announcements Office Australian Securities Exchange 4 Floor 20 Bridge Street SYDNEY NSW 2000

Option Expiry Notice – 30 November 2009 Options

The Company has received a waiver from the Australian Securities Exchange from Listing Rule 6.24 so that the Company need not send Option Expiry Notices to holders of options expiring on 30 November 2009.

Pursuant to that waiver the Company provides the following information:

• (i) The Company will not send to optionholders an Option Expiry Notice.

• (ii) If the market price of the Company’s shares exceeds 15 cents before 30 November 2009, the Company will immediately send an Option Expiry Notice to holders of the options.

• (iii) The total number of options expiring on 30 November 2009 is 37,423,649.

• (iv) The exercise price of the options is 20 cents per option.

• (v) The due date for payment is 30 November 2009. The consequences of non-payment of the exercise price on the options is that the option will automatically lapse if not exercised before 5:00pm WST on 30 November 2009.

• (vi) The date that quotation of the options will end is 23 November 2009.

• (vii) The latest available market price of the fully paid shares at 30 October 2009 was 4 cents.

• (viii) The highest market price of the shares in the three months immediately preceeding this announcement was 5.6 cents on 7, 14, 17, 27 August and 3 September 2009.

• (ix) The lowest market price of the shares in the three months immediately preceeding this announcement was 3.5 cents on 11, 14, and 15 September 2009.

Yours faithfully

E W Edwards Director