ATHENA RESOURCES LIMITED — Capital/Financing Update 2009

Mar 18, 2009

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APPLICATION OVER HIGH GRADE GOLD ANOMALY - EXTENSION TO KOOLINE NORTH

HIGHLIGHTS

• Athena has applied for an exploration licence over the eastern extension of Kooline North. Soil and rock geochemistry by previous explorers indicates that the gold mineralisation extends for at least 12 kilometres within the new application.

• High-grade rock chip included assays of 146g/t gold, 121g/t gold with 1300 ppm copper and 103 g/t gold have previously been reported from two trends within the new tenement area.

• Peak soil sample assays include:– 2900, 1200, 515, 490 and 470 ppb gold.

Details

Athena Resources Limited (Athena or the Company) has lodged an application for an exploration licence (ELA08/1954) covering the eastern extension of the Kooline North gold anomaly. The application, which is shown on Figure 1, covers an area of 87 square kilometres.

Athena has reviewed the open file reports on past exploration within the application area, and has obtained a copy of a database of stream sediment, soil, rock chip and drilling geochemistry. The database contains assays for 67 stream sediment, 745 soil and 769 rock chip samples. The best soil and rock chip results shown on Figure 2 and listed Tables 1 and 2. Outstanding results from past exploration include:-

Soils Gold ppb 2900 1200 515 490 470 273	Rock chips
	Gold g/t 146 121 103 48 32 29

An initial assessment of the surface geochemistry shows:-

• Two anomalous trends defined by soil and rock chip traverses within the area of ELA08/1954.

• The recently acquired (2007) GSWA aeromagnetic data indicates that these two trends are located on opposite limbs of an east-west trending fold, possibly an anticline which requires field confirmation.

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Email: ahn@athenaresources.com.au Telephone: +61 8 9428 2900 Facsimile: +61 8 9428 2910

ASX: AHN

Athena Resources Limited 63 Lindsay St, Perth WA 6000 Website: www.athenaresources.com.au

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• The stronger northern Collins Bore trend is the eastern extension of Athena’s Kooline North prospect and has a strike length of 12 kilometres within the new application.

• This northern trend has three prospects which have returned high-grade gold results in soil and rock chip assays.

• Two of these prospects (True Grit and Dook) have been partially drill tested. Athena is currently assessing this drilling and the results of the assessment will be released in due course.

• The stream sediment samples indicate a number of anomalous drainages that require follow-up sampling to confirm whether the catchments contain outcropping mineralisation.

Athena discovered a highly anomalous gold zone at the Kooline North prospect in mid-late 2008. The results of this work were released in November 2008 with further details included in the Quarterly Report for December 2008. Athena reported that soil geochemical sampling at Kooline North has resulted in the discovery of a new, low order, coincident gold-copper-uranium-zincantimony-tungsten anomaly associated with altered lithic sandstone. The Kooline North anomaly, which is over 200 metres wide, is open in both directions as the soil sampling program only tested 2.5 kilometres of the 3 kilometre long outcrop. Alteration at the Kooline North anomaly is typified by silica and pyrite and is similar to the Kooline gold zone where Gradient Array IP was used to map an altered pyritic sandstone unit. The Kooline North trend and eastern extension will also be tested by IP surveys and evaluated for drill testing.

Athena is working actively with the Western Australian Department of Mines and Petroleum (DMP) to get this new application granted.

Background

Athena Resources Limited listed on the ASX in November 2006. The Company is a junior explorer with a focus on nickel, basemetals and gold. The company is targeting “green-field” Archaean and Proterozoic terranes in Western Australia that display features often associated with large world class mineral deposits. Athena is exploring for magmatic nickel-copper sulphide and platinum group mineralisation at Byro and Ravensthorpe and gold-copper-silver-lead mineralisation at Ashburton. The Company has over 7,000km[2] under granted tenure and in exploration licence applications.

Donald Thomson Technical Director

19 March 2009

For more information please contact:

Mr Ed Edwards Chairman Athena Resources Limited Ph: (08) 9428 2900

Mr Donald Thomson Technical Director Athena Resources Limited Ph: (08) 9428 2900

The technical information relating to Athena’s exploration projects was compiled by Mr Donald Thomson, an employee of Indigo Exploration Services Pty Ltd. Mr Thomson is a Member of the Australasian Institute of Mining and Metallurgy, and has sufficient relevant experience in the styles of mineralisation and deposit styles under consideration to qualify as a Competent Person as defined in “ The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2004 edition)”. Mr Thomson consents to this inclusion of the information in this report in the context and format in which it appears.

