RED METAL LIMITED — Interim / Quarterly Report 2007

Jul 25, 2007

Level 15, 323 Castlereagh Street , Sydney NSW 2000 Phone [+61-2] 9281 1805 Fax [+61-2] 9281 5747

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ACN 103 367 684

For Immediate Release 26 July, 2007

June 2007 Quarterly Report

HIGHLIGHTS

• Maronan project, Mount Isa Inlier - first two holes in BHP Billiton’s 2007 program intersect significant widths of moderate to high-grade lead-silver mineralisation. Drilling in progress.

• BHP Billiton drilling on McKinlay project, Mount Isa Inlier, testing down-dip extent below last year’s encouraging lead, zinc, silver drill results.

• Eight hole program on the Pernatty Lagoon copper-gold-uranium project, Gawler Craton, intersects encouraging broad zones of intense sericite-tourmaline alteration, a zone of hematite breccia and a wide interval of low-grade lead-zinc-copper mineralisation interpreted as a possible distal halo to copper mineralisation. Follow-up drilling being planned.

• Pre-collar drilling underway on a range of iron oxide copper-gold-uranium targets on the Peake and Denison project, Gawler Craton.

• Detailed airborne electromagnetic survey scheduled to be flown in early August over the Algebuckina uranium project, South Australia, with surveying on the Lakes and Frome projects surrounding the Beverley and Four Mile uranium deposits to follow soon after.

• Drilling on Mount Isa projects, Northwest Queensland, testing a range of iron oxide coppergold-uranium and silver-lead-zinc targets to commence late August, pending drill rig availability.

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[Figure 1] Location of Red Metal projects.

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MOUNT ISA INLIER

Mount Isa Projects Copper, Gold and Silver, Lead, Zinc (Red Metal 100% with some subject to earn-in agreements)

The Company has a significant land holding in the prospective Mount Isa Inlier in Northwest Queensland, a region which is host to a number of world class copper, base metal and uranium deposits (Figure 2). Geophysical data is being utilised to define copper-gold targets, Cannington or Broken Hill type silver-lead-zinc targets as well as uranium targets for first pass drill testing.

During the quarter Red Metal announced results from the first two holes in BHP Billiton’s 2007 program which included significant widths of moderate to highgrade lead-silver mineralisation (see below).

Red Metal has arranged the mobilisation of a drill rig from South Australia to commence in the third quarter of 2007 and test a range of geophysical targets on the Northeast Isa (Taldora), Southern Isa (Elizabeth Springs), Corkwood, Cloncurry and St Andrews projects. Included in these programs is a deep drill test, funded by Phelps Dodge Australasia Inc. (PDAI), on the Corkwood project below a wide zone of copper-gold mineralisation at Jimmy’s Creek prospect (see last quarter for figures) and follow-up holes to copper mineralisation previously intersected on Elizabeth Springs and Taldora.

[Figure 2] Mount Isa Inlier: Red Metal projects and regional geology showing extent of the outcropping Proterozoic rocks, main granite intrusions and major deposits of the region.

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Maronan Project (Red Metal 100% , BHP Billiton earning 70%)

Silver, Lead, Zinc

BHP Billiton is currently drilling a range of Broken Hill/Cannington-type targets on the Maronan joint venture project located about ninety kilometres north of its Cannington operation (Figure 2 and Figure 4). The joint venture provides that BHP Billiton can earn 70% of the project by sole funding to the completion of a bankable feasibility study to a maximum expenditure of $40 million within six years. Drilling is targeting the depth extension of two parallel lead-silver mineralised banded iron formation (BIF) horizons. The first two holes in the 2007 program intersected two significant widths, of moderate to high-grade lead-silver mineralisation (reported in announcements dated 4 June and 27 June, 2007)

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MRN07001 intersected mineralisation in the upper BIF horizon including 14.1 metres at 11.34% lead, 176 ppm silver from 501.38 metres (Figure 3) while the second hole MRN07002 located about 200 metres north of the first hole intersected 22 metres from 479 metres at 5.01% lead, 120ppm silver including a higher grade zone of 5.5 metres at 8.08% lead, 209ppm silver in the lower BIF. Although wide spaced, the drilling is starting to identify the position of possible high-grade shoots.

