HAWSONS IRON LTD — Interim / Quarterly Report 2008

Jan 29, 2008

Appendix 5B

Mining exploration entity quarterly report

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

Name of entity

Carpentaria Exploration Limited

ACN or ABN 63 095 117 981

Quarter ended (“current quarter”) 31-Dec-07

Consolidated statement of cash flows

1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13	Cash flows related to operating activities Receipts from product sales and related debtors	Current quarter $A’000	Year to date (3 months) $A’000
		-	-
	Payments for
	(a) exploration and evaluation	-251	-251
	(b) development (c) production
	(d) administration	-133	-133
	Dividends received
	Interest and other items of a similar nature received	68	68
	Interest and other costs of finance paid Income taxes paid Other
	Net Operating Cash Flows	-316	-316
	Cash flows related to investing activities Payment for purchases of: (a)prospects (b)equity investments
	(c) other fixed assets	-29	-29
	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	-29	-29
	Total operating and investing cash flows (carried forward)	-345	-345

1.13 1.14 1.16 1.17 1.19 1.20 1.21 1.22 1.23 1.24 1.25 2.1 2.2	Total operating and investing cash flows (brought forward)	-345	-345
	Cash flows related to financing activities
	Proceeds from issues of shares, options, etc.	7,500	7,500
	Proceeds from borrowings	156	156
	Repayment of borrowings
	Other – capital raising costs	-149	-149
	Net financing cash flows	7,507	7,507
	Net increase (decrease) in cash held	7,162	7,162
	Cash at beginning of quarter/year to date	-	-
	Exchange rate adjustments to item 1.20
	Cash at end of quarter	7,162	7,162
	Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Carpentaria Exploration Limited was admitted to the Official List of ASX Limited on Monday 12 November 2007 with Official Quotation of Securities commencing Wednesday, 14 November 2007. As a result this report is for the current quarter only.
		Current quarter $A'000
	Aggregate amount of payments to the parties included in item 1.2	60
	Aggregate amount of loans to the parties included in item 1.10	-
	Explanation necessary for an understanding of the transactions 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 had a material effect on consolidated assets and liabilities but didnotinvolve cash flows
	Details of outlays made by other entities to establish or 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.

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3.1 3.2 4.1 4.2 5.1 5.2 5.3 5.4		Amount available $A’000	Amount used $A’000
	Loan facilities	-	-
	Credit standby arrangements	-	-
	Estimated cash outflows for next quarter
			$A’000
	Exploration and evaluation		800
	Development
		Total	800
	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	7,162	0
	Deposits at call Bank overdraft Other (provide details)
	Total: cash at end of quarter(item 1.22)	7,162	0

Changes in interests in mining tenements

6.2 Interests in mining tenements acquired or increased Interests in mining tenements relinquished, reduced or lapsed	Tenement reference	Nature of interest (note (2))	Interest at beginning of	Interest at end of quarter
	As detailed in Propectus Dated 7 September 2007
	EL6936	Option to acquire base metals	0	100% (Base Metals)

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.

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7.3 7.4 7.7 7.8 7.9 7.10		Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
	+Ordinary securities Changes during quarter	65,000,000	30,000,000	0.25	0.25
	(a) Increases through issues	65,000,000	30,000,000	0.25	0.25
	(b) Decreases through returns of capital, buy-backs
	Options (description and conversion factor) Issued during quarter Exercised during quarter Expired during quarter	3,700,000	-	Exercise price 0.30	Expiry date 30/06/2010
		3,700,000	-	0.30	30/06/2010

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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Date: 25 January 2008

Company Secretary Chris Powell