CORE ENERGY MINERALS LTD — Capital/Financing Update 2004

Jan 6, 2004

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002.

Name of entity

GLOBAL APPROACH LIMITED

ABN

27 009 118 861

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

20,000,000

$\mathbf{1}$ *Class $\circ$ f fsecurities issued or to be issued

Ordinary fully paid GLO shares

• Number of 'securities
  issued or to be issued
  (if known) or maximum $\mathcal{D}$ which may number he. issued
• Principal terms of the ર *securities eg, if options, exercise price and expiry $date;$ if partly paid 'securities, the amount outstanding and due dates for payment; if "convertible securities, the price conversion and dates for conversion)

Ordinary shares, but restricted: 1,206,273 ASX escrowed till 5/1/05, of which 301,568 voluntarily escrowed until
calendar 31/12/04 earnings hurdle achieved 18,793,727 Voluntarily escrowed

till $5/1/05$ , of which $4,698,432$ further voluntarily escrowed until calendar $31/\overline{1}2/04$ earnings hurdle achieved

⁺ See chapter 19 for defined terms.

4	Do the 'securities rank equally in all respects the from date оf allotment with an existing class of quoted securities?	Yes, apart arrangements.	from escrow
	Ιf the. additional securities do not rank equally, please state: the date from which they do
	the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
	Issue
5.	price or. consideration	Deemed to be 6 cents per share
6.	Purpose of the issue (Tf) issued as. for consideration the. acquisition of assets, clearly identify those assets)	Issued as consideration for acquisition of Global Approach Operations Pty Ltd (owner of "MusicHall" casino license).
7.	of Dates *securities into uncertificated holdings despatch оf or certificates	entering 5 January 2004
8	Number and †class оf all 'securities quoted ASX (including the on securities in clause 2 if applicable)	Number 41,567,317	*Class Ordinary shares
		16,510,571	41 cent Options expiring 30/6/04 (NOTE: exercise price reduced from 45 cents 5/1/04 following share capital
			reduction)

⁺ See chapter 19 for defined terms.

⁺ See chapter 19 for defined terms.

		Number	*Class
9	Number and 'class оf *securities all. not quoted ASX on. including) the securities in clause 2 if applicable)	1,206,273	Ordinary fully paid shares subject to ASX escrow
		750,000	16 cent options expiring 30/11/04 (NOTE: exercise price reduced from 20 cents 5/1/04
		19,384,705	following share capital reduction) 10 cent options expiring
			31/1/06
10	Dividend policy (in the case of $a \sim$ trust, distribution policy) on increased the capital (interests)	No - change; new equally	shares rank

Part 2 - Bonus issue or pro rata issue

11	Is security holder approval required?	NOT APPLICABLE
12	Is the issue renounceable or non- renounceable?
13	Ratio in which the *securities will be offered
14	Class of securities to which the offer relates
15	*Record date to determine entitlements
16	Will holdings on. different registers (or subregisters) be for aggregated calculating entitlements?
17	Policy for deciding entitlements in relation to fractions

⁺ See chapter 19 for defined terms.

18	of countries Names in which the entity has holders who *security will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.
19	Closing date for receipt оf acceptances or renunciations
20	Names оf any underwriters
21.	оf Amount any underwriting fee or commission
22	Names of any brokers to the issue
23.	commission Fee or payable to the broker to the issue
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of 'security holders
25	Ιf the issue is contingent on 'security holders' approval, the date of the meeting
26.	entitlement Date and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
27	If the entity has issued options, and the terms entitle option holders participate to. on exercise, the date on which notices will be. sent to option holders
28	Date rights trading will begin (if applicable)
29	Date rights trading will end (if applicable)

⁺ See chapter 19 for defined terms.

• How do 'security holders $20$ sell their entitlements $full$ $\dot{m}$ through $\mathbf{a}$ broker?
• How do 'security holders $31$ sell part of their entitlements through a broker and accept for the balance?
• How do 'security holders $32₁$ dispose of their entitlements (except by sale through a broker)?

33 *Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities $(tick one)$
• $(a)$

A

18,793,727 ordinary shares described in Part 1 (ie, part only of total 20,000,000)

Quotation of balance 1,206,273 will not be sought until ASX escrow period ends 5/1/05

$(b)$ All other securities

Example: restricted securities at the end of the escrowed period, partly paid
securities that become fully paid, employee incentive share securities when
restriction ends, securities issued on expiry or conversion of conve securities

Entities that have ticked box $34(a)$

Additional securities forming a new class of securities (If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

NOT APPLICABLE

If the 'securities are 'equity securities, the names of the
20 largest holders of the additional 'securities, and the
number and percentage of additional 'securities held by 35 those holders

If the 'securities are 'equity securities, a distribution
schedule of the additional 'securities setting out the 36 number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5,001 - 10,000$
$10,001 - 100,000$ 100,001 and over

⁺ See chapter 19 for defined terms.

37		A copy of any trust deed for the additional *securities
	(now go to 43)
Entities that have ticked box 34(b)
38	Number of securities for which *quotation ís sought	NOT APPLICABLE
39.	Class of 'securities for which quotation is sought
40	Do the "securities rank equally in all respects from t.he. date оf allotment with an existing *class of quoted tsecurities?
	additional Ιf the securities do not rank equally, please state: • the date from which they do $\bullet$ the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which ۰ they do not rank equally, other than in relation to the next dividend, distribution or interest payment
41	request Reason for for quotation now Example: In the case of restricted securities, end - of restriction period (if issued upon another conversion оf clearly security, identify other that security)
42	Number and class of all securities quoted on ASX (including the securities in clause 38)	Number *Class

⁺ See chapter 19 for defined terms.

$(now go to 43)$

All entities

Fees

Payment method (tick one) 43.

Cheque attached

Electronic payment made

Note: Payment may be made electronically if Appendix 38 is given to ASX
electronically at the same time.

Periodic payment as agreed with the home branch has been arranged

Note: Arrangements can be made for employee incentive schemes that involve frequent issues of securities.

Quotation agreement

• $\mathbf{1}$ 'Quotation of our additional 'securities is in ASX's absolute discretion. ASX may quote the 'securities on any conditions it decides.
• We warrant the following to ASX. $\overline{2}$
• The issue of the 'securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those 'securities should not be granted 'quotation.
• An offer of the 'securities for sale within 12 will
  707(3) months after their issue not require disclosure under section or. section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any 'securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of
  the Corporations Act at the time that we request that the 'securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the 'securities to be quoted, it has been
  provided at the time that we request that the *securities be quoted.
• If we are a trust, we warrant that no person has the right to return the 'securities to be quoted under section 1019B of the Corporations Act at the time that we request that the 'securities be quoted.

⁺ See chapter 19 for defined terms.

• We will indemnify ASX to the fullest extent permitted by
  law in respect of any claim, action or expense arising
  from or connected with any breach of the warranties in 3 this agreement.
• We give ASX the information and documents required by $\overline{4}$ this form. If any information or document not available now, will give it to ASX before 'quotation of the 'securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

............Date: 7 January 2004....

Sign

here:

(Director/Company Secretary) Print name: ....Bill Lyne. . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . .

Phone: 04 1887 4175

$\sim$ $\sim$

$=$ $=$ $=$ $=$ $=$ $=$

⁺ See chapter 19 for defined terms.