SABRE RESOURCES LIMITED — Interim / Quarterly Report 2003

Mar 13, 2003

SABRE RESOURCES LTD

A.C.N. 003 043 570

Half Yearly Report31 December 2002

HALF YEAR REPORT For the Half Year Ended 31 December 2002

Company Directory
Directors' Report
Condensed Statement of Financial Performance	5
Condensed Statement of Financial Position	6
Condensed Consolidated Statement of Cash Flows
Notes to the Financial Statements	8
Directors' Declaration	10
Independent Review Report	11

COMPANY DIRECTORY

DIRECTORS

Robert John Collins Alexander Clemen Bruce Russell McCullagh

COMPANY SECRETARY

Bruce Russell McCullagh

REGISTERED OFFICE

1st Floor, 8 Parliament Place WEST PERTH WA 6005

Telephone:	$(08)$ 9481 7833
Facsimile:	$(08)$ 9481 7835

SHARE REGISTRY

Computershare Investor Services Level 2, Reserve Bank Building 45 St Georges Terrace PERTH WA 6000

AUDITORS

Stanton Partners $1st$ Floor Havelock Street WEST PERTH WA 6005

STOCK EXCHANGE LISTING

The Company is listed on the Australian Stock Exchange Limited Home Exchange: Perth, Western Australia

Australian Stock Exchange Limited Code: SBR

DIRECTORS' REPORT For the Half Year Ended 31 December 2002

The Board of Directors of Sabre Resources Ltd submit their report together with the consolidated financial accounts of the Company and its subsidiary for the half year ended 31 December 2002.

DIRECTORS

The names of directors of the Company in office during or since the end of the half year are:

Name

RJ Collins

A Clemen

BR McCullagh

REVIEW OF OPERATIONS

The Company's exploration tenements in the south west of Western Australia are on private land and were under crop for most of the previous six months so no field activity was conducted.

The Scottie Well tenements in the eastern goldfields Yandal Belt were relinquished as the weakly elevated gold geochemistry, intersected in earlier drilling programs, was too deep to justify continuing operations.

RESULTS

The loss of the company for the half year was $149,203.

R J Collins Director

Perth $11^{th}$ March 2003

CONDENSED STATEMENT OF FINANCIAL PERFORMANCE For the Half Year Ended 31 December 2002

	Note	Consolidated31 December2002$	Consolidated31 December2001$
Revenue from ordinary activitiesInterest income		8,635	5,440
Operating CostsDepreciationManagement feesOther operating costs from ordinary activities		2,03448,747107,057157,838	2,03447,77296,260146,066
Loss from ordinary activities beforeincome taxIncome tax expense		(149,203)	(140,626)
Loss from ordinary activities afterincome tax expense	$\overline{2}$	(149,203)	(140, 626)
Basic loss per share - cents	3	(0.99)	(1.80)

The accompanying notes form an integral part of this statement of financial performance.

CONDENSED STATEMENT OF FINANCIAL POSITION At 31 December 2002

	Note	Consolidated31 December2002$	Consolidated30 June2002$	Consolidated31 December2001$
CURRENT ASSETS
Cash assets		302,097	445,825	149,005
Receivables		7,543	11,040	7,986
TOTAL CURRENT ASSETS		309,640	456,865	156,991
NON-CURRENT ASSETS
Plant & equipmentExploration and evaluation		7,120	9,154	11,188
expenditure				425,474
TOTAL NON-CURRENT ASSETS		7,120	9,154	436,662
TOTAL ASSETS		316,760	466,019	593,653
CURRENT LIABILITIESPayables		4,000	4,056	10,228
TOTAL CURRENT LIABILITIES		4,000	4,056	10,228
NET ASSETS		312,760	461,963	583,425
EQUITY
Contributed equity		14,417,457	14,417,457	13,950,269
Accumulated losses	$\overline{2}$	(14, 104, 697)	(13,955,494)	(13,366,844)
TOTAL EQUITY		312,760	461,963	583,425

The accompanying notes form an integral part of this statement of financial position.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Half Year Ended 31 December 2002

Cash Flows from Operating Activities	31 December2002S	31 December2001S
Payments to suppliersInterest received	(134,007)7,811	(143,758)6,623
Net cash used in operating activities	(126, 196)	(137, 135)
Cash Flows from Investing Activities
Payment for exploration expenditure	(17, 532)	(62, 452)
Net cash used in investing activities	(17, 532)	(62, 452)
Net Decrease in Cash Held	(143, 728)	(199, 587)
Cash at Beginning of the Period	445,825	348,592
Cash at the End of the Period	302,097	149,005

