PROSPECT RESOURCES LIMITED — Capital/Financing Update 2009

Dec 1, 2009

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MARKET RELEASE

2 December 2009

Ethan Minerals Limited

ADMISSION TO OFFICIAL LIST

Ethan Minerals Limited was admitted to the Official List of ASX Limited on Wednesday, 2 December 2009.

Official Quotation of the following securities will commence at 2.00 pm EDST (11.00 am WST) on Friday 4 December 2009.

40,893,750 ordinary shares fully paid

Security Codes: ETH

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Greg Coulson Senior Adviser, Issuers (Perth)

s:\perth companies\per-unlisted\ethan minerals limited\listing docs\eth2009.11.30mr-gc.doc

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ASX Circular

Date: 2 December, 2009

Key topics

COMMENCEMENT OF OFFICIAL QUOTATION – ETHAN MINERALS LIMITED

1. Ethan Minerals Limited

2. ASX Codes: ETH

3. Quotation Commences: 2.00 pm EDST (11.00 am WST) on Friday, 4 December 2009

Ethan Minerals Limited (the “Company”) was admitted to the official list of the ASX Limited on Wednesday, 2 December 2009.

Official quotation of the Company’s securities will commence on Friday, 4 December 2009.

Reading List

Banks Client Advisers Compliance Managers Corporate Advisory DTR Operators Issuers

Institutions

ASTC Participants Operations Managers (back office) ACH Participants

Market Participants

Authorised by

Greg Coulson

Contact

Greg Coulson

Telephone

(08) 9224 0000

ASX Limited ABN 98 008 624 691 Exchange Centre 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215

Quoted Securities: 40,893,750 fully paid ordinary shares (Shares) ASX Code: ETH (Shares) Time: 2.00 PM EDST (11.00 AM WST) Date: 4 December 2009 ITS Abbreviation: ETHANMIN ISIN: AU000000ETH0 (Shares) Home Branch: Perth Industry Classification: Materials Registered Office: Suite 24, 443 Albany Highway VICTORIA PARK WA 6100 Telephone: (08) 9472 5502 Facsimile: (08) 9362 2805 Website: www.ethanminerals.com.au Company Secretary: Leonard Math Share Registry: Security Transfer Registrars Pty Ltd Alexandra House Suite 1 770 Canning Hwy APPLECROSS WA 6153

Internet: http://www.asx.com.au

No responsibility is accepted for any inaccuracies contained in the matter published.

ASX Circular

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Balance Date:	30 June
CHESS:	Participating. The Company will also operate an issuer sponsored subregister.
State of Incorporation:	Western Australia
Dividend Policy:	Refer to page 15 of prospectus
Activities:	Base metal exploration
ASX Restricted Securities:

10,500,000 fully paid ordinary shares issued to related parties and promoters at various prices classified by ASX as restricted securities and to be held in escrow for a period of 24 months from commencement of official quotation.

9,000,000 options exercisable at $0.20 on or before 18 October 2012 issued to related parties classified by ASX as restricted securities and to be held in escrow for a period of 24 months from commencement of official quotation.

1,000,000 options exercisable at $0.23 on or before 2 years following the date of admission to ASX issued to promoters classified by ASX as restricted securities and to be held in escrow for a period of 24 months from commencement of official quotation.

500,000 fully paid ordinary shares issued to unrelated seed capitalists classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue being 7 January 2009.

550,000 fully paid ordinary shares issued to unrelated seed capitalists classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue being 30 March 2009.

125,000 fully paid ordinary shares issued to unrelated seed capitalists classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue being 30 April 2009.

1,862,500 fully paid ordinary shares issued to unrelated seed capitalists classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue being 19 August 2009.

6,500,000 ordinary fully paid shares issued to unrelated vendors classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue being 30 November 2009.

ASX Circular

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