PRODIGY GOLD NL — Capital/Financing Update 2011

Jun 15, 2011

ASX ANNOUNCEMENT / MEDIA RELEASE ASX:ABU

16th June 2011

Buccaneer Step-Out Drilling Yields Further Success with Discovery at the "Caribbean Zone"

ABM Resources NL ("ABM" or "The Company") is pleased to announce that it has received and compiled drill assay results from a further six holes of the 2011 program at the Company's 1.67Moz Buccaneer Porphyry Gold Deposit located on the Company's Twin Bonanza Gold Camp in the Northern Territory.

Highlights of drill results from the Buccaneer Porphyry Gold Deposit's northern and western extensions:

• Hole BCRC100045 targeting the "Caribbean Zone" to the northwest of Buccaneer intersected 49 metres grading 1.2g/t (0.2g/t cut-off) including:

  • 21 metres grading 2.55g/t gold (0.5g/t cut-off) or
  • 13 metres grading 3.93g/t gold (1.1g/t cut-off).

• Caribbean Zone targeting inferred north-south striking fault / vein zone projected to link with mineralised zone 120 metres to the north with previous results including:

  • 5 metres grading 27.35g/t gold (0.5g/t cut-off) or
  • 2 metres grading 67.44g/t gold (1.1g/t cut-off).

• Hole BCRC100042 testing north easterly extensions and beneath main Buccaneer Deposit intersected:

  • 241 metres grading 0.53g/t gold (0.2g/t cut-off) including two higher grade zones of:
    • 70 metres grading 0.70g/t gold (0.5g/t cut-off) and
    • 43 metres grading 1.21g/t gold (0.5g/t cut-off).

• Hole BCRC100041 testing depth extents beneath the western extensions at Buccaneer Deposit intersected:

  • 92 metres grading 0.42g/t gold (0.2g/t cut-off) including two higher grade zones of:
    • 9 metres grading 1.27g/t gold (0.5g/t cut-off) and
    • 17 metres grading 0.63g/t gold (0.5g/t cut-off).

Managing Director of ABM Resources, Mr Darren Holden said, "The results from hole 45 indicate a possible new mineralised zone in the broader Buccaneer target area. This new target area, known as the Caribbean Zone, has returned a consistent run of mineralisation including 13 metres grading 3.93g/t gold. ABM is planning further holes to test this zone and possible linkage to previous results including 5 metres grading 27.35g/t gold located 120 metres further to the north."

The Caribbean Target Zone

The Caribbean Target Zone is an inferred north-south striking target of potentially high grade vein / fault hosted mineralisation close to the western contact of the Buccaneer porphyry body (Figure 1). This target is located approximately 250 metres to the northwest of the main part of the 1.67 million ounce Buccaneer Inferred Resource (Appendix 2). This area was defined initially by elevated multi-element geochemistry in a north-south striking embayment close to the western contact of the Buccaneer porphyry intrusion. Previous results from hole TBRC0006 (refer release dated 1/2/2010) returned high grade vein hosted mineralisation including 2 metres grading 67.44g/t gold within 5 metres grading 27.35g/t gold. Further holes are being designed to test this area.

Figure 1. Caribbean Target Zone with inferred projection linking mineralised zones in BCRC100045 and TBRC0006.

Other extensional drilling at Buccaneer

Drill holes BCRC100039 to BCRC100044 were designed to test extensions to ABM Resources' 1.67Moz Buccaneer Gold Deposit. The latest round of results confirm several extensions and indicate, once again, that ABM is yet to define the limits to this large intrusive related gold system. Holes BCRC100039 and BCRC100040 did not reach target depth and were abandoned (refer Table 1 footnote for further details). The highlights of this latest round of results include BCRC100042 which tested extensions in a north easterly direction and also at depth beneath the existing resource and intersected 241 metres grading 0.53g/t gold with several higher grade zones (Figure 2, Figure 3 and Appendix 1). Hole BCRC100041 also returned long mineralised intersections (Figure 2, Figure 4).

