CORE ENERGY MINERALS LTD — Capital/Financing Update 2004

Oct 27, 2004

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ASX AND PRESS RELEASE

28 October 2004

MUSIC HALL CASINO EXPANDS WITH NEW POKER ROOM

The Board of Global Approach Limited (ASX code GLO) have now forwarded to shareholders the Annual Report and Notice of Meeting (NOM), Included in the NOM is a resolution to vary the original agreement relating to the purchase of Music Hall Casino (MHC). Subject to this resolution being approved by shareholders the Board has negotiated the acquisition of a new poker room. The move is significant because online poker has increased in popularity this year. The business model is to take a percentage of play between contestants rather than betting directly with the players. The new poker room is due for release mid December 2004 and will form part of the Music Hall Casino (MHC) web sites (www.musichallcasino.com and www.musichallcasino.co.uk). Profits generated from the poker room will add to MHC cash flow. As with all games offered at MHC Australian residents will not be eligible to register to play.

"Online Poker has exploded in popularity this year with many players finding the Internet to be a great place to gain experience and improve their poker skills", said Mr David Barwick, Executive Chairman of GLO. "The board has negotiated an agreement so that GLO can benefit from this rising popularity and open our online poker room in December 2004"

Poker Room Popularity

The popularity of online poker rooms was evident earlier this year when an online poker player became world champion and won the \$5 million first prize in the World Series of Poker tournament in Las Vegas. This annual event was first played in 1970 and is regarded as the ultimate poker event with traditional non-online players typically winning the tournament. h 2004, 4 of the 9 finalists were online poker players sending a strong message of the popularity of online poker rooms.

The popularity has been further confirmed by the announcement that Sportingbet is preparing to buy the world's third largest poker site "paradisepoker.com" from its owners Tropical Paradise in a deal reported to be worth more than US\$300 million. According to eGaming Review Magazine the two companies are reportedly in advanced talks.

Poker Room Agreement

The poker room software will be operated by Firebrand Interactive Ltd (Firebrand) who is supplying the poker room to the casino. The Board of GLO have negotiated a fee of 15% of the "Rake" (the percentage of play that the casino takes for providing the service) with Firebrand. There is no up front cost due by GLO as the coker room has been acquired as part of a renegotiation of the terms of acquisition of MHC.

Unlike other online casino games such as Black Jack, Roulette and Slot Machines, the casino does not participate in poker play. The casino derives a fee (called a Rake) based on a percentage of the bets placed by the players in the poker room. This is a lower risk model with the casino generating an income regardless of the game outcome. The popularity of the Poker Room can be increased by expenditure on marketing which the Board intends to do from future profits earned.

For more information, please contact:

David Barwick, Executive Chairman Email: davidb@globalapproach.com.au Web: www.globalapproach.com.au