Recently completed drill hole MRN07003 is reported to have intersected the quartz-rich fault zone, which is interpreted to have offset the upper BIF horizon, before passing into a narrow zone of visible, low-grade lead mineralisation in the lower BIF (assays pending). MRN07004 is in progress. Down hole electromagnetic surveying to help define the extension of high-grade mineralisation intersected in MRN07001 is planned to commence shortly.

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[Figure 3] Maronan Project: schematic long sections of upper BIF horizon showing location of drill collars (black), lead grade x true metre thickness contours using 1% lead cut off and remaining holes proposed in the 2007 program. Holes to the right of vertical dashed line are projected into the plane from the east.

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McKinlay Project

Silver, Lead, Zinc

(Red Metal 70%, PDAI 30%, BHP Billiton earning 70%)

During the previous quarter Red Metal announced that BHP Billiton had received encouraging assays results from a 200 metre wide zone of moderate-strength Broken Hill type alteration drilled on the Breena prospect including 6.6 metre at 2.75% lead, 30 ppm silver from 646.55 metres in hole ESD06009 (Figure 4). Moderate to locally high silver to lead ratios of the sulphides and the thickening of the alteration are considered positive with vectors suggesting increasing strength both down dip and to the south. A four hole program designed to test along strike and down-dip from last year’s encouraging results commenced during the quarter. Drilling is in progress.

The McKinlay agreement enables BHP Billiton to earn 70% of the McKinlay projects by spending $10 million on exploration over six years at which stage Red Metal will retain a 21% equity and PDAI will hold the remaining 9%.

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St Andrew Project

Silver, Lead, Zinc

(Red Metal 100% )

The St Andrews project covers a poorly tested, dome-shaped fold structure of intensely magnetic stratigraphy located about 120 kilometres north of the Cannington deposit (Figure 2). Lead-zinc-silver mineralisation at both the Cannington deposit and the Maronan project (only 30 kilometres to the southeast of St Andrews) are associated with similar intensely magnetic, banded iron formation stratigraphy (Figure 4). Processing of regional magnetic data and recent gravity data collected by Red Metal has identified possible Cannington-type targets in prospective stratigraphic positions around the fold structure. Drilling of priority targets is scheduled for 2007.

[Figure 4] Regional geology of the Maronan, St Andrew and McKinlay projects showing location of known regional prospects and deposits.

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Western Valhalla Project (Red Metal 100% )

Uranium

Red Metal recently staked new tenements targeting uranium radiometric anomalies located 12 kilometres west of the Valhalla uranium deposit (Valhalla is currently the subject of a takeover between Summit Resources Limited and Paladin Resources which valued the project at over $2billion). Like the Valhalla anomaly, the radiometric targets within the Western Valhalla project trend in a north north-westerly orientation and are hosted within the Eastern Creek mafic volcanic unit (Figure 5). Grant of the tenements is progressing.

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Valhalla
>30,000t
Targets
uranium
Red Metal EPM 6km
Application
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[Figure 5] Western Valhalla Project: colour image of uranium and thorium ratio draped over greyscale magnetic image with geological interpretation (black lines). Cross-cutting radiometric targets (circled white) host in magnetic textured volcanic rock compared to the radiometric response over the Valhalla resource.

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GAWLER CRATON AND CURNAMONA PROVINCE

Pernatty Lagoon Project

Copper, Gold, Uranium

(Red Metal 70%, Havilah Resources 30% diluting)

The Pernatty Lagoon project is located less than fifty kilometres south of the Carrapeteena copper discovery where Teck Cominco announced an impressive intercept of 905 metres at 2.1% copper and 1g/t gold (Hole 50, March 2007 Quarterly) and only 8 kilometres west of the Ground Hog copper sulphide drill intercept announced by Monax Mining Ltd (Figure 6 and Figure 7).

