GEOPACIFIC RESOURCES LTD — Interim / Quarterly Report 2010

Jan 30, 2011

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31 January 2011

The Company Announcements Office Australian Stock Exchange Limited Exchange Centre, Level 6, 20 Bridge Street SYDNEY NSW 2000

GEOPACIFIC – QUARTERLY REPORT FOR THE PERIOD TO 31 December 2010

Geopacific Resources NL (“Geopacific”) is pleased to provide the following report on corporate news and exploration activities undertaken at the Company’s Fiji projects during the three month period ending 31 December 2010. Additional information about the Company is available on Geopacific’s website at www.geopacific.com.au .

Highlights

Data from recent ZTEM and VTEM geophysical surveys has been processed and is being evaluated. The ZTEM system is very recently developed technology designed to seek large, buried mineral deposits to depths of up to 1.5 to 2 kilometres. Most of Geopacific’s exploration properties in Fiji have been covered in order to locate large ‘world class’ deposits and appropriate drill targets.

The results show many interesting features which include:

1. Two potentially large buried conductor targets at Nuku. These have been mapped and correspond to areas of clay-pyrite alteration and quartz-magnetite veining which could reflect underlying porphyry copper type deposits.

2. A deep resistivity anomaly south of the Faddy’s Gold Deposit (extends to over 500 metres depth) and could indicate an underlying gold mineralised system.

3. A deep resistivity target at Cakaudrove which is located beneath surface gold and pyrite occurrences and may be the expression of a large gold-mineralised intrusive system.

4. Numerous other anomalous features which are being assessed.

Exploration Activities

1. Helicopter-Borne Z-Axis Tipper Electromagnetic (ZTEM) and Aeromagnetic Geophysical Survey

During mid to late 2010 Geotech Ltd (Geotech) carried out a helicopter-borne geophysical survey over the Nabila, Nadi South, Vuda-Sabeto, Raki Raki, and

Geopacific Resources NL ACN 003 208 393

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Australia – Sydney Level 4, 425 Elizabeth St (PO Box 477) Surry Hills NSW 2010 AUSTRALIA

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Fiji – Nadi PO Box 9975 Nadi Airport Nadi FIJI

T +679 6 72 7150 F +679 6 72 7152

Geopacific Resources NL page - 1 - December 2010 Quarterly Report 31/01/2011

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Cakaudrove project areas (Figure 1). The principal geophysical sensors included a Z-Axis Tipper electromagnetic (ZTEM) system, and a caesium magnetometer. Ancillary equipment included a GPS navigation system and radar altimeter. A total of 2288.4 line-kilometres were completed in the survey which covered a total area of 960 square kilometres.

Preliminary and final data processing, including generation of final digital data and map products were undertaken at the offices of Geotech in Aurora, Ontario. In late 2010 Geotech reported the results of the work and these are summarised below. Further processing and interpretation of the data is currently being undertaken by Southern Geoscience Consultants Pty Ltd of Perth.

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The assessment and interpretation of the results of the survey is part of an ongoing appraisal, however high priority exploration targets generated from the work include promising anomalies detected at depth in the following areas.

1.1 Nabila ZTEM Survey

Geopacific Resources NL ACN 003 208 393

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Four distinctive conductive trends were identified by Geotech. Two closely follow the trend of the two main mountain ridges in the area. Magnetic data show two large, semicircular magnetic blocks on both sides of one of the conductive features and another small circular magnetic anomaly was also

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Geopacific Resources NL page - 2 - December 2010 Quarterly Report 31/01/2011

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identified. The conductive features include shallow, narrow zones as well as deeper conductive bodies.

The Faddy’s gold deposit is located at the northern end of the surveyed block characterised by a contrasting high resistive area (Figure 2), potentially related to intrusive rocks and/or silica alteration zones, capped by more conductive layer-like conductive areas, which may indicate argillic alteration and/or marly rocks. ZTEM inversion of the Faddy’s – old Mistry Gold Mine area shows that a two kilometre long resistivity anomaly is oriented north-south and is located between both deposits. The resistive feature may represent a deep sulphide target and is clearly anomalous at depths of over 475 metres. The anomaly has a steep westerly dip and could present a deep drill target in this area.

1.2 Nadi South ZTEM Survey

Eight distinct conductive trends were identified by Geotech and six have a north east strike. They are located in the north of the area and can be interpreted across all frequencies. The magnetic signal in the south of the area is higher than in the north and shows small scattered magnetic anomalies trending west to east.

