PROSPECT RESOURCES LIMITED — Capital/Financing Update 2010

Jun 1, 2010

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MARKET RELEASE

2 June 2010

Ethan Minerals Limited

TRADING HALT

The securities of Ethan Minerals Limited (the "Company") will be placed in pre-open at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Friday, 4 June 2010 or when the announcement is released to the market.

ETH Security Code:

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Jill Hewitt Adviser Issuers (Perth)

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W ETHAN MINERALS Limited

1 June 2010

Attn: Jill Hewitt ASX Ltd Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000

Dear Jill,

TRADING HALT

Following our telephone conversation, Ethan Minerals Ltd (the Company) request that the securities of the Company be placed in trading halt as follows:

• The trading halt has been requested pending an announcement by 1. Ethan Minerals on a proposed capital raising;
• The trading halt should be until the release of an announcement by Ethan Minerals, expected to be by no later than market open Friday $2.$ 4 June 2010;
• Ethan Minerals is not aware of any reason why the trading halt 3. should not be granted.

Yours sincerely ETHAN MINERALS LIMITED

GRAHAM ANDERSON Chairman

ETHAN MINERALS Limited

Soite 24, 443 Albany UtghwayMictoria Pjutt WA 6100 Australia

T +61 8 9472 5502E +61 8 9302 2005E -αbajanmarals@tagpoid.com