ATHENA RESOURCES LIMITED — Capital/Financing Update 2012

Aug 5, 2012

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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

6 August 2012

Company Announcements Platform Australian Securities Exchange Level 4, 20 Bridge Street SYDNEY NSW 2000

High Grade Fe Results at Byro East

MBCR304 68.28% Fe MBCR305 63.06% Fe MBCR302 58.57% Fe

The Directors of Athena Resources Limited (ASX: AHN) are pleased to advise that the Company received assay results for a sampling program designed to test a magnetic anomaly at the northern tip of the Byro East ultramafic intrusion.

Assays have revealed very high grades of up to 68.28% Fe in oxide, Table 1. The samples were taken from sub crop and surface float localized above a strong magnetic anomaly, Figure 1.

Table 1.

Sample_IdEastNorth	FeSiO2Al2O3TiO2PSLOI
MBCR3014363707124138MBCR3024363367124076MBCR3034362917124022MBCR3044362507123990MBCR3054362007123990	%%%%%%%47.3413.325.140.480.0240.19011.5358.573.581.710.080.0580.0928.1153.837.614.130.210.0450.1648.4568.280.630.240.020.0170.0370.7063.064.622.120.260.0200.1221.04

Note: Fe: Iron; SiO2: Silicon Dioxide; AI2O3 : Aluminium Oxide; P: Phosphorus; LOI: Loss On Ignition

SAMPLING DETAILS

• Assays performed by Amdel-Ultratrace Laboratories of the Bureau Veritas Group.

• Assays are from X-Ray Fluorescence Spectrometry, (XRF).

• Grid: MGA50 (GDA94)

BYRO – IRON ORE – HIGH GRADE MAGNETITE September 2011

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Figure 1. Byro Sample Location over Aeromagnetic Anomaly

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----- Start of picture text ----- Grid: MGA50 (GDA94)----- End of picture text -----

BYRO – IRON ORE – HIGH GRADE MAGNETITE September 2011

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Competent Persons Statement

The technical information relating to Athena’s exploration projects was compiled by Mr Liam Kelly, an employee of Athena Resources Limited. Mr Kelly 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 Kelly consents to this inclusion of the information in this report in the context and format in which it appears

E W Edwards Managing Director

About Athena Resources Limited

Athena Resources Limited (ASX:AHN), which is based in Perth, was listed on the ASX in 2006 and currently has 122 million shares on issue. Athena’s major asset is its 100% interest in the Byro Project where it is exploring for copper, nickel, PGE’s in addition to iron ore. The company also has significant gold targets in the Ashburton.

The Byro Iron Ore Project is centrally located in the Mid-West approximately 100km west of the proposed Jack Hill Project and 250Km from the Tallering Peak Project, (Figure 2).

Figure 2 Location

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