At shallow depths, all of the conductive trends are associated with local, modelled conductive anomalies and as the depth of each increases the modelled resistivity distribution show a large, conductive volume in the north in contact with moderate to large resistive blocks in the south.

Geopacific’s Togo porphyry prospect is marked by a plume of relative high chargeabilty values located near ground surface to depths greater than 400 metres and a large area of low resistivity, located west and north of the chargeability anomaly, flanks a small zone of higher resistivity values.

1.3 Vuda and Sabeto ZTEM Survey

Geotech has recognised eight conductive trends in the survey area and these correlate with high topography and magnetic highs. An interesting circular high resistivity anomaly occurs in the western part of the area and corresponds with a topographic basin.

Near the centre of the surveyed block, magnetic anomalies align in three distinctive trends with west-east directions. In the east, the most prominent alignment changes to a northwest strike and one conductor is underlain by a high resistive body that widens with depth. In the west, three conductive trends appear to be shallow anomalies which become poorly resolved at depth. Geotech noted an interesting circular, high-resistivity anomaly in the southcentral part of the survey area and this corresponds to an isolated magnetic high.

Geotech described a comparison of resistivity patterns from east to west that may relate to mineralized areas. Vuda has numerous surface gold mineralised

Geopacific Resources NL ACN 003 208 393

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Geopacific Resources NL page - 3 - December 2010 Quarterly Report 31/01/2011

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Faddy’s Gold Deposit
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8025000mN
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Road to Nadi
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Mistry Gold Mine
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(abandoned in 1957)
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3 3
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0 Scale bar is 1 kilometre 0
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E E
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Figure 2. ZTEM inversion showing a depth plan at -475 metres RL (475m below sea level). A resistivity anomaly oriented north-south is located between the Faddy’s Gold Deposit and the old Mistry Gold Mine. The Mistry deposit has a recorded production of 23.2kg of gold, 6.4kg of silver and 20.3t of lead from 1,720 tonnes of ore between 1947 and 1957 (average gold grade of 13.5 g/t).

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prospect areas (including Natalau, Ista’s, Teitei, and Crown) with soil and shallow gold anomalies correlated with structural trends and alteration zones. In this area, Geotech’s resistivity map at 350 metre depth shows a potential association of conductivity trends with geological structures. Geotech also noted two eastern areas of interest and these are associated with high resistivity anomalies.

1.4 RakiRaki ZTEM Survey

Six conductive trends were highlighted by Geotech and at high frequencies each of these appears as a distinctive, narrow stripe which correlates with high topography. At low frequencies the conductive trends become broader and connect. A few high magnetic anomalies are scattered over the RakiRaki area and a low magnetic band with northwest strike is located in the southwest.

At shallow depths, four of the conductive lineaments are represented by narrow modelled conductive features. One is moderately conductive, and appears to dip to the north. Another has no indication of any conductor close to ground surface, but at depth the resistivity decreases.

Resistivity patterns near the known mineralized area of the BR Grid (which contains near surface gold at prospects including Qalau and 4300E) show a potential correlation of conductive trends with structural features (Figure 3). Geotech also identified an anomalous area with a similar structural setting to the east of the BR Grid.

1.5 Cakaudrove ZTEM Survey

Geotech identified four conductive trends and all appear as distinctive stripes coinciding with higher topography. A resistivity high with a possibly circular shape is bounded by two of the conductive trends. The west side of the survey has a regional magnetic low. Near the resistivity high, magnetic anomalies become more pronounced and steep in gradient.

In the east of the Cakaudrove survey area, isolated magnetic highs are widely distributed and a prominent deep resistivity anomaly is apparent (Figure 4). This is located directly beneath a known gold (Dakuniba Gold Prospect) and pyritequartz vein occurrences which have been investigated by shallow trenching by Fiji Government geologists but which have not been explored by modern geochemical surveys or deep drill testing. Geopacific plans to undertake mapping and sampling as initial follow-up of this target and others in the Cakaudrove survey area. Future exploration may include deep drilling to test the depth extent of this large anomaly.

Geopacific Resources NL ACN 003 208 393

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Australia – Sydney Level 4, 425 Elizabeth St (PO Box 477) Surry Hills NSW 2010 AUSTRALIA

T +61 2 8622 1691 F +61 2 8622 1694

Fiji – Nadi PO Box 9975 Nadi Airport Nadi FIJI

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December 2010 Quarterly Report

31/01/2011

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Figure 3. RakiRaki Survey Area.

