PRODIGY GOLD NL — Capital/Financing Update 2011

Apr 3, 2011

ASX ANNOUNCEMENT / MEDIA RELEASE ASX:ABU

4th April 2011

Old Pirate Gold Prospect at the Twin Bonanza Gold Camp Metallurgical Test Work Indicates High-Quality Ore with 99.5% Recovery of Gold

ABM Resources NL ("ABM" or "The Company") is pleased to announce that it has received and compiled the results of metallurgical test work from vein samples from the Old Pirate Gold Prospect located on the Company's Twin Bonanza Gold Camp Project.

Highlights from 100kg composited quartz vein gold sample taken from 5 veins:

• 85.4% of gold recovered from simple gravity concentration.
• 99.5% of gold recovered from combined gravity concentration and cyanide leach.
• Cyanide (NaCN) and Lime consumption low at 0.52kg/t and 0.42kg/t respectively.

Old Pirate Gold Prospect Summary:

• High grade gold vein system.
• Located <2km from ABM's 1.67million ounce Buccaneer Gold Deposit.
• >15 outcropping gold bearing quartz veins mapped over an area 600m by 250m, with previous Old Pirate drill results including:
  • 43m grading 7.0g/t gold including 17m grading 16.72g/t gold;
  • 5m grading 274g/t gold.
• Old Pirate trend is in excess of 3km containing multiple targets.

Darren Holden, Managing Director of ABM Resources said, "The metallurgical test work carried out on the Old Pirate batch test indicates outstanding recoveries and is an excellent outcome for the potential future economics of the project. Gold in these high grade outcropping and drilled veins can be processed using low-cost gravity concentration as well as conventional cyanide treatment. The Old Pirate Prospect covers a large area of over 600m by 250m, consists of more than 15 gold bearing quartz veins, remains open undercover to the north and is not yet included in our resource statements. Furthermore, Old Pirate is one of 29 targets at the Twin Bonanza Gold Camp which includes the Company's Buccaneer Porphyry Gold Deposit where we recently announced an Inferred Resource of 1.67 million ounces of gold."

Old Pirate Gold Prospect and Metallurgical Test-Work

Metallurgical test-work on veins from the Old Pirate Gold Prospect was conducted to test if the gold bearing vein systems are amenable to processing using conventional and low-cost methods. In 2011, ABM Resources is intending to conduct a bulk trenching program which could produce between 2000 and 5000 tonnes vein material for processing through a nearby facility to assess the overall grade of the veins ahead of resource estimation work on this prospect. Final approval on this bulk-trenching program is pending.

This metallurgical test-work consisted of collecting approximately 100kg of vein material from 5 outcropping veins at the Old Pirate Gold Prospect. The samples were selected to approximate the average visual nature of the veins based on quartz colour and other minor element content. Excessively high grade samples with visible gold were not included so as not to bias the overall grade of the sample. This sample was sent to ALS Ammtec Laboratory located in Perth, Western Australia for testing under the supervision of Senior Metallurgist – Mr Mark Haslam. The sample was ground to 3.35mm and homogenised. Four head assay samples were taken which ranged from 2.6g/t to 9.0g/t with an average grade of 5.8g/t gold. The sample was then split using a rotary splitter where a 1 kilogram sample was taken for metallurgical test work. A total of 85.4% of the gold was extracted using gravitational methods with a total of 99.5% gold extracted using gravity and cyanide methods for an overall recovered grade of 6.05g/t gold. Appendix 1 tabulates the results of this test work.

Old Pirate consists of outcropping gold bearing quartz veins hosted by sediments (Figure 1). More than 15 individual veins have been mapped covering an overall area of 600m by 250m and range from 30cm to several metres in width. Drill results indicate gold extends from surface to in excess of 60m. Gold is very coarse in the veins as indicated with some rock chip samples greater than 2000g/t gold (refer release 8 July 2010). Historic drill results and more recent drilling by ABM Resources in 2010 has confirmed the potential of the area (refer to Figure 1).

Significant intersections include:

• 43m @ 7.0g/t gold inc:
  • 17m @ 16.72g/t gold
• 5m @ 274g/t gold inc:
  • 1m @ 1360g/t gold
• 6m @ 26.69g/t gold
• 7m @ 22.98g/t gold
• 10m @ 11.86g/t gold
• 13m @ 6.24g/t gold
• 3m @ 10.30g/t gold
• 1m @ 46.40g/t gold

Refer to press releases dated 02/02/2010, 03/03/2010, 15/06/2010, 08/07/2010, 12/07/2010, 27/07/2010, 31/08/2010 and 15/11/2010 for full details.

Figure 1. Old Pirate Vein System with drill results, rock chip results and location of metallurgical samples. (refer previous release dated 15/11/2010)

Old Pirate is located approximately 1.8 kilometres from the Buccaneer Porphyry Gold Deposit where the Company recently announced a maiden inferred resource (Table 1).

Cut-off Grade	Million Tonnes	Gold GradeContained 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
0.6	27.6	1.16	1.03
0.7	20.5	1.30	0.86
1.1	8.7	2.01	0.56

Table 1. Buccaneer Porphyry Gold Deposit Inferred Resource (refer to release dated 21/02/2011 for further details)

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 21/02/2011 for further details.

At Buccaneer the Company recently announced the identification of the Western Zone which is interpreted to be a higher grade zone within the porphyry with drill results including 81m grading 2.03g/t gold and 67m grading 2.07g/t gold (refer releases 13/01/2011 and 18/10/2010) which is open in several directions. In addition to Buccaneer and Old Pirate, ABM has identified a further 28 targets including extensive gold anomalies, high grade targets and bulk tonnage intrusive related targets on the 40km by 40km Twin Bonanza Gold Camp.

Figure 2. Oblique aerial view of Old Pirate to Buccaneer and other regional targets at Twin Bonanza Gold Camp (yellow dots)

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 gold zones in quartz veins hosted in sedimentary rocks and the Buccaneer Porphyry Gold Deposit an intrusive related bulk-tonnage gold target. In 2011 ABM is focusing its effort at the Buccaneer Porphyry Western Zone, Old Pirate (trenching) and intends to test up to 10 of the regional targets.

Figure 3. Twin Bonanza Gold Camp

About ABM Resources NL

ABM is a mineral exploration company focused on gold 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.

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 and, other than previous results, is based on metallurgical test work conducted independently by ALS Ammtec Laboratory in Perth, Western Australia. 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. Results of Metallurgical Test Work

Table 2. Metallurgical Test Work of Old Pirate Vein Sample conducted by ALS Ammtec in Perth, Western Australia.

	Quantity	Gold
Product		Assay	Mass	Dist'n
		(ppm)	(µg)	(%)
Solids (g)	1000.0	0.03	30	0.50
Solution (mls)	1350.0	0.58	776	12.82
Solution Samples *			75	1.24
Gravity Gold			5173	85.44
Total Extraction				99.50
Total			6054	100.00
Calculated Head		6.05
Assay Head		5.77

Chart 1. Rate of Gold Extraction

Other Comments:

• NaCN Addition :	1.50	(Kg/t)
• NaCN Consumption (kg/t) :	0.52	(Kg/t)
• Lime Consumption (kg/t) :	0.42	(Kg/t)
• Site Bore Water Used :	1.000	(SG)
• Water Weight To Leach :	1500.0	(g)