CYCLIQ GROUP LTD — Interim / Quarterly Report 2007

Jan 30, 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 December 2007

Consolidated Statement of Cash Flows

==> picture [505 x 417] intentionally omitted <==

----- Start of picture text -----

Current Quarter Year to Date
Cash Flows Related to Operating Activities (6 months)
$A’000 $A’000
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration and evaluation (593) (776)
(b) development - -
(c) production - -
(d) administration (407) (416)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature received 58 58
1.5 Interest and other costs of finance paid (122) (122)
1.6 Income taxes paid - -
1.7 Other (provide details if material) - GST (43) (43)
Net Operating Cash Flows (1,107) (1,299)
Cash Flows Related to Investing Activities
1.8 Payment for purchases of: (a)prospects (508) (508)
(b)equity investments (85) (793)
(c) other fixed assets (40) (40)
1.9 Proceeds from sale of: (a)prospects - -
(b)equity investments 115 840
(c)other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other - -
Net Investing Cash Flows (518) (501)
1.13 Total operating and investing cash flows (carried forward) (1,625) (1,800)
----- End of picture text -----

• 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)	(1,625)	(1,800)
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) Net Financing Cash Flows	6,000 - 200 (400) - (379)	6,000 - 360 (400) - (384)
	5,421	5,576
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	3,796 29 -	3,776 49
	3,825	3,825

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 55
	-

• 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

• During the 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.

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

Estimated Cash Outflows for Next Quarter

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

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)	216	29
	3,609	-
	-	-
	-	-
Total: Cash at End of Quarter(item 1.22)	3,825	29

• See chapter 19 for defined terms.

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Changes in Interests in Mining Tenements

	Tenement Reference	Nature Of Interest	Interest at Beginning of Quarter	Interest at End of Quarter
6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Nil
	Bullseye Prospect, Iberia Parich, Lousiana, USA Wilson Prospect, Padre Island, Texas, USA	Indirect Indirect	- -	15% 10%

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	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
	58,334,090	38,334,090	20	20
7.5 ~~+~~Convertible Debt Securities 7.6 Changes during quarter
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

• 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 31 January 2008

Print name: Craig Willis

= = = = =

• See chapter 19 for defined terms.

Appendix 5B Page 5