PROSPECT RESOURCES LIMITED — Capital/Financing Update 2010

Apr 26, 2010

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APRIL 27 2010
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ETHAN MINERALS SIGNS ‘MOU’ IN INDONESIA TO DEVELOP A POTENTIALLY SIGNIFICANT GOLD DEPOSIT

Perth based explorer, Ethan Minerals Limited (ASX: ETH, “ETH”) is pleased to announce to the market that the Company has signed a Memorandum of Understanding (MOU) with Indonesian based Company, PT AL Maruf (“PT AM”) to develop the Gold Tiger Mining Concession Area (“GTMCA”) in Central Kalimantan, Indonesia. The MOU establishes Ethan’s exclusive right to develop, mine, process, transport and sell gold ore products from the Kapuas Project within the GTMCA. PT AM has recently been granted a Gold Ore Mining Licence for the area from the Regent of Kapuas, Central Kalimantan. The valid licence area covers 125,000 hectares. An initial 25,000 hectares has already been awarded and a further 100,000 hectares under application. Ethan will be responsible for providing the expertise and support needed in the construction of the mining facilities, mining, exploitation and operation of the GTMCA Project.

Ethan Minerals is also pleased to advise the establishment of an office in Indonesia, located in Makassar, Sulawesi and is staffed by a team of professionals led by Australian expatriate, Mr. Richard Lee who has 30 years experience in mining operations in Australia and Indonesia. The team will continue to evaluate a number of other attractive mining projects in Indonesia, including a number of iron sands and chrome sands projects.

The PT AM transaction has been formally executed and initial verification has been obtained by Ethan’s lawyers in Jakarta, that the vendor has all the required licences and permits for the licence area and development of the project.

The terms of the agreement with the vendor, PT AL Maruf (“PT. AM”) are as follows:

• Ethan Minerals has paid a refundable deposit of $US500,000, receipt of which has been formally acknowledged thus completing the terms of the MOU, which will be refunded if the information regarding the deposit as provided by the vendor, does not correlate with the information as determined in the due diligence exercise. Ethan has security over the respective titles, approvals and licences to the respective areas to support the right of a full refund.

• The due diligence will encompass a period of two months. This will comprise an examination of all the data compiled by PT Geoservices over the past four years, as contained in a data room in Bandung, Kalimantan. Verification of the samples will be undertaken through field visits to the site, independent sampling of the mineralization and analysis by a suitably qualified commercial laboratory. Analysis of the samples will take about four weeks to complete.

• The outlined basic terms of the agreement are that PT. AM will be paid a royalty of 10 per cent of the net sales revenue from gold sales pertaining to the GTMCA. A full form agreement is expected to be drafted and executed in due course.

• Once the licences are in place for the remaining 100,000 hectares, Ethan Minerals will reimburse PT. AM an expected US$2.5 million for the costs that PT AM will have incurred for the granting of the appropriate licences and approvals. This is anticipated to occur in about 2 to 3 months’ time.

• Upon completion of the due diligence process, Ethan Minerals will advance US$5 million to PT AM as an advance on net sales revenue payments. These advances will be repaid to Ethan Minerals as follows:

• US$500,000 from the first gold shipment,

• US$1,000,000 from the second gold shipment and

• US$3,500,000 from the third gold shipment.

ETHAN MINERALS LIMITED ACN 124 354 329

Suite 24, 443 Albany Highway Victoria Park WA 6100 Australia

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

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APRIL 27 2010
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Under the conditions set out in the MOU, Ethan has the right to mine a 125,000 hectare prospect area in central Kalimantan around the Kapuas River. The initial rights are to 25,000 hectares (over which all the appropriate licences have been issued) with the exclusive rights to the remaining 100,000 hectares once the appropriate licences are in place.

MineMap have reviewed the geological information but under the terms of the MOU, that information could not be physically passed to MineMap until the MOU was signed and the US$500,000 refundable deposit was made.

