SABRE RESOURCES LIMITED — Interim / Quarterly Report 2003

Oct 29, 2003

Appendix 5B

$Rule 5.3$

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

Sabre Resources Ltd

Current quarter

ABN

68 003 043 570

Quarter ended ("current quarter")

September 30 2003

Year to date

Consolidated statement of cash flows

Cash flows related to operating activities

	Cash flows related to operating activities	\$A'000	(3 months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	exploration Payments for (a) and evaluation (d) development (e) production (d) administration		(5) (28)
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		(33)
1.8 1.9	Cash flows related to investing activities Payment for purchases of: (a)prospects (b)equity investments fixed (c) other assets Proceeds from sale of: (a)prospects (b)equity investments		54
1.10 1.11 1.12	$(c)$ other fixed assets Loans to other entities Loans repaid by other entities Other (provide details if material)
	Net investing cash flows		54
1.13	Total operating and investing cash flows (carried forward)		21

⁺ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

1.13	Total operating and investing cash flows (carried forward)	21
1.14 1.15 1.16 1.17 1.18 1.19	Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other (provide details if material)
	Net financing cash flows
	Net increase (decrease) in cash held	21
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	55
1.22	Cash at end of onarter	76

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
1.23	Aggregate amount of payments to the parties included in item 1.2	16
1.24	Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions

PROFESSIONAL SERVICES & DIRECTORS FEES

Non-eash 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
• $2.2\,$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

⁺ See chapter 19 for defined terms.

Financing facilities available
Add notes as necessary for an understanding of the position.

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

Estimated cash outflows for next quarter

		\$A'000
4.1	Exploration and evaluation	10
$4.2^{\circ}$	Development
	Total	ĺO

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 SA'000
5.1	Cash on hand and at bank	76	(5)
5.2	Deposits at call		60
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	76	55

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note(2))	Interest at beginning of quarter	Interest at end of quarter
6.I	Interests in mining tenements relinquished, reduced or lapsed
6.2	Interests in mining tenements acquired or increased

⁺ See chapter 19 for defined terms.

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	Amount paid up per
				security (see note $3)$ (cents)	security (see note 3) (cents)
7.1	Preference
	$^{\mathbf{t}}$ securities (description)
7.2	Changes during
	quarter
	(a) Increases
	through issues (b) Decreases
	through returns
	of capital, buy-
	backs, redemptions
7.3	+ Ordinary	15,094,851	15,094,851
	securities
7.4	Changes during
	quarter
	(a) Increases through issues
	(b) Decreases
	through returns
	of capital, buy- backs
7.5	+ Convertible
	debt securities
	(description)
7.6	Changes during quarter
	(a) Increases
	through issues
	(b) Decreases through
	securities
	matured,
	converted
7.7	Options (description and	7,500,000		Exercise price 10 CENTS	Expiry date JUNE 30 2006
	conversion
	factor)
7.8	Issued during quarter
7.9	Exercised during
	quarter
7.10	Expired during
7.11	quarter Debentures
	(totals only)
7.12	Unsecured
	notes (totals
	only)

$+$ See chapter 19 for defined terms.

Compliance statement

• $\mathbf{1}$ 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).
• $\overline{2}$ This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

Sign here:
	$(Direction/Gamma)$ secretary)

Print name: D N ZUKERMAN

Notes

• The quarterly report provides a basis for informing the market how the entity's $\mathbf{I}$ 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 "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.
• $\overline{4}$ 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.

$\begin{tabular}{ll} \bf m=n & \bf m=n & \bf m=n \ \bf m=n & \bf m=n \ \end{tabular}$

⁺ See chapter 19 for defined terms.