HAWSONS IRON LTD - Interim / Quarterly Report 2008

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HIGHLIGHTS:

DIAMOND DRILLING COMPLETED AT GLEN ISLA WITH SOME ENCOURAGEMENT INCLUDING 8m @ 0.56 g/t GOLD
INTEGRATED VTEM AND HISTORICAL EXPLORATION DATA ANALYSIS HAS IDENTIFIED HIGH PRIORITY, GOLD AND NICKEL TARGETS AT MERRI HILL PROSPECT, COMBANING PROJECT
• ROCK SAMPLING AT LAING’S LODE REVEALS HIGH LEAD, ZINC AND SILVER RESULTS
WORK COMMENCED ON PANAMA HAT GOLD OPTION
REDBANK DRILLING COMPLETED – ASSAY RESULTS PENDING
QUEENSLAND GOVERNMENT COLLABORATIVE DRILLING INTIATIVE GRANT AWARDED TO CARPENTARIA FOR MT AGATE PROJECT
SHORTFORM PROSPECTUS – OPTIONS RIGHTS ISSUE FINALISED

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FIGURE 1 CARPENTARIA EXPLORATION LTD. Tenement Location March 2008

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SUMMARY

Carpentaria Exploration Limited (ASX:CAP) has raised an additional $211,313 via a nonrenounceable entitlements issue of one new option, exercisable at 30 cents on or before 30 June 2010, for every two shares held by shareholders on 2 June 2008 at an issue price of 1 cent per option.

CAP completed diamond drilling at Glen Isla with positive results that have assisted targeting the upcoming Reverse Circulation (RC) drill-program which will now better test the known gold mineralized system and newly identified zones of potential.

The farm-in deal with Stellar Resources at Panama Hat, located near Broken Hill in NSW, was completed and an electrical geophysical survey at the project will commence in the September quarter.

Elsewhere in the Broken Hill region, initial rock-chip sampling at Laing’s Lode has revealed anomalous zinc, lead and silver geochemistry. At the Sunrise JV land-owner access has been completed and field work to assess the tin and tungsten potential of the project will commence August.

The Company has been actively assessing exploration opportunities and preliminary discussions held with a number of groups to acquire new projects or divest projects that have not met CAP’s portfolio criteria.

GLEN ISLA – DIAMOND DRILLING COMPLETED

Diamond drilling comprising four holes totaling an aggregate 643.8m was completed during the quarter.

The Glen Isla Prospect is an extensive epithermal mineralized system hosted by Devonian Dulladerry Volcanics. Previous explorers located both moderately dipping sheet-like epithermal silica-sinter unit, exposed over 700 metres, and a separate sub-vertical silica-pyrite altered rhyolite breccia zone. Previous drilling intersected several extensive low-grade gold intersections beneath exposed silica-sinter with results including 396 metres at 0.13 g/t gold (GIRP16D). Past drilling of the separate sub-vertical breccia zone intersected slightly higher gold grades, including 41m @ 0.54 g/t Au (GIRPD11), with a geochemical signature typical of upper levels of a precious metal mineralized epithermal system (see Figure 2).

CAP’s diamond-drilling was directed to identifying feeder structures to the large Glen Isla system with the potential for higher grade gold mineralization. Untested surface geochemical anomalism and down-dip extensions of mineralization encountered in prior drilling were also targeted.

An intersection of 8m at 0.56g/t gold from 10.5m down hole was achieved in drill hole DD08GIA29 (refer Table 1). This hole, sited below an historical RAB weathered bedrock intersection of 5m at 0.64g/t gold from 3m ( Geopeko R76) has confirmed presence of gold mineralization in this structurally complex northern part of the prospect untested by previous drilling. This zone will be tested for higher gold grade mineralization along strike and down dip by RC drilling.

DD08GIA28 (Figure 2) tested down-dip of the sub vertical silica-pyrite breccia zone intersected by previous drilling. The hole intersected a narrower (4m down-hole width) silica-pyrite breccia zone with lower gold concentrations than encountered by previous drilling. Further RC drilling will test the breccia structure along strike to the north and south.

