PROSPECT RESOURCES LIMITED — Director's Dealing 2010

Jul 11, 2010

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12 July 2010

Company Announcement Office Australian Securities Limited

Resignation of Director

Ethan Minerals Limited (“Ethan”) announces that Nigel Ferguson has today resigned as Director of the Company to concentrate on other business interests.

Mr Ferguson assisted with the Company’s initial public offer and listing on ASX and the Company’s board thanks Mr Ferguson for his contribution.

Please find the Appendix 3Z attached for Mr Nigel Ferguson.

Yours sincerely,

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Graham Anderson CHAIRMAN

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

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final 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 LIMITED
ABN	30 124 354 329

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	NIGEL FERGUSON
Date of last notice	8 DECEMBER 2009
Date that director ceased to be director	12 JULY 2010

Part 1 – Director’s relevant interests in securities of which the director is the registered holder

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

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

Nil

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

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

Name of holder & nature ofinterestRIDGEBACK HOLDINGS PTYLTD_<a company in which the_Director is a beneficiary>	Number & class of Securities1,550,000 FULLY PAID ORDINARY SHARES1,500,000UNLISTEDOPTIONSEXERCISABLEAT$0.20EXPIRING18OCTOBER 2012.

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 3 – Director’s interests in contracts

Detail of contract	NIL
Nature of interest	NIL
Name of registered holder(if issued securities)	NIL
No. and class of securities towhich interest relates	NIL

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002