SABRE RESOURCES LIMITED — Interim / Quarterly Report 2011

Jan 29, 2012

Rule 5.3

Appendix 5B

Mining exploration entity monthly report

	Name of entity
	Sabre Resources Ltd
	Quarter ended
	ABN	("current quarter")
	68 003 043 570	31 December 2011
	Consolidated statement of cash flows
		Currentquarter$A'000	Year to date(6 months)$A'000
	Cash flows related to operating activities	40	72
1.1	Receipts from product sales and related debtors
1,2	Payments for (a) exploration and evaluation	(823)	(1,685)
	(b) development
	(c) production
	(d) administration	(171)	(406)
1.3	Dividends receivedInterest and other items of a similar nature received
1.4		18	50
1.51.6	Interest and other costs of finance paidIncome taxes paid
1.7	Other (provide details if material)R & D Grant		69
	Net Operating Cash Flows	(936)	(1,900)
	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 (provide details if material)
	Net investing cash flows
1.13	Total operating and investing cash flows (carried forward)	(936)	(1,900)
1.14	Cash flows related to financing activitiesProceeds from issues of shares, options, etc.	1,842	1,842
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 (provide details if material)Net financing cash flows	1,842	1,842
	Net increase (decrease) in cash held	906	(58)
	Cash at beginning of quarter/year to date	962	1,926
1.20
1.21	Exchange rate adjustments to item 1.20

• See chapter 19 for defined terms.

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	713
1.24	Aggregate amount of loans to the parties included in item 1.10
1.25	Explanation necessary for an understanding of the transactions
	$A'000
	Professional services and directors fees14

Non‐cash financing and investing activities

Exploration expenses paid through Namibian subsidiary 699

• 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.

Amount	Amount
available	used
$A'000	$A'000

• 3.1 Loan facilities
• 3.2 Credit standby arrangements

Estimated cash outflows for next quarter

		$A'000
4.1	Exploration and evaluation	600
4.2	Development
4.3	Production
4.4	Administration	200
	Total	800

Reconciliation of cash

as follows.	Reconciliationofcashattheendofthequarter(asshownintheconsolidated statement of cash flows) to the related items in the accounts is	Currentquarter$A'000	Previousquarter$A'000
5.1	Cash on hand and at bank	168	62
5.2	Deposits at call	1,700	900
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	1,868	962

+ See chapter 19 for defined terms.

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginning of	Interest atend of
				quarter	quarter
6.1	Interests in mining tenementsrelinquished, reduced or lapsed
6.2	Interests in mining tenementsacquired or increased

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.

		Totalnumber	Numberquoted	Issue priceper security(see note 3)	Amount paid upper security(see note 3)
				(cents)	(cents)
7.1	Preference +securities
	(description)
7.2	Changes during quarter
	(a) Increases through issues
	(b) Decreases through returns of
	capital, buy‐backs, redemptions
	(c) Expiry of escrow
7.3	+Ordinarysecurities	126,702,997	126,702,997
7.4	Changes during quarter
	(a) Increases through issues	16,500,000	16,500,000	11.75	11.75
	(b) Decreases through returns of
	capital, buy‐backs
7.5	+Convertibledebt securities
	(description)
7.6	Changes during quarter
	(a) Increases through issues
	(b) Decreases through securities
	matured, converted
7.7	Options (description and			Exercise	Expiry
	conversion factor)			price	date
		23,000,000		10 cents	31 December 2012
7.8	Issued during quarter
7.9	Exercised during quarter
7.10	Expired during quarter	8,350,000		25 cents	30 November 2011
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

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**: 30 January 2012**

Print name: Norman Grafton Company Secretary

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.

== == == == ==

+ See chapter 19 for defined terms.