PRODIGY GOLD NL — Capital/Financing Update 2007

Nov 26, 2007

27 November 2007 ASX CODE: ABU

ASX ANNOUNCEMENT / MEDIA RELEASE

Significant Mimosa Gold Project Acquisition for ABM Resources

Key Points:

• Acquisition of highly prospective Mimosa gold project in Mozambique.
• Mimosa contains 'walk-up' gold drill targets; due diligence completed and a drilling program to commence as soon as an RC drilling rig is secured.
• Mimosa has extensive gold mining history and no modern exploration.
• Project introduced by strategic alliance partners which have a successful operating track record in Mozambique.
• Mimosa target has a wide distribution of gold (based on evidence of gold panned) over an area around 3km x 1.5km with potential to host substantial gold deposits.

Project Location

ABM Resources NL (ASX: ABU) is pleased to announce the acquisition of the highly prospective Mimosa gold project in the under-explored Archean greenstone belt of the Manica Province in central Mozambique, approximately 800 kilometres north of the Mozambique capital of Maputo.

Mimosa lies in the east-west trending Odzi-Mutare Greenstone Belt which has historically produced an estimated 2.5 million ounces of gold. Local artisanal miners have been mining gold in sheeted quartz veins and stockworks at Mimosa by hand for approximately 20 years.

Project Interest

ABM holds a 51% interest in the exploration licenses held in the name of Ayr Resources Mozambique Limitada (ARM) in association with its joint venture partners which hold the remaining 49%. A shareholder deed has been negotiated that gives ABM the right to increase its equity up to 70%, based on exploration expenditure of USD3M: USD1M would take ABM to 60% and a further USD2M of exploration expenditure would increase ABM to a 70% equity interest.

AYR Resources Africa MOU and Ayr Infrastructure Cooperative Agreement

As part of ABM's strategic plan to diversify its project risks, ABM Resources NL had announced a formal Cooperative Agreement (CA) between ABM and Ayr Infrastructure Pty Ltd on 8 May 2007. ABM previously had announced a MOU with a related company Ayr Resources Africa Pty Ltd. The strategic alliance with these companies and subsequently the active local Mozambiquen partners provides ABM with the potential to access a number of resource project opportunities and enables ABM to apply its technical and project management expertise to the flow of potential project opportunities. Following a review of a number of project areas offered to ABM, the Mimosa project was selected on the basis of the ability to determine its potential to host a substantial gold resource in a relatively short timeframe.

Historical Artisanal Mining

The project consists of three licenses (2234L, 2295L and 1435L) totalling 960 hectares. A small part of this area is currently being worked by a well controlled small association of about 200 artisanal miners who have been active in the area for about 20 years. No other miners are allowed on site which is located well away from population centres. A long term agreement has been reached with the artisan association for tenement access, exploration activities and a mine development framework.

Owing to the limited resources of the artisanal miners, only some of the near surface weathered material has been processed. Currently, the artisans are producing gold from deeply weathered aplite on the side of a hill and the alluvial detritus derived from it. The aplite is an intrusion within the Archaean aged granitic-gneiss complex which is the host of numerous undeveloped gold deposits. It is assumed that the local artisans tend to process high grade ore of about 10 grams per tonne or more. Whilst coarse gold is being won from the quartz veins, there is good potential for fine grained gold to also exist in and between the veins. There is an old Portuguese gold mine and adit on 1435L.

Background and Geology

From due diligence field reconnaissance carried out by company personnel and independent consultants , it was revealed that coarse gold is associated with a stockworking of quartz veins. Moreover, this stockwork zone, as exposed by the artisanal mining, extends throughout an area at least 1,000 metres long x 300 metres wide. Preliminary aerial-photo studies showed a set of lineaments defining a larger block, or dome, at least 1 kilometre square, within which these workings occur. Further due diligence reconnaissance has identified an enlarged Mimosa target area, with crushing and panning of rock chip samples within an area 3km x 1.5km invariably yielding visible gold.

The conceptual model developed for Mimosa is similar to the deposit at Boddington in Western Australia. The concept entails a series of deformations in a brittle granitic rock has provided a favourable site for hydrothermal alteration and quartz (-sulphide) -gold veining. The veining is not confined to a particular narrow shear but rather extends over a broad area and is considered to have potential to extend to considerable depth.

Due Diligence / Planned Exploration Program

ABM Resources is continuing to build on the rationalisation of the exploration portfolio and corporate activities instituted in the 2005/06 year. The company is focusing on projects that have significant size potential that could lead to a substantial accretion in shareholder value. Accordingly, ABM has carried out extensive evaluation of a number of projects offered through the Cooperative Agreements mentioned above. This resulted in ABM compiling a short list of projects for the purpose of performing thorough due diligence before entering into any project acquisitions or joint ventures. An initial due diligence field reconnaissance program over a number of sites was conducted to assess geology, mineralisation and possible exploration prospectivity. Follow up geological inspections and a mapping program was then undertaken at the key target site of Mimosa as recommended by the initial study as having potential to host substantial gold deposits. That included a thorough geological assessment of the lithology, structure and mode/extent of gold mineralization. A further announcement will shortly be made on the exploration program which will build on and develop the due diligence work completed.

Mimosa Location Map

Mimosa Area – Bedrock gold workings

Mimosa gold bearing quartz stockworks

For any questions on the release please contact:

MR IMANTS KINS

Executive Chairman +61 8 9423 9777

ABOUT ABM RESOURCES NL:

The company has a portfolio of base metal (zinc, lead, copper) projects located primarily in Western Australia. The conceptual exploration framework of the company is focused on delineating major mineral discoveries.

The primary exploration focus is the substantial region-scale Volcanic Massive Sulphide (VMS) base metal project at Erayinia located in Western Australia. ABM Resources also holds interests in another three base metal projects, Gascoyne, Earaheedy and Harbutt Range in Western Australia.

ABM Resources entered into a formal Cooperative Agreement with AYR Infrastructure (and an earlier MOU with its related company AYR Resources Africa) in May 2007 with the objective of securing high quality gold and other mineral projects in selected countries in Africa with a view to outlining significant mineral deposits.

AYR Infrastructure Development (AID) is a global consulting and development organization developing sustainable infrastructure in the emerging markets around the world.

The information in this Report that relates to Exploration results is based on information compiled by Barry Rees who is a member of the Australasian Institute of Mining and Metallurgy. Barry Rees is a Consultant Geologist with over 40 years experience as a geologist.

Barry Rees has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity for which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves. Barry Rees consents to the inclusion in the report of the matters based on his information in the form and context in which it is used.