EXCITE TECHNOLOGY SERVICES LTD — Interim / Quarterly Report 2009

Apr 29, 2009

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30 April 2009

QUARTERLY ACTIVITIES REPORT ENDING 31 MARCH 2009

LAKE MASON URANIUM PROJECT

In summary, the previous drilling and logging program undertaken by Prime Minerals Limited (“Prime”) has shown that the Bolitho Bore uranium mineralisation is more extensive and of higher grade than that reported by previous explorers in the 1980’s and 1990’s. During the coming Quarter Prime will be interpreting all newly acquired data to plan the coming exploration program.

BACKGROUND

At Lake Mason in Western Australia (refer Figure 1), Prime holds a 100% interest in five exploration licences which cover 860 km[2] of predominantly Archaean granitoids and greenstones, over which the Lake Mason drainage system has been developed (refer Figure 1). The Lake Mason Project area lies 40km SW of BHP Billiton’s Yeelirrie uranium deposit, which is the largest calcrete deposit in the world containing 52,000t of uranium oxide. The Yeelirrie deposit comprises a sheet-like body, some 9 km long and 0.5 km to 1.5 km wide, averaging 3 metres in thickness and shares some similarities with Lake Mason.

NEW PROJECTS

Prime Minerals is continuing to evaluate several overseas projects that have the potential to become mines.

Vincent Hyde Chairman Prime Minerals Limited

Phone: +61 8 9315 1815 Fax: +61 8 9315 3299 Email: info@primeminerals.com.au Website: www.primeminerals.com.au

The information in this announcement that relates to geophysical surveys has been reviewed by consultant Geophysicist Mr William Robertson, a Member of the Australian Institute of Geoscientists (MAIG) 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

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

PRIME MINERALS LIMITED

	ABN 61 120 658 498 Consolidated statement of cash flows		Quarter ended (“current quarter”) 31 March 2009	Quarter ended (“current quarter”) 31 March 2009
			31 March 2009
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other Net Operating Cash Flows		Current quarter $A’000		Year to date (9 months) $A’000
		- (113) - - (65) - 4 - - -		- (361) - - (363) - 27 - - -
		(174)		(697)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c)other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other 1 Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		- (15) - - - - - - -		- (15) - 1,000 - - - - -
		(15)		985
		(189)		288

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(189)	288
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other Net financing cash flows	- - - - - -	- - - - - -
	-	-
Net (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(189) 904 -	288 427 -
	715	715

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000 41
1.25	Explanation necessaryfor an understandingof the transactions
	Executive and non executive directors salaries

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$A’000
	60
	-
Total	60

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	22	91
	693	814
	-	(1)
	-	-
Total: cash at end of quarter(item 1.22)	715	904

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	E57/618	Surrendered	100%	0%

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	32,510,303	32,510,303
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	19,714,698	19,714,698	Exercise price 20 cents	Expiry date 31 October 2009
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here:

................................................................. Date: 30 April 2009 (Director/Company secretary)

Print name: ......Vincent Hyde.............................................

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms.

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