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DD08GIA30 (See Figure 2), designed to test down-dip of a newly recognised gossanous exposure with anomalous surface geochemistry, intersected a silica-pyrite breccia zone interpreted to be the rock-unit causing the gossan. Gold concentrations in the silica-pyrite unit were low and no further work testing this gossan exposure is planned.

DD08GIA31 (See Table 1) tested the down-dip extension of exposed silica-sinter mineralization in the westernmost part of the Glen Isla Prospect. This hole intersected the sinter horizon and returned 43.50m @ 0.17 g/t Au from 115m. This result did not upgrade the known Au concentrations in the sinter unit and further drilling of the low grade sinter has now been given a lower priority. CAP will focus future work on targeting higher grade feeder structures to the low grade sinter mineralization.

The initial diamond drilling phase of the program was intended to be followed by 1800m of RC drilling. Due to the contractor being unable to complete RC drilling, the RC program is now scheduled for August. The delay in the RC drilling has allowed modification of the exploration program including testing of the newly identified zone encountered in DD08GIA29.

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Table 1 Significant Drill Intersections from DD08GIA28-DD08GIA31.

Hole ID	MGAE**	MGAN**	Azi_GDA	Incl.	End of Hole(m)	Intersection (m)	Grade (g/t Au)	From (m)
	(Zone55)	(Zone55)
DD08GIA29	620910	6392570	20	-60	52.40	8.30	0.56	10.50
Incl.						1.60	1.16	12.00
DD08GIA31 DD08GIA31	620376	6392219	330	-60	234.10	43.50 54.37	0.17 0.10	115.00 173.00

Intersections reported with a lower cut off of 0.20g/t Au

Denotes use of no lower cut off.

**Coordinates have been located with a hand held GPS and will be surveyed at a later date.

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Figure 2 EL 6246 - showing location of drilling and new target zone

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COMBANING - INTEGRATED VTEM AND HISTORICAL EXPLORATION DATA ANALYSIS HAS IDENTIFIED HIGH PRIORITY, GOLD AND NICKEL TARGETS AT MERRI HILL PROSPECT

The 100% owned Combaning tenement, EL 6901, covers parts of the Temora and Springdale Goldfields, which were significant historical gold producers. The Gidginbung gold mine, which produced 677,000 ounces of gold from 1986 to 1996 (NSW Geol.Metmin database 2000), is located approximately 12 km northwest of the Combaning tenement.

The March quarter VTEM survey highlighted several targets scheduled for August drill-testing. Specifically, integrated VTEM and historical exploration data has identified additional, highpriority, gold and nickel targets at the Merri Hill Prospect.

The geological setting at Merri Hill is interpreted to be analogous to the Lucknow Deposit located near Orange, which yielded at least 178,000oz of gold production the between 1894 and 1898 at the very high average grade of 84g/t gold (Harper, L.F., NSW Geological Survey Report, 1920). Lucknow contained sub-vertical and horizontal ore shoots and lenses in the order of 40m x 15m x 1 to 6m hosted by carbonate veins/rock. The mineralization occurred in dilations at the contact between serpentinised ultramafic and Ordovician andesitic volcanic country rocks.

The Merri Hill Prospect contains high-grade gold intersections within pelitic metasediments proximal to the contact with serpentinised ultramafic rock. The ultramafic body occupies a structural flexure on a splay of the NNW striking regional Bethunga Shear system. Mapped serpentinised ultramafic at surface is partially co-incident with a discrete high-amplitude, elliptical shaped magnetic anomaly with a NW striking long axis (Figures 3 and 4).

