PRODIGY GOLD NL — Capital/Financing Update 2012

Feb 27, 2012

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ASX ANNOUNCEMENT / MEDIA RELEASE

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ASX:ABU

28[th ] February, 2012

Hyperion Gold Project Drill Results with a best ever intercept of 35 metres averaging 5.43g/t gold including 10 metres averaging 17.27g/t gold

ABM Resources NL (“ABM” or “The Company”) is pleased to provide an update on exploration activities in the Northern Territory.

Drilling results from the Hyperion Gold Project:

• Reverse Circulation hole HYRC100014 at the Hyperion Central Prospect intersects:

• 35 metres averaging 5.43g/t gold (0.5g/t cut-off) from 36 metres depth including:

  • 10 metres averaging 17.27g/t gold (1.0g/t cut-off) and a peak value of: o 135g/t gold over 1 metre.

• Reverse Circulation hole HYRC100016 at the Hyperion Central Prospect intersects:

• 15 metres averaging 2.06g/t gold (0.5g/t cut-off) including:

  • 10 metres averaging 2.85g/t gold (1.0g/t cut-off).

• Reverse Circulation hole HYRC100017 at the Hyperion Central Prospect intersects:

• 12 metres averaging 3.48g/t gold (0.5g/t cut-off) including:

  • 9 metres averaging 4.36g/t gold (1.0g/t cut-off).

• Reverse Circulation hole HSRC100006 at the Hyperion South Prospect intersects:

• 26 metres averaging 1.14g/t gold (0.5g/t cut-off) including:

  • 4 metres averaging 2.3g/t gold (1.0g/t cut-off) and

  • 13 metres averaging 1.13g/t gold (1.0g/t cut-off).

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• Reverse Circulation hole HYRC100018 at the Hyperion West Prospect located 450 metres west of Hyperion Central suggests new discovery intersecting:  8 metres averaging 1.25g/t gold (0.5g/t cut-off) including:

• 4 metres averaging 1.95g/t gold (1.0g/t cut-off).

Further drill results from the 2011 program at Hyperion are pending completion of assays.

Darren Holden, Managing Director of ABM Resources said, “ABM's tiered exploration approach sees the Company working advanced projects such as Old Pirate and Buccaneer along with regional discoveries and grass-roots targets simultaneously. This approach gives the Company excellent optionality across its extensive portfolio. The Hyperion Gold Project is one of the Company’s regional discoveries and is located only 18 kilometres from Tanami Gold NL's Groundrush Gold Deposit. We expect that an initial resource will be estimated for the project following receipt of the remaining results from the 2011 drilling program.”

Hyperion Gold Project

The Hyperion Gold Project is 100% owned by ABM and is located 18 kilometres north-northeast of the Groundrush Gold Deposit (Tanami Gold NL). The Hyperion Gold Project consists of a composite 2 kilometre by 500 metre gold anomaly defined by over 300 shallow rotary air blast (RAB) holes averaging 54 metres in depth. With geological similarities to the nearby Groundrush Gold Deposit, gold mineralisation at Hyperion is principally hosted in structurally controlled quartz-carbonate veins associated with felsic dykes and dolerite.

The Hyperion Central Prospect has drill-defined mineralisation over a strike length of 600 metres within an anomaly more than 1 kilometre long. Mineralisation extends from surface to a depth of at least 250 metres below surface.

The Hyperion South Prospect has confirmed mineralisation over a strike length of 250 metres within an anomaly 800 metres long. Mineralisation extends from near surface to at least 200 metres depth.

The Hyperion West Prospect is a newly recognised prospect where the only drill hole (HYRC100018) from the 2011 season returned 8 metres averaging 1.25g/t gold from a geological setting similar to the main Hyperion Central Prospect. The Hyperion West Prospect is located approximately 450 metres west of the main Hyperion Central Prospect (Figure 2).