An eight hole program, completed during the quarter, identified broad intervals of intense sericitetourmaline alteration typical of alteration seen in the halo surrounding the Carrapeteena and Olympic Dam deposits as well as a narrow zone of hematite breccia associated with traces amounts of bornite and chalcopyrite (see announcement dated 8 May 2007). Broad intervals of visible, but low-grade lead, zinc and copper sulphides were intersected in hole PN0709 while narrow intervals of copper sulphides associated with magnetite and hematite where intersected in holes PN0707 and PN0711.

Red Metal remains encouraged by the drill exploration results to date and are currently assessing further targets for follow-up.

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[Figure 6] Pernatty Lagoon Project: residual magnetic image showing drill hole locations

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[Figure 7] Location of Red Metal projects in the Gawler Craton and Curnamona Province on greyscale image of magnetic intensity.

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Algebuckina Project

Uranium

(Red Metal 100%)

This project is located within the northern Gawler Craton, South Australia and targets sandstone hosted, roll-front type uranium mineralisation within Mesozoic stratigraphy flanking the highly radiogenic source rocks in the Peake and Denison Inliers (Figure 8).

Red Metal previously announced results from a 29 hole regional drill program (see 26 April, 2007) which successfully identified anomalous levels of uranium and vanadium mineralisation in targeted Mesozoic sedimentary units and the underlying weathered basement rocks.

[Figure 8] Algebuckina Project: uranium channel radiometric image showing radiogenic source regions (yellow and red tones, dashed line), and Red Metal drill hole locations showing holes with anomalous downhole gamma responses (red). See inset showing ore body dimensions of Four Mile and Beverley deposits at same scale as location map.

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At Peake prospect a 4 metre interval of anomalous gamma measuring 4 to 10 times background was intersected in weathered clay rich saprolite underlying the Mesozoic sedimentary sequence in hole AG0714 (Figure 8). Best assays of mud chip samples from the high gamma interval included 2 metres at 213ppm uranium, 329ppm vanadium from 34 metres. These results are considered significant given the wide spacing of the initial drill holes, particularly when compared to a plan view outlining the ore body dimensions of the Beverley and Four Mile deposits (see inset Figure 8).

A detailed airborne electromagnetic survey designed to map the basement topography and prospective uranium traps sites surrounding the mineralised intercepts is scheduled to be flown in late July. Drilling on targets resulting from the airborne survey is anticipated during the next quarter, dependent upon drill rig availability.

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Lakes Uranium Project (Red Metal 100%)

Uranium

This project targets roll-front uranium deposits hosted in the Tertiary sedimentary sequences within the district containing Heathgate Resources Pty Ltd’s Beverley uranium mining operations and Four Mile discovery and the Goulds Dam uranium resource in northern South Australia (Figure 7 and Figure 10).

A review of historic drill data identified possible extensions of a known oxidation-front into Red Metal’s 100% owned Lake Blanche and Lake Callabonna tenements. These targets occur in a thick package of the prospective Namba and Eyre Formation sands. Improved thermal satellite imaging techniques and airborne electromagnetic surveying are being applied to help map faults and prospective channel sand positions in preparation for drilling. These techniques have been utilised with some success over the nearby Beverley uranium mine, Four Mile and Goulds Dam resources. Airborne electro-magnetic surveying is scheduled to be flown after the Algebuckina survey outlined above. Drilling, dependent on rig availability, is being planned for the third quarter of 2007 following on from the airborne survey.

[Figure 10] Curnamona Province: colour radiometric image or uranium channel data highlighting high uranium source regions within the Mount Painter Inlier (red tones in top right), known deposits, published channel positions and Red Metal projects.

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Frome Projects Copper, Gold, Uranium

(PlatSearch NL and others 100%, Red Metal right to earn 70%,)

The Frome joint ventures are located in the north-western portion of the metal-rich Curnamona Province of South Australia (Figure 7 and Figure 10) and target Olympic Dam style copper, gold and uranium mineralisation in basement rocks and uranium mineralisation in the younger sedimentary cover sequences towards the west.