At Merri Hill a number of historical workings are located along the NE contact of an ultramafic body with deformed pelitic sediments and past exploration has focused on this contact zone. Significant gold intersections encountered in prior drilling include 2.0m from 42m at 9g/t gold in SMRC017 and 4m from 54m at 4.18g/t gold in SMR6 (see also Table 2). A zone of oxide nickel mineralization (best 8m from 20m at 1.45% nickel in SMRA64) was also located over at least 200m of strike of the surface cap of the ultramafic unit (See Table 2). Past drilling is shallow, with few holes penetrating below 60m vertical depth below surface. Past exploration also included extensive soil geochemical surveying which confirms the presence of a gold mineralized zone of at least 200m strike length, open along strike in both directions and down dip.

Table 2 – Significant Merri Hill Drill Intersections by Past Explorers

Hole ID	Type	AMGE Zone 55*	AMGN Zone 55*	AMG Azimuth (deg)	Inclinati on (deg)	End of Hole Depth (m)	Down Hole Intersection Length	Metal Grade	From (m)
SMR006	RC1	563706	6173912	238	-60	60	32 m	0.71g/t Au	28
							incl's: 4 m	4.18g/t Au	54
SMR010	AC2	563601	6173779	-	-90	24	10 m	1.33% Ni	14
SMRC017	RC	563692	6173895	238	-60	60	40 m	0.79g/t Au	14
							incl's: 2 m	9.0g/t Au	42
SMRA052	AC	563533	6173856	238	-60	60	14 m	0.99% Ni	19
SMRA054	RC	563599	6173964	239	-61	60	12 m	1.10% Ni	15

1 = Reverse Circulation Drilling

2 = Air Core Drilling

AGD66 Datum

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CAP will test for high-grade g old shoots using a L ucknow st y le model b y drilling u ntested surface g eochemic a l anomalie s and alon g strike or d own-dip o f mineraliz a tion inters e cted by past wor k . The SW margin of t he ultramafic is untested and is a lso consi d ered a hig h priority drill targ e t for gold mineralizat i on along t h e poorly e xposed contact with c ountry-ro c k in this zone. The known s u rface nick e l zone, co - incident with the core of the ma g netic ano m aly, will also be i n vestigated for primar y nickel mineralization a t depth.

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Figure 3 Merri Hill Prospect showing ultramafic outline, drill holes over magnetics

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Figure 4: Three dimensional Airborne Magnetic data view

The Mer r i Hill aero m agnetic a n omaly ha s a distincti v e magnetic signatur e which is s hown in Figure 4. Located t o the south east of M e rri Hill is t h e Ingola m agnetic a n omaly whi c h has a very similar signatu r e. Ingola has been m o deled and the near surface sou r ce is considered to be simil a r to the mi n eralized M erri Hill anomaly. Be d rock exposure at Ingola is poor and the shallow m odeled a n omaly will be drill tested for b o th gold a n d nickel m ineralization in the upcomin g program.

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MT AGATE - QUEENSLAND GOVERNMENT COLLABORATIVE DRILLING INTIATIVE GRANT AWARDED

At the M t Agate Te n ement (EPM 14955 – 100 % CAP) CAP h a s been successf u l in achie v ing a Qu e ensland Govern m ent Assist a nce Gran t under the Collaborative D r illing Initiative (CDI) to test two high priority ge o physical targets, QMH an d Mt Sheli a , (refer Figure 5). These targets are c o nsidered to have potential f o r iron-oxid e copper gold (IO C G) miner a lization a n alogous to the Ernest H e nry dep o sit. A seconda r y but very closely related target i s precious and ba s e metal mineralized massi v e sulfide m agnetic skarns hosted by contact metamorphosed p r imary iro n -rich or calcareo u s sedimentary units.

Other potential drill targets in t his EPM include t he Mt D e voncourt Prospect which has pa s t report e d drill intersections of 30. 5 metres @ 1.25 % copper, and 12 metres @ 2.55% copper (See Fig u re 5). Drilling is anticipat e d later this calendar y ear.

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Figure 5: Mt Sheila & QMH location map on aeromagnetic image BROKEN HILL - ROCK SAMPLING AT LAING’S LODE REVEALS HIGH LEAD, ZINC AND SILVER RESULTS

The Lai n g’s Lode EL is loca t ed appro x imately 30km due n o rth of Br o ken Hill. I t covers metased i ments of t h e Broken Hill Group, which hos t the world class Bro k en Hill silver, lead, zinc (Ag, Pb, Zn) m a ssive sulfi d e ore bod y .

