EMERALD RESOURCES NL — Interim / Quarterly Report 2010

Apr 29, 2010

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Suite 2, 12 Parliament Place West Perth WA 6005 Ph: 08 9482 0510 Fax: 08 9482 0505 Email: info@emeraldoilandgas.com www.emeraldoilandgas.com

30 April, 2010

Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000

QUARTERLY ACTIVITIES AND CASHFLOW REPORT – MARCH 31, 2010

Please find attached the Quarterly Activities Report and Appendix 5B Quarterly Cashflow Report for the quarter ended March 31, 2010.

Yours sincerely,

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MIKE KRZUS Chief Executive Officer mkrzus@emeraldoilandgas.com

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QUARTERLY ACTIVITIES REPORT FOR THREE MONTHS ENDED 31 MARCH 2010

ASX Release

Highlights

30 April 2010

EMERALD OIL & GAS NL

Suite 2, 12 Parliament Place West Perth WA 6005 Tel: +61 8 9482 0510 Fax: +61 8 9482 0505

Contact:

MIKE KRZUS

Managing Director mkrzus@emeraldoilandgas.com

MORGAN BARRON

Company Secretary mbarron@emeraldoilandgas.com

E-MAIL: info@emeraldoilandgas.com

WEBSITE: www.emeraldoilandgas.com

Directors/Officers:

Jeremy Shervington - Chairman John Hannaford - Director Bob Berven – Director Mike Krzus – Managing Director

USA

• Appalachian Basin Gas Development Projects , Magoffin County, Kentucky

• 2000 acres leases with 14 potentially productive gas wells secured by KEP

• Initial gas production from first KEP gas project achieved. Second KEP gas project progressing with initial 3km pipeline installed

• 500+ Mcfd wellhead gas production potential tested to date from existing wells

• NOXXE LLC, Harris/Galveston Counties, Texas

• Option to acquire 31.5% foundation equity interest in producing oil company NOXXE LLC, subject to signing Company Agreement

• NW Alice Project, Jim Wells County, Texas.

• EMR acreage position and working interest in NW Alice JV to increase from 14% to 35% through acquisition of Noble Energy's interests in 4500 lease acres over NW Alice structure containing approx 100 Bcf gas/condensate

• Additional 38km[2] 3D seismic data licensed over identified drilling prospects

• NW Alice well to be drilled July 2010

AUSTRALIA

Issued Capital:

132,803,764 Shares (EMR) 19,322,754 Unlisted options

Market Capitalisation:

Undiluted $4.6m (@ 3.5 cents)

Cash on hand 31.3.10

$470,000 (see Corporate section)

 Canning Basin, WA

• 1600km 2D seismic data purchased to evaluate offshore exploration permits, farmout sought

• Stokes Bay #1 well test being planned to determine commerciality of gas discovery.

• Production licence issued over area including shut in oil producer West Kora #1. EMR awaiting Operator (Buru) recommendations.

 CORPORATE

• Company Business Plan released outlining EMR strategy, business plans and activity plans

• Successfully raised $606,000 of new capital from the issue of 17,322,230 million shares at 3.5 cents per share

USA Projects

Appalachian Gas - Magoffin County, Kentucky Emerald 75% Equity Interest in Kentucky Energy Partners LLC)

In November 2009, Emerald formed a new company, Kentucky Energy Partners LLC (KEP), with Slone Production LLC, a very competent local gas field operator and engineering consultant. Emerald holds a 75% interest in the new company, with Slone owning the remaining 25%. To date KEP has secured approximately 2000 acres of leases, containing 14 potentially productive existing gas wells in Magoffin County, Kentucky.

Three separate gas projects are being progressed concurrently from this asset base to build Appalachian gas production as part of Emerald's Business Plan objective to achieve sustainable operating cash surplus during 2010. A well assessment program is ongoing to assess the condition, production potential and gas quality of wells on KEP's current leases and on leases prospective for future acquisition. To date aggregate production potential in excess of 500 Mcfd has been demonstrated from well tests, with a number of key wells planned for testing in the coming weeks.

