CORE ENERGY MINERALS LTD — Capital/Financing Update 2009

Oct 29, 2009

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30 October 2009

Company Announcement Office Australian Securities Exchange Limited Level 4, 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

Update on Sale of Strata Management Assets

The Company is pleased to inform the market that the sale of strata management assets to Whittles Australia Pty Ltd (The Buyer) for $7.2 million as announced on 24 September 2009 is progressing towards settlement.

The Buyer’s conditions precedent have been satisfied with the buyer’s tax, legal and financial Due diligence having been successfully completed and The Buyer having obtained satisfactory finance. Consequently the buyer has paid the balance deposit of $620,000.

The contract remains subject to the Company complying with the requirements of the ASX and obtaining Shareholder approval of the sale. The will be put to a meeting on a date yet to be fixed, following the companied Annual General Meeting on 30 November 2009.

Yours faithfully

Michael Teys Chairman and Chief Executive Officer