SABRE RESOURCES LIMITED — Interim / Quarterly Report 2004

Jan 28, 2004

SABRE RESOURCES LIMITED

$(ACN 003-043-570)$

1st Floor, Sterling House, 8 Parliament Place WEST PERTH W A 6005 Postal: PO Box 1618, WEST PERTH WA 6872 Phone: (08) 9481 7833 Fax: (08) 9481 7835 E-mail: sabre@sabresources.com Website: www.sabresources.com

28th January 2004

The Manager - Companies Australian Stock Exchange Exchange Centre 20 Bond Street SYDNEY NSW 2000

Sabre Resources Ltd - Quarterly Report for the period October 1st 2003 to December 31st 2003.

Exploration

Exploration for the quarter concentrated on a detailed analysis of the company's tenements in the Jitaming area, some 250 km to the south-east of Perth, in the Western Australian wheat belt. The Sabre tenements overlie the recently recognised Corrigin Greenstone Belt.

Jitarning North-West (E 70/2381)

Located 15 kilometres to the south west of the Kulin township. Work to date has included reconnaissance roadside soil sampling as well as limited follow-up soil sampling. Infill soil sampling will be carried out in several locations to follow up on elevated gold geochemistry. In addition to this work, multi-element geochemistry will be undertaken to better define interpreted ultramafic units within the stratigraphy, and their nickel sulphide potential.

Jitarning South-East (E 70/2382)

Located 26 Kilometres to the north-west of Lake Grace, this tenement lies on the recently recognised Corrigin Greenstone Belt. The tenement was partially soil sampled by North Ltd in the 1990's, with infill and check sampling having being undertaken by Sabre Resources in more recent programs. In addition to this work, North Ltd undertook a limited RAB drilling program at its 'Columbia' prospect, located in the southeastern tenement area. North obtained several encouraging results, including 4m @ 0.2 gpt Au, near the bottom of the drill holes. This drilling is currently being analysed with a view to follow up drilling on the prospect, as the holes do not seem to have been effective in testing either the surface anomaly or the bedrock geochemistry.

Neendaling (E 70/2383)

Located 14 Kilometres to the north-west of Lake Grace, and adjacent to the previously mined Griffin's Find open pit, this tenement lies on the recently recognised Corrigin Greenstone Belt. The tenement was partially soil sampled by North Ltd in the 1990's, with further extensional soil sampling having been undertaken by Sabre Resources. Infill soil sampling is being planned in several locations in the tenement area.

D N ZUKERMAN Director

This report has been prepared by a qualified geologist with over five year's experience in the relevant commodities.