26�September 2007
ASX Release

SURVEYS COMMENCE ON PRIORITY TARGETS AT TENNANT CREEK GOLDFIELD, NORTHERN TERRITORY

Prosperity Resources Limited (ASX:PSP) are pleased to announce that it has commenced an Induced Polarity (IP) and Electromagnetic (EM) surveys over 6 priority gravity anomalies generated from two close-spaced gravity surveys conducted in December 2006 and May 2007.

Also the�second half of the close-spaced gravity survey commenced which�will result in all granted tenements having been surveyed at the conclusion of this programme.

Two (2) of the 13 Exploration Licences are located between four of the nine largest producing�mines (Warrego, White Devil, Orlando and Gecko) which have�produced gold, copper and bismuth valued at over $6.5�billion at today's metal prices whilst the other eleven (11) Exploration Licences lie in close proximity to the Peko, Nobles Nob and Juno�mines.

These historical gold mines were extremely rich by today's gold standards with grades ranging up to 59g/t for the Juno�Gold Mine and two of the mines (Warrego and Nobles Nob) each produced in excess of one million ounces of gold.

For further information contact:

Ric Dawson (B) +618 9322 5872
Managing Director (M) +618 0418 892 128