CORE ENERGY MINERALS LTD — AGM Information 2005

Nov 16, 2005

CHAIRMAN'S ADDRESS PRESENTED TO ANNUAL GENERAL MEETING 17th NOVEMBER 2005.

The County

Mary my mati

Ladies and Gentlemen:

I would like to welcome you to the second Annual General Meeting of Global Approach Limited (Global) since becoming involved in the on-line gaming industry. As there are many shareholders who are unable to attend this meeting my board has taken the decision to mail this report to all current shareholders.

In advance of proceeding with the formal part of today's meeting I would like to update you on the company's current gaming activities and share with you some insight into the industry and our strategy for the future.

GENERAL OPERATIONS UPDATE

The company has been operating its on-line casino, Music Hall Casino (MusicHall) for almost two years now and in the last financial year we acquired the remaining interest in UK Casino Club. This gives us one mature casino operation and one still in a growth stage. As indicated in the Annual Report which you received last month your board focused on the casinos' growth by spending considerable funds in obtaining market share with registered players growing from 28,600 in November 2004 to currently in excess of 43,000.

There has been a major growth in on-line poker throughout the world and your company started its own poker room in January this year. Beach Club Poker has continued to grow beyond our expectations and this has been from a very modest beginning.

RECORD MONTH FOR OCTOBER

CURRENT YEAR RESULTS AHEAD OF EXPECTATIONS

Global announced in July that it expected to produce a profit in the current financial year in the range of \$250,000 to \$350,000 and subsequently announced in early October that the first quarter's result was an EBITDA profit of \$61,000. This result was significant as our budget had shown the first quarter to be about break even with October budget showing a small profit.

In addition to the first quarter result, October 2005 has been a record month for the 2 casinos - in terms of revenue and profitability. Combined revenues exceeded \$550,000 and combined profits exceeded \$65,000 for the 2 casinos for the month of October. This result has meant that Global EBITDA profit will be approximately \$30,000 for the month which for the fourth consecutive month is well ahead of budget. Cash deposits from players also exceeded \$600,000 for the first time in October. However, one of the more significant figures is that for the first four months of the current year gaming turnover exceeded \$50 million.

These positive signs demonstrate that the company has "turned the corner" into profitability and is setting itself up for growth. The funds spent in the last financial year on marketing are showing solid growth in revenue as shown by the following graph which covers both casino operations for the past two years.

As the gaming industry can be volatile your board does not intend to vary the profit forecast for the current financial year until at least after the first half year results are released (as the results in June 2004 demonstrate potential volatility).

During the past year, we arranged to have the last 6 million options expiring on the 31^st January 2006 to be fully underwritten. This will eliminate the \$600,000 debt on the balance sheet and place the company in a stronger position and without any debt.

Your board continues to look at opportunities within the gaming sector to allow a more rapid growth of your company and trust that further announcements on this will be forthcoming.

Thank you for your continued support.

David K Barwick Executive Chairman