PRODIGY GOLD NL — Capital/Financing Update 2011

Jun 8, 2011

ASX ANNOUNCEMENT / MEDIA RELEASE ASX: ABU

9th June 2011

First 2011 Drilling Extends Buccaneer

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

The first three holes each intersected between 196 metres and 251 metres of mineralisation and were drilled as step outs to the west of the main Buccaneer Porphyry Gold Deposit including:

• Hole BCRC100037 intersected high grade:
  • 1 metre grading 44.9g/t gold within:
    • 8 metres grading 6.23g/t gold (1.1g/t cut-off)
    • 23 metres grading 2.33g/t gold (0.5g/t cut-off)
    • 174 metres grading 0.49g/t gold (0.2g/t cut-off).
• Hole BCRC100036 intersected the first recognised multi-element (goldcopper-silver-molybdenum) porphyry style mineralisation with a new zone at the bottom of the hole with:
  • 19 metres grading 0.83g/t gold, 0.24% copper, 0.031% molybdenum and 1.38g/t silver (0.5g/t gold cut-off) including peak assay over 1 metre of:
    • 1.74g/t gold, 0.78% copper, 0.21% molybdenum and 6.57g/t silver.
• Drilling on-going with a further 11 reverse circulation (RC) holes and 3 deep diamond core holes completed and pending assay.

Darren Holden - Managing Director of ABM Resources said, "The 1.67 million ounce Buccaneer Gold Deposit footprint continues to grow with all of the first three holes intersecting widespread mineralisation. The intersection of very high grade mineralisation (44.9g/t gold over 1 metre) causes us to re-assess other high-grade intersections elsewhere on the deposit in an attempt to link them together into a coherent model. In addition, the intersection of potentially ore-grade gold-copper-silver-molybdenum is at relatively typical metal ratios analogous to polymetallic porphyry style deposits elsewhere in the world, and are recognised for the first time here in the Tanami Region. This work adds a further dimension to this already intriguing large mineral system."

First Drill Results from 2011 Program at Buccaneer

ABM Resources' 2010 drilling at Buccaneer intersected coherent zones of mineralisation and allowed ABM (via independent consultants) to build a maiden inferred resource estimation of 1.67Moz gold (Appendix 2). The first three holes at Buccaneer (Appendix 1 and Figure 1) targeted extensions to the west of the Buccaneer Gold Deposit. All of the first three holes intersected wide-spread mineralisation with between 196 metres and 251 metres combined low grade intersections typical of the Buccaneer Gold Deposit and extended the footprint further to the west.

High Grade at Buccaneer

Hole BCRC100037 intersected high grade mineralisation including 1 metre grading 44.9g/t gold. At Buccaneer there are at least two interpreted geological mineralising events with an early broadly disseminated low grade event overprinted by a late structurally controlled (vein / fault) higher grade event. This assay result is one of the highest single results received by ABM to-date. The Company is conducting several structural geological interpretations to link the high-grade fault / vein systems into a coherent geological model for further targeting.

Figure 1. Cross-sections for holes BCRC100036 to BCC100038 showing extended mineralised envelopes. Note - holes BCRC100022 and BCRC100035 from the 2010 drilling program included with reported intersections standardised to the same cut-offs and intercept calculations as 2011 drill reporting. These calculations differ slightly to previously reported intercepts for these holes due to a standardisation of intercept calculations to be comparable to the resource estimation parameters. Refer Appendix 1 for drill hole locations.

Polymetallic "Porphyry" Mineralisation Gold-Copper-Silver-Molybdenum

Hole BCRC100036 intersected typical Buccaneer mineralisation with 153 metres grading 0.3g/t gold. However, near the end of the hole there is a 19 metre section averaging 0.83g/t gold, 0.24% copper, 1.38g/t silver and 0.031% molybdenum. Many porphyry hosted deposits around the world contain several economically extractable metals such as gold, copper, molybdenum and silver. However, at Buccaneer the Company has not previously identified continuous zones of polymetallic mineralisation until now. Whilst the 19 metres of polymetallic mineralisation is only a relatively short drill intersection it is close to the bottom of the hole and indicates new targets for further work. This zone is also relatively low in arsenic (<90ppm) which is also typical of mineralised porphyry systems where copper, molybdenum and silver form a credit to the overall resource.

