SUREFIRE RESOURCES NL — Interim / Quarterly Report 2008

Feb 28, 2008

ABN 48 083 274 024 Level 1, 248 Hay Street, SUBIACO WA 6008 Telephone 61 8 9381 6922 Facsimile 61 8 9381 6060

29 February 2008

Companies Announcements Office Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000

Dear Sir,

Please find attached the Company's interim results for the year 2007/08 year, for immediate release to the market.

Included in this announcement are ASX Appendix 4D and Half Yearly Report for the period 31 December 2007.

Yours faithfully

DAVID J SEMMENS Company Secretary Att.

Appendix 4D

Half Year Report Period Ended 31 December 2007 Results for announcement to the Market

Summary	Consolidated
Information	31 Dec 07	31 Dec 06	Inc/Dec	Inc/Dec
	$	$	$	%
Loss after Tax	(550,375)	(701,326)	150,951	21.52%
from Ordinary
Activities
Loss after Tax	(550,375)	(701,326)	150,951	21.52%
Attributable to
Members
Basic Earnings	(0.32)	(0.42)	0.10	(23.81)%
– Cents per
Share
Net Tangible	0.88	1.02	(0.14)	(13.72)%
Assets – Cents
per Share
Dividends Paid	Nil	Nil	-	-

GENESIS BIOMEDICAL LTD ACN 083 274 024

And Its Controlled Entities

HALF-YEAR FINANCIAL REPORT 31St DECEMBER 2007

GENESIS BIOMEDICAL LTD ABN 48 083 274 024

Half Year Financial Report - 31 December 2007

Contents

Directors' Report
Lead Auditor's Independence Declaration
Directors' Declaration	5
Condensed Consolidated Income Statement
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Changes in Equity
Condensed Consolidated Statement of Cash Flows
Notes to the Financial Statements	10
Independent Review Report to the Members	12 1

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2007 and any public announcements made by Genesis Biomedical Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

Your directors submit their report together with the consolidated financial report for the half-year ended 31 December 2007 and the review report thereon.

Directors

The Directors of the company during or since the end of the half-year are:

Name	Period of directorship
Rodger Johnston	Non-Executive Chairman, appointed 7 December 2005
Don Valentino	Managing Director, appointed 25 May 2006
Roger Smith	Non-Executive Director, appointed 21 February 2005
Russell Black	Non-Executive Director, appointed 28 November 2005; resigned 4 July 2007

Operating and Financial Review

Result of Operations

The consolidated loss from ordinary activities of the Company and its controlled entities for the half year ended 31 December 2007 was $550,375 (31 December 2006 - $701,326)

Review of Operations

Summary

The half year to December 2007 was a period of continuing activity for the company. Review and evaluation of existing commercial activities together with identification and assessment of new opportunities from various sectors has been the central focus.

Manawatu Biotech Investments Limited (MBIL)

As previously announced, the Directors elected not to exercise its option to purchase 100% of MBIL. The exercise price of approximately AUD $1 million, stage of development, risk and location were considered during the decision making process.

Finalisation of the withdrawal achieved during the reporting period with the recovery of loan funds amounting to $325,481. Including interest charged the sum received represented 91.7% return of the investment advanced by Genesis.

Sepsis Project

Genovations Pty Ltd a wholly owned subsidiary of GBL holds an exclusive licence in agreement with the University of Western Australia (UWA) to develop a therapeutic for Severe Sepsis.

Incidence of Sepsis is increasing with the aging population, increasing number of intensive care patients and the increasing use of invasive procedures.

• $\bullet$ Sepsis and septic shock are leading causes of morbidity and mortality among hospitalized patients (20%-80%).
• $\bullet$ Health care costs in excess of $20 billion worldwide.
• $\bullet$ No known effective affordable treatment available for Severe Sepsis.

Progress in Proof of Concept studies continues to be encouraging.

Unaly Hill Prospect (E57/420) - Farm In Agreement

In November 2007, the Company entered into a Farm In Agreement with Plato Mining Pty Ltd for the exploration rights of Tenement E57/420 located at Unaly Hill near Sandstone in the Yilgarin geological province of Western Australia.