Gas from the hundreds of existing wells in the area contains varying levels of Hydrogen Sulphide (H2S), which must be removed prior to sale. Where H2S levels are low, the H2S can be economically removed from the wellhead gas with dry chemical scrubbers (sweet gas). Gas with higher H2S gas which cannot be produced economically with wellhead treatment (sour gas), will need to wait until a gas plant can be installed in the area to remove the sulphur compounds including H2S.

Emerald is therefore initially targeting sweet gas production for its first projects. However, the sour gas potential of the area is much greater than that of sweet gas. Emerald/KEP is therefore also working other parties in the area to unlock the sour gas potential of the area through the installation of a central gas processing facility and shared use of existing gathering infrastructure.

LOCATION

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KEP's 22 Mile project, consisting of two producing wells and a third well awaiting completion, commenced production in February 2010. The two producing wells had previously been produced at 200 Mcfd into the gathering system in 2008, prior to KEP acquiring the lease. However, operational issues with the new production system have limited production from individual wells to approximately 30 Mcfd per well. A remedial program is being considered to address the operating issues and achieve stable production at flow rates closer to those previously achieved from the wells.

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KEP 22 Mile Project gas well

The Beetree Project, the second and more ambitious KEP gas project, involves a 4 inch gathering line potentially up to 22 km long, to provide gas market access for a number of stranded, shut in, gas wells within easy tie-in distance to the line. Acquisition of pipeline rights of way for the first 15 km of the Beetree line, starting from the gas sales point, is almost complete. KEP plans to complete the gathering line in stages, starting at the gas sales point and extending the line as sales gas production potential is proved through well testing for each additional line section. The first 3 km section of line has been completed and two wells near the end of this first pipeline section are currently being tested prior to connecting them and completing the gas facilities at the sales gas tie in point. An additional 4 potential wells have been identified so far for possible acquisition and connection to this section of line, with several more likely.

Emerald is pleased with KEP's rapid progress in the field, noting the company was formed in November 2009 and only became fully operational from January 2010.

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NOXXE LLC, Harris County and Galveston County, Texas (Emerald 31.5% Equity Interest)

On March 11, Emerald announced execution of a Memorandum of Understanding securing an option to acquire 31.5% foundation equity interest in a newly formed company, NOXXE LLC, which holds interests in producing oil and gas leases in Harris and Galveston counties, Texas USA. Total consideration paid for the equity interest will be $US750,000 in cash and approximately 6.4 million ordinary EMR shares to be issued at $A0.043 per share. The Company has already paid $US550,000 as refundable deposits, leaving a $US200,000 final cash payment to be paid subject to completion of the NOXXE Company Agreement.

NOXXE LLC is a company formed specifically to acquire and develop oil and gas assets purchased from the bankruptcy of Daystar Oil & Gas Corp. Its assets consist of interests in the Humble Field (Harris Co.), Dickinson Field (Galveston Co.) and North Dyersdale Field (Harris Co.), all located within 30 mile radius of Houston, Texas.

NOXXE took control of the fields in late January. The fields were not producing and in a state of disrepair due to a period of neglect. Since then NOXXE has been diligently working to assess the condition of the 28 existing shut in wells on its leases and return as many wells as possible to production.

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Humble Field Oil well

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Production operations have now been substantially restored to good oil field practice in the Humble and Dickinson fields. A total of approximately 2600 barrels was produced to end March 2010. Monthly production in excess of 3000 barrels of oil per month is expected from existing wells once steady state field operations are achieved during Q2 2010.

Humble Field

The Humble field was discovered in 1902. This discovery and subsequent producing oil field was the foundation asset for Humble Oil Co, which eventually evolved into Exxon Mobil Corporation. The original Humble discovery well is located on NOXXE's current leases.

