CORE ENERGY MINERALS LTD — Capital/Financing Update 2004

Feb 11, 2004

Global Approach Limited

ACN 009 118 861

Level 14 145 Eagle Street Brisbane Old 4000 Ph: 07 3317 2226 Fax: 07 3317 2243

12 February 2004

Australian Stock Exchange Limited Company Announcements Office Sydney NSW 2000

CLOSURE OF RIGHTS ISSUE & DESPATCH OF ALLOTMENT NOTICES

We advise that the Global Approach Limited ("GLO") New Options Rights Issue closed with acceptances from holders of 62.5% of GLO shares. The balance has been taken up by the underwriter.

A total of 19,384,705 New Options have been issued and allotment notices were despatched on 11 February 2004.

The New Options will not be quoted on ASX and are exercisable on or before 31 January 2006 at 10 cents each. GLO will seek ASX quotation of the underlying shares once they are exercised.

Proceeds of the issue will be use for working capital purposes, including in relation to the GLO's newly acquired online internet gambling casino MusicHall Casino which can be accessed at www.musichallcasino.com

Bill Lyne Company Secretary