A geological survey conducted by PT.Geoservices, a Bandung (Indonesia) based geological survey company, in 2006 indicated that the mining concession areas contained an estimated tonnage ranging between 100,000,000 and 200,000,000 of alluvial material at an estimated grade range between 5 g/t and 10 g/t gold. Over 500 samples were taken by PT.Geoservices during field survey activities comprising of mapping, sampling for geochemistry and test pit program.

MineMap wishes state that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource. At this stage the mining concession areas represent potentially significant exploration targets.

MineMap and its employee, Mr. Seldon Mart, is a competent person under the JORC requirements for ASX announcements of this nature and has been retained by Ethan Minerals to undertake a due diligence exercise on the geological information generated by PT Geoservices. Please refer to the attached report dated 22 April 2010 regarding this deposit issued by MineMap and its employee, Mr. William Seldon Mart.

In consideration of the definition provided by the ASX and in the JORC Code, these properties are classified as potentially significant exploration projects. The properties are considered to be sufficiently prospective, however, are subject to varying degrees of risk which warrant further exploration and possible development of their economic potential, consistent with the programs proposed by Ethan.

Given that the deposit is primarily of an alluvial nature, it is anticipated that the capital expenditure required will not be unduly onerous to Ethan. Alluvial deposits of this type are usually mined by a basic earth moving model with the use of sluices, spiral separators and shaker tables. However, the exact requirement for mining equipment will be determined by a Bankable Feasibility Study that will be undertaken by MineMap who have been engaged on this basis. MineMap will compile a 3D mining model to delineate the deposits parameters. The grade location and pit design to optimise the resource will also be determined by MineMap. MineMap is also undertaking a similar exercise for Ethan’s Mary Springs Lead Prospect at the Northampton Project, to update the current JORC quoted resources. The report for the Mary Spring’s Prospect is expected within a month.

For further detailed information on the project’s potential please refer to the attached report by MineMap which details sample grade estimates for the alluvial deposit as provided by PT Geoservices.

The data provided by PT Geoservices indicates that the deposit is possibly of a high grade nature. Unlike hard rock, deposits that are common in Australia, alluvial deposits are not usually uniform, but can contain zones of high and low grade mineralization. As outlined above, substantial further testing and sampling will be required, however, if the information available to-date is confirmed the GTMCA Project should prove to be highly prospective.

Ethan Minerals has not yet commenced negotiations regarding the funding of this gold project as it has been under a confidentiality agreement until now. Given the possible potential of the project, the relative low capital expenditure costs as outlined above, it is anticipated that given the bullish outlook for gold, funding Ethan Minerals’ obligations regarding this transaction should be relatively straightforward.

ETHAN MINERALS LIMITED ACN 124 354 329

Suite 24, 443 Albany Highway Victoria Park WA 6100 Australia

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

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APRIL 27 2010
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Currently, these properties are classified as potentially significant exploration projects and Ethan Minerals plans to undertake additional drilling and sampling to validate the current potential and to produce a JORC compliant resource.

In commenting on the establishment of the MOU and the significant potential the Gold Tiger Mining Concession Area affords Ethan Minerals, Mr. Ken Fitzgerald, Executive Director, said,

“It was always the Company’s intention to explore opportunities, both onshore and offshore that would be of economic interest. When this opportunity was brought to the attention of the Board of Ethan Minerals, it represented a real opportunity for the Company to fast track its ambition to transition from a pure exploration company and to emerge as a significant pre-production junior miner.”

“Participation in this project provides the Company with a presence in Indonesia where we have local expertise on the ground to manage and assist in the negotiations and facilitation process. This project will also greatly assist in fast tracking the operational side and provide very significant offshore exposure for the Company.”

Yours Faithfully

Mr. K. Fitzgerald Executive Director

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Competent Person’s Statement

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Seldon Mart – Principal Consultant, MineMap BSc Geology, Member AIMM

The information in this release relates to exploration results gathered by William Seldon Mart who is a Member of the Australian Institute of Mining and Metallurgy. Mr. Mart has the relevant experience in relation to the style of mineralisation and type of deposit being reported on to qualify as a Competent Person as defined in the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves. Mr. Mart is employed full-time by MineMap Pty. Ltd. as Chief Executive Officer, and has consented in writing to the inclusion in this statement of his compiled information in the form and context in which it appears.