The Humble field is estimated to contain approximately 500 MMbbl of oil in place and has produced approximately 175 MMbbl oil to date. Significant recoverable oil is believed to remain.

NOXXE holds an 83.75% Working Interest (WI) in four operated leases totaling 1025 acres on the North Eastern side of the Humble oil field. The leases hold 22 wells believed to be accessible and potentially being available for production or other uses. In addition, several tens of wells which were plugged and abandoned at rates now considered to be very economic and it may be possible to re-enter them to re-establish production.

Efforts to date have been focused on assessing the condition of the accessible wells and reestablishing oil production from the best wells as soon as practical. Recompletion potential from the multiple oil pay zones present in the wells has been identified and attention is turning to these re-completion opportunities as the wells currently capable of economic production are re-instated and the other wells are inventorised and assessed.

Plans to drill for attic oil along the flank of the salt dome are also being considered, with likely timing for the first well being late 2010/early 2011. Attic oil is oil trapped in fault sealed and tilted reservoirs on the flank of the salt dome which has not been recovered by down dip producing wells. Petroleum engineering studies commissioned by Daystar in 2008 suggest Proven Undeveloped oil reserves of approximately 2 MMbbl (100% WI) could be recovered from approximately 20 sidetracks or replacement wells targeting attic oil reservoirs from existing well locations. Regulatory issues will require clarification before drilling commences.

The Humble leases also host a drilling location for a potential deep Wilcox gas well to approximately 13,000 ft.

Dickinson Field

NOXXE holds 100% WI in a lease covering 38 acres of the Dickinson field, with 1 producing oil well and 2 shut in wells. Current production is approximately 25 bopd and 55 Mcfd gas. Further upside exists with the potential to deepen wells to a number of target sands to assess their production potential.

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Dickinson Field Production tanks

North Dyersdale Field

NOXXE holds a 37.3% WI in three leases covering 220 acres of the North Dyersdale field, with three wells capable of gas and oil production and 1 water disposal well. Connection to the local gas gathering system is being investigated as a sales outlet for currently shut in gas production.

Opportunities exist to open oil bearing Yegua sands identified in existing wells and to deepen one or more wells to access additional oil bearing sands. Further upside also exists with recently shot 3D data across the acreage, which Daystar had acquired, but did not interpret, prior to their bankruptcy.

EMERALD OIL & GAS NL – MARCH QUARTERLY REPORT 2010

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North West Alice, Jim Wells County, Texas (Emerald 14% Working Interest; Operator: Noble Energy Inc.)

Noble has accepted an offer from OSO Exploration, on behalf of itself and Emerald, to sell its interests in leases totaling over 4500 acres in the NW Alice area, lying both inside and outside the NW Alice Joint Venture Area of Mutual Interest (AMI) and to license an additional 15 square miles (9600 acres) of 3D seismic data contiguous to the 12 square miles (7600 acres) of 3D data already held over the previous AMI.

Subsequent to final completion, Emerald will form a new Joint Venture with Oso Exploration and increase its working interest in the NW Alice field from 14% to 35%. Under the agreed arrangements, Emerald will pay $US350,000 for its additional interests and share of the 3D seismic data licence.

Current plans are to interpret the newly leased 3D data, select optimal drilling locations and commence drilling a follow-up well to the RJ Hunter #1 gas/condensate discovery as soon as practical, with drilling likely to commence early Q3 2010.

The NW Alice field is an undeveloped gas discovery in Jim Wells County, Texas, consisting of a large anticlinal structure believed to contain approximately 95 Bcf of P3 gas reserves and 2.4 MMbbl of P3 condensate reserves in the original NW Alice Joint Venture AMI area. It was discovered by the RJ Hunter #1 well in March 2007 (Emerald 10% WI at that time). The well was drilled to a total depth of 8500 feet and intersected a total of 50 feet of net pay containing gas/condensate in two main gas bearing zones and smaller intervals in Upper and Lower Yegua sands. Unfortunately, the wellbore casing collapsed on perforating the Lower Yegua, so no flow test was possible on this zone and the flow test from the upper Yegua was not definitive. The well was then suspended, pending a 3D seismic survey to better define the structure.

