Surveys Commence on Priority Targets at Mt Gibson Iron Ore & Warriedar Prospects, WA

Prosperity Resources Limited (ASX:  PSP) is pleased to announce that it has secured a deep capacity RC drilling rig to commence a 6000m drilling programme on its priority targets in the Tennant Creek Goldfield in the Northern Territory.

Numerous encouraging results from initial rock chip survey with gold grades up to 161 g/t and significant anomalous copper and bismuth grades.

Given these very encouraging results and our target generation work from detailed geophysics, a drilling rig has been secured for a 6000m RC program at Tennant Creek starting in mid July 2008.

Approvals for the exploration programme have been granted by the Northern Territory's Department of Primary Industry, Fisheries and Mines.

Prosperity Resources Ltd's Chairman/Managing Director, Mr Mo Munshi said "This upcoming drilling programme allows the Company to bring together nearly 6 months of exploration work that has focused on target generation within the Tennant Creek Goldfield."