Initial re c onnaissan c e mappin g and sampling this q uarter has confirmed the eleva t ed zinc, lead, an d silver pre v iously rep o rted by C R A Explor a tion Pty Lt d (CRAE) a t the Lain g ’s Lode Prospect. CAP’s initial rock c h ip results o ver quart z -gahnite l o de exposures includ e : 0.16% Pb, 4.36 % Zn and 2 ppm Ag; a n d 0.74% P b, 4.09% Z n, and 1.5 ppm Ag (Figure 6).

CRAE a l so compl e ted an In d uced Polarization (I P ) survey w hich has been field located, digitized and re-int e rpreted us i ng an inv e rsion proc e ssing technique. The resulting i n version model in d icates a chargeable s ource tha t extends t o depth. The outline o f the model at 50m depth is shown in Figure 6 and the m odel extends beyo n d the pre v ious drilli n g limits represen t ing an unt e sted targe t for Broke n Hill style m ineralizati o n.

To inve s tigate the p otential of the prosp e ct and the EL as a w h ole, geological map p ing, 225 rock chi p samples a t Laing’s L ode Pros p ect and 31 regional r o ck sample s from oth e r quartz gahnite exposures have no w been co m pleted. A s say result s are pen d ing. Map p ing and samplin g results w ill be com b ined with modeled IP data to target drill holes for p otential Broken H ill style mi n eralizatio n in this EL.

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Figure 6 Laing’s Lode Prospect on false colour TM image

EUROWIE - (Sunrise JV, Carpentaria earn 100% of all metals)

CAP has the right t o earn a 100% interes t in all bas e and preci o us metals (other tha n lithium) and will p ay Sunris e a 1% N S R on any f uture min e productio n . The ten e ment is lo c ated 50 kms no r theast of Broken H ill and c o ntains m o derate t o low gra d e metas e diments predomi n ately belo n ging to the Sundown a nd Paragon sub-Gro u ps.

The ten e ment is pr o spective for tin, tant a lum and r are metals. Historical estimates suggest approxi m ately 185 t of cassiter i te (approximately 140 t of tin me t al) was pr o duced during a pre 1907 mi n ing phase . A comprehensive d e sk-top st u dy to ass e ss the ec o nomic pot e ntial for tin, tung s ten and ot h er rare ea r th mineral s was started this quar t er and will be followe d up with a reconn a issance fi e ld survey i n August.

PANAMA HAT GOLD PROJECT - WORK COMMENCED

Carpent a ria has a n option w ith Stellar Resource s (Stellar) t o enter a JV on s u ccessful completi o n of explo r ation com m itments to earn 51% of the proj e ct and inc r ease to 91 % of the project depending o n Stellar’s future ele c tion to pa r ticipate. If Stellar does not parti c ipate in any pote n tial mining phase, Carpentaria c a n purchas e Stellar’s free carried 9% stake.

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Figure 7: Panama Hat Location of Prospects over false colour TM image

Landow n er access agreement s have be e n complet e d and init i al field work comme n ced. To date 49 rock samples have b een taken to verify e arlier wor k and colle c t data ov e r areas previously not sampled (refer Figure 7). A s say result s are pendi n g.

An elect r ical geoph y sical surv e y (Sub Au d io Magnetics - SAM) has been p lanned fo r early in the Sept e mber qua r ter in an at t empt to m a p the high grade gold results as s ociated wi t h quartz veins an d ironstone units. The extent of t h e planned SAM surv e y along wi t h historica l sample results is shown in F igure 7.

