GOLDARC RESOURCES LIMITED — Interim / Quarterly Report 2004

Oct 28, 2004

CLUFF RESOURCES PACIFIC NL

ACN 002 261 565

Quarter Ended 30 September, 2004

Consolidated statement of cash flows

			Current	Year to
			Quarter	Date $30 - Sep$
			SA'000	SA'000
	Cash flows relating to operating activities
1.1	Receipts from product sales and related debtors		130	412
1.2	Payments (a) pre-development exploration and evaluation		(570)	(855)
	(b) development			÷.
	(c) production mining		(27)	(140)
	(d) administration		(221)	(813)
	(e) production cut gemstones and jewellery
1.3	Dividends received
1.4	Interest and other items of a similar nature received		3	13
1.5	Interest and other costs of finance paid
1.6	Income taxes paid			٠
1.7	Other - net GST (paid) / recoverable		(19)	(39)
1.7	Other - acquisition of gem stocks			w
	Net operating cash flows		(704)	(1,422)
	Cash flows relating to investing activities
1.8	Cash paid for purchases of	(a) prospects		(260)
		(b) equity investments		w
		(c) other fixed assets	(146)	(175)
1.9	Cash proceeds from sale of	(a) prospects
		(b) equity investments
		(c) other fixed assets	$\overline{2}$	30
1.10	Loans to other entities
1.11	Loans repaid by other entities
1.12	Other
	Net investing cash flows		(144)	(405)
1.13	Total operating and investing cash flows carried forward		(848)	(1,827)

1.13	Total operating and investing cash flows brought forward	(848)	(1,827)
	Cash flows relating to financing activities
1.14	Proceeds from issues of shares, options etc.		2,657
1.15	Proceeds from sale of forfeited shares	÷
1.16	Proceeds from borrowings
1.17	Repayment of borrowings
1.18	Dividends paid		w
1.19	Other -- expenses associated with issue of shares
	Net financing cash flows	$\theta$	2,657
	Net increase (decrease) in cash held	(848)	830
1.20	Cash at beginning of quarter / year to date	2,798	1,120
1.21	Exchange rate adjustments
1.22.	Cash at end of onarter	1.950.	-950-

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 amounts of payments to the parties included in item 1.2
• 1.24 Aggregate amount of loans to the parties included in item 1.10
• 1.25 Payments disclosed in item 1.23 above relate to consulting fees paid to entities in which directors have an interest.

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.

Nothing to report for this period.

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

Other parties have spent \$Nil in respect of exploration and evaluation of prospects in which the reporting entity, Cluff Resources Pacific NL, has joint venture interests.

Current
quarter
\$A'000
67

Financing facilities available

Add notes as necessary for an understanding of the position.

	.	Amount Available A\$'000.	Amount Used A\$'000
3.1	Loan facilities
-3.2	Credit standby arrangements

Estimated cash outflows for next quarter

		A\$'000
4.1	Pre-develoment exploration and evaluation	300
4.2	Development	$\overline{\phantom{a}}$
	Total	300

Reconciliation of cash

For the purposes of this statement of cash flows, cash includes cash on hand and at bank, bank overdraft, deposits at call and bills of exchange with maturities of not more than 90 days which are used in the economic entity's cash management function.

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 as follows:		Current Ouarter# A\$'000	Previous Ouarter A\$'000
5.1	Cash on hand and at bank	1,753	2.613
5.2	Cash on deposit (security for exploration expenditure commitments) Bank overdraft		185
5.3
5.4	Bills of exchange
	Total: cash at end of quarter (Item 1.22)	1,950	2.798

Changes in interests in mining tenements

		Tenement Reference	Nature of Interest	Interest at comm- encement	Interest at end of quarter
6.I	Interest in mining tenements relinquished, reduced and/or lapsed	N/A
		ML 70022	beneficial	50%	100%
6.2	Interest in mining tenements	ML 7232	beneficial	50%	100%
	acquired and/or increased	ML 1806.	beneficial	50%	100%
		ML 70066	beneficial	50%	100%
		ML 70094-96	beneficial	50%	100%
		ML 70133	beneficial	50%	100%

Issued and quoted securities at end of current quarter

		Number Issued	Number Quoted	Par Value Cents	Paid up Value Cents
7.1	Preference shares $#$ (Description)	NIL.
7.2	Issued during quarter	NIL.
7.3	Ordinary shares
	Fully paid shares	916,650,233	916,650,233	20 cents	20 cents
	Partly paid shares	73,724,328		20 cents	18 cents
7.4	Issued during quarter
	Fully paid shares
	Partly paid shares
	Total at end of current quarter	990,374,561	916,650,233
7.5	Convertible debt securities	NIL.
	$#$ (Description)
7.6	Issued during quarter	NIL.

Issued and quoted securities at end of current quarter (cont.)

				Exercise Price	Expiry Date
7.7	Options On issue at beginning of quarter	NIL.	NIL.
7.8	Issued during quarter	NIL.	NIL.
7.9	Exercised during quarter	NIL.	NIL.
7.10	Expired during current quarter
	Total at end of current quarter	0	0
7.11	Debentures - Totals only			S
7.12	Unsecured notes - Totals only			S

Compliance Statement

• $\bar{\bf l}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX.
• $\bar{z}$ This statement does give a true and fair view of the matters disclosed.

Signed Pilemann

Date ....................................

Name: Peter Kennewell, Director