SABRE RESOURCES LIMITED — Interim / Quarterly Report 2003

Apr 28, 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

ABN

68 003 043 570

	Ouarter ended ("current"
quarter")

March 31 2003

Consolidated statement of cash flows

	Cash flowsrelated to operating	Current quarter$A'000	Year to date$(9$ months)
activities			$A'000
1.1	Receipts from product sales andrelated debtors
1.2	Payments for (a)explorationand evaluation(d) development	(16)	(33)
	(e) production(d)administration	(70)	(205)
1,31.4	Dividends receivedInterest and other items of asimilar nature received	3.	11
1.5	ofInterestand other costsfinance paid
1,61.7	Income taxes paid(provideOtherdetailsifmaterial)
	Net Operating Cash Flows	(83)	(227)
1.8	Cash flows related to investingactivitiesPayment forpurchasesof:(a) prospects(b) equityinvestments${c}$other	(37)	(37)
	fixed assets

+ See chapter 19 for defined terms.

	of:1.9 Proceedsfromsale(a) prospects
	$(b)$ equityinvestments
	$(c)$ other
	fixed assets
	1.10 Loans to other entities1.11 Loans repaid by other entities
	1.12 Other (providedetailsif
	material)
	Net investing cash flows	(37)	(37)
	1.13 Total operating and investing	(120)	(264)
	cash flows (carried forward)
	Cash flows related to financing
	activities
	1.14 Proceeds from issues of shares,
	options, etc.
1.15	Proceeds from sale of forfeitedshares
	1.16 Proceeds from borrowings
	1.17 Repayment of borrowings
	1.18 Dividends paid
1.19	Other (provide detailsifmaterial)
	Net financing cash flows
	Net increase (decrease) in cashheld	(120)	(264)
	beginning$1.20$ Cashatоf	302	446
	quarter/year to date
	1.21 Exchange rate adjustmentsto.item 1.20
	1.22 Cash at end of quarter	182	182
	Payments to directors of the entity and associates ofthe directors
	related entities ofPayments toassociates of the related entities	the	entityand
			Current quarter
			$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2		28

$1.24$ 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

+ See chapter 19 for defined terms.

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
• 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

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities3.2 Credit standby arrangements		Amount available Amount used$A'000	$A'000

Estimated cash outflows for next quarter

	$A'000
4.1 Exploration and evaluation	16
4.2 Development
Total	1.6

Reconciliation of cash

Reconciliation of cash at the end of Current quarterthe quarter (as shown in the $$A'000$consolidated statement of cash flows)to the related items in the accountsis as follows.		Previous quarter$A'000
5.1 Cash on hand and at bank	(26)	47
5.2 Deposits at call	208	-255
5.3 Bank overdraft

+ See chapter 19 for defined terms.

5.4 Other (provide details)
	Total: cash at end of quarter$(i$ tem 1.22)	182	302

Changes in interests in mining tenements

	Tenement	Nature of interest	Interes	Interes
	reference	(note (2))	t atbeginni	t atend of
			ng ofquarter	quarter
6.1 Interests inmining tenementsrelinquished,reduced or lapsed
6.2 Interests inmining tenementsacquired orincreased

+ 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	priceIssue	Amount paid up
		number	quoted	per security	securityper
				(see note 3)	(seenote3)
				(cents)	(cents)
$7,.1$	Preference
	*securities
	(descriptio
	n)
7.2	Changes
	during
	quarter
	(a)
	Increases
	through
	issues
	(b)
	Decreases
	through
	returns of
	capital,
	buy-backs,
	redemptions
7.3	tordinary	15,094,581	15,092,691
	securities
7.4	Changes
	during
	quarter
	(a)
	Increases
	through
	issues
	(b)
	Decreases
	through
	returns of
	capital,
$7,.5$	buy-backs+ Convertibl
	e debt
	securities
	(descriptio)
	n l

+ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

7.6	Changesduringquarter(a)Increasesthroughissues(b)Decreasesthroughsecuritiesmatured,converted
$7.7$	Options		Exercise	Expiry date
	(descriptio	7,500,000	price	JUNE 30 2006
	n and		10 CENTS
	conversion
	factor)
7.8	Issued
	duringquarter
7.9	Exercised
	during
	quarter
7.10	Expired
	during
	quarter
7.11	Debentures
	(totals)
	only)
7.12	Unsecured
	notes
	(totals)
	only)

Compliance statement

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

Sign here: . . . . . . . . . . . . . . . . . . . $\begin{smallmatrix}&&1\1&2&3&2&4&2&2&2&2&2&2&2&2&2&2&2&2&2&2&2&2$ Date: ............................ (Director/Company secretary)

+ See chapter 19 for defined terms.

Print name: R J COLLINS

Notes

• $\mathbb T$ 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 "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 If the entity is involved in a joint venture period. 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.

$\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ a

+ See chapter 19 for defined terms.