PROSPECT RESOURCES LIMITED — Capital/Financing Update 2009

Dec 1, 2009

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1 December 2009

Mr Greg Coulson Adviser, Issuers (Perth) Australian Securities Exchange Limited Level 8, Exchange Plaza, 2 The Esplanade Perth WA 6000

Dear Greg,

UPDATED STATEMENT OF COMMITMENTS

A Summary of Ethan's Budgeted Exploration Expenditure$5m Capital Raising
Project	Year 1	Year 2	Total
Data AcquisitionGeophysics and remote sensingGeochemistryDrilling RCDrilling DiamondAssaysResource workField workAdministration and tenement costsCorporate, Consutlancy and Administration, OfficeoverheadsWorkingCapital	75,000225,000175,000225,000125,000125,00055,000225,00033,000525,000350,000	50,000225,000150,000275,000175,000150,00075,000275,00035,000540,000360,000	125,000450,000325,000500,000300,000275,000130,000500,00068,0001,065,000710,000
Total	2,138,000	2,310,000	4,448,000

Yours sincerely,

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Leonard Math Company Secretary

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

ETHAN MINERALS Limited ACN 124 354 329

Suite 24, 443 Albany Highway Victoria Park WA 6100 Australia