Drilling is on-going on the estimated 60 hole 2011 program at Twin Bonanza with the next round of assay results expected shortly.

Figure 2. Plan view showing drill hole locations at the Buccaneer Gold Deposit. Contours are inferred and based on surface projection of mineralisation from drilling (refer to cross-sections from this and previous releases for depth extents).

Figure 3. Cross-section through hole BCRC100042

Figure 4. Cross-section through hole BCRC100041

About the Twin Bonanza Gold Camp

The Twin Bonanza Gold Camp is centred approximately 22 kilometres south of the Tanami Road and 14 kilometres east of the Western Australia – Northern Territory border. The Project spans the highly prospective "Trans Tanami Structure" an inferred regional / tectonic geological feature which hosts numerous gold deposits including Newmont's multi-million ounce Callie Gold Mine. In 2010 ABM focused its effort at Twin Bonanza on the Old Pirate Prospect – a 3 kilometre anomaly with multiple high-grade zones in quartz veins hosted in sedimentary rocks and the Buccaneer Porphyry Gold Deposit – an intrusive related bulk tonnage gold deposit. In 2011 ABM is focusing its effort on Buccaneer extensional targets, Old Pirate (trenching, bulk sampling and drilling) and intends to test up to 10 of the regional targets in the wider Twin Bonanza Gold Camp.

About ABM Resources

ABM is a mineral exploration company focused on gold and gold/copper discovery in the Tanami-Arunta regions of the Northern Territory, Australia. The Company is one of the largest exploration license / license application holders in Australia. The Company has an aggressive exploration approach and is well funded for multiple target testing with multiple rigs in 2011.

Figure 5. Twin Bonanza Gold Camp

Signed

Darren Holden – Managing Director

Competent Persons Statement

Information in this document has been reviewed and validated by Mr Darren Holden who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Holden is a full time employee of ABM Resources NL and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves". Mr Holden consents to the inclusion in the documents of the matters based on this information in the form and context in which it appears.

For Further Information Please Contact

Jutta Zimmermann Darren Holden Berdine Mastaglia +61 8 9423 9777 +61 8 9423 9777 +61 8 9423 9777

CFO / Company Secretary Managing Director Investor Relations Manager

APPENDIX 1. Drill Hole Details

Hole ID	Depth from(metres)	Depth to(metres)	Interval(metres)	Gold Grade(g/t)	Comments
BCRC100039	79	99	20	0.54	BCRC100039 failed to reach targetdepth*
BCRC100041	58	112	54	0.21
BCRC100041	209	301	92	0.42
BCRC100042	83	324	241	0.53
BCRC100043	85	168	83	0.21
BCRC100044	76	99	23	0.43
BCRC100045	35	39	4	0.27
BCRC100045	227	276	49	1.20

Table 1. Significant intercepts from BCRC100039 to BCRC100045 of the 2011 program at 0.2g/t cut-off

Significant intercepts calculated from Holes BCRC100039 to BCRC100045 at a 0.2g/t gold cut-off, minimum 2m width and maximum 20m internal dilution. All assays based on split RC samples and prepared at ALS Global laboratories in Alice Springs (NT) and Perth (WA) using Fire Assay for gold. Standards, duplicates and blanks inserted into the sample stream to monitor drilling and laboratory performance.

*Hole BCRC100040 was an attempted redrill of BCRC100039, but intersected a cavity (likely original hole BCRC100039) and was also lost and was not assayed. This target will be redrilled at a later date.

