COMET RIDGE LIMITED — Interim / Quarterly Report 2008

Apr 29, 2008

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.

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Name of entity
Comet Ridge Ltd
ABN Quarter ended (“current quarter”)
47 106 092 577 31 March 2008
Consolidated statement of cash flows
Year to date
Cash flows related to operating activities Current quarter 9 months
US$’000 US$’000
1.1 Receipts from product sales and related debtors 1 7
1.2 Payments for (a)exploration and evaluation (409) (2,212)
(b) development - (5)
(c) production 2 (51)
(d) administration (432) (1,318)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received 12 102
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Net cash inflows (outflows) attributable to joint
venture partners on operated projects (139) (181)
Net Operating Cash Flows (965) (3,658)
Cash flows related to investing activities
1.8 Payment for purchases of:(a)prospects (125) (716)
(b)equity investments - -
(c) other fixed assets (26) (69)
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 (sale of oil and gas interests) 463 3,013
Net investing cash flows 312 2,228
1.13 Total operating and investing cash flows (carried
forward) (653) (1,430)
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• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(653)	(1,430)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 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 (provide details if material) Net financing cash flows	- - - - - -	- - - - - -
	-	-
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year 1.21 Exchange rate adjustments to item 1.20 1.22 Cash atend of quarter	(653) 1,918 37	(1,430) 2,629 103
	**1,302 **	**1,302 **

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.2 Aggregate amount of payments to the parties included in item 1.2 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter US$’000
	101
	-

• 1.2 Explanation necessary for an understanding of the transactions

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

• 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

• See chapter 19 for defined terms.

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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 US$’000 - -	Amount used US$’000
		-
		-

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	US$’000
	600
	-
Total	600

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Curent quarter US$’000	Previous quarter US$’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	1,302	1,918
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	1,302	1,918

Changes in interests in mining tenements

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Tenement reference Nature of interest Interest at Interest at
(note (2)) beginning end of
of quarter quarter
6.1 Interests in mining Chehalis, Increase of 62,000 40.00% 10.00%
tenements relinquished, Washington, USA gross acres of lease
reduced or lapsed option; sale of 30%
interest in tenement
Chehalis, Increase of 3,037 40.00% 10.00%
Washington, USA gross acres; sale of
30% interest in
tenement
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• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

6.2 Interests in mining tenements acquired or increased	Florence, Colorado, USA Bear River, Colorado, USA	Increase of 2,320 gross acres Increase in net ownership of existing acreage	39.00% 33.75%	39.00% 38.75%

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	104,875,950	104,875,950
	1,000	1,000
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	500,000 1,500,000 450,000 75,000 1,000,000 955,000 3,500,000 1,900,000 30,000 65,000 300,000		Exercise price AU$ 20 cents AU$ 20 cents AU$ 40 cents AU$ 45 cents AU$ 45 cents AU$ 45 cents AU$ 45 cents AU$ 45 cents AU$ 45 cents AU$ 45 cents AU$45 cents	Expiry date 18 August 2008 31 December 2008 11 May 2009 26 June 2009 31 July 2009 10 November 2009 31 December 2009 31 July 2011 4 September 2011 2 December 2011 6 December 2011
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

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.

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Sign here: ............................................................ Date: 29 April 2008
(Managing Director)
Print name: Andrew Lydyard
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• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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.

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• See chapter 19 for defined terms.

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