The top image shows the location of the main surface gold prospects (central white oval) on a map of the 25 Hz total phase rotated in phase (TRP IP) data from Geotech. The central oval contains the near-surface gold mineralisation of the BR Grid area (drill tested during previous Geopacific work). The smaller circle to the right is an area of similar geophysical character.

The bottom figure is a three dimensional block diagram view looking towards the northeast showing the possible depth extension of the BR grid structure.

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8 8
0 1
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0 0 8160000mN
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m m
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Figure 4. ZTEM Inversion map of a depth slice at -575m RL deep located at the eastern end of the Cakaudrove survey area. The red area is a large resistivity anomaly. Stars are surface mineral occurrences mapped by Fiji Government geologists (yellow star is the Dakuniba Gold Prospect and orange stars are pyrite occurrences).

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2. Helicopter-Borne VTEM Geophysical Survey at Nuku

Two prominent conductive anomalies were located by the VTEM (electromagnetic) survey undertaken at Nuku (Figure 1). The Nuku VTEM survey was flown at the time of the ZTEM work by Geotech Ltd and utilised the same helicopter and geophysical crew.

Conductor anomaly A (Figure 5) is located in the southern central part of the tenement and extends for approximately 1.5 kilometres along a NW-SE trend. The conductive rock is a possible clay alteration zone which could cap a deposit of porphyry copper type mineralisation. Anomalous metals occur at surface including elevated gold, zinc and silver and geologic mapping during late 2010 has shown that the anomaly corresponds to a clay and quartz-pyrite-clay altered dioritic intrusive rock with zones of vein stock working of quartz-pyrite-magnetite (Figure 5, top right). Anomaly A includes two small magnetic features and is surrounded by larger magnetic high anomalies between 0.5 kilometres to a kilometre long. Outcropping gold and zinc mineralisation occurs at Wailoaloa skarn, the eastern magnetic feature and Wailoaloa as well as the other magnetic, non conductive anomalies are interpreted as skarn deposits which appear to radiate from a central, porphyry system centred beneath the clay alteration at Anomaly A.

Anomaly B is located above a zone of quartz-magnetite-pyrite veining and alteration which may also reflect underlying rocks with potential for a large low grade porphyry copper type target. This anomaly corresponds with a magnetic high zone which may suggest a considerable depth to potential underlying mineralisation. Interpretation of Anomaly B is made difficult due to the location of a regional electrical transmission line which crosses the project area in the northern part of the feature.

Geopacific will consider further follow-up with induced polarisation groundbased geophysical surveys and deep drilling to test for large, buried mineralised deposits beneath Anomalies A and B.

Geopacific Resources NL ACN 003 208 393

3. Drilling at the Faddy’s Gold Deposit (Faddy’s)

Two diamond drill holes were completed during the period (FAD049 and FAD050, Table 1, Figure 6) and high gold, silver, lead, zinc and copper intervals were returned from by diamond drill core from holes peripheral to the known mineralisation (FAD047-FAD050, Table 2).

The high-grade mineralised intervals intersected peripheral to near-surface gold mineralisation at Faddy’s confirm that the deposit extends for at least 200 metres south west along strike as well as to the north of the deposit (Figure 6).

FAD050, located to the south west of Faddy’s contained 1.20 metres (from 47.9m) of 14.17g/t gold and 49.7g/t silver including 0.6 metres of 21.7g/t Au from 48.5 metres. High grades were also intersected in FAD049 where 0.60

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Geopacific Resources NL page - 5 - December 2010 Quarterly Report 31/01/2011

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Porphyritic dioritic intrusive Quartz ‐pyrite‐clay
alteration
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8035000N
clay alteration
B
Power line
limestone
Geology map area
fault
Wailoaloa
A
skarn Basaltic volcanic tuff and breccia
8031000N
Figure 5. EM and geology of the south portion of the Nuku Project area.
6
6
2 3 Left side : VTEM 1.64 msec dB/dT image showing main conductor target
1
8 areas (A and B). Flight lines were flown in a north-south direction. The
0
0 0 anomalies reflect clay and pyrite alteration. Blue outlines are discrete
0
0 SCALE : 1 kilometre 0 magnetic anomalies (probable skarns), including Wailoaloa Zn-Au-Cu skarn.
E
E Note that there is some interference from the power line traversing the
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Quartz‐pyrite‐magnetite vein stockwork limestone fault Pyrite‐quartz‐ epidote‐chlorite‐ Basaltic volcanic tuff and breccia magnetite alteration

Figure 5. EM and geology of the south portion of the Nuku Project area.