For more information please visit the Company website, www.ethanminerals.com.au

For more information contact:

Mr Graham Anderson Mr. Ken Fitzgerald Mr. Rod North Chairman Executive Director Managing Director Ethan Minerals Limited Ethan Minerals Limited Bourse Communications Pty Ltd Tel: +61 8 9472 5502 Tel: +61 8 9472 5502 Tel: +61 3 9510 8309 Mob: +61 (0) 417 934 535 Mob: +61 (0)417 099 167 Mob: +61 (0)408 670 706

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

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27 April 2010

The Directors Ethan Minerals Limited Suite 24, 443 Albany Highway VICTORIA PARK WA 6100

Dear Sirs/Madams

Independent Resource Geologist’s Report on the Mining Concession Areas of Ethan Minerals Limited’s Gold Tiger “Gold” Project, Central Kalimantan, Indonesia.

MineMap Pty Ltd (‘MineMap’) has been commissioned by Ethan Minerals Limited (ACN 124 354 329) (‘Ethan’) to provide an Independent Resource Geologist’s report and preliminary statement on the Company’s Gold Tiger Mining Concession Areas, Central Kalimantan, Indonesia. This statement is to be included in an announcement to be lodged by Ethan Minerals Limited with the Australian Securities and Investments Commission.

The project review being undertaken by MineMap is to provide Ethan with a “JORC” compliant evaluation of its Gold Tiger “Gold” Project, Central Kalimantan The report is to provide a range of conceptual deposit sizes potentially contained within the mining concession areas ‘mineral field’ and to provide an insight into efficient exploration for those deposits. The statement is based on information provided by the title holders along with technical reports by consultants, previous tenement holders and other relevant published and unpublished data for the mining concession areas. MineMap has endeavoured by making all reasonable enquiries, to confirm the authenticity, accuracy and completeness of the technical data upon which the “JORC” report is to be based. Ethan was given a final draft of this statement and thereby given an opportunity to identify any material errors or omissions in it. MineMap has not verified the status of tenure or any related access issues associated with the mining concession areas. This statement complies with section 716(2) of the Corporations Act 2001 where consent is required if statements have been attributed to third parties.

A geological survey conducted by PT.Geoservices, a Bandung (Indonesia) based geological survey company, in 2006 indicated that the mining concession areas contained an estimated tonnage ranging between 100,000,000 and 200,000,000 of alluvial material at an estimated grade range between 5 g/t and 10 g/t gold. Over 500 samples were taken by PT.Geoservices during field survey activities comprising of mapping, sampling for geochemistry and test pit program.

The following qualifying statement is an integral part of this announcement: The project is currently being reviewed under JORC Code standards by MineMap and that MineMap wishes state “that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further

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exploration will result in the determination of a Mineral Resource”. At this stage the mining concession areas represent potentially significant exploration targets.

Over 500 samples (predominantly pan concentrations) were taken during field survey activities comprising of mapping, sampling for geochemistry and a test pits program (see PT. Al – Maruf Corporation, Information Memorandum December 2009). The following table (Table 1) is a summary of PT. Geoservices 2006 evaluation of the mining concession areas which are currently under review by MineMap.

Table 1 PT.Geoservices 2006 Evaluation Summary, Mining Concession Areas

Type	Total	Remark
PC (Pan Concenctrate)	433	Actual from Geology Report
RC (Rock Chip)	21	Actual from Geology Report
REF	18	Actual from Geology Report
SS	227	13 samples were not recorded (bad copy of report)
Total	699	Number of total samples
Tes Pit Data
Test Pite Site	25	Only 9 were plotted
Test Pite Assay	18	Only 18 sites were assayed
Sign Assays	184	PC above 1.0 ppm

Summary of Assay Results

The following tables (Table 2 - 5) are a summary of the assay results from samples taken by PT. Geoservices within the regional paleochannels and upper sedimentary profile of the Mining Concession Areas. The current results indicate that significant mineralization occurs within the following geological units however further evaluation is warranted to determine their overall regional geological significants (for further details see Tables 6 – 10).

