CYCLIQ GROUP LTD — Interim / Quarterly Report 2008

Apr 29, 2008

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B Mining Exploration Entity Quarterly Report

Origin: Appendix 8

Name of Entity

MODENA RESOURCES LIMITED

ACN or ARBN 119 749 647

Quarter Ended (“Current Quarter”) 31 March 2008

Consolidated Statement of Cash Flows

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Current Quarter Year to Date
Cash Flows Related to Operating Activities (9 months)
$A’000 $A’000
1.1 Receipts from product sales and related debtors 89 89
1.2 Payments for (a) exploration and evaluation (3,196) (3,972)
(b) development - -
(c) production - -
(d) administration (190) (606)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature received 59 117
1.5 Interest and other costs of finance paid - (122)
1.6 Income taxes paid - -
1.7 Other (provide details if material) - GST 34 (9)
Net Operating Cash Flows (3,204) (4,503)
Cash Flows Related to Investing Activities
1.8 Payment for purchases of: (a)prospects - (508)
(b)equity investments (62) (855)
(c) other fixed assets (4) (44)
1.9 Proceeds from sale of: (a)prospects - -
(b)equity investments 57 897
(c)other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other - -
Net Investing Cash Flows (9) (510)
1.13 Total operating and investing cash flows (carried forward) (3,213) (5,013)
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• See chapter 19 for defined terms.

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(3,213)	(5,013)
Cash Flows Related to Financing Activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) – share issue costs Net Financing Cash Flows	- - 2,500 - - (45)	6,000 - 2,860 (400) - (429)
	2,455	8,031
Net Increase (Decrease) in Cash Held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to 19 1.22 Cash at End of Quarter	(758) 3,825 -	3,018 49
	3,067	3,067

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A’000 42
	-

• 1.25 Explanation necessary for an understanding of the transactions

Non-Cash Financing and Investing Activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

In the previous quarter:

• (i) Unsecured convertible notes with a face value of $1,666,818 were converted to 8,334,090 ordinary fully paid shares; and

• (ii) the company issued 20,000,000 ordinary fully paid shares at an issue price of 20 cents each as consideration for the acquisition of Murviel Trading SA.

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

• See chapter 19 for defined terms

.Appendix 5B Page 2

Appendix 5B Mining exploration entity quarterly report

Financing Facilities Available

Add notes as necessary for an understanding of the position.

		Amount Available	Amount Used
		$A	$A
3.1	Loan facilities	NIL
3.2	Credit standby arrangements	NIL

Estimated Cash Outflows for Next Quarter

Estimated Cash Outflows for Next Quarter
4.1 Exploration and evaluation 4.2 Development	$A
	1,500,000
	-
Total	1,500,000

Reconciliation of Cash

Reconciliation of Cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current Quarter $A	Previous Quarter $A
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	558	216
	2,509	3,609
	-	-
	-	-
Total: Cash at End of Quarter(item 1.22)	3,067	29

Changes in Interests in Mining Tenements

Tenement Reference	Nature of Interest	Interest at beginning of quarter	Interest at end of quarter
Nil
Armstrong Farm Properties, Kenedy County, Texas, USA Manzano Prospect, Kleberg County, Texas, USA Sandy, Slazenger & Wagner Prospects, Jackson County, Texas, USA	Direct Direct Direct	- - -	25% 12.5% 52.5%

• See chapter 19 for defined terms.

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Issued and Quoted Securities at End of Current Quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

			Number Issued	Number Quoted	Number Quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
	7.1 Preference +securities 7.2 Changes during quarter
	7.3 ~~+~~Ordinary Securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs		64,334,090	44,286,590
	7.5 ~~+~~Convertible Debt Securities 7.6 Changes during quarter (a) Increases through issues		3,428,571 # 3,333,333 #		- -	$0.35 face value $0.45 face value	$0.35 face value $0.45 face value
			3,428,571 3,333,333		- -	$0.35 face value $0.45facevalue	$0.35 face value $0.45facevalue
	7.7 Options (description) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter					Exercise Price	Expiry Date
	7.11 Debentures
	7.12 Unsecured Notes
	#The principle terms ofthe Notes are asfollows:				3,333,333 $1,500,000 28/02/2010 The lesser of 45 cents or 85% of 5 day weighted average market price 12.5%
	Number:	3,428,571			3,333,333
	Face value:	$1,200,000			$1,500,000
	Redemption date:	31/01/2010			28/02/2010
	Conversion price:	The lesser of 35 cents or 85% of 5 day weighted average market price			The lesser of 45 cents or 85% of 5 day weighted average market price
	Interest rate:	10.5%			12.5%

• See chapter 19 for defined terms

.Appendix 5B Page 4

Appendix 5B Mining exploration entity quarterly report

Compliance Statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: C S Willis Director

Date 30 April 2008

Print name: Craig Willis

= = = = =

• See chapter 19 for defined terms.

Appendix 5B Page 5