Left side : VTEM 1.64 msec dB/dT image showing main conductor target areas (A and B). Flight lines were flown in a north-south direction. The anomalies reflect clay and pyrite alteration. Blue outlines are discrete magnetic anomalies (probable skarns), including Wailoaloa Zn-Au-Cu skarn. Note that there is some interference from the power line traversing the northern portion of target B.

Top right : Geology and alteration map of conductor target A

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metres of 7.21g/t gold, 43.2g/t silver, 3.22% zinc, 2.09% lead and 0.53% copper was returned between 140.9-150.5 metres in FAD049 and 0.60 metres of 4.99g/t gold, 32.3g/t silver, 1.74% zinc and 2.03% lead occurs between 194.9-195.5 metres in FAD048. Drill hole FAD047 also intersected 0.7 metres of 31.0g/t gold, 176g/t silver, 2.70% zinc, 6.86% lead and 0.99% copper from below 184.7 metres.

Near the north of the deposit two drill holes intersected significant gold mineralisation. FAD044 intersected 7.0 metres of 1.87g/t gold below 134.0 metres and 2.0 metres of 3.57g/t gold was intersected below 60.0 metres in FAD045.

Table 1: Faddy’s July-December 2010 drill hole locations (new data in red).

Hole_ID	East_Gri d	North_Grid	WGS84_East	WGS84_North	RL_m	Dip	Azi_grid	TD_ m
FAD047	3150	5125	**530461 **	8025658	3	-80	180	224.3
FAD048	3100	5120	530419	8025630	5	-80	180	230.3
FAD049	3050	5050	**530392 **	**8025552 **	5	-60	180	200.3
FAD050	2900	5000	530272	8025450	5	-90	-99	275.3

Table 2: Assay summary for drill holes FAD047-FAD050.

Hole		Au intersections (0.5g/t Au	Au intersections (0.5g/t Au	Au intersections (0.5g/t Au	Au intersections (0.5g/t Au	cut-off)			Ag / Au
	from (m)	to (m)	int (m)	Au (g/t)	Ag (g/t)	Pb (%)	Zn (%)	Cu (%)
FAD047	89	90.6	1.6	1.09	5.3	0.00	0.01	0.02	4.9
	118	119	1	1.33	5.6	0.01	0.01	0.00	4.2
	126	126.6	0.6	1.36	6.4	0.19	0.07	0.01	4.7
	138.4	139	0.6	6.19	27	0.04	0.03	0.01	4.4
	142.7	143.7	1	7.79	32	0.17	0.36	0.02	4.1
	151	153	2	3.23	20	0.10	0.13	0.02	6.2
	155	156	1	1.04	5.1	0.03	0.08	0.00	4.9
	178.1	178.7	0.6	1.07	6.6	0.17	0.35	0.32	6.2
	184.7	185.4	0.7	31.00	176	6.86	2.70	0.99	5.7
FAD048	144	145.1	1.1	9.05	8	0.15	0.32	0.06	0.9
	160.7	161.7	1	0.98	3.8	0.06	0.10	0.02	3.9
	194.9	195.5	0.6	4.99	32.3	2.03	1.74	0.01	6.5
	201.7	202.3	0.6	1.00	5.4	0.45	0.57	0.03	5.4
	211.3	213.8	2.5	0.90	3.48	0.68	0.28	0.07	3.9
FAD049	140.9	141.5	0.6	7.21	43.2	2.09	3.22	0.53	6.0
FAD050	47.9	49.1	1.2	14.17	49.7	0.17	0.28	0.09	3.5
	incl 48.5	49.1	0.6	21.70	73.1	0.25	0.15	0.06	3.4
	99.6	100	0.4	0.47	1.9	0.16	0.19	0.05	4.0
	186.6	187.6	1	0.64	4	0.00	0.03	0.11	6.3
	226.8	227	0.2	0.62	5.7	0.00	0.03	0.01	9.2
	257	258.1	1.1	0.62	2.5	0.06	0.10	0.00	4.0

Geopacific Resources NL page - 6 - December 2010 Quarterly Report 31/01/2011

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Maximized core recovery for the drill holes was important and Exploration Drilling Services Pty Ltd (EDS) continued to provide excellent drill core recoveries of close to 100%. Drill core was geologically logged and photographed. Drill core from mineralized intervals of each hole was sampled (cut as half core) and forwarded to the ALS Chemex sample preparation laboratory in Suva where each sample was processed and sent to Australia for gold, silver and base metal analyses.

