PROSPECT RESOURCES LIMITED — Director's Dealing 2011

Jan 4, 2011

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 30/09/01 Amended 01/01/11

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	16 December 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

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.

Direct or indirect interest	1.Direct
	2.Indirect
Nature of indirect interest	1.Ken Fitzgerald
(including registered holder)	2.Ethans Holding Trust Account
Note: Provide details of the circumstances giving rise to the relevant	(a trust in which the director is a
interest.	beneficiary)
Date of change
	4 January 2011
No. of securities held prior to change
	1.400,000FullyPaidOrdinary
	Shares
	2.1,500,000FullyPaidOrdinary
	Shares
	3,000,000Unlistedoptions
	exercisable at $0.20 expiring 18
	October 2012
Class	Fully Paid Ordinary Shares
Number acquired
Number disposed	400,000
Value/Consideration	19.5 cents per share
Note: If consideration is non-cash, provide details and estimated
valuation

+ See chapter 19 for defined terms.

No. of securities held after change	1.Nil2.1,500,000FullyPaidOrdinaryShares3,000,000Unlistedoptionsexercisable at $0.20 expiring 18October 2012
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	Off market trade

Part 2 – Change of director's interests in contracts

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.

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

Part 3 – +Closed period

Were the interests in the securities or contracts detailed	No. Director executed transfer
above traded during a +closed periodwhere prior written	documentwithintrading
clearance was required?	window. Transferee executed
	document 4 January 2011.
If so, was prior written clearance provided to allow the trade
to proceed during this period?

+ See chapter 19 for defined terms.

If prior written clearance was provided, on what date was this
provided?

+ See chapter 19 for defined terms.