PRODIGY GOLD NL — Capital/Financing Update 2011

Jan 12, 2011

ASX ANNOUNCEMENT / MEDIA RELEASE ASX:ABU

13th January 2011

Buccaneer Porphyry North-West Extension Drilling Delivers Impressive Results:

81 metres grading 2.03g/t gold within 172 metres grading 1.11g/t gold or 221 metres grading 0.95g/t gold

ABM Resources NL ("ABM" or "The Company") is pleased to announce that it has received and compiled the gold results from the remaining 5 holes drilled during 2010 at the Buccaneer Porphyry Gold Prospect which is part of the multi-prospect Twin Bonanza Project area in the Northern Territory.

Highlights:

• Hole BCRC100035 on the north-western extension of the Buccaneer Porphyry Prospect returned:
  • o 221 metres grading 0.95g/t gold from 60 metres (0.1g/t cut-off) including
    • 172 metres grading 1.11g/t gold (0.3g/t cut-off) including
    • 81 metres grading 2.03g/t gold (0.7g/t cut-off).
• Hole BCRC100035 represents one of the best intersections to date.
• Hole BCRC100035 is interpreted to link with BCRC100022, located 120 metres to the south of BCRC100035, which returned 67 metres grading 2.07g/t gold within 127 metres grading 1.18g/t gold. This is potentially a new zone of higher grade material open to the north.

Darren Holden, Managing Director of ABM Resources said, "The Buccaneer Porphyry Gold Prospect continues to throw up surprises and new extensions. We are delighted with the results from Hole 35 which represent an extension of the Buccaneer Porphyry Gold system to the north-west of the main area drilled to date. The higher grade zone (81 metres grading 2.03g/t gold) within this hole is a possible continuation of the higher grade zone previously reported in Hole 22 which returned 67 metres grading 2.07g/t gold within 127 metres grading 1.18g/t gold. We are beginning to prepare for the 2011 field season and, weather permitting, we aim to recommence drilling within the next 6 to 8 weeks."

Figure 1. Plan view of the Buccaneer Porphyry Prospect showing drill hole locations and geology. Map includes inferred composite contour at various grade cut-offs from drilling projected from various levels to surface i.e. does not represent single level plan-slice. Refer to Appendix 1 for details of the various cutoffs and intercept calculations and previous releases for details of other ABM Resources drill-holes.

Figure 2. Map view of Holes BCRC100029, 22, and 35 showing current interpretation of the north-south oriented zone. Refer to Figure 1 for location details.

North-West Step-Out Drilling

Holes BCRC100031, 32, 33, 34 and 35 were drilled to test north-west extensions of the Buccaneer Porphyry Gold Prospect. The location of the key geological contact between the sedimentary rocks and the monzonite porphyry changes strike from north-west-southeast strike adjacent to the main Buccaneer Porphyry zone to more north-south strike in the area of north-west extensions which is likely due to fault offsets (see Figure 1).

Hole 31 did not intersect any monzonite, was terminated at 70 metres and did not return significant results. Holes 32 and 33 were drilled from outside the monzonite (collared in sediments) to test the contact zone and intersected widespread low-grade mineralisation in the monzonite (Table 1). Hole 34 was drilled from the northeast to south-west within the monzonite and also intersected widespread low grade mineralisation.

Hole 35 was drilled from east to west to target mineralisation across the key contact zone which is reinterpreted to be north-south in this area. The initial review indicates that the higher grade zone in Hole BCRC100035 (81 metres grading 2.03g/t gold) is a possible continuation of the deeper higher-grade mineralised zone intersected in Hole BCRC100022 previously announced on 18/10/2010 with 67 metres grading 2.07g/t gold within 127 metres grading 1.18g/t gold (Figure 2). This zone remains open to the north and trends into an area untested by deeper drilling. ABM Resources intends to recommence drilling on the Twin Bonanza Project (including the Buccaneer Porphyry) within the next six to eight weeks.

These drill results are the last of the assay results from the 2010 drill program at Buccaneer. The Company has commenced 3D modelling of this data with a view to achieving the first resource estimation.

About the Twin Bonanza Project

The Buccaneer Porphyry Prospect is just one of seven targets which make up the Twin Bonanza Project area. Twin Bonanza is located 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 Project – a 3 kilometre anomaly with multiple high-grade gold zones in quartz veins hosted in sedimentary rocks and the Buccaneer Porphyry Prospect an intrusive related bulk-tonnage gold target.

Figure 3. Twin Bonanza Project Area

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. 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.

Table 1. Holes BCRC1000031 to 1000035 – North-West Extensions of the Buccaneer Porphyry Gold Prospect.

Hole ID	Depth from(metres)	Depth to(metres)	Inverval(metres)	Au Grade (g/t)	Au g/t xmetres
BCRC100032	228	352	124	0.08	9.92
Including *	323	345	22	0.12	2.64
BCRC100033	47	341	294	0.1	29.40
Including *	144	187	43	0.25	10.75
Including *	230	250	20	0.19	3.80
BCRC100034	75	338	263	0.19	49.97
Including *	75	106	31	0.12	3.72
Including *	136	146	10	0.38	3.80
Including *	196	216	20	0.26	5.20
Including *	264	280	16	0.58	9.28
Including *	296	337	41	0.38	15.58
Including **	136	146	10	0.38	3.80
Including **	317	327	10	0.72	7.20
BCRC100035	60	281	221	0.95	209.95
Including *	61	77	16	0.93	14.88
Including *	108	280	172	1.11	190.92
Including **	63	71	8	1.49	11.92
Including **	137	153	16	0.85	13.60
Including **	175	256	81	2.03	164.43
Including ***	63	71	8	1.49	11.92
Including ***	197	210	13	2.84	36.92
Including ***	244	256	12	8.22	98.64
BCRC100035	308	350	42	0.35	14.70

Intercept calculated using 0.1g/t Au cut-off, minimum 2 metre width and maximum 20 metres internal dilution except where indicated with (*) where intercept calculated using 0.3g/t Au and 15 metres internal dilution or (**) where intercept calculated at 0.7g/t Au cut-off and 10 metres internal dilution or (***) where intercept calculated using 1.0g/t Au cut-off and 5 metres internal dilution. Note – in some cases the total intercept grade maybe less than the cut-off grade due to the internal dilution factors. All assays based on 1 metre composite of samples from Reverse Circulation Drilling. All assays processed by ALS Global in Alice Springs and Perth with Fire Assay using a 30g charge. Standards and blanks inserted into the sample stream to monitor laboratory performance.

Hole ID	Easting(metres)	Northing(metres)	Elevation(mRL)	Azimuth(degrees)	Inclination(degrees)	Depth Drilled(metres)	Maximum GoldAssayin hole
BCRC100031	514298	7772876	428	220	-70	70	0.10 g/t
BCRC100032	514203	7772902	435	40	-70	352	1.18 g/t
BCRC100033	514295	7772872	437	40	-70	352	2.08 g/t
BCRC100034	514352	7772993	435	220	-70	352	3.66 g/t
BCRC100035	514447	7772820	434	270	-70	352	24.70 g/t

Table 2. Buccaneer Drill hole details for Holes BCRC100031 to 100035 MGA94 Zone 52