REDBANK - DRILLING COMPLETED – ASSAY RESULTS PENDING

GBM Resources Lt d (ASX:G B Z) has far m ed into Carpentaria 100% owned Redba n k nickel project. As per St a ge 1 of th e agreeme n t, GBM c o mpleted a 3 hole sc o ut drilling program (totalling 132m) to test coinci d ent magn e tic and s o il geoche m ical anom a lies consi d ered to have similar attribut e s to the mined Gree n vale nickel laterite de p osit about 60kms to t h e south west. Assay result s are pending and when availab l e GBM wi l l review t h e data an d decide whether t o proceed w ith Stage 2 of the Joint Venture within the m onth.

The informat i on in this report that relates to E x ploration Resul t s, Mineral Reso u rces or Ore Res e rves is based o n information co m piled by Mr Nick Sheard, who is a Membe r of the Australi a n Institute of Ge o scientists and i s a Registered P r ofessional Geos c ientist - Minera l Exploration and Geophys i cs . Mr Sheard is a full time e m ployee of Carpentaria Explora t ion Limited and Mr Sheard has sufficient exper t ise which is relevant to t h e style of mine r alization and ty p e of deposit un d er consideratio n and to the act i vity which he i s undertaking to qualify as a Competent P e rson as defined in the 2004 Edit i on of the ‘Austr a lasian Code for Reporting of Ex p loration Results , Mineral Resou r ces and Ore Reserves’. M r Sheard consents to the inclusi o n in the report of the matters b ased on his inf o rmation in the f orm and contex t in which it appears.

For furt h er inform a tion pleas e contact:

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Nick Sheard - Exec u tive Chair m an Carpent a ria Exploration Limite d (+617) 3 1 613801

Appendix 5B

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Mining exploration entity quarterly report

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

Name of entity

Carpentaria Exploration Limited
ACN or ABN	Quarter ended (“current
	quarter”)
63 095 117 981	30-Jun-08

Consolidated statement of cash flows

Cash flows related to operating activities Receipts from product sales and related debtors	Current quarter $A’000	Year to date (9 months) $A’000
	-	-
Payments for
(a) exploration and evaluation	- 392	-1,070
(b) development (c) production
(d) administration	- 173	-497
Dividends received
Interest and other items of a similar nature received	13	63
Interest and other costs of finance paid Income taxes paid Other



Net Operating Cash Flows	- 552	-1,504
Cash flows related to investing activities Payment for purchases of: (a)prospects (b)equity investments
(c) other fixed assets	- 14	-82
Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets Loans to other entities Loans repaid by other entities Other
Net investing cash flows	- 14	-82
Total oeratin and investin cash flows (carried forward)	- 566	-1,586
pg g

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Total operating and investing cash flows (brought forward) 566 -	Total operating and investing cash flows (brought forward) 566 -	-1,586
Cash flows related to financing activities
Proceeds from issues of shares, options, etc.	211	7,711
Proceeds from borrowings	-	554
Repayment of borrowings	-	-554
Other – capital raising costs	- 46	-539
Net financing cash flows	165	7,172

Net increase (decrease) in cash held	-401	5,586

Cash at beginning of quarter/year to date	5,987	-
Exchange rate adjustments to item 1.20
Cash at end of quarter	5,586	5,586

Item 1.23 relates to Directors Remuneration, Fees and Superannuation Contributions.

Non-cash financing and investing activities Details of financing and investing transactions which have 2.1 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 2.2 increase their share in projects in which the reporting entity has an interest

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Financing facilities available

Add notes as necessary for an understanding of the position.

	Amount available $A’000	Amount used $A’000
Loan facilities	-	-
Credit standby arrangements	-	-
Estimated cash outflows for next quarter
		$A’000
Exploration and evaluation		600
Development

	Total	600
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’000	Previous quarter $A’000
Cash on hand and at bank	22	353
Deposits at call Bank overdraft Other (provide details)	5564	5634


Total: cash at end of quarter(item 1.22)	5,586	5,987

Changes in interests in mining tenements

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

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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.

