PROSPECT RESOURCES LIMITED — Capital/Financing Update 2010

Mar 14, 2010

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MULTIPLE PARALLEL ZONES OF MINERALISATION IDENTIFIED AT THE MARY SPRINGS PROSPECT, NORTHHAMPTON PROJECT –W.A.

Highlights

• Results have now been received for all of the Reverse Circulation drill holes

• Significant and high grade results include:

  • 09MSRC0006 - 46 metres at 5.7% Pb from 31 metres depth including 7 metres at 12.3% Pb from 34 metres depth and including 6 metres at 7.92% Pb from 46 metres depth

  • 09MSRCD0016 - 11 metres at 4.17% Pb from 7 metres depth including 3 metres at 12.26% Pb from 10 metres depth

Perth based explorer, Ethan Minerals Limited (ASX: ETH ) is pleased to announce further significant base metals intercepts at the Mary Springs Prospect, Northampton Project, Western Australia from the last holes of the 24 RC drill hole program.

Diamond drilling is ongoing at the Mary Springs Prospect with three drill holes completed out of a total 5 to 6 drill hole program. The core continues to be logged, cut and sampled and these samples will be dispatched to Ultra Trace Laboratories based in Perth for initial geochemical analysis.

Drilling of 09MSRC0006 also intercepted three metres of cavity from 28 metres depth, which is presumed to be historical workings. It is becoming apparent from the drilling results and geological logging of the samples that multiple parallel zones of mineralisation exist at Mary Springs. Some are directly associated with the intrusion of the dolerite dykes whilst others are associated with late stage structural faulting.

Drilling has so far confirmed mineralisation over a strike length of some 250 metres and over a vertical depth extent of some 90 metres from approximately 10 metres below surface to 100 metres below surface. Mineralisation is open along strike in both directions and at depth below the base of RC drilling to date.

ETHAN MINERALS Limited ACN 124 354 329

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

Suite 24, 443 Albany Highway Victoria Park WA 6100 Australia

Significant assay intercepts of greater than 1% Pb within the remaining drill holes are reported as follows:

Hole Id	From (m)	To (m)	Intercept	Pb%	Comments
			Width(m)
09MSRC0006	10	11	1	2.51
	28	31	3	0	Historical Workings
	31	77	46	5.70
including	34	41	7	12.30
including	46	52	6	7.92
09MSRCD0016	7	18	11	4.17
including	10	13	3	12.36
	88	89	1	1.20	Mineralisation is at the
					Bottom of Hole. Hole to
					continue with diamond
					drilling.

Please refer to the Drill Hole Collar and Trace Plan below

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Mary Springs Prospect. Drill Hole Collar and Trace Plan with assay results.

Ethan Mineral’s Executive Director, Ken Fitzgerald said,

“The reporting of further significant base metals assays from the last of the RC drill holes is again extremely encouraging. Some of the RC drill holes are pre collars for diamond tail core drilling which is underway and those diamond core holes completed contain visual verification of base metal mineralisation over significant widths. The diamond drill rig is currently drilling one of three remaining diamond tails and will then complete a twin hole within three weeks, to complete the programmed 500 to 600 metres of diamond core drilling. I look forward to reporting further confirmation of these outstanding results to the market as they become available to us.”

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

For more information contact:

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

About Ethan Minerals Limited

Ethan Minerals Limited successfully listed fully oversubscribed on the ASX on the 4[th] December, 2009 having raised over $5 million dollars. Ethan is an Australian-based exploration company focused on the successful discovery and development of quality base and precious metals deposits in Western Australia, focussing initially on its Northampton Project north of Geraldton.

The Company’s strategy is to develop its lead project, the Mary Springs Project, where a JORC compliant Inferred Resource of 145,000 tonnes at 11.5%Pb has been quoted by Independent Consultants, MineMap. Ethan will also look to secure projects that have attracted project economics or prior exploration activity offering a robust exploration model and are thereby essentially ’drill ready’. Utilising advanced exploration models, coupled with proven analytical and geophysical techniques Ethan will identify and delineate additional drill targets within the Northampton Project in an effort to develop new, commercial base metal projects.

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Figure 1: Mary Springs Prospect, Northampton Project

The information in this update that relates to exploration results is based on information compiled by Mr. Nigel Ferguson who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Ferguson, a Non Executive Director of the Company, has sufficient relevant experience in respect of the style of mineralization, the type of deposit under consideration and the activity being undertaken to qualify as a Competent Person within the definition of the 2004 Edition of the AusIMM’s “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Ferguson consents to the inclusion in this report of the matters that are based on this information in the form and context in which it appears.