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NW Alice
Project Area
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On the back of the discovery well, Noble Energy, the Operator, acquired, processed and interpreted a large 3D seismic survey, which included the NW Alice Joint Venture's AMI over 2008.

In early 2009, Noble identified three potential drilling locations in the original AMI on the basis of the 3D seismic and subsequently acquired a number of additional leases both inside and outside the AMI area to consolidate the position of the joint venture prior to drilling the net well. However, Noble subsequently re-focused on other company opportunities and eventually took a decision to exit the NW Alice area.

Also in 2009, Emerald increased its interest in the NW Alice JV to 14% and acquired leases with oil and gas rights over 178 acres containing and surrounding the RJ Hunter#1 discovery well at 100% Working Interest. The Company is now considering options to redrill the RJ Hunter gas discovery well and acquire up to an additional 1000 acres of contiguous lease acreage, either as part of the new NW Alice joint venture with OSO or separately at 100% WI.

Emerald is looking forward to moving ahead to appraise, develop and produce the NW Alice gas discovery after a long wait since its initial discovery.

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Australian Projects

EP104/R1, Canning Basin WA (Emerald 12.75% Working Interest; Operator: Buru Energy Ltd)

The Stokes Bay #1 well was drilled in October, 2007 in the EP 104/R1 Permits located in the Canning Basin, near the town of Derby, Western Australia. The well was suspended after large volumes of drilling mud were lost in what is believed to be a cavernous reef system in the Nullara Formation. Since then, two attempts were made by the Operator, Buru Energy Limited, to induce flow in the well and to obtain a gas sample. Both attempts failed, however wellhead pressures of around 1200 psi and gas accumulation in the well bore re-occurred after each attempt.

The Operator, Buru Energy has commenced technical planning for definitive well operations, to acquire reservoir fluid samples and obtain indicative gas flow rates to determine if Stokes Bay #1 is a potentially commercial gas discovery. These operations will be conducted as part of Buru's extensive multi-well program planned for the 2010 dry season. A successful operation on Stokes Bay #1 could confirm a very substantial commercial gas accumulation located in close proximity to the planned LNG hub at James Price Point.

Production Licence L15, Canning Basin WA (Emerald 12.75% Working Interest; Operator: Buru Energy Ltd)

The WA Department of Mines and Petroleum granted Production Licence L15 over an area including the West Kora oil discovery during the quarter. Emerald holds an option to farm in to the West Kora Production Licence by paying 13% of West Kora #1 workover costs to earn a 12.75% WI.

The licence covers two rectangular blocks, 6054 and 6126, and contains the West Kora-1 oil discovery. L15 also is nearby the Point Torment-1 gas discovery and the recent Stokes Bay1 well.

West Kora-1 was drilled in 1984 in EP 104 by Esso Australia and had oil shows in the Anderson Formation. Following drill stem testing, a production test was carried out over the gross interval 1735-1751m. This resulted in the production of about 20,000 barrels of oil with an initial rate of 350 barrels per day with a water cut of 35%. However, this water cut increased to 85%.

In June 1992 operator Anzoil perforated a new interval from 1693-1696m and ran a through tubing bridge plug. However, this failed to isolate water production in the well, which was believed to originate from the original lower of three Esso perforated intervals.

Further testing in 1992, and over the period December 1997 to January 1998 demonstrated the need for a workover program to isolate the water production.

Emerald is currently awaiting advice from Buru regarding plans for the activity plans to reestablish oil production from West Kora #1 and assess other opportunities in the new Production Licence.

