CORE ENERGY MINERALS LTD — Proxy Solicitation & Information Statement 2007

Jan 14, 2007

$12^{th}$ January 2007

Dear Shareholders

On the $27^th$ November 2006 Global Approach Limited (GLO) announced that, as a result of the US Congress passing the Safe Port Act, which includes the Unlawful Internet Gambling Enforcement Act, this legislation would have a significant affect on the GLO business as the US represents approximately 80% of casino revenue and 20% of poker revenue.

As a result of the action taken in the US your board has been successful in negotiating the reversing of the Tusk Investment Corporation acquisition which involved the issuing of 155 million shares to acquire their portfolio of on-line Casinos and Poker Rooms for \$19.3m. It is proposed to transfer back to the Tusk Group shareholders the assets acquired from them in exchange for the 155 million GLO shares issued to them. This will be achieved by a selective buy-back and cancellation of shares.

The purpose of this move is to prepare the Company for an alternative activity that we believe would be more beneficial for all shareholders.

To comply with the relevant regulations it is necessary for GLO Shareholders to vote on the transaction and for the Company to provide an Independent Expert Report (IER).

The Notice of Meeting, to be held on Friday $16^th$ February 2007, and the explanatory memorandum and IER are enclosed to enable you to make an informed decision. If you are unable to attend the Meeting I encourage you to send in a proxy.

As the Independent Chairman of the Company along with Mr. Mike Veverka, the only other Independent Director, we believe it is in the best interests of Shareholders to vote in favour of the resolution which will then enable us to consider alternative activities for the Company.

Yours faithfully,

David K Barwick Chairman