PROSPECT RESOURCES LIMITED — Major Shareholding Notification 2010

Nov 25, 2010

auvex resources un

Level 4, The Kirin Centre 15 Ogilvie Road Mt Pleasant WA 6153 Tel: 08 9317 9700 Fax: 08 9316 4448 www.auvex.com.au ABN 80 129 087 832

26 November 2010

Company Announcements Office ASX Limited Exchange Plaza 2 The Esplanade PERTH WA 6000

Fax: 1300 135 638

Dear Sir/Madam

Ethan Minerals Limited - Notice of initial substantial holder (Form 603)

In accordance with Section 671B(1)(a) of the Corporations Act 2001 (Cth) we attach a Form 603 (Notice of initial substantial shareholder) for Auvex Manganese Limited which has been sent to Ethan Minerals Limited.

Auvex Manganese Limited is a wholly owned subsidiary of Auvex Resources Limited.

Yours faithfully

Bernard Crawford Company Secretary

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Ethan Minerals Limited
ACN/ARSN	ACN 124 354 329
1. Details of substantial holder (1) Name	Auvex Manganese Limited
ACN/ARSN (if applicable)	ACN 141 568 390
The holder became a substantial holder on	25 November 2010

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a
relevant interest (3) in on the date the substantial holder

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6) .
Ordinary Shares	10,773,037	10,773.037	13.04%
			--------------- .

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows.

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Auvex Manganese Limited	Holder of the securities	10,773,037
Auvex Resources Limited	Pursuant to Section 608(3)s of the Corporations Act 10,773,037

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant Interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
Auvex Manganase Limited	Auvex Manganese Limited	Auvex Manganese Limited	10,773,037
Auvex Resources Limited	Auvex Manganese Limited	Auvex Manganese Limited	10,773,037

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a
substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
Auvex Manganese Limited	l 25 November 2010	\$2,100,742.22	N/A	10,773,037
		--------

603 page 2/2 15 July 2001

		6. Associates
--	--	---------------	--

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association --------------------------------------
---------------------------------------
	----------------------

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address ---------------------------------------
Auvex Manganese Limited	Level 4, 15 Ogilvie Road Applecross WA 6153
Auvex Resources Limited	Level 4, 15 Ogilvie Road Applecross WA 6153 _________

Signature

	print name Bernard Crawford ____	capacity	Company Secretary
sign here		dete	26 November 2010
		---------------------------------------	------

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an ann $(1)$ throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (If any) that the person or an associate has a relevant $(5)$ Interest In.
• $₆$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(7)$ Include details of:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out (a) the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification appiles).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". 佃
• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant Interest was acquired has, or may, become entitied to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be Included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.