CORE ENERGY MINERALS LTD — Capital/Financing Update 2005

Feb 7, 2005

8^th February 2005 ASX AND PRESS RELEASE.

PARTIAL UNDERWRITING OF JANUARY 2006 10 CENT OPTIONS.

The Board of Global Approach Limited (ASX code GLO) are pleased to announce that they have arranged for Singapore based Firebrand Interactive Limited (Firebrand) to underwrite the conversion of the last 6 (six) million of the 10 cent options which are due to expire on 31^st January 2006. Firebrand is not related to GLO or any of its directors. At the present moment there are 10.4 million of the options not exercised, however, 4.4 million of these options are either held by entities associated with directors and or long term shareholders of GLO.

Mr. Barwick, Executive Chairman of GLO stated that by having these options underwritten it would give the company immediate access to an additional \$600,000 in working capital. He said that \$425,000 of the funds would be used to repay the balance of the money owing on the purchase of UK Club Holdings Pty Ltd with the remaining money being used for additional working capital and for extra marketing of both MusicHall Casino and UK Casino Club.

The terms of the underwriting are:

• 5% Underwriting Fee to be paid on the \$600,000 (i.e. \$30,000)
• 5% Fee payable on or around the 31^st January 2006 on any options Firebrand is forced to take up.

Mr. Barwick further stated that the underwriting of the conversion of the last 6 (six) million options meant that any proceeds from the next 4.4 million options that were exercised would be retained by GLO as additional working capital. The procedure for the underwriting is that as holders of the options convert them to fully paid shares the proceeds will revert to Firebrand and reduce their exposure to the underwriting.

For further information please contact: David K Barwick, Executive Chairman Email: davidb@globalapproach.com.au Web: www.globalapproach.com.au