PROSPECT RESOURCES LIMITED — Board/Management Information 2010

Oct 13, 2010

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ETHAN APPOINTS BILL O’NEILL TO THE BOARD

AS NON-EXECUTIVE CHAIRMAN

The Directors of Perth based explorer, Ethan Minerals Limited (ASX: ETH) are pleased to announce the appointment of Mr Douglas (Bill) O'Neill ("Bill O'Neill") as Non-Executive Chairman of the Company.

Mr O'Neill will undertake an active role in assisting in the further development of Ethan and overseeing the future financing of the Company. This role is expected to expand as the Company is now entering a phase of developing and commercialising its wide mining interests, which include the Zambian Manganese interests, the Indonesian gold prospects and the Mary Springs lead mining Project in Western Australia.

Mr O’Neill has an extensive background in Investment Banking which spans 40 years. During this time he has worked for various financial institutions, including Citibank, Morgan Grenfell and the Hong Kong Shanghai Bank. He has completed numerous fund raisings; including debt facilities, structured funding, project financing and equity raisings via IPOs. Bill’s experience also encompasses extensive specialisation in the area of mergers and acquisitions and takeover defence strategies. Bill has provided consulting services to Ethan Minerals since 2009.

Ethan’s current Chairman, Mr Graham Anderson, has stepped down from the Board for personal reasons and will remain available as a consultant to the company.

The change is effective immediately.

In commenting on the appointment of Bill O’Neill to Ethan’s Board, Ken Fitzgerald, Executive Director, said,

“Mr Neill’s extensive experience in investment banking and mergers and acquisitions is an excellent skill-set fit to assist the company in its growth phase. We look forward to working together to facilitate the Company’s progression from junior explorer to producer.”

“We thank Graham Anderson for his significant contribution to the Company over the past year. He has been critical to the development of the Company during a time where many challenges presented themselves.”

In commenting on his appointment as Non-Executive Chairman, Bill O’Neill said,

“I am delighted to join the Board of Ethan Minerals Limited, which has a very positive outlook for the future and for the Company’s development. We have a number of significant opportunities ahead of us and I look forward to making a contribution towards their realisation.”

For more information,

Or contact: Mr Ken Fitzgerald Executive Director Ethan Minerals Limited Tel: +61 8 9472 5502 Mob: +61 (0)417 099 167

Mr Rod North Managing Director Bourse Communications Pty Ltd Tel: +61 3 9510 8309 Mob: +61 (0)408 670 706

T: +61 8 9472 5502 F: +61 8 9362 2805 E: ethanminerals@bigpond.com

Suite 24, 443 Albany Highway Victoria Park WA 6100 Australia

ETHAN MINERALS Limited ACN 124 354 329