ETHAN MINERALS LIMITED (ETH)

name changed to Prospect Resources Limited

the Ethan Deed of Company Arrangement was fully effectuated on 28 March 2012 and has therefore now been terminated. The Company confirms that the Ethan Creditor" Trust has been established

all Resolutions for the Restructure and Recapitalisation of the Company outlined in the Notice of Extraordinary General Meeting were passed at the Extraordinary General Meeting

Notice is given that the Extraordinary General Meeting of Shareholders of Ethan Minerals Limited (ACN 124 354 329) (subject to Deed of Company Arrangement) (the Company) will be held at 2:00pm (WST) on 28 February 2012 at The University Club of Western Australia, Hackett Drive, Crawley WA 6009 (Entrance No.1, Carpark No.3)

a deed of company arrangement is executed and it is intended a shareholders' meeting will be held in about 8 to 10 weeks

creditors resolve that the company enter into a deed of company arrangement

administrators issue creditors report - the 2nd meeting of creditors will be held on 4 November

convening period for 2nd creditors meeting is extended to 30 Nov 2011

convening period for 2nd creditors meeting is extended to 28 Sept 2011

a first meeting of creditors is to be held on 13 July - shareholders may attend but can't vote

company announces the appointment of Messrs. Bradley Tonks and John Vouris as Administrators of the Company

company and its auditors responds to ASX questions about the half year review

the Board has reviewed the status of the Jin Chuan Agreement. As a result, the Company's solicitors have required Jin Chuan to elect whether to take delivery of the original FOT 6,000T of ore or not. That letter also noted that Jin Chuan requested to take 15,000T of ore per month on a CIF contract, in substitution for the 6,000T sale. Despite that, nothing substantive has been received from Jin Chuan in response to the Company's draft agreement for a 15,000T contract. The Company has reserved its rights upon the 6,000T sale. The Company has not released any ore without being paid first. No cash has been received yet. The Company is now in mine gate cash sale negotiations with other offtakers

in an undated letter to ASX, the company says "On the basis of information disclosed in Appendix 5B it is not possible to conclude that the Company will not have sufficient cash to fund its activities. The Appendix 5B requests information regarding expenditure estimates for the forthcoming quarter. It doesn't request estimates of inflows expected i.e. it doesn't request sufficient information to enable this sort of conclusion to be drawn", when responding to an ASX query

releases quarterly reports - the cash flow reflects large outflows and virtually nothing left - apparently several proposals for equity and loan funding as well as long term off take agreements have been received. The Company is reviewing these opportunities and the market will be kept fully informed of any developments

Bill O'Neill is retiring from the position of Non-Executive Chairman and will remain on the Ethan Board as a Non-Executive Director - Ken Robson is appointed Executive Chairman

the company has not yet lodged its half year accounts and as a result the suspension will continue

the company says that it completed a geological reconnaissance of the entire Mary Springs base metal (Pb, Zn, Cu) Project in Western Australia - it has negotiated exploration access to most of the Mary Springs region, which permits exploration and potential development of known mineralisation as well as the possibility of new discoveries. This represents a significant opportunity for Ethan to explore and potentially develop mineralisation in this entire region for the first time, as previous explorers were unable to negotiate access from all the landholders in the area. The region has a significant production history dating from the mid 1800s, with approximately 200,000 @ 11.4% Pb being recorded

on March 17, 2011, Ethan Minerals Limited made a clarification announcement regarding the acquisition of a number of exploration and mining leases in Zambia. The announcement stated that; 1) Ethan Minerals restructured its agreement of October 9, 2010 with Jazzman into a Joint Venture (JV) where upon, Ethan will obtain; 15 small mining and prospecting leases/licences in the Mkushi areas, General Kampumba area under PLLS 131 and Mansa areas 2) Under the restructured Jazzman agreement, all leases held by him or his interests will ultimately be transferred to Ethan's wholly owned subsidiary, Allegra Mining Zambia Limited ("Allegra"). This is anticipated to occur over the next few weeks. As outlined in that announcement, all of these newly issued leases will ultimately be transferred to Allegra Mining Zambia Limited ("Allegra"), under the agreement with Jazzman. Under this agreement certain payments will be made to Jazzman (as outlined in previous announcement) and Jazzman will receive a 25% interest in Allegra

On 16 February 2011 the Company requested a trading halt in regard to a possible acquisition of assets in Zambia. The Company was not able to lift the trading halt and negotiations regarding the acquisition are continuing

securities suspended from quotation pending an announcement

securities reinstated to quotation

securities suspended from quotation pending an announcement