PROSPECT RESOURCES LIMITED — Capital/Financing Update 2010

Mar 4, 2010

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----- Start of picture text ----- ASX Media Release5 March 2010----- End of picture text -----

FURTHER HIGH GRADE BASE METALS INTERCEPTS AT THE MARY SPRINGS PROSPECT, NORTHAMPTON PROJECT - W.A.

Highlights

• Results have now been received for all but three Reverse Circulation drill holes

• Significant and high grade results include:

  • 09MSRC004 - 10 metres at 2.91% Pb from 25 metres depth

  • including 2 metres at 11.35% Pb from 26 metres depth

  • 09MSRC005 - 42 metres at 3.40% Pb from 23 metres depth

  • including 3 metres at 11.06% Pb from 37 metres depth and including 4 metres at 7.19% Pb from 43 metres depth

  • 09MSRC010 - 15 metres at 3.26% Pb from 103 metres depth

  • including 2 metres at 12.0% Pb from 114 metres depth

  • 09MSRC023- 2 metres at 7.70% Pb from 6 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. A total of 24 drill holes were completed in a program for approximately 2,000 drill metres. Results from only three drill holes of the recent RC drilling program remain outstanding and are expected to be received by the Company and released to the market shortly.

Diamond drilling is ongoing at the Mary Springs Prospect with two drill holes completed of a total 5 or 6 drill hole program. The site Geologist has reported visual confirmation of significant base metal sulphide mineralisation with up to 80% sulphides present in diamond core within the drilling undertaken to date. The core is now being cut and sampled and these samples will be dispatched to Ultra Trace Laboratories based in Perth for initial geochemical analysis.

Additionally, an auger soil sampling program has been completed over the main Mary Springs Prospect site with 426 samples being collected. These are currently being processed and will soon be forwarded to UltraTrace Laboratories of Perth for geochemical analysis. This process is part of a program underway to re-establish the soil anomalies defined by previous pioneering exploration, indicating several base metal-in-soil anomalies which will require further follow-up work including potential RC drilling. See Figure below.

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

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Results are now available for all RC drill holes except the remaining three from the overall 24 drill hole program.

Significant assay intercepts of greater than 2% Pb are reported as follows:

09MSRC001 - 1 metre at 3.39% Pb from 38m depth

09MSRC004 - 10 metres at 2.91% Pb from 25 metres depth including 2 metres at 11.35% Pb from

26 metres depth

09MSRC005 - 42 metres at 3.40% Pb from 23 metres depth including 3 metres at 11.06% Pb from

37 metres depth and including 4 metres at 7.19% Pb from 43 metres depth

09MSRC010 - 15 metres at 3.26% Pb from 103 metres depth including 2 metres at 12.0% Pb from

114 metres depth

09MSRC011 – 7 metres at 2.18% Pb from 94 metres depth

09MSRC019 – 2 metres at 2.84% Pb from 13 metres depth and 2 metres at 2.65% Pb from 18 metres depth

09MSRC023 – 10 metres at 2.08% Pb from surface including 2 metres at 7.70% Pb from 6 metres depth

Ken Fitzgerald, Ethan Mineral’s Executive Director said,

“I am extremely encouraged by the continued highly prospective drilling results as they come through from Ultra Trace. To date, results received are from 21 of the 24 RC drill holes. It is hoped that this improving trend will continue as results are received from the current diamond drilling program. This diamond drilling program will test for potential mineralisation at depth, below where the RC drill holes have tested to date.”

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.