Difficulty in obtaining a suitable drilling contractor has delayed commencement of the core drilling stage of drill hole QBE2 at the Dolores East prospect. QBE2 is the second hole at Dolores East prospect. At the bottom of the pre-collar stage it intersected a volcanic hydrothermal breccia pipe containing visible low-grade copper in siderite-sericite-hematite alteration. The first hole QBE1 intersected 190 metres of hematite altered volcanic breccia averaging 605ppm copper. A diamond drill test is anticipated next quarter.

A discussed above, a review of the uranium potential within the Tertiary cover sequences has also identified possible channel sand facies within the prospective Namba Formation which hosts the Beverley uranium mine. Airborne electromagnetic surveying designed to map faults and possible channel sand positions are scheduled to be flown during the next quarter.

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Peake and Denison Project Copper, Gold, Uranium (Red Metal right to earn 18%)

The Peake and Denison project incorporates the majority of the Peake-Denison magmatic centre located within the north-eastern margin of the Gawler Craton, South Australia (Figure 9). The project is subject of an agreement with Rio Tinto Exploration Pty Ltd and BHP Billiton that enables the Alliance between Red Metal and PDAI to earn 60%. Red Metals share is 18%.

Late-stage overprinting hematite alteration considered a regionally prospective indicator of copper mineralisation was intersected during the 2005 drilling program and an expanded gravity survey was completed during 2006 to map possible hematite breccia targets. Several low magnetic, high gravity anomalies targeting hematite associated copper-gold-uranium mineralisation have been defined for drilling in 2007. Pre-collars to the holes were initiated in June 2007 with drilling currently in progress.

[Figure 9] Northern Gawler Craton: magnetic image showing location of Peake and Denison, Robins Rise, Pernatty Lagoon and Algebuckina projects

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Robins Rise Project

Copper, Gold

(Red Metal right to earn 18%)

Robins Rise copper-gold project is located 100 kilometres west northwest of the Prominent Hill copper-gold deposit within the Gawler Craton, South Australia (Figure 7 and Figure 9), and is the subject of an agreement with Stellar Resources Limited that enables the Alliance between Red Metal and PDAI to earn 60% of the project. Red Metals share is 18%.

Processing of the expanded gravity survey has highlighted several anomalies which are considered prospective for copper-gold mineralisation. Drilling is planned for 2007, dependent upon rig availability.

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Ooldea Mineral Sands Projects

Zircon, Titanium

(Red Metal 100%)

These projects cover Tertiary beach sands along the eastern margin of the Eucla Basin, South Australia (Figure 7) where Iluka Resources Limited recently discovered four significant zircon-rich heavy mineral sand resources, Jacinth, Ambrosia, Tripitaka and Gulliver. Red Metal’s tenements cover part of the extension to the prospective shore line hosting the new discoveries as well as higher shore lines interpreted to the east.

Planning and permitting are in progress for an aircore program following-up anomalous heavy mineral sand concentrations in historic drill holes on the Barton tenement, including 10 metres from 24 metres at 1.45% heavy minerals and 4 metres from 22 metres at 3.81% heavy minerals. No mineralogical data was available in the historic logs.

NORTHERN TERRITORY

Pinkerton Range Project (Red Metal 100%)

Uranium

This tenement application covers a previously unrecognised zone of high uranium, low thorium radiometric anomalies within the Victoria-Birrindudu Basin in the Northern Territory. The anomalies occur over 25 kilometres of strike and are located at a regional unconformity between a sandstone conglomerate sequence (exposed as escarpments) and an underlying reduced green shale sequence (see previous quarter report for figure). The project targets conglomerate hosted or unconformity-type uranium mineralisation. First-pass field verification is scheduled for the third quarter of 2007, dependent upon the timing of the tenement grant.

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For a colour version of this announcement and further information concerning Red Metal’s operations and plans for the future please refer to the web site or contact Rob Rutherford, Managing Director at:

Phone +61 (0)2- 9281 1805 Fax +61 (0)2- 9281 5747 www.redmetal.com.au

Rob Rutherford Russell Barwick Managing Director Chairman

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Red Metal Limited aims to generate shareholder wealth through the discovery and development of giant coppergold, base metal and uranium deposits in Australia. Red Metal focuses its exploration in Australia’s proven Proterozoic terrains which host known world class copper, base metal and uranium deposits. In addition to its copper and base metal exploration the Company is exploring an exciting portfolio of sedimentary-hosted uranium projects in South Australia, Queensland and the Northern Territory. The company obtains additional exploration funds and added technical support through its Strategic Alliance with Phelps Dodge Australasia, Inc., a subsidiary of Freeport-McMoRan Copper & Gold Inc., one of the world's largest public copper producers.

