SEAFARMS GROUP LIMITED — Interim / Quarterly Report 2004

Jul 28, 2004

REVESCO GROUP LIMITED

ABN 50 009 317 846

Level 11 225 St Georges Terrace Perth Western Australia 6000 PO Box 7312 Cloisters Square Perth Western Australia 6850 Phone: (08) 9321 4111 Fax: (08) 9321 4411

Our Ref: RGL ASX Announcement Appendix 5B (62)

ANNOUNCEMENT NUMBER 62

29 July 2004

Company Announcements Office Australian Stock Exchange $10^{th}$ Floor 20 Bond Street SYDNEY NSW 2000

By: ASX Online Number of pages: 8 (including this page)

Dear Sir

QUARTERLY REPORT - PERIOD ENDING 30 JUNE 2004

This report details the exploration and corporate activities of Revesco Group Limited ("Revesco") for the quarter ending 30 June 2004.

HIGHLIGHTS

Corporate Overview

As stated in a number of Revesco's previous reports, over the past 24 months Revesco has evaluated a number of prospective investment opportunities. This process continued during the preceding quarter with a sharpened focus on one opportunity in particular. Considerable progress on a number of commercial and administrative issues related to this opportunity was made during the previous quarter and Revesco continued to draw on the expertise of various independent advisors and consultants in order to evaluate the opportunity.

It is expected that investigations into the prospective opportunity will be sufficiently progressed for the board to consider whether to proceed with the opportunity imminently. Should the board approve the opportunity. Revesco will provide its shareholders with full details of its nature and commercial merits. No significant investment of Revesco's cash reserves will be made without shareholder approval.

Exploration Review

The increased level of exploration activities undertaken by Revesco's joint venture partners' continued during the quarter. A number of joint ventures continued to show promise and Shareholders can look forward to an increased level of exploration activity over the coming months.

Exploration Projects

Revesco retains its interest in the following properties:

$1.0₁$ Goldsworthy Joint Venture Project (Revesco 100 percent, reducing to 20 percent)

Independence Group NL (Independence) can earn 80% interest in all tenements by completing a prefeasibility study.

Below is Independence's summary of exploration activities undertaken during the quarter.

Air core drilling has further tested areas within E45/2380. A total of 98 holes for 3403m were completed during the quarter following completion of Aboriginal Heritage clearance surveys.

At the TG1 target, seven drill traverses tested approximately 6km of strike on the main east-west trending shear zone. All traverses intercepted elevated Au, As and Sb mineralisation over wide intervals with individual 1m samples up to 0.5 $g/t$ Au. The shallow (generally 20-40m deep) angled holes were spaced at 50m or 100m spacings on traverses up to 2km apart.

At the TG2 target, follow up drilling of vertical holes spaced at 100m on traverses 400m apart also intercepted a zone of elevated Au, (Cu, As, Zn) mineralisation which parallels the main north-east structural trend in this area.

The proposed follow up program consists of further drilling to better define the widths and tenor of the known mineralisation. A detailed aeromagnetic survey is also planned to assist with targeting of potential structural and lithological mineralising fluid traps. Results to date suggest the major structures in the area have at some time acted as large conduit systems for significant volumes of potentially mineralising hydrothermal fluids.

$2.0$ Irwin Bore Project

(Revesco 10 percent)

The Irwin Bore Project covers a sector of the Fisher greenstone belt some 140 kilometres west of Wiluna in the Eastern Goldfields of Western Australia. This project now consists of two separate joint ventures, with Revesco retaining a 10% free carried interest in both joint venture projects until the completion of a pre-feasibility study.

Joint Venture 1 (Gold): Revesco 10% Cullen Resources Limited 90%

No new exploration work was carried out during the quarter.

Joint Venture 2 (Nickel and Base Metals): Revesco 10% Cullen Resources Limited 90%

As previously announced, Cullen's 90% interest in the nickel rights for the Irwin Bore Project has been farmed out to the Independence Group NL (Independence). The Revesco Group Ltd owns the remaining 10% interest which is free carried to completion of a pre feasibility study in the project.

Below is Cullen's summary of exploration activities undertaken by Independence during the quarter.

The Irwin Bore tenements contain prospective komatiites which have only had limited previous exploration for accumulations of nickel sulphides. The tenements contain 16 kms of at least three komatiite horizons. some of which show cumulate textures.

The Independence Group reported that an initial 604, -2mm size fraction soil samples were collected from the Irwin Bore Joint Venture tenements during the Quarter. The sampling was completed on a grid spacing of 500m x 50m and was designed to cover the interpreted location of the entire ultramafic sequence within the southern portion of the Joint Venture area. The aim of the survey is to enable scheduled ground EM geophysical surveys to focus initially on areas with elevated nickel suite geochemistry.

