ACROW LIMITED — Interim / Quarterly Report 2009

Apr 29, 2009

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QUARTERLY REPORT TO 31 MARCH 2009

ANNOUNCEMENT

30 APRIL 2009

HIGHLIGHTS

• Trenching programme identifies Satin Mine structure 2.5 kilometres south of known resource area. Quartz vein assayed at 6.9 g/t over one metre .

• Pitting programme over soil anomaly at Tumentu has identified anomalous bedrock mineralisation.

• Due diligence soil sampling has commenced over the Brotet Prospecting Licence.

• Quotations received from drilling companies to commence RC and HQ core drilling over the Satin and Morrison mineralised structures in the fourth quarter of FY 2009.

The Cape Three Points Licence lies on the eastern margin of the Ashanti Gold Belt in Southwest Ghana. The high grade, historical Satin goldmine occurs in the north western portion of the concession. The Satin mine lies forty five kilometres (45km) south of Goldfields’ and AngloGold Ashanti’s mining operations in Tarkwa, twenty five kilometres (25km) southeast of Adamus Resources’ Salman deposit and nineteen kilometres (19km) southwest of the Golden Star Resources mining operations at Hwini Butre.

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Golden Star
 
Bogoso (3.3Moz)
5º30' Goldfields
 
Damang & Abosso (6.6Moz)
Golden Star
  G oldfields
Prestea (10.7Moz)  
Tarkwa (17.9Moz)
AngloGold Ashanti
 
Iduapriem (6.7Moz)
Golden Star
Adamus Resources  
5º  
Salman & Anwia (1.8Moz)
CAPE THREE POINTS
PROJECT
2º-
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Cape Three Points Project and Location of Gold Mines within 65 km

WORK COMPLETED DURING THE QUARTER

Trenching on Cape Three Points Project:

Noble Mineral Resources Ltd (“Noble” or “the Company”) is pleased to announce the successful completion of an intensive trenching program over anomalies defined by recent soil sampling. This program has identified significant gold mineralisation over two structural corridors south of the Satin Mine and a quartz vein in trench CTP011 which has produced an average assay value of 6.90 g/t. This vein is thought to represent a 2.5km extension of the Satin Mine structure.

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550,000 mN
BrotetBrotetBrotetBrotetBrotetBrotetBrotetBrotetBrotet
AnomalyAnomalyAnomalyAnomalyAnomalyAnomalyAnomalyAnomalyAnomaly
545,000 mN SS S SatSat Sat SaSa Sa aaatt t tititiiiiiiinn n nn n nn n NN N NN N NN N ooooooooorr r rr r rr r ttttttttthh h hh h hh h
Yeiso aditYeiso aditYeiso aditYeiso aditYeiso aditYeiso aditYeiso aditYeiso aditYeiso adit
  SatinSatinSatinSatinSatinSatinSatinSatinSatin MorrisonMorrisonMorrisonMorrisonMorrisonMorrisonMorrisonMorrisonMorrison
Quartz Vein
1m @ 6.9 g/t
540,000 mN
AkanodeAkanodeAkanodeAkanodeAkanodeAkanodeAkanodeAkanodeAkanode
535,000 mN
BeokromBeokromBeokromBeokromBeokromBeokromBeokromBeokromBeokrom
NkoroNkoroNkoroNkoroNkoroNkoroNkoroNkoroNkoro bbbbbbbbb aaaaaaaaa
530,000 mN
AinabakAinabakAinabakAinabakAinabakAinabakAinabakAinabakAinabak
SefwiSefwiSefwiSefwiSefwiSefwiSefwiSefwiSefwi
BartieBartieBartieBartieBartieBartieBartieBartieBartie
525,000 mN
TrendTrendTrendTrendTrendTrendTrendTrendTrend
SEFWISEFWISEFWISEFWISEFWISEFWISEFWISEFWISEFWI


MORRISON TrendMORRISON TrendMORRISON TrendMORRISON TrendMORRISON TrendMORRISON TrendMORRISON TrendMORRISON TrendMORRISON Trend
AKATAKYI TrendAKATAKYI TrendAKATAKYI TrendAKATAKYI TrendAKATAKYI TrendAKATAKYI TrendAKATAKYI TrendAKATAKYI TrendAKATAKYI Trend






SATIN trendSATIN trendSATIN trendSATIN trendSATIN trendSATIN trendSATIN trendSATIN trendSATIN trend
TrendTrendTrendTrendTrendTrendTrendTrendTrend
BARTIEBARTIEBARTIEBARTIEBARTIEBARTIEBARTIEBARTIEBARTIE
BEOKROM TrendBEOKROMBEOKROM TrendBEOKROM TrendBEOKROMBEOKROM TrendBEOKROM TrendBEOKROMBEOKROM TrendTrendTrendTrend
mE mE mE mE
0000,06 000065, 0000,16 000165,
 
 
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Location of quartz vein south of Satin Mine and other historical mines on the Cape Three Points Project

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Due Diligence Soil Sampling on the Brotet Prospecting Licence:

The collection of due diligence soil samples over the gold in-soil anomaly defined by Anglo American (Anmercosa) in the mid 1990s has commenced during the quarter. Sample lines have been cleared at one kilometre intervals over the anomaly that is thought to extend for six kilometres northwards from the Morrison Prospect through to the northern boundary of the Brotet Licence.