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EP463 & TP24 (Lacepede Islands) AND WA-419-P (Offshore) Canning Basin, WA (Emerald 100% Working interest, Operator)

Emerald continues to progress exploration studies to characterise leads and prospects in its strategic holdings along the structurally significant Pinnacle Fault zone in its projection offshore. The Pinnacle Fault is a key structural element between the Fitzroy Sub-Basin and the Lennard Shelf. It is believed to be the conduit for oil and gas migration from the Fitzroy Sub-Basin into structural and stratigraphical traps on the adjacent Lennard Shelf to the north.

Emerald is currently evaluating 1600 km of recently purchased processed 2D seismic data to further assess area prospectivity and identify exploration leads. Insights from this new data will also inform planning for future seismic acquisition in the permit area over the next few years.

After an initial review of the seismic data is completed, Emerald will be seeking to farm out a portion its 100% interest in this large permit area in anticipation of new seismic acquisition in 2011.

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Emeralds current tenement holdings in the Canning Basin are:

Exploration Permit/Retention Licence/Applications Emerald Net Working Interest	Permit Size (approx sq km)
Retention Lease R1 12.75% L15 (farmin option) 12.75% EP463 100% TP24 100% WA-419-P 100% Total	290 200 200 400 8,000
	9,090

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Corporate

At 31 March 2010 the Consolidated Entity had $470,000 cash on hand. Subsequent to 31 March, the Company completed a capital raising of $606,000, of which subscriptions of $39,000 are included in the cash balance at 31 March 2010.

The Company made the following announcements during the quarter and up to the date of this quarterly report:

Date	Headline
30/04/2010	Emerald to increase interest in NW Alice field
23/04/2010	Notice of Extraordinary General Meeting/Proxy Form
12/04/2010	SECONDARY TRADING CLEANSING NOTICE PURSUANT TO 708A(5)
8/04/2010	NOXXE UPDATE
6/04/2010	Trading Halt
30/03/2010	Appendix 3B
30/03/2010	Change in substantial holding
30/03/2010	PLACEMENT TO PROGRESS U.S. EXPLORATION PROGRAM
26/03/2010	Trading halt
26/03/2010	Company Presentation - Company Summary and Business Plans
24/03/2010	Change in substantial holding
22/03/2010	Oil Production and Additional Interests acquired in NOXXE
16/03/2010	Half Year Accounts
11/03/2010	Option to acquire interest in a Texas Oil Producing Co.
11/03/2010	Trading Halt
4/03/2010	EGO: Gingin West 1 Test Programme and Stokes Bay Study Test
2/03/2010	Expiry of Unlisted Options
2/03/2010	Change of Director`s Interest Notice
1/02/2010	Quarterly Activities and Cash Flow Report
27/01/2010	Emerald Acquires Additional Appalachian Gas Acreage / Wells
6/01/2010	Change of Director`s Interest Notice x 3

For more information please contact:

Emerald Oil & Gas NL Tel: +618 9482 0510

MIKE KRZUS Managing Director mkrzus@emeraldoilandgas.com

About Emerald Oil & Gas NL

Emerald Oil & Gas NL (ASX: EMR) was listed on the ASX in June 2006. Emerald is an oil and gas exploration and production company with project interests in Kentucky and Texas in the USA and in the Canning Basin of Western Australia. Emerald’s current focus is on establishing a surplus operating cash flow from production and adding step change company value through appraisal and field development of existing US assets consisting of both conventional and non-conventional oil and gas. In addition Emerald is progressing exploration efforts to evaluate the commercial potential of its Canning Basin assets in

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Australia. The Company is also seeking to identify larger, high potential value projects in Australia, USA or Internationally, to underpin substantial company growth over the next few years. Further information on Emerald's strategy and Business Plans can be found on the Company's website : www.emeraldoilandgas.com

Statements regarding Emerald’s plans with respect to its petroleum properties are forward-looking statements. There can be no assurance that Emerald’s plans for development of its petroleum properties will proceed as currently expected. There can be no assurance that Emerald will be able to confirm the presence of additional petroleum deposits, that any discovery will prove to be economic or that an oil or gas field will successfully be developed on any of Emerald’s petroleum properties.

