GOLDEN DEEPS LIMITED. — Interim / Quarterly Report 2006

Apr 27, 2006

Rule 5.3

٦

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Golden Deeps Ltd

ABN

12 054 570 777

Ouarter ended ("current quarter")
March 31 2006

Consolidated statement of cash flows

Cash flows related to operating activities			Current quarter SA'000	Year to date (9 months) SA'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a) evaluation	exploration (d) development (e) production	and (83)	(192)
		(d) administration	(91)	(278)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		22	66
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other (provide details if material)
	Net Operating Cash Flows		(152)	(404)
1.8	Cash flows related to investing activities Payment for purchases of: (a)prospects (b)equity investments
		(c) other	fixed
1.9	assets Proceeds from sale of:
	(a)prospects (b)equity investments
		(c)other assets	fixed
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)		(152)	(404)

• See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

1.13	Total operating and investing eash flows (carried forward)	(152)	(404)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	800	800
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)	(40)	(40)
	Net financing cash flows	760	760
	Net increase (decrease) in cash held	608	356
1.20	Cash at beginning of quarter/year to date	1,352	1,604
1.21	Exchange rate adjustments to item 1.20
1.22		1,960	1,960
	Cash at end of quarter

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

		Current quarter \$A'000
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

1.25 Explanation necessary for an understanding of the transactions

PROFESSIONAL SERVICES & DIRECTORS FEES

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

⁺ See chapter 19 for defined terms.

4

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 SA'000

Estimated cash outflows for next quarter

		SA'000
4.1	Exploration and evaluation
		80
	4.2 Development
	Total

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 SA'000	Previous quarter \$A'000
5.1	Cash on hand and at bank	161	63
5.2	Deposits at call	1,799	1,289
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	1,960	1,352

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of cuarter
6.1	Interests in mining tenements relinquished,	M29/107		100%	NIL
	reduced or lapsed	M29/147		100%	NIL.
6,2	Interests in mining tenements acquired or increased

⁺ See chapter 19 for defined terms.

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	Amount paid up per
				security (see note $3)$ (cents)	security (see note 3) (cents)
7.1	Preference *securities
$7.2\,$	(description) Changes during
	quarter
	(a) Increases through issues
	(b) Decreases
	through returns of capital, buy-
	backs,
7.3	redemptions *Ordinary
	securities	38,340,020	36,340,020
7.4	Changes during
	quarter (a) Increases
	through issues
	(b) Decreases through returns
	of capital, buy-
7.5	backs *Convertible
	debt securities
7.6	(description)
	Changes during quarter
	(a) Increases through issues
	(b) Decreases
	through securities
	matured,
	converted Options
7.7	(description and	2,000,000		Exercise price 10 cents	Expiry date June 30 2009
	conversion	25,506,018	25,506,018	15 cents	March 1 2007
$7.8\,$	factor) Issued during
	quarter
7.9	Exercised during quarter
7.10	Expired during quarter
7.11	Debentures (totals only)
7.12	Unsecured
	notes (totals only)

⁺ See chapter 19 for defined terms.

Compliance statement

• $\pmb{\ddagger}$ 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).
• $\overline{2}$ This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

Sign here. ...................................... (Director)

Print name: D N ZUKERMAN

Notes

• $\mathbf{f}$ 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.
• $\overline{2}$ 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.
• The definitions in, and provisions of, AASB 1022: Accounting for Extractive 4 Industries and AASB 1026: Statement of Cash Flows 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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⁺ See chapter 19 for defined terms.