This sampling program will be complete and assay results are expected to be delivered early in the fourth Quarter. A decision will be made in the fourth quarter as to the viability of progressing to a Joint Venture with Brotet on this concession.

Proposed drilling over the Satin and Morrison Prospects:

A combined RC and HQ core drilling programme to assess the strike continuations and depth projections of the Satin Mine structure and the Morrison mineralised structures has been approved by the Board of Directors. Site preparation will commence in early May and the drill rig is expected on site by 15[th] May. In total 5,000 metres of RC and 1,500 metres of HQ core drilling has been planned for this program. Formal contracts for the dozer works required for access and drill pad preparation have been finalised and work will commence immediately in the fourth quarter.

Discovery of Anomalous bedrock mineralisation on Tumentu Prospecting Licence:

Ten manually excavated pits were completed during the quarter to test bedrock mineralisation within a soil anomaly defined by previous operators of the Licence. All pits returned significant gold values with the pit TPT02 recording 0.53 grams from a two metre horizontal channel sample.

Additional pitting and follow up trenching is now in the planning stage with targets generated and this program will commence in the fourth quarter.

Australia: Bindi Bindi East Exploration Project:

The Company has recently been informed by DOIR that the BINDI BINDI EAST EL application has now been granted. Exploration will commence on this newly issued tenure in the following quarter. The Bindi Bindi East Project has the potential to contain Nickel, Copper PGE mineralisation as determined by previous interpretation.

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Ghana: Potential Project Acquisitions:

Potential significant opportunities for mergers and or acquisitions currently exist in Ghana and Africa at this time within exploration and production areas of the gold mining industry. The Board and management team are currently investigating selected opportunities, projects that align within Noble’s model of acquisition of advanced stage gold exploration projects or advanced stage gold production projects will be investigated and assessed. The Company will keep our shareholders and the general market informed of any progress in this area as soon as information becomes available or decisions are taken to advance through to acquisition of viable projects.

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

	Name of entity Noble Mineral Resources Limited ABN Quarter ended (“current quarter”) 36 124 893 465 31 March 2009 Consolidated statement of cash flows	Name of entity Noble Mineral Resources Limited ABN Quarter ended (“current quarter”) 36 124 893 465 31 March 2009 Consolidated statement of cash flows	Name of entity Noble Mineral Resources Limited ABN Quarter ended (“current quarter”) 36 124 893 465 31 March 2009 Consolidated statement of cash flows
	Noble Mineral Resources Limited
	ABN 36 124 893 465 Consolidated statement of cash flows
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other Net Operating Cash Flows		Current quarter $A’000	Year to date (9 months) $A’000
		- (134) - - (304) - 54 - - -	- (410) - - (677) - 244 - - -
		(384)	(843)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		- - (42) - - - - - -	- - (242) - - - - - -
		(42)	(242)
		(426)	(1,085)

• See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(426)	(1,085)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc.(net) 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (share issue costs) Net financing cash flows	- - - - - -	- - - - (38)
	-	(38)
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(426) 4,810 2	(1,123) 5,516 (7)
	4,386	4,386

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Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2 99
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
Executive director’s remuneration 56
Non-executive directors’ remuneration 19
Services provided by director-related entities 24
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows
N/A
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the
reporting entity has an interest
N/A
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• See chapter 19 for defined terms.

Appendix 5B Page 2

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	2,000	2,000
	-	-

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$A’000
	500
	-
Total	500

Reconciliation of cash

Reconciliation of cash	Reconciliation of cash
Reconciliation of cash at the end of the quarter (as		Current quarter	Previous quarter
shown in the consolidated statement of cash flows) to		$A’000	$A’000
the related items in the accounts is as follows.
5.1	Cash on hand and at bank	1,599	2,060
5.2	Deposits at call	2,787	2,750
5.3	Bank overdraft	-	-
5.4	Other (provide details)
		-	-
	Total: cash at end of quarter(item 1.22)	4,386	4,810

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note(2))	Interest at beginning ofquarter	Interest at end of quarter
	-	-	-	-
	Tenement reference	Nature of interest (note(2))	Interest at beginning ofquarter	Interest at end of quarter
	EL 70/3295	100%	0%	100%

• See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions	-	-
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	138,370,000	25,832,500
	- -	- -
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	-	-
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	-	-	Exercise price	Expiry date
	-	-
	-	-
	-	-
7.11 Debentures (totals only)	-	-
7.12 Unsecured notes(totals only)	-	-

• See chapter 19 for defined terms.

Appendix 5B Page 4

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................... (Director)

Date: 30 April 2009

Print name: Alan Taylor

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities: The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 5