RAIDEN RESOURCES LIMITED — Interim / Quarterly Report 2004

Apr 29, 2004

MEDICAL MONITORS LIMITED AND CONTROLLED ENTITIES

Notes for the third Ouarter to March 31, 2004

The Directors recently announced a most important milestone for the Company, in the signing of an MOU with an established USA investment group. Subject to final contractual arrangements, MDM will grant exclusive licensing rights to the investment group for the Americas and the European Union (including the UK), for the Company's ECG and Blood Pressure monitoring technologies. It is anticipated that an ECG monitoring service will be established in these territories, and will include device promotion and sales.

A new USA sales and service company will be incorporated to effect this licensing agreement, and MDM will retain a major ownership through its share-holding $-$ the agreed value of that asset will be in excess of AUD\$13 million (USD\$10 million). MDM will receive a royalty fee based on revenues generated, and management fees for the provision of technical services. MDM will be contracted for the manufacture of the ECG recorders and BPfone^® monitors to the new company on an agreed profit margin basis.

Contracts will also include the sale of $3,000$ BPfone^® monitors from existing inventory, which will be used in the previously announced blood pressure monitoring program in the UK. The Directors are confident that current advanced negotiations will be completed before June 30, and further significant sales revenue will occur through 2004.

The Directors are also pleased to report that current projects, in the USA, UK and Italy, are nearing the completion of their evaluation phase. A review of the quarterly activities include:

Wellness Monitoring executives have now signed a contract with clinical researchers at the prestigious Johns Hopkins University Hospital, Baltimore, to provide a blood pressure monitoring service for a long term study on US-Asian migrant patients. Johns Hopkins is one of the world's leading health care institutions and one of the most highly rated medical facilities in the USA. A first phase payment of USD \$54,000 (AUD \$73,000) has been received

As previously announced, Medical Monitors' BPfone^® blood pressure monitoring program has been chosen as the preferred instrument, in the collection of the blood pressure data for this project. Being involved in multi level monitoring programs with established institutions will provide significant sales opportunity for the BPfone^® to be used in the expanding USA clinical research and medical data collection market – estimated at more than US \$5.3 billion in 2001. In the USA, the BPfone^® has already been granted FDA clearance for sales and marketing.

In the UK, the Company's senior medical advisor Professor Bryan Williams is a leading British hypertension specialist and the immediate past president of the prestigious British Hypertension Society (BHS). The Society has recently released guidelines in the UK that will influence the way doctors manage patients with a blood pressure problem (hypertension).

The BPfone^® has been chosen by Prof Williams to be the monitoring device of choice in undertaking the largest blood pressure monitoring program in the UK. Hypertension is a major risk factor in cardiovascular disease and effects more than 10 million people in the UK alone. The British Government has targeted hypertension as a key healthcare issue requiring better management. Over time, the project under Prof Williams' supervision is expected to have a significant positive impact on the future management of all patients with hypertension in the national health service of the UK, and potentially the rest of the world.

In Italy, Telesalute Monitoring Service, the joint venture (JV) partner, has entered $\blacksquare$ into a sales, marketing and distribution agreement to provide the BP fone $^{\circledast}$ in the Bergamo / Milan region. An initial payment of EURO $\epsilon$ 20,000 (AUD\$33,000) has been received, and it is anticipated that further sales will occur in other centres in Italy.

As previously stated, the JV partner is in ongoing discussion with a number of established research institutions in Italy, as well as a top-tier pharmaceutical company, to expand the program Italy-wide in the near future.

Subsequent events

The Company raised a further \$850,000 through a private placement of shares on 27 April, 2004. The funds will be used as working capital to consolidate the Company's position as a leading provider of remote monitoring products and services in the diagnostic monitoring market.

Importantly, as part of a cost reduction programme and in terms of Clause 26 of the Company's Constitution, the Directors gave notice on 29 April, 2004 to undertake the sale of shares of less than a marketable parcel as defined by the ASX. The effective date for this notice is 4 June, 2004. All shareholders will appreciate that the Company incurs considerable costs to administer shareholdings and in providing Annual Reports, Notices of Meeting, and other information to its Shareholders. In the case of small holdings these expenses often outweigh the value of the shares.

The Directors are confident of the continuing success for the Company's products and services in Australia and in the overseas markets.

