EXCITE TECHNOLOGY SERVICES LTD — Capital/Financing Update 2007

Apr 29, 2007

prime minerals ltd ~ 34 parliament place, west perth, wa 6005 t: +61 8 9488 5299 f: +61 8 9321 6699 m: +61 (0)419 945 946 e: vh@primeminerais.com.au i: www.primeminerais.com.au

30 April 2007

ASX Announcement

LAKE MASON URANIUM PROJECT AREA DOUBLES

Prime Minerals Limited ("Prime") is pleased to announce a 100% purchase of three Exploration Licences adjoining Prime's Lake Mason uranium project, which will double Prime's 100% landholding at Lake Mason from 426 to 860 square kilometres. Prime recently commenced a detailed airborne radiometric-magnetic survey over Lake Mason to target additional uranium anomalies and prioritisation of targets for drilling. This current radiometric survey will also cover some of the newly purchased Exploration Licences.

Figure 1 shows the new tenements and their relationship to Prime's existing tenements. Prime will pay \$60,000 in cash and issue 1,500,000 options (exercise price of 20 cents expiring 31 October 2009) in consideration for 100% ownership of the three Lake Mason Exploration Licences covering approximately 430 square kilometres.

Prime's Lake Mason uranium project lies 40 kilometres south west of BHP Billiton's Yeelirrie uranium deposit, which is the world's largest calcrete uranium deposit containing 52,000 tons of uranium oxide. As well as close proximity, the Lake Mason and Yeelirrie lake systems have developed during similar granitoid basement.

A key feature in the targeting of calcrete uranium deposits is the identification of hydrological trap sites within the palaeochannel systems. Prime has targeted the intersection of the east-west oriented Lake Mason palaeo-channel with the north-south oriented Booylgoo Range greenstone belt, and several significant bends in the channel, as potential trap sites for uranium mineralisation.

The airborne radiometric-magnetic survey at Lake Mason is expected to be completed by end of April with the results being interpreted by end of May. It is expected that ground reconnaissance, ground radiometric surveying, geological mapping and drill targeting will be completed by mid-year.

Vincent Hyde

Chairman

The information in this announcement that relates to geophysical surveys has been reviewed by consultant Geophysicist Mr William Robertson, a Member of the Australian Society of Exploration Geophysicists, whose services are provided by Value Adding Geophysics. Mr Robertson has sufficient relevant experience in the styles of mineralisation and types of deposit under consideration, and in the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results. Mineral Resources and Ore Reserves" (the JORC Code), and consents to the inclusion of the information in the form and context in which it appears.

Appendix 3B

New issue announcement. application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

PRIME MINERALS LTD

ABN

61 120 658 497

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{1}$ ⁺Class of ⁺securities issued or to be issued

Options

$\overline{2}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued

1,500,000

3 Principal terms of the *securities (eg, if options, exercise price and date; if partly expiry paid *securities, the amount outstanding and due dates for payment; if securities. *convertible the conversion price and dates for conversion)

Exercisable at a price of \$0.20 on or before 31^st October 2009

Nil cash consideration
Acquisition of Lake Mason Tenements as per Announcement Attached
On or Before 8 th May 2007
Fully paid ordinary

$\overline{9}$ $^+$ class $-$ of $-$ all $\,$ Number and "securities not quoted on ASX
(including the securities in clause
2 if applicable)

Number	+Class
20,175,000	Fully paid ordinary Shares
3,700,000	Options exercisable Аŧ \$0.20 on or before 31 st October 2009

Dividend policy (in the case of a $\left[\text{trust, distribution policy}\right)$ on the increased capital (interests) $10^{\circ}$

Part 2 - Bonus issue or pro rata issue

$11$ holder $Is$ security approval required? 12 Is the issue renounceable or nonrenounceable? 13 Ratio in which the *securities will be offered $14$ ⁺Class of ⁺securities to which the offer relates 15 *Record date $t\alpha$ determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? Policy for deciding entitlements in 17 relation to fractions 18 Names of countries in which the entity has *security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt $\sigma f$ acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue Fee or commission payable to the 23 broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of ⁺security holders

• 25 If the issue is contingent on *security holders' approval, the date of the meeting
• 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
• 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
• 28 Date rights trading will begin (if applicable)
• 29 Date rights trading will end (if applicable)
• 30 How do *security holders sell their entitlements in full through a broker?
• $31$ How do ⁺security holders sell part of their entitlements through a broker and accept for the balance?
• 32 How do *security holders dispose of their entitlements (except by sale through a broker)?
• 33 ⁺Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• Securities described in Part 1 $(a)$ ⊠

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the "securities are "equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders

If the *securities are *equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1.000$ $1.001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ 100,001 and over

37

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

• 38 Number of securities for which ⁺quotation is sought
• 39 Class of ⁺securities for which quotation is sought
• 40 Do the *securities rank equally in all respects from the date of allotment with an existing ⁺class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they $\bullet$ participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

$42$ Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

Number	+ Class

Ouotation agreement

• $\mathbf{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the ⁺securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any *securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• $\overline{3}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before *quotation of the *securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:	V Hyde (Director/Company secretary)	Date: 30 th April 2007
Print name:	Vincent Hyde

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⁺ See chapter 19 for defined terms.