PROSPECT RESOURCES LIMITED — Capital/Financing Update 2010

Feb 23, 2010

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----- Start of picture text ----- ASX Media Release24 February 2010----- End of picture text -----

DIAMOND DRILLING PROGRAM COMMENCED AT MARY SPRINGS PROSPECT, NORTHAMPTON PROJECT, WA

Perth based explorer, Ethan Minerals Limited (“ Ethan ” ASX: ETH) is pleased to announce the commencement of the diamond drilling program at its Mary Springs Prospect in the Northampton Project, in Western Australia. Ethan has engaged Foremost Drilling Ltd as its contractor for the works and looks forward to working with the Company towards a successful drilling outcome for the program.

The diamond drilling program follows on from the reverse circulation drilling, which commenced in December 2009 and concluded in late January 2010. The RC program consisted of 24 holes for over 2,100 metres of drilling. The majority of the results from this program are still pending.

The diamond drilling program consists of five holes over approximately 750 metres in total. Drilling commenced on 20[th] February 2010 and the program is anticipated to be completed in three to four weeks. The drilling is designed to test base metal mineralisation at depths of between 150 and 200 metres below ground surface and to supply various geological, structural, geochemical and geotechnical data, which is vital for further successful exploration of the area.

In commenting on this milestone for the Company, Ken Fitzgerald, Executive Director said,

“Ethan is very pleased with the current advancements being made at the Mary Springs Prospect and the Company looks forward to announcing results as they become evident.”

“The next step for Ethan will be to provide ongoing reports on the drilling progress underway and further drilling planned which the company anticipates will result in the eventual transition of the Company from exploration to production, over time.”

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

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

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.