CORE ENERGY MINERALS LTD — Capital/Financing Update 2005

Jan 4, 2005

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).

$\mathbbm{I}$ ⁺Class of ⁺securities issued or to be issued

Ordinary fully paid GLO shares

• Number of ⁺securities issued or to $\overline{2}$ be issued (if known) or maximum number which may be issued
• 3 Principal terms of the ⁺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 conversion price and dates for conversion)

1,206,273 (issued)

Ordinary shares originally issued 5/1/04 and restricted by ASX until 5/1/05

⁺ See chapter 19 for defined terms.

4	Do the securities rank equally in all respects from the date of allotment with an existing + class of quoted securities? If the additional securities do not rank equally, please state: the date from which they do which the. extent to. they participate for the next dividend, of a the case trust. (in distribution) or interest payment the extent to which they do not ٠ rank equally, other than in relation to the next dividend, distribution or interest payment	Yes, equal to all other ordinary shares.
5	Issue price or consideration	Deemed to be 6 cents per share $-$ at time of issue
6.	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Issued as part consideration for acquisition of Global Approach Operations Pty Ltd (owner of "MusicHall" casino license) effective 5/1/04. These shares restricted by ASX and released from escrow 5/1/05.
7	Dates of entering *securities into uncertificated holdings or despatch of certificates	Originally - 5 January 2004
8.	Number and + class οť all +securities quoted $_{\rm OH}$ ASX. (including the securities in clause 2 if applicable)	+ Class Number 54,502,067 Ordinary shares

$+$ See chapter 19 for defined terms.

$\ddot{Q}$ Number and ⁺class of all *securities not quoted on ASX (including the securities in clause 2 if applicable)

Number	* Class
10,416,228	10 cent options expiring 31/1/06

$10^°$ Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

No change; new shares rank equally

NOT APPLICABLE

Part 2 - Bonus issue or pro rata issue

• $\bar{1}$ $\mathbf{[s]}$ security holder approval required?
• 12 Is the issue renounceable or nonrenounceable?
• Ratio in which the ⁺securities will 13 be offered
• $14$ ⁺Class of ⁺securities to which the offer relates
• 15 +Record date determine $\mathfrak{t}\mathbf{o}$ entitlements
• 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
• 17 Policy for deciding entitlements in relation to fractions
• 18 Names of countries in which the entity has 'security holders who 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 $\sigma$ acceptances or renunciations
• 20 Names of any underwriters

⁺ See chapter 19 for defined terms.

21	Amount of any underwriting fee or commission
22.	Names of any brokers to the issue
23.	Fee or commission 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.	If the issue is contingent on *security holders? approval. the date of the meeting
26	Date entitlement 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 to participate 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)
30	How do *security holders sell their $in$ full through entitlements a broker?
31	How do + security holders sell part of their entitlements through a broker and accept for the balance?
32	How do + security holders dispose of their entitlements (except by sale through a broker)?
33.	+ Despatch date

$+$ See chapter 19 for defined terms.

Part 3 - Quotation of securities

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

• 34 Type of securities $(tick one)$
• Securities described in Part 1 $(a)$
• $(b)$ 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 convertible 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 those holders
• If the *securities are *equity securities, a distribution schedule of the additional 36 *securities setting out the 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

37

35

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 1,206,273 ⁺quotation is sought 39 Class of ⁺securities for which Ordinary shares fully paid (GLO) quotation is sought

⁺ See chapter 19 for defined terms.

L.

40	Do the + securities rank equally in all respects from the date of allotment with an existing + class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do extent which the 10 ° they participate for the next dividend, of $(in -$ the case $a -$ irust. distribution) or interest payment the extent to which they do not	Yes, rank equally with all other ordinary shares
	rank equally, other than in relation to the next dividend. distribution or interest payment
41	Reason for request for quotation now	End of ASX restriction period
	Example: In the case of restricted securities, end of restriction period
	(if issued upon conversion of another security, clearly identify that other security)
		Number	+ Class
42	Number and + class of all + securities quoted on ASX (including the securities in clause 38)	54,502,067	Ord shares

(now go to $43$ )

All entities

Fees

• 43 Payment method (tick one)
• Cheque attached Electronic payment made Note: Payment may be made electronically if Appendix 3B is given to ASX electronically at the same time.
  • Periodic payment as agreed with the home branch has been arranged $\checkmark$ Note: Arrangements can be made for employee incentive schemes that involve frequent issues of securities.

Quotation agreement

⁺ See chapter 19 for defined terms.

• $\mathbf{I}$ *Ouotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• 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 months after their issue will not require disclosure under section $707(3)$ 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 $\bullet$ *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the "securities be quoted.
• $\mathfrak{Z}$ 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 this agreement.
• $\overline{4}$ We give ASX the information and documents required by 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.

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

Sign here:

(Director/Company Secretary)

Date: 5 January 2005

⁺ See chapter 19 for defined terms.

Print name: Bill Lyne

Phone: 04 1887 4175

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$+$ See chapter 19 for defined terms.