4. Drilling at Red Ridge Prospect, Nadi South

Two diamond drill holes (RRD001 and RRD002) were completed at the Red Ridge Prospect in the Nadi South Project. Both were drilled beneath gossanous and ferruginous basaltic volcanics with surface gold mineralisation in a steep dipping fracture zone. Costean surface samples on the ridge north of RRD001 and 2 were collected by CRA Exploration Pty Limited in 1988 and included 50 metres averaging 3.28g/t gold and 35 metres averaging 6.6g/t gold.

RRD001 was completed to 177.5 metres and RRD002 was finished at 254.3 metres. Both drill holes intersected strongly fractured basaltic volcanic rocks intruded by basic dykes. Wide zones of chlorite-quartz-magnetite-epidote alteration were intersected. Assays of drill core of both holes were completed in mid January. Gold assays were generally low with five intervals recording more than 0.5g/t gold (Table 3). The drilling results confirm that the high-grade gold located by soil sampling and trenching is supergene enriched.

Table 3: Assay summary for drill holes RRD001 and RRD002.

hole	From (m)	To (m)	Au_ppm	Ag_ppm	Cu_ppm	Pb_ppm	Zn_ppm
RRD001	115	116	0.51	0.5	68	1	104
RRD001	116	117	0.72	0.6	446	2	632
RRD001	128	129	0.78	0.8	123	4	350
RRD001	150	151	0.58	0.4	2	1	33
RRD002	14	15	0.61	0.8	14	5	242

5. Corporate

Geopacific has reviewed policy in dealing of securities and provided the following policy as an ASX release on 30 December.

Background – Insider Trading:

The insider trading provisions of Australian Law work on the basis that a person must not (whether as principal or agent) subscribe for, purchase or sell, or “engage in dealings” of any securities in Geopacific Resources NL (‘GPR’) if;

Geopacific Resources NL ACN 003 208 393

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Fiji – Nadi

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Geopacific Resources NL page - 7 - December 2010 Quarterly Report 31/01/2011

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FAD044 FAD045
FAD046
Mineralisation
open at depth
FAD047
FAD048
FAD049
Extent of main gold
zone defined by drilling
FAD050
Scale: 100m
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Figure 6. Arial photograph view of Faddy’s showing locations of drill holes. Locations of diamond drill holes completed in 2010 are shown by red dots.

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• a) The person possesses information that a reasonable person would expect to have a material effect on the price of the securities if the information were generally available;

• and

• b) The person knows, or ought reasonably to know, that: i. The information is not generally available; and

ii. If it were generally available, it might have a material effect on the price of the securities.

A person does not need to be directly associated with GPR to be guilty of insider trading in relation to securities of the Company. The prohibition extends to dealings through nominees, agents or their associates, such as family members, family trusts or family companies (“Related Third Parties”).

Geopacific Policy:

1. Directors, officers and employees of GPR and its subsidiary companies shall not engage in any dealings in the securities of GPR without giving prior notice as follows:

Party seeking to deal in securities	Prior notice to begiven to:
Employees of GPR or subsidiary companies and consultants and advisors involved in the management of projects for and on behalf of GPR (or their Related Third Parties)	The Company Secretary of GPR
Directors of GPR or subsidiary companies (or their Related Third Parties)	The Company Secretary of GPR who shall provide details to the Chairman of GPR

1. The Board should be advised of all dealings by Directors, Officers and employees at periodic Board meetings. Details to be advised shall include: Type of dealing, Date of dealing, Number of securities, Seller, Purchaser and Price.

2. Directors, officers and employees shall not engage in any dealings in GPR securities during the period:

3. a) two weeks prior to and within 24 hours after the date of the announcement to the ASX of the Company’s annual or half year results;

4. b) two weeks prior to and within 24 hours after the date of the announcement to the ASX of the Company’s quarterly activities reports;

5. c) notwithstanding a) or b), at any time while in possession of inside information .

Geopacific Resources NL ACN 003 208 393

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Australia – Sydney Level 4, 425 Elizabeth St (PO Box 477) Surry Hills NSW 2010 AUSTRALIA

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Fiji – Nadi

1. Directors, officers and employees are prohibited from trading in financial products issued or created over or in respect of the entity’s securities.

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Geopacific Resources NL page - 8 - December 2010 Quarterly Report 31/01/2011

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Additional information on the Company's projects and previous Geopacific announcements are available on Geopacific's website at www.geopacific.com.au .