Table 2 Summary of PT. Geoservices 2006 Gold Results Mining Concession Area 1

Geological Unit	Significant Assay Grade Ranges
Paleochannel	(1.9+g/t)
Alluvial Units (Soil-Sand-Clay-Coal)	(2.43g/t-38.60g/t)
Quartz Veining	(19+g/t)
Limestone	(1.97g/t-4.00g/t)

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Table 3 Summary PT. Geoservices 2006 Gold Results Mining Concession Area 2

Geological Unit	Significant Assay Grade Range
Alluvial Units (Sandstone-Claystone- Conglomerate)	(1.96g/t-22.80g/t)

Table 4 Summary PT. Geoservices 2006 Gold Results Mining Concession Area 3

Geological Unit	Significant Assay Grade Range
Alluvial Units (Sand-Clay)	(1.37g/t-19.30g/t)

Table 5 Summary PT. Geoservices 2006 Gold Results Mining Concession Area 4

Geological Unit	Significant Assay Grade Range
Paleochannel	(39+g/t)
Alluvial Units (Sandstone-Conglomerate)	(1.01g/t-41.0g/t)

Geochemical sampling (pan concentrations or fire assay (FA50)) was carried out by PT. Geoservices on all samples taken from within the Mining Concession Areas referred to in this statement. Ethan plans to undertake additional drilling and sampling to validate the current resource with the expectation of upgrading the deposit size and or quality/grade.

Table 6 PT. Geoservices 2006 Gold Results Mining Concession Area 1

Sample No. 1214 1216 1218 1222 1224 1227 1229 1234 1238 1242 1734 1740 1742 1752 1758 1772 1774 1248	Type	Lithology	Location	Field Formation	Au (ppm)	Cu **(ppm) **	Pb **(ppm) **	Ag **(ppm) **	Zn (ppm)
	PC PC PC PC PC PC PC PC PC PC PC PC PC SS PC PC PC FL	Coal Soil Soil Soil Soil Coal Soil Soil Claystone Gabbro? Diorite Soil Soil Limestone Limestone Limestone Siltstone Quartz vein	S. Panan S. Panan S. Panan Kecil S. Panan Hulu S. Panan Grising S. Panan S. Tablien S. Tihan S. Kuatan S. Tablien S. Sanganyau S. Jelokan S. Jelokan S. Buhut S. Buhut S. Sapakon S. Sapakon S. Mangkasai	Tomm Tomm Tmw Tmw Tmw Tomm Tomm Tmw Tomm Tet Ih Tet Tet Tomb Tomb Tomm Tomm Ih?	1.92 5.42 38.60 12.90 15.80 6.40 2.43 25.80 18.40 2.30 4.62 17.90 9.00 3.03 1.97 4.00 4.78 19.10	6 5 8 5 5 5 5 5 7 9 19 11 47 18 5 58 3 25	91 79 63 151 73 197 37 90 117 33 37 50 -0.5 78 48 -0.5 63 29	1.3 -0.5 3.4 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 2.6 -0.5 -0.5 -0.5 9.7	120 45 184 112 120 112 127 234 206 46 152

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Table 7 PT. Geoservices 2006 Gold Results Mining Concession Area 2