ABM's 2011 drill program at Hyperion consisted of 20 reverse circulation (RC) drill holes for a total of 3,354 metres of drilling for extensional exploration and resource estimation purposes. Appendices 1 and 2 contain the details of the first batch of results from this drilling (10 holes) with the remaining results expected shortly.

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Figure 1. Long Section of the Hyperion Central Prospect showing centroids of mineralised intercepts with previous intercepts labelled with g/t gold multiplied by intercept length (g/t*m) and key intersections from 2011 program.

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Figure 2. Map view of the Hyperion Central, South & West Prospects with latest significant intercepts labelled.

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Figure 3. Location map of Hyperion Gold Project relative to the Twin Bonanza Project and the Groundrush Mine.

About ABM Resources

ABM Resources is an exploration company developing several gold discoveries in the TanamiArunta region of the Northern Territory of Australia. The Company's assets include the Twin Bonanza Gold Camp including the large scale / bulk tonnage Buccaneer Porphyry Gold Deposit which has several new extensional zones discovered in 2011 and the Old Pirate High-Grade Gold Prospect where the Company recently announced 726 metres of combined vein strike length averaging 24.01g/t gold from surface trenching (refer announcement dated 8/2/2012). In addition, regionally the Company has discoveries at the Hyperion Gold Project and the Kroda Gold Project and is also focused on unlocking the potential of one of the largest blocks of exploration licenses in Australia.

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Figure 4. ABM Project Location Map Northern Territory

Signed

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Darren Holden – Managing Director

Competent Persons Statement

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled 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 CFO / Company Secretary Managing Director

Berdine Mastaglia Investor Relations Manager

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+61 8 9423 9777

+61 8 9423 9777

+61 8 9423 9777

APPENDIX 1. 2011 Program - Hyperion Drill Hole Details and Status

Hole ID	Prospect	Easting (m)	Northing (m)	Elevation above sea level	Inclination (degrees)	Azimuth (degrees)	Depth (metres)	Results Status
HSRC100006	Hyperion South	613687	7836804	415	-60	86.5	252	Reported
HSRC100007	Hyperion South	613688	7836773	418	-60	86.5	198	Reported
HSRC100008	Hyperion South	613661	7836743	411	-60	356.5	150	Reported
HSRC100009	Hyperion South	613541	7836795	419	-60	356.5	150	Reported
HYRC100009	Hyperion Central	612999	7836790	419	-60	356.5	174	Pending
HYRC100010	Hyperion Central	613051	7836761	419	-60	356.5	78	Reported
HYRC100011	Hyperion Central	613069	7836689	412	-60	356.5	108	Reported
HYRC100012	Hyperion Central	613059	7836715	408	-60	356.5	138	Pending
HYRC100013	Hyperion Central	613100	7836684	415	-60	356.5	78	Pending
HYRC100014	Hyperion Central	613110	7836681	413	-60	356.5	108	Reported
HYRC100015	Hyperion Central	613149	7836150	416	-60	356.5	174	Pending
HYRC100016	Hyperion Central	613201	7836213	414	-60	356.5	120	Reported
HYRC100017	Hyperion Central	613195	7836241	401	-60	356.5	150	Reported
HYRC100018	Hyperion West	612596	7836323	406	-60	356.5	180	Reported
HYRC100019	Hyperion Central	612899	7836831	412	-60	356.5	198	Pending
HYRC100020	Hyperion Central	612897	7836761	413	-60	356.5	198	Pending
HYRC100021	Hyperion Central	612898	7836679	417	-60	356.5	216	Pending
HYRC100022	Hyperion Central	613049	7836669	412	-60	356.5	222	Pending
HYRC100023	Hyperion Central	613130	7836668	411	-60	356.5	186	Pending
HYRC100024	Hyperion Central	613149	7836604	412	-60	356.5	276	Pending

First 2 letter prefix: HS = Hyperion South, HY = Hyperion Central and Hyperion West. Second 2 letter prefix: RC = Reverse Circulation.