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Appendix 5B

Mining exploration entity quarterly report

Name of entity

Emerald Oil & Gas NL

ABN 009 795 046 Consolidated statement of cash flows		Quarter ended(“currentquarter”)	Quarter ended(“currentquarter”)
		31 March 2009
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for: (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) - R&D rebate Net Operating Cash Flows		Current quarter $A’000	Year to date (9 months) $A’000
		19 (257) (150) (3) (175) 7 -	19 (876) (150) (22) (842) 40 348
		(559)	(1,484)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Refundable deposits paid(note 1 ) Refundable deposits refunded Net investing cash flows 1.13 Total operating and investing cash flows (carriedforward)		(11) (621) -	(17) (621) 115
		(632)	(523)
		(1,191)	(2,007)

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1.13 Total operating and investing cash flows (brought forward)	(1,191)	(2,007)
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 - Capital Raising Costs 1.20 Other-Subscriptions received	39	39
Net financing cash flows	39	39
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(1,152) 1,622 -	(1,968) 2,439 (1)
	470	470

Note 1- NOXXE

The NOXXE option is conditional on a Company Agreement acceptable to Emerald being executed by all Parties. Emerald had hoped to finalise the Company Agreement by end March 2010, however negotiations have taken longer than anticipated. Emerald has formally exercised its option under its Memorandum of Understanding, to acquire a 31.5% foundation interest in NOXXE LLC and has executed a Company Agreement which is acceptable to it. The Company Agreement is now with the other Parties for them to execute.

Without prejudice to its position, Emerald has indicated to the other NOXXE parties that a reasonable period will be allowed, within which to discuss any reasonable variation to the NOXXE Company Agreement that it has executed. If a mutually acceptable variation cannot be agreed within that reasonable period, Emerald may, without prejudice, consider withdrawing from the transaction with full refund of the $US550,000 deposits paid to date and other appropriate compensation.

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 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		163
		Nil
1.25	Explanation necessary for an understanding of the transactions
	The amount above includes payments to directors and to companies associated with John Hannaford and Jeremy Shervington for this quarter and previous quarters. The payments to Ventnor Capital, accompany associated with John Hannaford relate to the provision of consulting fees, company secretarial services, accounting and bookkeeping, secretarial services and the provision serviced offices on commercial terms. The payments to Jeremy Shervington Legal Practice relate to the provision of legal services on commercialterms.

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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

• 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

N/A

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’000	Amount available $A’000	Amount used $A’000
	-		-
	-		-
Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration			$A’000
			430*
			330*
			230*
			210*
Total			1,200*

• Estimated cash outflows are subject to availability of funds.

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 therelateditemsinthe accountsis asfollows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	470	1,622
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	470	1,622

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter

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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.

	Total number	Number quoted	Issue price per security (cents)	Amount paid up per security (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs,redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Increases through conversion of options (c) Release from escrow (d) Decreases through returns of capital, buy-backs	115,481,534	115,481,534
7.5 +Convertible debt securities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	-	-
	-	-
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	661,638 2,000,000 5,000,000	- - - -	Exercise price 17.68 cents 25 cents 10 cents	Exercise date 23/01/11 31/05/11 31/03/14
	-	-
	1,500,000		25 cents	28/02/10
7.11 Debentures (totals only)	-	-
7.12 Unsecured notes(totals only)	-	-

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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 (see note 4).

• 2 This statement does / ~~does not*~~ give a true and fair view of the matters disclosed.

Sign here:

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Date: 30 April 2010
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(Director)

Print name: Mike Krzus

Notes

1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Cash Flow Statements apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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