Table 2. Significant intercepts from BCRC100039 to BCRC100045 of the 2011 program at 0.5g/t cut-off

Hole ID	Depth from(metres)	Depth to(metres)	Interval(metres)	Gold Grade(g/t)
BCRC100039	83	99	16	0.63
BCRC100041	89	100	11	0.5
BCRC100041	221	230	9	1.27
BCRC100041	250	267	17	0.63
BCRC100042	97	167	70	0.70
BCRC100042	198	241	43	1.21
BCRC100043	86	88	2	0.74
BCRC100044	79	84	5	1.38
BCRC100044	224	228	4	0.62
BCRC100045	227	248	21	2.55
BCRC100045	272	274	2	0.72

Significant intercepts calculated from Holes BCRC100039 to BCRC100045 at a 0.5g/t gold cut-off, minimum 2m width and maximum 10m internal dilution. All assays based on split RC samples and prepared at ALS Global laboratories in Alice Springs (NT) and Perth (WA) using Fire Assay for gold. Standards, duplicates and blanks inserted into the sample stream to monitor drilling and laboratory performance.

Table 3. Significant intercepts from BCRC100039 to BCRC100045 of the 2011 program at 1.1g/t cut-off

Hole ID	Depth from(metres)	Depth to(metres)	Interval(metres)	Gold Grade(g/t)
BCRC100041	221	228	7	1.49
BCRC100042	199	240	41	1.25
BCRC100042	283	285	2	1.16
BCRC100044	79	83	4	1.47
BCRC100045	234	247	13	3.93

Significant intercepts calculated from Holes BCRC100039 to BCRC100045 at a 1.1g/t gold cut-off, minimum 2m width and maximum10m internal dilution. All assays based on split RC samples and prepared at ALS Global laboratories in Alice Springs (NT) and Perth (WA) using Fire Assay for gold. Standards, duplicates and blanks inserted into the sample stream to monitor drilling and laboratory performance.

Table 4. Drill hole details for 2011 Holes completed to date. Assays pending completion and compilation on holes BCRC100046 onwards. BCRC refers to Reverse Circulation (RC) hole at Buccaneer, BCRD refers to Diamond Hole with RC pre-collar at Buccaneer, OPDD refers to diamond hole at Old Pirate.

Hole ID	Prospect	Easting (m)	Northing (m)	Elevationabove sealevel	Inclination(degrees)	Azimuth(degrees)	Depth(metres)
BCRC100036	Buccaneer	514403	7772818	432	-70	270	331
BCRC100037	Buccaneer	514212	7772751	432	-60	90	397
BCRC100038	Buccaneer	514262	7772857	435	-60	90	354
BCRC100039	Buccaneer	514302	7773104	436	-60	90	156
BCRC100040	Buccaneer	514296	7773106	436	-60	90	91
BCRC100041	Buccaneer	514522	7772788	434	-60	270	398
BCRC100042	Buccaneer	514499	7772821	425	-60	220	372
BCRC100043	Buccaneer	514472	7773000	437	-60	270	253
BCRC100044	Buccaneer	514519	7773055	459	-60	270	354
BCRC100045	Buccaneer	514302	7773051	460	-60	270	312
BCRC100046	Buccaneer	514418	7773101	443	-60	270	354
BCRC100047	Buccaneer	514605	7772534	441	-55	270	348
BCRC100048	Buccaneer	515050	7772803	436	-60	270	354
BCRC100049	Buccaneer	514901	7772502	432	-60	270	354
BCRD100001	Buccaneer	514550	7772700	431	-55	270	515
BCRD100002	Buccaneer	514447	7772820	431	-70	270	486
OPDD100001	Old Pirate	516790	7767780	431	-60	268	356
BCRC100050	Buccaneer	514575	7772450	431	-70	270	378
BCRC100051	Buccaneer	514750	7772700	431	-70	270	366

Appendix 2. Buccaneer Gold Deposit Inferred Resource. Refer release dated 21/02/2011 for further details.

Cut-off Grade	Million Tonnes	Gold Grade	Contained Gold
(g/t)	(Mt)	(g/t)	(Million Ounces (Moz))
0.2	65.8	0.79	1.67
0.5	36.9	1.01	1.19
1.1	8.7	2.01	0.56

Note – Million Tonnes (MT) rounded to 3 significant figures; gold grade rounded to 2 significant figures and Million Ounces (Moz) rounded to 3 significant figures. Refer to release dated 21/02/2011 for further details.