Overall the results from the survey were encouraging with eight areas of interest identified. In these areas, clusters of samples returned elevated nickel suite assays over areas interpreted to be underlain by ultramafic rocks. Peak soil geochemical responses were: 1050 ppm Ni: 164ppm Cu, 1790ppm Cr, 37 ppb Pd and 34 ppb Pt.

The forward program consists of field checking of areas of anomalous geochemistry in conjunction with regolith interpretation. The aim is to determine areas where the geochemistry may have been ineffective. First pass 200m loop, ground EM surveying of prioritised areas is scheduled to commence during the September quarter. Further infill geochemistry may be completed in selected areas of anomalous EM response to assist drill targeting.

$3.0$ Zanthus Project

(Revesco 100 percent)

The Zanthus Project consists of four exploration licence applications in the Zanthus region, some 200 kilometres southeast of Kalgoorlie. Western Australia.

The tenements cover the western flank of a metamorphosed Neoproterozoic mafic layered complex, considered by Revesco to be prospective for nickel, copper, chromium and platinum group element mineralisation.

No progress has been made in advancing these applications during the quarter.

4.0 Balgarrie Project (Revesco 40 percent)

The Balgarrie Gold Project, located approximately 50 kilometres northwest of Kalgoorlie, consists of two mining tenements M16/23 and P16/1373 in Joint Venture with Placer Dome Asia Pacific Limited (Placer Dome) Revesco holds a 40 percent interest in the two tenements that is free-carried to decision-to-mine.

A small drilling program was undertaken to test an interpreted structural intersection in the northwestern area of the tenement (P16/1373) within volcanogenic sediments of Black Flag Beds. Results from this drilling program failed to return any economic grade intersections.

$5.0$ Lake Lefrov (Revesco 100 percent)

This single exploration licence application covers a sector of the Zulieka Shear some kilometres southwest of Kambalda.

No work was carried out during the quarter.

Yours faithfully Revesco Group Limited

Harley Whitcombe Director Encl

Appendix 5B

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

ABN

50 009 317 846

Quarter ended ("current quarter")
30 June 2004

Consolidated statement of cash flows

Cash flows related to operating activities			Current quarter \$A'000	Year to date (12 months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for	(a) exploration and evaluation (b) development		(1)
	(c) production	(d) administration	(222)	(1, 126)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		233	728
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		11	(399)
	Cash flows related to investing activities
1.8	Payment for purchases of:	(a)prospects (b) equity investments (c) other fixed assets	(480) (3)	(1,080) (34)
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		(483)	(1, 114)
1.13	forward)	Total operating and investing cash flows (carried	(472)	(1, 513)

1.13	Total operating and investing cash flows (brought forward)	(472)	(1, 513)
	Cash flows related to financing activities
1.14 1.15	Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares	14	14
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	14	14.
	Net increase (decrease) in cash held	(458)	(1,499)
1.20	Cash at beginning of quarter/year to date	13,003	14,044
1.21	Exchange rate adjustments to item 1.20
1.22	Cash at end of quarter	12,545	12,545

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	158
1.24 Aggregate amount of loans to the parties included in item 1.10	Nil I

$1.25$ Explanation necessary for an understanding of the transactions

Wages

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

Nil

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

Nil

30/09/2001

Appendix 5B Mining exploration entity quarterly report

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

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

Estimated cash outflows for next quarter

	Total
4.2	Development
4.1	Exploration and evaluation
		\$A'000

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 \$A'000
5.1	Cash on hand and at bank	145	80
5.2	Deposits at call	12,400	12,923
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	12,545	13,003

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed	E45/2285 E45/2286	JV Independence Gold JV Independence Gold * Reducing to 20% as noted in previous announcements	100% 100%	$100\%$ $100\%$
6.2	Interests in mining tenements acquired or increased

Appendix 5B Mining exploration entity quarterly report

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	price Issue per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference + securities (description)
7.2	Changes during quarter
	(a) Increases through issues
	(b) Decreases through returns of capital, buy-backs, redemptions
7.3	+ Ordinary securities	189,120,139	189, 120, 139
7.4	Changes during quarter
	(a) Increases through issues	222,222	222,222	6.50 o	6.50 o
	(b) Decreases through returns of capital, buy-backs
7.5	+ Convertible debt securities (description)	99,777,778		6.499⊄	0.001 C
7.6	Changes during quarter
	(a) Increases through issues
	(b) Decreases through securities matured, converted	(222, 222)
7.7	Options			Exercise price	Expiry date
	(description and conversion factor)	3,750,000 147,734,412	147,734,412	20 z 12 C	30/11/2005 12/11/2011
7.8	Issued during quarter
7.9	Exercised during quarter
7.10	Expired during quarter
7.11	Debentures
	(totals only)
7.12	Unsecured notes (totals only)

Compliance statement

This statement has been prepared under accounting policies which comply with $\mathbf{1}$ accounting standards as defined in the Corporations Act or other standards acceptable to ASX.

$\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Sign here:	********
	(Director/Company secretary)

Date: 29 July 2004

Print name: Harley Whitcombe