7 March 2007 Company Announcements Office Australian Stock Exchange Ltd ASX Release Dear Sir/Madam Re: Chairman Appointment Mr Mo Munshi has been appointed a Director and non-executive Chairman with effect, 6 March 2007. Mr Munshi is a geologist with an extensive mining engineering background with over 20 years experience, in exploration, development, production and both technical and corporate management, in the global mining industry. Mr Munshi has worked in the Australasian and African regions, primarily in Australia, China, Mongolia, The Philippines, Indonesia, Ghana, Tanzania and South Africa, and more recently he has had exposure to South America, in Ecuador, Peru, Brazil and Argentina. Over the last 12 years, he has had extensive experience and gained detailed knowledge of the geology and mineral resources in these countries, and the opportunities and projects in these countries, through his role as a Business Development Executive for several companies. He has a broad exposure to large multi-national corporations and junior mining and entrepreneurial companies, having worked previously for ACM Limited, Posgold/Normandy Mining, Great Central Mines NL, Ashanti Goldfields Limited, JCI Limited and Ivanhoe Mines Limited, and was involved in project evaluation, financing, legal and administrative functions in the companies that he worked for. His work experience includes: • Senior management positions at both Great Central Mines and Ashanti Goldfields. At Great Central Mines, He was Chief Geologist at the Bronzewing Project which led to the discovery, delineation and development of the Bronzewing Gold Mine, in Western Australia. At Ashanti, he was the Business Development Manager and in this position he was responsible for project evaluation, acquisition, development and project financing. In particular, he was responsible for all geological aspects for both the Bibiani Project in Ghana, and the Siguiri Project in Guinea. He was part of a team which took both of these projects to bankable feasibility stage. Whilst at Ashanti, he was also involved in the Pre-feasibility study for the Geita Project in Tanzania. • Executive Director for exploration for the Awak Mas Gold Project in South Sulawesi, Indonesia, where he was responsible for all geological functions as well as reassessing and redoing the bankable feasibility study at the time when the gold price was falling and after the project had undergone significant technical changes (i.e. resource size). ABN 60 103 280 235 • Numerous contacts and dealings with brokers, institutions and banks in Australia, UK, USA, Canada, Europe and Asia. In addition he has extensive knowledge of companies listed in these countries, their assets and projects in the circum Pacific region. • Looking at several corporate possibilities of mergers and acquisitions for both Australian and Canadian companies. In addition he has had extensive experience with both Chinese and Japanese mining companies and trading houses. • Exposure to a variety of geological and structural terrains as well as mineral deposit types. These include epigenetic Archaean shear hosted gold deposits, Proterozoic shear hosted gold deposits, low sulphidation epithermal vein hosted gold/silver deposits, porphyry copper/gold hosted deposits, volcanogenic massive sulphide deposits and sediment hosted fault controlled deposits. In addition he has had experience with; lateritic nickel/cobalt deposits and base metal deposits (copper, zinc, lead) in Africa and the circum Pacific region. • Raising several hundred million dollars of capital for the various companies that he has worked for, from global institutional money, to develop and ultimately bring into production the projects which he has been involved with, eg. Bronzewing, Bibiani, Siguiri, and more recently Oyu Tolgoi. • Extensive experience in coal projects in Asia as well, particularly in China and Mongolia, and the development of the related infrastructure. Managing Director, Mr Ric Dawson said “The Board is very excited to have obtained the services of Mr Munshi as Non-Executive Chairman, whom has a strong track record of project generationacquisition and project management. The Company since IPO has been seeking a high calibre Chairman and now we have someone who meets those criteria.” As part of his remuneration package Mr Munshi will be granted 5 million unlisted options exercisable on or before 31 March 2012 (2 million exercisable at 12 cents per share, 1 million exercisable at 20 cents per share, 1 million at 30 cents per share and 1 million at 40 cents per share) subject to shareholder approval. Detailed information can be viewed on our website www.prosperity.net.au or call the undersigned. Yours sincerely Ric Dawson Managing Director Prosperity Resources Limited is a junior resources exploration company, which currently holds tenements over the Yalgoo and Mt Gibson areas in Western Australia and an investment in the Masuparia COW in Kalimantan, Indonesia. The company has an indicated and inferred gold resource at its Yalgoo North Project area of approx 140,000 ounces.
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