PROSPECT RESOURCES LIMITED — Board/Management Information 2011

May 2, 2011

==> picture [595 x 141] intentionally omitted <==

----- Start of picture text ----- ASX Media Relese24 March, 2011.----- End of picture text -----

ASX/MEDIA RELEASE 2ND MAY 2011

KEN ROBSON APPOINTED CHAIRMAN AT ETHAN MINERALS

Perth based explorer, Ethan Minerals Limited (ASX: ETH) is pleased to announce the appointment of Mr Ken Robson as Executive Chairman of Ethan Minerals. Ken has been appointed to guide Ethan through its development phase, setting the Company on a clear path for growth. Ethan believes that Ken will bring the necessary experience and knowledge to assist in the further development of Ethan over the coming years.

Ken’s background encompasses extensive experience as a Corporate Lawyer and Adviser, specialising in fundraising, market compliance and Mergers & Acquisitions. He has also been involved with a number of IPOs (very recently Potash WEST NL), many successful mergers, acquisitions and takeovers and the restructuring of high profile companies. Ken also has a background as a barrister in the High Court and Courts of Appeal.

Ken brings to Ethan a very strong ability to assist in fundraising and in promoting strong relationships with the capital markets and investment community. He also has experience as a board member, takeover coordinator and Managing Director of a number of mining companies. He has an excellent knowledge of international fundraising and compliance, having practiced in the US, Britain, Ontario, Switzerland, Singapore, New Zealand and Australia.

Mr Bill O’Neill is retiring from the position of Non-Executive Chairman and will remain on the Ethan Board as a Non-Executive Director.

For more information please visit www.ethanminerals.com.au

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