Dr Allan Shell Managing Director

$Rule 4.7B$

Appendix 4C

Quarterly report for entities admitted on the basis of commitments

Introduced 31/3/2000. Amended 30/9/2001

Name of entity

Medical Monitors Limited

ABN

68 009 161 522

Quarter ended ("current quarter")

31 MARCH 2004

Consolidated statement of cash flows

	Cash flows related to operating activities	Current quarter SA'000	Year to date $(0.9)$ months) SA'000
1.1	Receipts from customers	117	311
$1.2\phantom{0}$	Payments for (a) staff costs (b) advertising and marketing (c) research and development (d) leased assets (e) other working capital	(173) (125) (68) (163)	(427) (601) (240) (712)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		6
1.5	Interest and other costs of finance paid	(53)	(180)
1.6	Income taxes paid
1.7	Other (Govt Grants)		268
	Net operating cash flows	(464)	(1,575)

⁺ See chapter 19 for defined terms.

		Current quarter \$A'000	Year to date $\left(\begin{array}{c} 0 \ 0 \end{array}\right)$ months) \$A'000
$1.8\,$	Net operating cash flows (carried forward)	(464)	(1,575)
	Cash flows related to investing activities
1.9	Payment for acquisition of: (a) businesses (item 5)
	(b) equity investments (c) intellectual property
	(d) physical non- current assets
	(e) other non-current assets	(19)	(19)
1.10	Proceeds from disposal of: (a) businesses item 5)
	(b) equity investments (c) intellectual property
	(d) physical non- current assets
	(e) other non-current assets
			5
1.11	Loans to other entities
1.12	Loans repaid by other entities
1.13	Other (provide details if material)	(19)	(14)
	Net investing cash flows
1.14	Total operating and investing cash flows	(483)	(1,589)
	Cash flows related to financing activities
1.15	Proceeds from issues of shares, options, etc.	410	1,858
1.16 1.17	Proceeds from sale of forfeited shares Proceeds from borrowings		280
1.18	Repayment of borrowings	(54)	(408)
1.19	Dividends paid		$\overline{\phantom{0}}$
1.20	Other (Security Deposit)
	Net financing cash flows	356	1,730
	Net increase (decrease) in cash held	(127)	141
1.21	Cash at beginning of quarter/year to date	358	90
1.22 1.23	Exchange rate adjustments to item 1.20 Cash at end of quarter	$\overline{\phantom{0}}$ 231	231

⁺ See chapter 19 for defined terms.

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
1.24	Aggregate amount of payments to the parties included in item 1.2	107
1.25	Aggregate amount of loans to the parties included in item 1.11

1.26 Explanation necessary for an understanding of the transactions Consultancy fees paid to research entities controlled by directors.

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

$22$ Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

		Amount available \$A'000	Amount used \$A'000
-3.1	Loan facilities	363	363
-3.2	Credit standby arrangements

⁺ See chapter 19 for defined terms.

Reconciliation of cash

Reconciliation of eash 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
4.1	Cash on hand and at bank	231	358.
4.2	Deposits at call
4.3	Bank overdraft.
4.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	231	358

Acquisitions and disposals of business entities

		Acquisitions (Item $1.9(a)$ )	Disposals (Item $1.10(a)$ )
5.I	Name of entity
-5.2	Place of incorporation or registration
5.3	Consideration for acquisition or disposal
54	Total net assets
5.5	Nature of business

Compliance statement

• $\mathbf{1}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.
• This statement does give a true and fair view of the matters disclosed. $\overline{2}$

Sign here:

Date: 30 April 2004

Print name: Dr Allan Shell (Director)

⁺ See chapter 19 for defined terms.

Notes

• $\mathbf{1}$ 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.
• $\overline{2}$ . The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this report except for the paragraphs of the Standard set out below.
• 6.2 - reconciliation of cash flows arising from operating activities to $\bullet$ operating profit or loss
• $9.2$ - itemised disclosure relating to acquisitions
• 9.4 - itemised disclosure relating to disposals
• $12.1(a)$ policy for classification of cash items
• $12.3$ - disclosure of restrictions on use of cash
• comparative information $13.1$ $\bullet$
• $\overline{3}$ . 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.

⁺ See chapter 19 for defined terms.