PROSPECT RESOURCES LIMITED — Director's Dealing 2010

Dec 15, 2010

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity ETHAN MINERALS LTD ABN 30 124 354 329

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	KENNETH JAMES FITZGERALD
Date of last notice	26 JULY 2010

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Direct or indirect interest	1. Direct 2. Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	1. KEN FITZGERALD 2. ETHANS HOLDING TRUST ACCOUNT < a trust in which the Director is a beneficiary>
Date of change	16 December 2010
No. of securities held prior to change	1. 800,000 Fully Paid Ordinary Shares 2. 1,500,000 Fully Paid Ordinary Share 3,000,000 Unlisted options exercisable at $0.20 expiring 18 October 2012.
Class	Fully Paid Ordinary Shares
Number acquired
Number disposed	400,000

• See chapter 19 for defined terms.

Appendix 3Y Page 1

30/9/2001

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	19.5 cents
No. of securities held after change	1. 400,000 Fully Paid Ordinary Shares 2. 1,500,000 Fully Paid Ordinary Shares 3,000,000 Unlisted options exercisable at $0.20 expiring18 October 2012.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	~~$~~ Off market trade

Part 2 – Change of director’s interests in contracts

Detail of contract	NIL
Nature of interest	NIL
Name of registered holder (if issued securities)	NIL
Date of change	NIL
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	NIL
Interest acquired	NIL
Interest disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	NIL
Interest after change	NIL

• See chapter 19 for defined terms.

Appendix 3Y Page 2

30/9/2001