ETHAN MINERALS LimitedCurrent Exploration/Mining Interests

Western Australia

- Mary Springs Project

Africa

- Manganese Projects

- Kampumba

- Mkushi

- Copper/Gold Project

- Mufweshi

Indonesia

- Gold Projects

- Gunung Mas

- Gold Tiger

ETHAN MINERALS LimitedWestern Australia – Mary Springs Project

Mary Springs Project

Mary Springs Project

Springvale Project

BadderaProject

Gino’s Project

ETHAN MINERALS LimitedWestern Australia - Mary Springs Project

The Mary Springs Project lies in the Proterozoic Northampton Block of Western Australia. Thisarea has a history of high grade base metals mining dating to the mid 1800s. To date the companyhas focused on the Mary Springs area, but a significant number of former producing minesremain to be explored by modern exploration techniques. Rocks of the Northampton Complexare dominated by granites, migmatites and granulites.

Recent targeting work completed by the company has utilised Landsat imagery to define newtargets. A total of 17 targets have been defined to date.

Ethan will prioritise these targets and assess them following a compilation of all availablehistorical drilling. There are a number of historic exploration reports dating back to the 1800s thatwill need to be entered into a comprehensive electronic data base prior to assessment.

In the interim the company will complete an RC Drilling Program at Mary Springs to infill andpotentially expand the current resource. A total of 14 holes for approximately 1200m areproposed for this program.

ETHAN MINERALS LimitedWestern Australia - Mary Springs Project - Drilling and Samples

ETHAN MINERALS LimitedCentral Africa – Zambian Projects

Mufweshi Project Area

Kafwa - KapumbaProject Area

Kafwa - Mkushi Project Area

ETHAN MINERALS LimitedCentral Africa – Kapumba Project

Kapumba is located in Central Zambia, approximately 80 kilometres east of Kabwe and isclose to the Great North Road, the main artery for road transport infrastructure. The projecthas been in production for the past 50 years and is currently operating at a rate ofapproximately 650,000MT of manganese ore annually. The operation is an open cut minewith a run of grades which are typically above 50% and as high as 61% Mn.

Several occurrences of graphite and manganese are reported from the project area, notablythe Kapumba manganese mine, with reported historical production of approximately 3million MT of manganese ore grading above 50% Mn. The ore is closely associated withlenticular bodies of dolomite and dolomite limestone, which form part of the tightly foldedschists of the Lower Division of the Basement Complex.

The deposits are believed to have been formed through the oxidation of primarymanganese-bearing minerals, which are found as veins cutting across the calcareous rock.The manganese ore bodies occur over a distance of 2.5 kilometres along the top of theKapumba Hills, and form a residual capping over strongly folded manganiferous dolomites,intercalated with schists, gneisses and quartzite. The manganese content of the ore variesfrom 38% to 61% Mn. The true thicknesses reach is a maximum of 30 metres.

A new agreement has been entered into between Allegra Mining, Zambia and JazzmanChikwakwa on the 9th of October, 2010, application is known as LPL-HQ-14097.

The initial prospect is located in the Mkushi district of Zambia and encompasses five knownmanganese prospects located 20 kilometres from existing infrastructure, including railway loadingstations that run to the port of Dar Es Salaam.

Arrangements are being made with the port authorities of Dar Es Salaam to receive shipment ofmanganese ore.

At present negotiations are underway to sell existing stockpiles of manganese ore as shipmentson a trial basis to prospective customers. Allegra mining plans to commence initial mining onseveral of its manganese project sites as part of a trial for the Company’s due diligence process,prior to the possible commencement of economic mining.

ETHAN MINERALS LimitedCentral Africa – Mkushi Project

ETHAN MINERALS LimitedCentral Africa – Mufweshi Project

Allegra Mining (Ethan) has applied for 2x1000km (large scale) prospecting licenses within theMufweshi area of the Kasempa district in the North-western Province of Zambia. The applicationhas been approved by the Zambian Mines Department with final documentation to follow.

The Mufweshi project is located in the Kasempa district of the North-western Province ofZambia, Kasempa Boma is the nearest town and is situated 180km from Solwezi andapproximately 260km west of Kalulushi via a gravel road. The project area is roughly centred at26’24’54’’ longitude and 13’15’18’’ latitude.

Recent exploration work by the Geological Survey Department of Zambia within the 40Ha smallmining concession area ‘alone’ has been of great interest with rock chip and grab samples (21)taken from oxide material in a small active mining excavation returning significant Gold andCopper values ranging up 24.9% Cu and 46.5grm Au.

ETHAN MINERALS LimitedCentral Africa – Zambian Projects

ETHAN MINERALS LimitedIndonesian Projects

Gunung Mas & Gold Tiger

ETHAN MINERALS LimitedIndonesia – Gunung Mas

The Gunung Mas Project lies in Central Kalimantan near the Company’s Gold TigerProject. In August, Ethan announced that the company had secured an exclusivearrangement for up to six months to undertake Due Diligence and negotiate apotential transaction with the vendor.