	Number quoted	Issue price per security (see note 3) (cents)
+Ordinary securities Quoted	57,211,780	0.25
+Ordinary securities Un-Quoted(restricted) Changes during quarter	7,788,220	0.25

(a) Increases through issues
(b) Decreases through returns of capital, buy-backs
Options (description and conversion factor) Issued during quarter Exercised during quarter Expired during quarter		Exercise price Expiry date
	3,700,000	0.30 30-Jun-10
	500,000	0.27 30-Jun-10
	21 131 384 , ,	0 30 . 30-Jun-10

Compliance statement

1 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 (see note 4).
2 This statement does give a true and fair view of the matters disclosed.

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_______ Company Secretary Chris Powell

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1 This 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 1022: Accounting for Extractive 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.

AI assistant

HAWSONS IRON LTD Interim / Quarterly Report 2008

65053_rns_2008-07-13_c929dba6-d9e4-4878-b9b5-94bf2a600155.pdf

HIGHLIGHTS:

SUMMARY

GLEN ISLA – DIAMOND DRILLING COMPLETED

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Table 1 Significant Drill Intersections from DD08GIA28-DD08GIA31.

COMBANING - INTEGRATED VTEM AND HISTORICAL EXPLORATION DATA ANALYSIS HAS IDENTIFIED HIGH PRIORITY, GOLD AND NICKEL TARGETS AT MERRI HILL PROSPECT

QUA R TERLY RE P ORT ENDI N G 30 JUNE 2008

MT AGATE - QUEENSLAND GOVERNMENT COLLABORATIVE DRILLING INTIATIVE GRANT AWARDED

Figure 5: Mt Sheila & QMH location map on aeromagnetic image BROKEN HILL - ROCK SAMPLING AT LAING’S LODE REVEALS HIGH LEAD, ZINC AND SILVER RESULTS

QUA R TERLY RE P ORT ENDI N G 30 JUNE 2008

EUROWIE - (Sunrise JV, Carpentaria earn 100% of all metals)

PANAMA HAT GOLD PROJECT - WORK COMMENCED

QUA R TERLY RE P ORT ENDI N G 30 JUNE 2008

REDBANK - DRILLING COMPLETED – ASSAY RESULTS PENDING

For furt h er inform a tion pleas e contact:

Appendix 5B

Mining exploration entity quarterly report

Consolidated statement of cash flows

Financing facilities available

Changes in interests in mining tenements

Issued and quoted securities at end of current quarter

Compliance statement

AI assistant

HAWSONS IRON LTD — Interim / Quarterly Report 2008

65053_rns_2008-07-13_c929dba6-d9e4-4878-b9b5-94bf2a600155.pdf

HIGHLIGHTS:

SUMMARY

GLEN ISLA – DIAMOND DRILLING COMPLETED

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Table 1 Significant Drill Intersections from DD08GIA28-DD08GIA31.

COMBANING - INTEGRATED VTEM AND HISTORICAL EXPLORATION DATA ANALYSIS HAS IDENTIFIED HIGH PRIORITY, GOLD AND NICKEL TARGETS AT MERRI HILL PROSPECT

QUA R TERLY RE P ORT ENDI N G 30 JUNE 2008

MT AGATE - QUEENSLAND GOVERNMENT COLLABORATIVE DRILLING INTIATIVE GRANT AWARDED

Figure 5: Mt Sheila & QMH location map on aeromagnetic image BROKEN HILL - ROCK SAMPLING AT LAING’S LODE REVEALS HIGH LEAD, ZINC AND SILVER RESULTS

QUA R TERLY RE P ORT ENDI N G 30 JUNE 2008

EUROWIE - (Sunrise JV, Carpentaria earn 100% of all metals)

PANAMA HAT GOLD PROJECT - WORK COMMENCED

QUA R TERLY RE P ORT ENDI N G 30 JUNE 2008

REDBANK - DRILLING COMPLETED – ASSAY RESULTS PENDING

For furt h er inform a tion pleas e contact:

Appendix 5B

Mining exploration entity quarterly report

Consolidated statement of cash flows

Financing facilities available

Changes in interests in mining tenements

Issued and quoted securities at end of current quarter

Compliance statement

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