Sample No.	**Type **	Lithology	Location	Field Formation	Au (ppm)	Cu **(ppm) **	Pb **(ppm) **	Ag **(ppm) **	Zn (ppm)
1115 1117 1121 1127 1131 1133 1135 1657 1659 1661 1671 1675	PC PC PC PC PC PC PC PC PC PC PC PC	Alluvial-Claystone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Conglomerate Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone	S. Buhanan S. Kuantan S. Pripit S. Langkahan S. Sarihat S. Katiuh S. Katiuh S. Katiuh S. Katiuh S. Serahung S. Serahung S. Serahung	Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw	18.40 19.30 22.80 10.90 1.96 5.32 7.10 6.95 3.88 1.98 3.86 13.40	5 6 7 9 13 8 8 12 9 8 9 9	49 168 61 67 31 134 110 280 159 132 136 151	-0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 1.2 -0.5 -0.5 -0.5 -0.5	132 173 345 185 105 170 154

Table 8 PT. Geoservices 2006 Gold Results Mining Concession Area 3

Sample No.	**Type **	Lithology	Location	Field Formation	Au (ppm)	Cu **(ppm) **	Pb **(ppm) **	Ag **(ppm) **	Zn (ppm)
1177 1383 1391 1393 1394 1396 1397 1804 1805 1806 1807 1808	PC PC PC PC PC PC PC PC PC PC PC PC	Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial	S. Tandang S. Hiang Hilir S. Hiang Hilir S. Tandang S. Tangiran S. Tangiran S. Hiang Hilir S. Hiang S. Hiang S. Hiang S. Hiang Kanan S. Hiang Kanan	Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa	7.59 7.99 10.60 2.79 5.39 2.63 1.37 8.67 4.43 4.11 0.07 19.30	5 17 7 10 9 11 8 7 8 5 7 6	23 89 45 25 231 29 70 89 77 52 46 45	-0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 1.9 -0.5 -0.5 -0.5 -0.5	165 216 195 166 210 232 158 201

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Table 9 PT. Geoservices 2006 Gold Results Mining Concession Area 4

Sample No.	**Type **	Lithology	Location	Field Formation	Au (ppm)	Cu **(ppm) **	Pb **(ppm) **	Ag **(ppm) **	Zn (ppm)
1139 1143 1326 1330 1331 1332 1337 1339 1340 1341 1342 1387 1401 1404 1409 1410 1413 1414 1416 1604 1609 1610 1615 1617 1621 1623 1627 1628 1629 1631 1634	PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC	Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Sandstone Alluvial-Conglomerate Alluvial-Sandstone Alluvial-Conglomerate Alluvial-Conglomerate	S.Semohing S.Banuas Kecil S.Kuatan S.Kuatan S.Kuatan S.Kuatan S.Mangiri S.Mangiri S.Kapuas S.Kapuas S.Kapuas S. Hiang S. Merawak S. Merawak S. Biru S. Biru S. Lemangking S. Lemangking S. Lemangking S. Baras S. Baras S. Jamak S. Hambuyung S. Hambuyung S. Hambuyung S. Hambuyung S. Hambuyung S. Hambuyung S. Marapit besar S. Marapit besar S. Marapit besar	Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Qa Qa Qa Qa Qa Qa Qa Qa Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw	1.31 1.15 9.24 12.50 9.21 28.60 7.05 10.80 5.52 16.80 1.01 1.65 12.60 1.65 27.30 3.44 12.40 1.41 1.39 7.56 8.45 7.66 3.12 1.39 2.90 2.87 4.10 28.80 1.38 41.00 24.00	5 2 7 6 10 7 7 7 8 7 8 10 12 10 12 12 12 11 8 6 5 9 9 10 12 10 9 9 10 8 7	77 34 144 162 128 149 61 169 88 87 76 64 36 130 32 144 95 67 63 81 62 10 67 65 83 44 229 142 89 203 65	2.1 -0.5 2.7 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 1.3 0.9 0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 4.1 -0.5 2.8 2.9	130 23 197 214 168 249 268 223 91 78 75 158 137 62 105 130 140 158 36 114

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Table 9 continued PT. Geoservices 2006 Gold Results Mining Concession Area 4