Yours faithfully,

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Ian J Pringle (Managing Director)

Competent Person Statement

The review of exploration activities and results contained in this report is based on information compiled by Dr Ian Pringle , a Member of the Australasian Institute of Mining and Metallurgy. Dr Pringle is the Managing Director of Geopacific Resources NL and also a Principle of Ian J Pringle & Associates Pty Ltd, a consultancy company in minerals exploration. He has sufficient experience which is relevant to the style of mineralization and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Dr Pringle has consented to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Geopacific Resources NL ACN 003 208 393

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Fiji – Nadi

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December 2010 Quarterly Report

31/01/2011

Appendix 5B 31 December 2010.xls

Appendix 5B

Mining exploration entity quarterly report

Rule 5.3

Name of entity
Geopacific Resources NL
ACN or ARBN 003 208 393 Consolidated statement of cash flows Cash flows related to operating activities 1.1 Receipts from product sales and related debtors	Quarter ended("currentquarter")
	31-Dec-10
	Current quarter $A'000		Year to date (12 months) $A'000
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 (received) 1.7 Other income Net Operating Cash Flows	(747) (80) 17		(2,814) (649) 100
	(810)		(3,363)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b)equityinvestments (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) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	(2)		(41)
	(2)		(41)
	(812)		(3,404)

Appendix 5b

Page 1

Appendix 5B 31 December 2010.xls

1.13 Total operating and investing cash flows(brought forward)	Current quarter $A'000		Year to date (12 months) $A'000
	(812)		(3,404)
Cash flows related to financing activities 1.14 Proceeds from issues of shares 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)- Capital raising costs 1.19 Other (provide details if material)- Applications for shares re placement 6.7.10 Net financing cash flows			3,453 (214) -
	-		3,239
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 ofquarter	(812) 2,982 -		(165) 2,335 -
	2,170		2,170

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities	52,800 - 52,800 Nil Nil	52,800 - 52,800 Nil Nil
1.23 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the partiesincludedin item 1.10	52,800
	-
1.25 Explanation necessaryforanunderstanding ofthe transactions Salaries,Directors fees and consultancyfees at normal commercial rates. 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 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 used $A'000
	-	-
	-	-
	$A'000 450 - - 150 600
Estimated cash outflows for next quarter 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A'000
	450 - - 150
Total	600

Appendix 5b

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Appendix 5B 31 December 2010.xls

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flo to the related items in the accounts is as follows. 5.1 Cash on hand and at bank Deposits at call Bank overdraft Other - 30 day bank bills	Current quarter $A'000	Previous quarter $A'000
	876 - - 1,294	1,961 - - 1,021
Total: cash at end ofquarter(item 1.22)	2,170	2,982
	- -

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	Interest at beginning ofquarter	Interest at end of ofquarter

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 (see note 3) (cents)	Amount paid up per security see note 3) (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) Decreases through returns of capital, buy-backs, redemptions	36,033,957	36,033,957
7.5 Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions

Appendix 5b

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Appendix 5B 31 December 2010.xls

7.7 Options	7.7 Options	7.7 Options
Description and conversion factor 8 May 2011 Options 1 share for 1 option 16 December 2011 Options 1 share for 1 option 8 May 2012 Options 1 share for 1 option 8 May 2013 Options 1 share for 1 option 1 August 2013 Options 1 share for 1 option 1 share for 1 option 1 share for 1 option 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter 7.11 Debentures 5 years after defining JORC 200,000 oz at Faddys Gold Deposit 10 years after defining JORC 1.000,000 oz at Faddys Gold	Description and conversion factor		Total Number	Number Quoted	Exercise price	Expiry Date
	8 May 2011 Options 16 December 2011 Options 8 May 2012 Options 8 May 2013 Options 1 August 2013 Options 5 years after defining JORC 200,000 oz at Faddys Gold Deposit 10 years after defining JORC 1.000,000 oz at Faddys Gold	1 share for 1 option 1 share for 1 option 1 share for 1 option 1 share for 1 option 1 share for 1 option 1 share for 1 option 1 share for 1 option	100,000 7,242,106 100,000 100,000 600,000 800,000 200,000	0 0 0 0 0 0 0	$1.00 $0.30 $1.25 $1.50 $0.50 $2.50 $5.00	8-May-11 16-Dec-11 8-May-12 8-May-13 1-Aug-13 Unknown Unknown
7.11 Debentures
7.12 Unsecured

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act 2001 or other standards acceptable to ASX (see note 4).

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

Sign here: (Director) Print name: Dr Ian Pringle Date: 28 January 2011

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.

Appendix 5b

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