The accompanying notes form an integral part of this statement of cash flows.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

$\mathbf{1}$ . BASIS OF PREPARATION

The half-year consolidated financial statements are a general purpose financial $(a)$ report prepared for the half year ended 31 December 2002 in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standard AASB 1029: Interim Financial Reporting, Urgent Issues Group Consensus Views and other authoritative pronouncements of the Australian Accounting Standards Board. It is recommended that this report should be read in conjunction with the 30 June 2002 Annual Report and any public announcements made by Sabre Resources Limited during the half-year in accordance with the continuous disclosure obligations of the Corporations Act 2001.

The accounting policies applied by the Company are consistent with those of the previous financial year and corresponding half year.

For the purpose of preparing these half year financial statements, the half year has been treated as a discrete reporting period.

The half-year report does not include full disclosures of the type normally included in an annual financial report.

$21$ ACCUMULATED LOSSES

	Consolidated31 December2002S	Consolidated31 December2001S
Accumulated losses at the start ofthe period	(13,955,494)	(13,226,218)
Loss for the six month period	(149,203)	(140,626)
Accumulated losses at the end ofthe half year	(14, 104, 697)	(13,366,844)

$\overline{3}$ . EARNINGS PER SHARE

Weighted average number of shares on
issue during the period used in the
calculation of basic earnings per share.	15,092,691	7.592.691

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

$\overline{4}$ . Contingent Liabilities

There has been no change in contingent liabilities since the last reporting date.

Events Subsequent to Reporting Date $5.$

There are no significant events to report.

$6.$ Segment Reporting

The company operates in Western Australia and is involved in the resources industry.

DIRECTORS' DECLARATION

The Directors of the company declare that:

• $\mathbf{1}$ . The financial statements and notes, as set out on pages 5 to 9:
  • $(a)$ comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory reporting requirements: and
  • give a true and fair view of the consolidated entity's financial position as at 31 $(b)$ December 2002 and performance as represented by the results of its operations and its cash flows for the half year ended on that date.
• $\overline{2}$ . In the Directors' opinion:
  • $(a)$ there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
  • $(b)$ the financial statements and the notes thereto are in accordance with the Corporations Act 2001.

SIGNED in accordance with a resolution of the Directors on behalf of the Board.

R J Collins DIRECTOR

Perth 11th March 2003

INDEPENDENT REVIEW REPORT

STANTON PARTNERS

FAMELOOK STREET WEST PERTH 6005

TELEDHIONE: JOB 9481 3188 Facsimile: (08) 9321-1204

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INDEPENDENT REVIEW REPORT TO THE MEMBERS OF SABRE RESOURCES LIMITED

Scope

We have reviewed the financial report of Sabre Resources Limited (the Company) for the half-year ended 31 December 2002 as set out on pages 5 to 10. The Company's directors are responsible for the financial report which includes the consolidated financial statements of the consolidated entity comprising the Company and the entities it controlled at the end of, or during, the half-year. We have performed an independent review of the financial report in order for the Company to lodge the financial report with the Australian Securities and Investments Commission. This review was performed in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with Accounting Standard AASB 1029: Interim Financial Reporting, other mandatory professional reporting requirements in Australia and the Corporations Act 2001, so as to present a view which is consistent with our understanding of the consolidated entity's financial position, and performance as represented by the results of its operations and its cash flows.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. The review is limited primarily to inquiries of company personnel and analytical procedures applied to the financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance provided is less than that given in an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

Ass:Sab663802003-011 Dec 8R 8

Explored Populator Standar Purtners Auditionis Phylics, A.B.N. 00 948 299 529 as interesting the Standard Partners Unit Treat

INDEPENDENT REVIEW REPORT

Statement

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the financial report of the Company is not in accordance with:

• $(a)$ the Corporations Act 2001, including:
  • giving a true and fair view of the consolidated entity's financial position as at $(i)$ 31 December 2002 and of its performance for the half-year ended on that date; and
  • (ii) complying with Accounting Standard AASB 1029: Interim Financial Reporting and the Corporations Regulations 2001; and
• $(b)$ other mandatory professional reporting requirements.

STANTON PARTNERS

Stantes lasterJunk

J P Van Dieren Partner

Perth, Western Australia 14 March 2003