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ASX: AHN

Athena Resources Limited 63 Lindsay St, Perth WA 6000 Website: www.athenaresources.com.au

Email: ahn@athenaresources.com.au Telephone: +61 8 9428 2900 Facsimile: +61 8 9428 2910

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Table 1. Soil Samples from Past Exploration (Greater than 100ppb Gold)

Table 1.	SoilSa	**mples fro **	m Past Ex	ploration	(Greater th	an 100ppb G	old)
Sample Number	Gold **ppb **	Arsenic **ppm **	Copper ppm	Sieve Size	Prospect	East MGA50	North MGA50
120061	2900			-2mm	Collins Bore	443527	7457785
1074356	1200	-5	46	-1.6mm	Collins Bore	445441	7457453
1074822	515	53	19	bulk	Collins Bore	446293	7457454
1074411	490	24	47	-1.6mm	True Grit	442694	7457883
1074888	470	28	10	bulk	Collins Bore	449942	7456754
1077480	273	6	40	bulk	Collins Bore	445491	7457453
1074413	185	-5	34	-1.6mm	True Grit	442694	7457783
1074335	162	-5	27	-1.6mm	Dook	446841	7457303
1074130	143	6	42	-1.6mm	Collins Bore	443441	7457753
1074090	124			-1.6mm	Collins Bore	445541	7457503
120040	120			-2mm	Collins Bore	443012	7457768
1074412	109	-5	36	-1.6mm	True Grit	442694	7457833
1074061	102	13	40	-1.6mm	Collins Bore	446741	7457303

Table 2. Rock Chip Samples from Past Exploration (Greater than 5g/t Gold)

Sample Number	Gold **g/t **	Copper **ppm **	Arsenic **ppm **	Lead ppm	Zinc ppm	Prospect	East MGA50	North MGA50
1084779	146	104	7	51	127	Dook	446932	7457307
1084767	121	1300	20	64	152	Dook	446895	7457275
278779	103	51	-5	24	20	True Grit	442697	7457798
1084773	48	256	-5	61	112	Dook	446916	7457263
605012	32					Collins Bore	446905	7457274
579999	29	48	11	10	76	Collins Bore	442803	7457826
1084025	22	173	-5	23	26	True Grit	442666	7457809
579247	22	130	2	15	14	Collins Bore	442803	7457826
1084026	22	91	-5	-5	45	True Grit	442704	7457797
634573	17					Collins Bore	442618	7457797
120100	14					Collins Bore	447487	7455520
1084771	9	24	-5	7	20	Dook	446811	7457287
613710	9	344	17	25	258	Collins Bore	442803	7457826
1084768	7	141	-5	24	58	Dook	446871	7457279
634334	6	30	5	5	40	Collins Bore	442687	7457794
1084024	6	180	-5	16	76	True Grit	442677	7457810
634779	6	48	11	15	90	Collins Bore	446887	7457274
613765	5	34	110	375	8	Collins Bore	444518	7455109
120246	5					Collins Bore	447051	7457266

Note: 31.103g = 1 Troy oz

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Email: ahn@athenaresources.com.au Telephone: +61 8 9428 2900 Facsimile: +61 8 9428 2910

ASX: AHN

Athena Resources Limited 63 Lindsay St, Perth WA 6000 Website: www.athenaresources.com.au

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450000 mE
ASHBURTON PROJECT WdWd
NEW TENEMENT APPLICATION
AND GOLD PROSPECTS H [H] H [H]
New Tenement Application
Athena’s Tenement Outline
WdWd
Mt Clements � Base Metal Mine/Prospect
� � Gold Mine/Prospect
Highway WdWd
Silent Sisters Road/Track
WaWa � Rivers/Creeks
Kooline North
True Grit Dook
Aerial
Athena’s Ashburton Project � �
Tenement OutlineWaWa
North � � �
Kooline �
cmcm Sunken Treasure WaWa
ELA08/1954 Kooline
New Tenement
Application
�
�
Kooline
cmcm
�
Interpreted Fault cmcm � Mt Mortimer
Fault �
Thrust Fault M [M]
Magnetic Lineament
Proterozoic Dyke
M Bangemall Group
M [M]
cm Contact Metamorphosed
R [R]
R Capricorn Formation
Wa Ashburton Formation M [M] The Gorge
cmcm �
Wd Duck Creek Dolomite N
H Hamersley Group 0 15
Kilometres Figure 1
Nannutarra - Parraburdoo Road
Ashburton River
7470000 mN
7430000 mN
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D0903ASX_kooaGeologyELapplic

0

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440000 mE 450000 mE
ASHBURTON PROJECT
N
3000 KOOLINE NORTH
Metres HISTORICAL GOLD RESULTS
MGA50
1200ppb
2900ppb
490ppb
Athena’s 273ppb 515ppb
162ppb
Kooline North
Soil Samples 470ppb
True
Dook
Grit
103g/t 29g/t
121g/t 146g/t 48g/t
Sunken
Treasure
E08/1641 ELA08/1954
4g/t
5g/t
Athena’s Tenement
Access Road
- 450 nT Historic Soil Sample (ppb - Table 1.)
Historic Rock Chip (g/t - Table 2.)
TMI
Aeromagnetic Historic Soil/Rock Chip Sample Location
Data
Athena’s Recent Soil Sampling
- -100 nT
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Figure 2

D0903ASX_KON_soilsrocks