PRODIGY GOLD NL — Capital/Financing Update 2007

Jan 30, 2007

ASX CODE: ABU

31 January 2007

ASX ANNOUNCEMENT / MEDIA RELEASE

ERAYINIA EXPLORATION: NEXT WORK PROGRAM

ABM Resources NL (ABM) is very pleased to announce the scope of its next exploration program at Erayinia. A new road has also just been completed and a permanent camp is under construction at the drilling target Calliope (E1).

The Objectives of the Exploration program are:

• $11$ Resource Definition drilling at Calliope (E1) base metal target.
• Geochemical exploration for new base metal deposits. $2.$
• $3.$ Geochemical exploration for uranium.
• 4 Geophysical exploration for new base metal, gold and uranium deposits.

Resource Definition drilling at Calliope (E1) base metal target

A program of 3,320 m RC and 2,490 m core drilling is planned at Calliope. The drilling will test the southerly strike and down-plunge extensions of the sulphide mineralisation. The two deepest Diamond holes are 550 and 500 m respectively. Down-hole EM will be conducted in most of these holes which should aid in the interpretation of the structure and test for the presence of new conductors. Down-hole EM will also be undertaken on the two diamond holes drilled in December 2006 to test for conductors (potential new sulphide units) especially in the deeper hole EC/D43 on the periphery of the northern extension.

The program is planned to begin this week, with the RC rig expected to arrive on site at Calliope (E1) today. The total program, all things being equal, is scheduled to take 7-8 weeks.

Geochemical exploration for new base metal deposits

As has been stated in a recent ASX release (14 January 2007) the "Hook" area has been identified as an area of serious interest. The non-drilling exploration of the Calypso prospect (the largest magnetic anomaly) in the Hook area is to proceed with soil geochemistry at the coincident area of the successful ground inspection in December 2006 (leached sulphides identified) and the location of the magnetic anomaly. Soil geochemistry is appropriate here due to its favourable regolith (the surface of the land that rests on hard or "bed" rock). In this situation it is shallow. The program will be executed at an appropriate time within February and March. Exploration of other priority magnetic anomalies (E11, E13 and E14) is to be postponed until the next exploration program planned at this stage provisionally for the second quarter of 2007.

Geochemical exploration for uranium

Approximately 4000 m of RAB drilling is programmed to commence after the RC program at Calliope i.e. in the first week of March at two prospects. The thickness of the overburden and the mineralized bed is anticipated to be between 10 m and 20 m. The targets are areas based on airborne radiometric data that indicate uranium anomalies coincident with appropriate geological settings.

Geophysical exploration for new base metal and uranium deposits

An airborne magnetometry and radiometry survey to be flown over approximately 46 km2 of the "Hook" area that will incorporate the Calypso target. Its execution is dependent on contractor timing but it is hoped to have it completed by March. The results are expected to identify any potential base metal associated anomaly, uranium anomaly and provide structural evidence in the tightly folded areas which would be beneficial for a gold search.

In summary, the objective of the program is to have by April 2007:

• determined the first Resource estimate at Calliope (E1) and
• $\blacktriangleright$ identified potential new base metal, uranium and gold deposits for further exploration.

For further information contact:

Mr Imants Kins Managing Director 08 9423 9773 Mobile 0438 35 9705

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.