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APPENDIX 2. Significant intercept tables for 2011 holes received to date at Hyperion

Table 1.1. Significant intercepts for 2011 holes received to date at the Hyperion Gold Project at 1.0g/t gold cut-off.

Hole ID	Depth From (m)	Depth To (m)	Interval (m)	Gold (g/t)
HSRC100006	88	92	4	2.30
HSRC100006	99	112	13	1.13
HSRC100007	93	94	1	1.71
HSRC100007	99	100	1	2.51
HYRC100011	29	30	1	1.21
HYRC100011	38	42	4	2.01
HYRC100011	47	52	5	1.15
HYRC100011	55	58	3	2.88
HYRC100014	37	47	10	17.27*
HYRC100014	50	51	1	1.91
HYRC100014	59	62	3	1.78
HYRC100014	69	70	1	1.89
HYRC100014	85	86	1	1.31
HYRC100016	71	81	10	2.85
HYRC100016	85	86	1	1.02
HYRC100017	105	114	9	4.36
HYRC100018	134	138	4	1.95

Significant intercepts calculated for holes HSRC100006, HSRC100007, HYRC100011, HYRC 100014, HYRC100016, HYRC100017, HYRC100018 at a 1.0g/t gold cut-off, minimum 1 metre width and maximum 5 metre internal dilution. All samples processed at ALS Global Laboratories in Alice Springs (NT) and Perth (WA) using Fire Assay for gold.

*HYRC100014 includes an assay of 135g/t gold over 1 metre from 37 to 38 metres depth.

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Table 1.2. Significant intercepts for 2011 holes received to date at the Hyperion Gold Project at 0.5g/t gold cut-off.

Hole ID	Depth From (m)	Depth To (m)	Interval (m)	Gold (g/t)
HSRC100006	86	112	26	1.14
HSRC100006	118	120	2	0.65
HSRC100006	127	128	1	0.54
HSRC100007	93	100	7	0.77
HSRC100009	106	111	5	0.88
HYRC100011	18	19	1	2.13
HYRC100011	28	30	2	0.86
HYRC100011	38	60	22	1.11
HYRC100014	36	71	35	5.43
HYRC100016	71	86	15	2.06
HYRC100017	104	116	12	3.48
HYRC100018	132	140	8	1.25

Significant intercepts calculated for holes HSRC100006, HSRC100007, HSRC100009, HYRC100011, HYRC 100014, HYRC100016, HYRC100017, HYRC100018 at a 0.5g/t gold cut-off, minimum 1 metre width and maximum 5 metre internal dilution. All samples processed at ALS Global Laboratories in Alice Springs (NT) and Perth (WA) using Fire Assay for gold.

Table 1.3. Significant intercepts for 2011 holes received to date at the Hyperion Gold Project at 0.3g/t gold cut-off.

Hole ID	Depth From (m)	Depth To (m)	Interval (m)	Gold (g/t)
HSRC100006	84	128	44	0.8
HSRC100007	92	100	8	0.72
HSRC100007	128	129	1	0.86
HSRC100008	67	72	5	0.25
HSRC100008	115	116	1	0.48
HSRC100009	106	113	7	0.73
HYRC100010	15	16	1	0.32
HYRC100010	77	78	1	0.63
HYRC100011	18	78	60	0.57
HYRC100014	25	92	67	2.97
HYRC100016	71	86	15	2.06
HYRC100017	104	117	13	3.24
HYRC100018	93	100	7	0.34
HYRC100018	132	140	8	1.25

Significant intercepts calculated for holes HSRC100006, HSRC100007, HSRC100008, HSRC100009, HYRC100010, HYRC100011, HYRC 100014, HYRC100016, HYRC100017, HYRC100018 at a 0.3g/t gold cut-off, minimum 1 metre width and maximum 10 metre internal dilution. All samples processed at ALS Global Laboratories in Alice Springs (NT) and Perth (WA) using Fire Assay for gold.

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