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The Information in this report that relates to Exploration Results is based on information compiled by Robert Rutherford, who is a member of the Australian Institute of Geoscientists (AIG). Robert Rutherford is a director of the Company. Robert Rutherford has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Robert Rutherford consents to the inclusion in this report of the information, in the form and context in which it appears

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Appendix 5B Mining exploration entity quarterly report

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.

	Name of entity		Quarter ended (“current quarter”) 30 JUNE 2007	Quarter ended (“current quarter”) 30 JUNE 2007
	RED METAL LIMITED
	ACN 103 367 684 Consolidated statement of cash flows
			30 JUNE 2007
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 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 – Monies received to fund joint venture exploration activities Net Operating Cash Flows		Current quarter $A’000		Year to date (12 months) $A’000
		2 (1,501) (85) 107 212		52 (4,379) (398) 441 1,263
		(1,265)		(3,021)
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 1.13 Total operating and investing cash flows (carried forward)		(8) (3)		(24) (23)
		(11)		(47)
		(1,276)		(3,068)

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• See chapter 19 for defined terms.

Appendix 5B Page

30/9/2001

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(1,276)	(3,068)
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 fees) Net financing cash flows	3,420 (160)	3,420 (160)
	3,260	3,260
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	1,984 6,371	192 8,163
	8,355	8,355

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	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
			68
			-
1.25 Explanation necessary for an understanding of the transactions $’000 Directors’ remuneration 68 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 Not Applicable. 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest BHP Billiton have incurred expenditure totalling approximately $1,300,000 in the three months to June 2007 in respect of the Maronan and McLinlay Joint Ventures.		Explanation necessary for an understanding of the transactions
		$’000 Directors’ remuneration 68
	Not Applicable.
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	BHP Billiton have incurred expenditure totalling approximately $1,300,000 in the three months to June 2007 in respect of the Maronan and McLinlay Joint Ventures.

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
	Nil	Nil
	Nil	Nil

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• See chapter 19 for defined terms.

Appendix 5B Page

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$A’000
	1,000
	-
Total	1,000

Reconciliation of cash

Total 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)	339	208
	8,016	6,163
Total: cash at end of quarter(item 1.22)	8,355	6,371

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 ofquarter	Interest at end of quarter
	EL 23092 Urapunga South	Granted licence surrendered	100%	Nil
	EL59/146 Lake Moore EL15385 Sandy Creek EL15395 Brolga Bore EL3689 Saunders Creek EL3758 Anna Creek EL3759 Meningie EL3760 Merghiny	) ) ) Granted ) applications ) ) )	) ) ) ) Nil ) ) )	) ) ) ) 100% ) ) )

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• See chapter 19 for defined terms.

Appendix 5B Page

30/9/2001

Appendix 5B Mining exploration entity quarterly report

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
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases Placement Exercise of options	92,276,472	92,276,472
	8,000,000 1,100,000	8,000,000 1,100,000	40 cents 20 cents	40 cents 20 cents
7.5 +Convertible debt securities (description) 7.6 Changes during quarter
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	7,750,000 1,897,059 230,000 150,000 1,600,000	- - - - -	Exercise Price 20 cents 20 cents 30 cents 30 cents 31 cents	Expiry Date 30.09.2007 30.09.2007 31.05.2008 31.03.2009 31.01.2010
	1,100,000	-	20 cents	30.09.2007
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

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• See chapter 19 for defined terms.

Appendix 5B Page

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Appendix 5B Mining exploration entity quarterly report

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 give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: JULY 2007 (Company secretary)

Print name: PATRICK FLINT

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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• See chapter 19 for defined terms.

Appendix 5B Page

30/9/2001