Sample No.	**Type **	Lithology	Location	Field Formation	Au (ppm)	Cu **(ppm) **	Pb **(ppm) **	Ag **(ppm) **	Zn (ppm)
1635 1637 1640 1641 1643 1645 1647 1649 1651 1652 1665 1666 1667 1669 1842 1844 1846 1847 1848 1849 1904 1908 1910 1960 1962 1964 1966 1967 1969 1972 1974 1976 1977 1979 1983 1986 1987 1988	PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC PC SS PC PC PC PC PC PC PC PC PC PC	Alluvial-Sandstone Alluvial-Conglomerate Alluvial-Conglomerate Alluvial-Sandstone Alluvial-Conglomerate Alluvial-Sandstone Alluvial-Sandstone Alluvial-Conglomerate Alluvial-Sandstone Alluvial-Conglomerate Alluvial-Sandstone Alluvial-Conglomerate Alluvial-Sandstone Alluvial-Sandstone Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Paleochannel Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial	S. Marapit kecil S. Marapit kecil S. Marapit kecil S. Marapit kecil S. Marapit kecil S. Pinang S. Pinang S. Pinang S. Pinang S. Pinang (channel) S. Benuas Besar S. Benuas (channel) S. Benuas Besar S. Benuas Besar S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon S. Lemantek S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon S. Bayan S. Pujon S. Pujon S. Pujon S. Pujon S. Pujon	Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Qa Qa Qa Qa Qa Qa Qa Qa Tmw Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa	1.13 12.10 18.10 1.63 3.80 1.27 2.43 19.30 1.60 16.60 11.80 14.10 5.22 5.20 8.37 2.50 10.30 7.08 12.60 1.91 16.20 2.92 39.10 1.06 1.51 2.45 23.20 3.12 7.06 2.63 2.76 3.83 1.30 25.70 4.79 6.52 1.66 4.17	7 14 7 9 12 10 8 7 8 10 8 8 7 10 8 9 9 8 8 9 7 9 12 6 6 5 5 6 5 7 4 4 5 4 16 7 6 6	116 620 95 134 113 165 57 232 234 130 80 98 65 48 65 64 65 82 70 78 30 50 110 122 104 61 49 103 63 118 106 91 76 62 81 60 50 85	-0.5 -0.5 0.7 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 0.9 1.8 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 1.3 -0.5 2 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 0.7 -0.5 -0.5 -0.5 -0.5	129 143 152 142 144 123 157 142 90 155 154 145 132 144 115 201 128 124 141 115 161 139 132 152

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Table 10 PT. Geoservices 2006 Rock Sampling Analysis Concession Area 4 and 5

Sample No	Location	**Block **	Mining rights	Lithology	Field Formation	Other Mineral
1915 1922 1924 1926 1928 1930 1933 1935 1936 1938 1940 1942 1944 1945 1947 1949 2002 2003 2004 2005 2007 2008 2010 2012 2013 2014 2015 2016 2018 2019 2021 2022 2024 2025 2026 2029 2030 2032 2034	S. Rahakau S. Sebuit S. Sebuit S. Sebuit S. Sebuit S. Sebuit S. Mahon S. Mahon S. Mahon S. Mahon S. Mahon S. Mahon S. Mahon S. Mahon S. Mahon S. Mahon S. Muro S. Muro S. Muro S. Muro S. Muro S. Muro S. Kukup S. Kukup S. Kutoh S. Sapan S. Kukup S. Kukup S. Kukup S. Pangal S. Pangal S. Pangal S. Kutoh S. Kutoh S. Kutoh S. Kukup S. Kukup S. Sapan S. Sapan	5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5	PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP	Soil Soil Soil Soil Soil Claystone Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Soil Soil Soil Soil Soil Soil Soil Soil Soil Soil Soil Soil Soil Soil Soil Soil Soil	Tmw Tmw Tmw Tmw Tmw Tmw Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw	Zircon, galena, cinnabar, iron, quartz Zircon, galena, cinnabar, iron, quartz Zircon, galena, cinnabar, iron, quartz Zircon, galena, cinnabar, iron, quartz Zircon, galena, cinnabar, iron, quartz Zircon, galena, cinnabar, iron, quartz Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet Quartz, zircon, iron, garnet, galena Quartz, zircon, iron, garnet, galena Quartz, zircon, iron, garnet, galena Quartz, zircon, iron, garnet, galena Quartz, zircon, iron, garnet, galena Quartz, zircon, iron, garnet, galena Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon,iron, quartz

