CORE ENERGY MINERALS LTD — M&A Activity 2006

Jun 26, 2006

PRESS RELEASE

27 June 2006

Global thinks big as it takes over Tusk for \$19.3 million

FRANCH HOST

Global Approach

Australia's Global Approach Limited has become an even bigger player in the booming Internet gaming industry with today's unanimous shareholder approval to acquire industry frontrunner Tusk Corporation for A\$19.3 million.

Big is better in online gaming because a broader player base helped stabilise the swings in profits that smaller operators could suffer when big gamblers won or lost, Tusk managing director James Canning-Ure said.

"The more players that you have, the less volatility you achieve for the casinos," said Mr Canning-Ure, who is incoming Global (ASX code: GLO) Managing Director after the extraordinary general meeting in Brisbane this morning.

"A key advantage is going to be the boost in revenue. Global has in the past suffered from only having two Casinos, adding another four casinos will ease the gaming volatility."

At present, Global has two Casino sites and one poker site. Tusk adds 4 casinos, and 11 poker sites.

Expanding the poker offerings was crucial because, unlike traditional Casino games, the operator doesn't play against the gambler, Mr Canning-Ure said.

"The poker site operator does not take a position in the gaming transaction; the company just purely provides the poker room and connectivity for the players.

"In return, we receive a percentage of the money played on each hand.

"So we are about to introduce a number of new poker rooms which we believe will significantly increase our revenues over the next 12 months to two years."

The Tusk team assume management control, bringing their extensive skills and experience to bear on growing the business.

"We've got 50 full-time staff who specialise in attracting players to the Casinos, receiving money, paying players, all the IT support, all the customer support, so we will be bringing all those services to Global," Mr Canning-Ure said.

"More than half of our staff have been with us for over four years, pretty impressive when you consider that we've been operating for five years."

For Tusk, revenue from poker has exploded from a small fraction to about 45 per cent of revenue in the past 12 months.

The new entity is projected to have net profit after tax of \$2.1 million for the 2007 financial year, and \$3.4 million for the following year.

As part of the deal, Global will be gaining www.ibigcasino.com, a site that Tusk recently launched to capitalise on the huge potential it saw in the Japanese market.

"We have a very experienced partner in Japan that specialises in online traffic and we see there is going to be a significant increase in our revenue from Japan, it's an area that's virtually untouched."

Global was ideally placed to expand in Asia, Mr Canning-Ure said, because Australia was an excellent place to recruit call centre staff who spoke an Asian language, and also because the time zones were similar.

The deal also received a boost with news that seven Tusk sites had received the official "Play it Safe" seal of approval from eCOGRA (Commerce and Online Gaming Regulation and Assurance), which is a London-based independent standards authority for online gambling.

Global Executive Chairman David Barwick said: "The eCOGRA seal is very important in building player trust which is usually the biggest hurdle in growing an online casino."

The eCOGRA's Chief Executive, Andrew Beveridge, said that leading online casino and poker room brands recognised that players cared about the Play it Safe seal.

"Seal-bearing Casinos attract more players and create additional revenue opportunities," Mr Beveridge said.

Mr Canning-Ure said it was vital to remain vigilant in the online gaming business.

"You've got to remain focused which is why we have specialised in not only attracting new players, but also in keeping active, established players. You've got to keep them happy."

The all scrip deal valued at 12.5 cents a share will settle on Friday with the fully diluted number of shares on issue for Global Approach at 219.5 million.

Global Approach:

David Barwick Chairman 0419 736 660

Media enquiries:

Nick Moore Starlink Media Pty Ltd 07 3367 1488 0408 191 999 nick@starlinkmedia.com.au

James Canning-Ure Tusk Corp (& incoming Global Managing Director) 0418 745 477