Due Diligence commenced in August, to determine the veracity of the existing data.RC Drilling has reportedly located values up to 115g/t over one metre intervals at 75metres, with elevated values up and down hole. The precise details of this drillingwill be determined during the Due Diligence Study currently underway.

First pass appraisal of the available data suggests that this mineralisation hassimilarities to many other deposits widely known in the region and the Companyplans to complete the Due Diligence before undertaking any further detailed work.

Ethan Minerals Ltd. Is looking at facilitating new joint venture agreements in theGunung Mas region.

ETHAN MINERALS LimitedIndonesia - Gold Tiger

The Tiger Gold project is located in the province of Central Kalimantan, on the island ofKalimantan (Borneo) Indonesia. The Ethan board is currently in negotiations for a revisedagreement covering the future development of the project and repayment of the refundabledeposit.

The project consists of five (5) mineral concession licences in the Pujon area, of the KapuasTengah district within the Kapuas regency of Central Kalimantan province. (Figure 2.)

Based on previous exploration programs and geotechnical studies, the project purports tocontain wide spread, alluvial and primary hard rock gold mineralisation. Within the project adiscrete delineated alluvial deposit, containing a calculated gold reserve of 631,747 oz isreported.

Ethan requires an independent geological assessment of the project’s stated potential goldand minerals occurrences and more specifically the stated alluvial deposit gold reserve.An assessment program consisting of data review, field visits, sampling, test pitting (bulk

sampling) and analysis was designed and implemented to make this assessment.

ETHAN MINERALS LimitedWho is ETHAN?

Mr Ken Fitzgerald – Executive Director

Ken Fitzgerald has worked for over 30 years in commercial business including mining, earthmoving, transportation and agricultural industries. Ken originally hails from Merredin, WesternAustralia and has extensive experience in identifying and managing minerals resources in WAincluding the Goldfields, Eastern and Northern Wheatbelt and Murchison areas.

Ken is a founder of Ethan Resources Pty Ltd., and a founding director of Ethan Minerals Limited.

Mr Douglas (Bill) O’Neill – Non Executive Chairman

Mr O’Neill has an extensive background in Investment Banking which spans 40 years. During thistime he has worked for various financial institutions, including Citibank, Morgan Grenfell and theHong Kong Shanghai Bank.

Bill has provided consulting services to Ethan Minerals since 2009.

ETHAN MINERALS LimitedWho is ETHAN?

Julie Glanville – Executive Director

Julie Glanville has a Masters Degree in Educational Management and has 32 years’ experience asan educator.

Julie’s professional career has developed both leadership and management skills of exceptionalquality. Recently Julie has embarked on a new career path integrating her established skill set asSole Trader of Ethan Park Contractors, (formerly) Managing Director of Ethan Resources Pty. Ltd.and a founding Director of Ethan.

Kim France – Company Secretary

Kim is a fellow of Chartered Secretaries Australia and a CPA. Over his 36 year career hehas worked in a number of industries mainly in an executive capacity with the last 20years predominantly within the resources industry.

His roles have included acting as CFO / Company Secretary for a number of unlistedfinancial institutions, 3 listed companies as well as numerous unlisted public andprivate companies.

This presentation contains only a brief overview of Ethan Minerals and its associated entities(“Ethan") and their respective activities and operations. The contents of this presentation, includingmatters relating to the geology of Ethan’s projects, may rely on various assumptions and subjectiveinterpretations which it is not possible to detail in this presentation and which have not been subjectto any independent verification.

Known and unknown risks and uncertainties, and factors outside of Ethan’s control, may cause theactual results, performance and achievements of Ethan to differ materially from those expressed orimplied in this presentation.

To the maximum extent permitted by law, Ethan does not warrant the accuracy, currency orcompleteness of the information in this presentation, nor the future performance of Ethan, and willnot be responsible for any loss or damage arising from the use of the information.

The information contained in this presentation is not a substitute for detailed investigation oranalysis of any particular issue. Current and potential investors and shareholders should seekindependent advice before making any investment decision in regard to Ethan or its activities.

Information in this report pertaining to mineral resources and exploration results was compiled byMr MP Sullivan who is a member of Aus.I.M.M. Mr Sullivan has sufficient experience which isrelevant to the style of mineralisation and the type of deposit that is under consideration and to theactivity that he is undertaking to qualify as a competent person as defined in the 2004 Edition of the“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. MrSullivan consents to the inclusion in the report of the matters based on his information in the formand context in which is appears.

ETHAN MINERALS LimitedCompetent Person’s Statement and Disclaimer

ETHAN MINERALS Limited