INOVIQ LTD — Interim / Quarterly Report 2009

Jan 28, 2010

ASX "EUG"

30 January 2010

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EUROGOLD

L I M I T E D

(ACN 009 070 384)

RESULTS FOR QUARTER ENDED 31 DECEMBER 2009

At the end of the quarter the Company’s cash position was $9.49 million and its share portfolio had a value of $14.93 million giving an NTA per share of $0.38 cents.

During the quarter Brinkley Mining PLC, which is 29.04% owned by Eurogold Limited, increased its stake in ASX listed Dragon Mining Limited from 8.13% to 12.68%. This, together with Eurogold’s holding of 6.6 million shares in Dragon Mining, gives both Eurogold and Brinkley Mining PLC a relevant interest of 13.7% in Dragon Mining.

It is not the intention of the Board that the primary business of Eurogold will be that of a passive portfolio investor.

The Company has examined, and continues to examine, various investment opportunities in resource projects with a particular focus on the gold mining sector.

PETER GUNZBURG

Executive Chairman

Rule 5.3

Appendix 5B

Mining Exploration Entity Quarterly Report

Origin: Appendix 8

Name of Entity EUROGOLD LIMITED ("EUG")

ABN 6 Months Ended 009 070 384 (002) 31 December 2009

Consolidated Statement of Cash Flows

Consolidated Statement of Cash Flows
Cash Flows Related to Operating Activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration (e) other 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 1.7 Other Income Net Operating Cash Flows	Current Qtr $A'000	Year to Date (6 Months) $A'000
	0 0 0 0 (314) 0 93 0 0 30	0 0 0 0 (827) 0 220 0 0 30
	(191)	(577)
Cash Flows Related to Investing Activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (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 Net Investing Cash Flows 1.13Totaloperating andinvesting cash flows (carriedforward)	0 (2,598) 0 1,634 0 0 0	0 (6,992) 0 1,798 0 0 0
	(964)	(5,194)
	(1,155)	(5,771)

1.13 Totaloperating andinvesting cash flows (broughtforward)	(1,155)	(5,771)
Cash Flows Related to Financing Activities 1.14 Proceeds from issues of shares, options, etc. 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 (Capital Raising Costs) Net Financing Cash Flows	0 0 0 0 0 0	0 0 0 0 0 0
	0	0
Net Increase (Decrease) in Cash Held 1.20 Cash at beginning of Month/year to date 1.21 Exchange rate adjustments to 1.20 1.22 CashatEnd of Month	(1,155) 10,652 0	(5,771) 15,268 0
	9,497	9,497

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 amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the partiesincludedin item 1.10	3 Months $A'000
		91
		0

• 1.25 Explanation necessary for an understanding of the transactions

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

None

• 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

None

Financing Facilities Available

Add notes as necessary for an understanding of the position.

		Amount Available	Amount Used
		$A'000	$A'000
3.1	Loan facilities	0	0
3.2	Credit standby arrangements	0	0

Estimated Cash Outflows for Next Month

4.1 Exploration and evaluation 4.2 Development	$A'000
	0
	0
Total	0

Reconciliation of Cash

Reconciliation of cash at the end of the Month (as shown in the consolidated statement of cash flows) to the related itemsinthe accountsis asfollows.	Current $A'000	Previous $A'000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other	117	363
	9,380	10,289
	0	0
	0	0
Total: Cash at End of Month(item 1.22)	9,497	10,652

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 (note (2))	Interest at Beginning of Quarter	Interest at End of Quarter

Issued and Quoted Securities at End of Current Month

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Number Issued	Number Quoted	Issue Price Per Security (cents)	Amount Paid Up PerSecurity (cents)
7.1 Preference +securities (description) 7.2 Issued during Quarter	Nil	Nil	N/Applicable	N/Applicable
	-	Nil	N/Applicable	N/Applicable
7.3 +Ordinary Securities 7.4 Issued during Quarter	63,935,926	63,935,926	N/Applicable	N/Applicable
	Nil			N/Applicable
7.5 +Convertible Debt Securities (description) 7.6 Issued during Month	Nil	Nil	N/Applicable	N/Applicable
	Nil	Nil	N/Applicable	N/Applicable
7.7 Options (description) 7.8 Issued during Quarter 7.9 Exercised during Quarter 7.10 Expired during Quarter	400,000 (Unlisted Director Options 4,000,000 (Unlisted Options)	Nil Nil	Exercise Price $0.30 Exercise Price $1.00	Expiring 10 August 2010 Expiring 30 June 2014
	Nil	Nil	Nil	Nil
	Nil	Nil	N/Applicable	N/Applicable
7.11Debentures (totals only)	Nil	Nil
7.12Unsecured Notes(totals only)	Nil	Nil

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 / ~~does not*~~ (delete one) give a true and fair view of the matters disclosed.

P Collinson Date: 30 January 2010 Company Secretary

Notes

• 1 The Monthly report provides a basis for informing the market how the entity's activities have been financed for the past Month 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.

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