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Table 10 continued PT. Geoservices 2006 Rock Sampling Analysis Area 4 and 5

Sample No	Location	**Block **	Mining rights	Lithology	Field Formation	Other Mineral
2035 2036 2038 2041 2043 2045 2047 2048 2049 2052 2054 2055 2057 2058 2059 2061 2062 2063 2065 2068 2069 2070 2071 2072 2074 2075 2076 2078 2079 2081 2082 2084 2086 2088 2090 2091 2093 2094 2096 2098 2100 2101 2103	S. Kukup S. Kukup S. Kukup S. Kutoh S. Kutoh S. Kutoh S. Sapan S. Sapan S. Diring S. Diring S. Menyagai S. Menyagai S. Tenduh S. Tenduh S. Tenduh S. Tenduh S. Tenduh S. Tenduh S. Mantuan S. Mantuan S. Mantuan S. Sepatoi S. Sepatoi S. Sepatoi S. Sepatoi S. Sepatoi S. Merapit Besar S. Merapit Besar S. Gerising S. Gerising S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar S. Merapit Besar	5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 4 4 5 5 4 4 4 4 4 4 4 4 4 4 4 4 4	PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT. PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.PMP PT.TKR PT.TKR PT.PMP PT.PMP PT.TKR PT.TKR PT.TKR PT.TKR PT.TKR PT.TKR PT.TKR PT.TKR PT.TKR PT.TKR PT.TKR PT.TKR PT.TKR	Soil Soil Soil Soil Soil Soil Soil Soil Limestone Limestone Limestone Limestone Paleochannel Soil Soil Sandstone Paleochannel Clay Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial Alluvial	Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tmw Tetl Tetl Tetl Tetl Qa Qa Qa Tmw Qa Tmw Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa Qa	Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon,galena,cinnabar,iron, Zircon,galena,cinnabar,iron, Zircon,galena,cinnabar,iron, Zircon,iron,quartz Zircon,iron,quartz Zircon,cinnabar,iron,quartz Zircon,cinnabar,iron,quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz Zircon, cinnabar, iron, quartz

It is common practise for a company to comment on and discuss its exploration in terms of target size and type. It should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resources and Reserves have not been used in this context.

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The potential quality and grade is conceptual in nature, since there has been insufficient review work completed to define the mining concession areas beyond exploration targets.

In consideration of the definition provided by the ASX and in the JORC Code, these properties are classified as potentially significant exploration projects. The properties are considered to be sufficiently prospective, however, subject to varying degrees of risk, warranting further exploration and development of their economic potential consistent with the programs proposed by Ethan.

MineMap and its employees are not, nor intend to be, directors, officers or other direct employees of Ethan and have no material interest in any of the projects or Ethan. The relationship with Ethan is solely one of professional association between client and independent consultant. The review work and this statement are prepared in return for professional fees based upon agreed commercial rates and the payment of these fees are in no way contingent on the results of this statement and for coming JORC report.

Assay and geological data presented in this statement are excerpts from PT. Al – Maruf Corporation’s Information Memorandum dated December 2009.

Yours faithfully

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Seldon Mart For and on behalf of: MineMap Pty Ltd

Author: William Seldon Mart, Principal Consultant, MineMap

Seldon Mart – Principal Consultant, MineMap BSc Geology, Member AIMM

The information in this release relates to exploration results gathered by William Seldon Mart who is a Member of the Australian Institute of Mining and Metallurgy. Mr. Mart has the relevant experience in relation to the style of mineralisation and type of deposit being reported on to qualify as a Competent Person as defined in the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves. Mr. Mart is employed full-time by MineMap Pty. Ltd. as Chief Executive Officer, and has consented in writing to the inclusion in this statement of his compiled information in the form and context in which it appears.