Update on on-going Drilling at Twin Bonanza

To date a further 11 reverse circulation holes (14 total) and 2 diamond core holes have been completed at Buccaneer and 1 diamond hole has been completed at the nearby Old Pirate high-grade gold prospect. Drilling is on-going with continued step out testing of Buccaneer, Old Pirate and several of the 30 other targets on the Twin Bonanza Gold Camp. The diamond drilling in particular has allowed ABM to analyse the geological structures (faults and veins) from the Buccaneer Deposit in more detail. Figure 2 shows a photograph of mineralised core (pending assay) from hole BCRD100002.

Figure 2. Photograph from BCRD100002 (pending assay) showing massive molybdenite (grey metallic mineral (far left)), pyrite (pale yellow metallic mineral throughout), phengite / sericite alteration (dark bands) and quartz veins (narrow grey / white zones) in monzonite porphyry (pink / red rocks).

Update on regional drilling

The drilling at the Kroda Gold/Copper Project located near Barrow Creek, north of Alice Springs has been delayed due to mechanical problems with the drill rig. However, the rig is now repaired and is expected to arrive on site in the coming days to begin to test various highly ranked targets on the 14 kilometre Kroda gold anomaly. Following completion of the Kroda drilling program this rig is scheduled to go to the Lake Mackay Project to test several highly ranked iron-oxide copper-gold targets.

About the Twin Bonanza Gold Camp

The Twin Bonanza Gold Camp is centered 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 3. 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 CFO / Company Secretary Managing Director Investor Relations Manager +61 8 9423 9777 +61 8 9423 9777 +61 8 9423 9777

APPENDIX 1. Drill Hole Details

Hole ID	Depth from(metres)	Depth to(metres)	Interval(metres)	Gold Grade (g/t)
BCRC100036	18	97	79	0.20
BCRC100036	124	277	153	0.3
BCRC100036	306	325	19	0.83
BCRC100037	99	121	22	0.38
BCRC100037	154	328	174	0.49
BCRC100038	84	278	194	0.35
BCRC100038	302	353	51	0.62

Table 1. Significant intercepts from first 3 holes of the 2011 program at 0.2g/t cut-off

Significant intercepts calculated from Holes BCRC100036 to BCRC100038 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 ID	Depth from(metres)	Depth to(metres)	Interval(metres)	Gold Grade (g/t)	Comments
BCRC100036	18	20	2	0.86
BCRC100036	125	151	26	0.55
BCRC100036	223	226	3	0.84
BCRC100036	245	249	4	0.85
BCRC100036	306	325	19	0.83	Includes 19m @ 0.24% copper, 0.031%molybdenum & 1.38g/t silver.
BCRC100037	107	112	5	1.17
BCRC100037	262	285	23	2.33
BCRC100037	313	317	4	1.69
BCRC100038	89	94	5	0.61
BCRC100038	137	141	4	1.07
BCRC100038	211	275	64	0.64
BCRC100038	312	324	12	1.31
BCRC100038	340	353	13	1.01

Table 2. Significant intercepts from first 3 holes of the 2011 program at 0.5g/t cut-off

Significant intercepts calculated from Holes BCRC100036 to BCRC100038 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. Multi-element analysis conducted on selective samples using 4 acid digestion / ICPMS.

			Table 3. Significant intercepts from first 3 holes of the 2011 program at 1.1g/t cut-off

Hole ID	Depth from	Depth to	Interval	Gold Grade
	(metres)	(metres)	(metres)	(g/t)
BCRC100037	108	111	3	1.57
BCRC100037	249	251	2	1.26
BCRC100037	262	270	8	6.23
BCRC100038	137	141	4	1.07
BCRC100038	315	323	8	1.65
BCRC100038	340	352	12	1.04

Significant intercepts calculated from Holes BCRC100036 to BCRC100038 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.

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	514.7
BCRD100002	Buccaneer	514447	7772820	431	-70	270	486
OPDD100001	Old Pirate	516790	7767780	431	-60	268	353.9

Table 4. Drill hole details for 2011 Holes completed to date. Assays pending on holes BCRC100039 onwards.

Figure 4. Drill hole location map showing BCRC100036 to BCRC100038 overlain on the 2010 mineralised zone interpretation map. Refer to previous releases for further details.

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.