INOVIQ LTD — Interim / Quarterly Report 2011

Apr 27, 2011

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EUROGOLD

L I M I T E D

(ACN 009 070 384)

28 April 2011

ASX "EUG"

RESULTS FOR QUARTER ENDED 31 MARCH 2011

During the quarter the Company increased its holding in Dragon Mining Limited to 19.11%. The Company’s other principle holding is a 3.57% interest in Tanami Gold NL.

The Company completed a small holding sale facility of it’s shares for those shareholders who elected not to retain their shareholding. Shareholders were paid $0.23 per share and all costs related to the exercise were borne by the Company.

At today’s date the NTA of Eurogold is approximately $0.38 per share.

The Company continues to examine various investment opportunities in resource projects with a particular interest in the gold mining sector but for various reasons the acquisition of projects reviewed to date have not proceeded.

PETER GUNZBURG Executive Chairman

`Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

Name of entity EUROGOLD LIMITED (EUG)

ABN 009 070 384 (002)	Quarter ended (“current quarter”)
009 070 384 (002)	31 March 2011

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 & evaluation (b) development (c) production (d) administration 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 (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	0 0 0 0 (271) 0 50 0 0 4	0 0 0 0 (947) 0 177 0 (444) 6
	(217)	(1,208)
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 Brinkley Mining Administration Costs Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	0 (1,782) 0 0 109 0 0 0	0 (5,462) 0 0 958 0 0 5,000 833
	(1,673)	1,329
	(1,890)	121

1.13 Total operating and investing cash flows (brought forward)	(1,890)	121
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 (provide details if material) 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 quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(1,890) 3,611 1	121 1,604 (3)
	1,722	1,722

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 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		53
		0
1.25	Explanation necessaryforanunderstanding ofthe 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

Nil

2.2	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	Nil

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 $A’000
		0	0
		0

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	0
	0
	0
	(200)
Total	(200)

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
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	402	1,022
	1,321	2,589
	0	0
	0	0
Total: cash at end of quarter(item 1.22)	1,722	3,611

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 quarter

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

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions	Nil	Nil
	Nil
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	86,805,402	86,805,402
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	Nil
	Nil
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	4,000,000	Nil	Exercise price $1.00	Expiry date 30/06/2014
	Nil
	Nil
	0	Nil	Nil
7.11 Debentures (totals only)	Nil	Nil
7.12 Unsecured 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 Act 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 Company Secretary 28/04/2011

Notes

1 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.

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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