Under the terms of the agreement GBL has exploration rights for 18 months with a further two year option as well as an option to acquire 100% of the Tenement.

In conjunction with an experienced geologist, planning commenced in December 2007 with the objective of identifying a cost effective way forward to further evaluate this highly prospective area.

DIRECTORS' REPORT

Capital Raising

At the Company's Annual General Meeting held on 19th November 2007, a resolution was approved by shareholders in respect of a Placement Authority for the issue of 40,000,000 Shares and 20,000,000 Listed Options. A Prospectus for the issue was fully subscribed and the shares and options were issued on 19th December 2007. The Placement raised $840,000 before the costs of the isssue

Other Opportunities

The company continues to seek opportunities in varied sectors including mining as a means of increasing shareholder value.

Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

The lead auditor's independence declaration is set out on the next page and forms part of the Directors' Report for the half year ended 31 December 2007.

Signed in accordance with a resolution of the directors

Inalent

D VALENTINO Managing Director

Dated at Perth this 28th day of February 2008.

K.WESTAWAY & ASSOCIATES CHARTERED ACCOUNTANTS

AUDITORS' INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

TO THE DIRECTORS OF GENESIS BIOMEDICAL LIMITED

I declare that, to the best of my knowledge and belief, during the half year ended 31 December, 2007 there have been:

• no contraventions of the auditor independence requirements as set out in the $(i)$ Corporations Act 2001 in relation to the review; and
• no contraventions of any applicable code of professional conduct in relation to the $(ii)$ review.

Dated at Subiaco this 28th day of February, 2008.

KELVIN WESTAWAY FCA PRINCIPAL

K. WESTAWAY & ASSOCIATES CHARTERED ACCOUNTANTS

Suite 7, 29 Hood Street, Subiaco, WA 6008 | PO Box 1936, Subiaco, WA 6904 Phone: (08) 6380 2300 | Fax: (08) 9382 3884 | Email: kelvin westaway@linq.net.au Kelvin Westaway FCA

The directors of Genesis Biomedical Ltd declare that:

• (a) the financial statements and notes, set out on pages 6 to 11, are in accordance with the Corporations Act 2001, including:
  • $(i)$ giving a true and fair view of the financial position of the consolidated entity as at 31 December 2007 and of its performance, as represented by the results of its operations and cash flows for the half-year ended on that date; and
  • $(ii)$ complying with Australian Accounting Standard AASB 134 "Interim Financial Reporting" and the Corporations Regulations 2001; and
• (b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the directors.

Ahalent

D VALENTINO Managing Director

Dated at Perth this 28th day of February 2008

		Consolidated
	31December2007$	31December2006$
Other revenues
Financial income	41,928	16,57456,566
	41,928	73,140
Expenses
Administration	335,878	310,026
Depreciation	15,032	28,082
Employee benefits expense	201,279	409,589
Exploration expenditure	13,147
Finance costs	5,942	5,837
Occupancy expenses	21,025	20,932
	592,303	774,466
Loss before income tax expense	(550, 375)	(701, 326)
Income tax expense
Net loss for the period	(550, 375)	(701, 326)
Earnings per share
Basic loss per share (cents per share)	(0.32)	(0.42)

The company's potential ordinary shares are not considered dilutive and accordingly basic loss per share is the same as diluted loss per share.

The income statement should be read in conjunction with the accompanying notes.

$\sqrt{6}$

CONSOLIDATED BALANCE SHEET As at 31 December 2007

Genesis Biomedical Ltd and Controlled Entities

	Consolidated
	31 December2007	30 June2007
Current Assets
Cash and cash equivalentsReceivables	1,722,51917,467	1,195,136333,410
Other	91,327	103,746
Total Current Assets	1,831,313	1,632,292
Non-Current Assets
Property, plant & equipment	130,648	145,680
Other non-current assets	100,000
Total Non-Current Assets	230,648	145,680
Total Assets	2,061,961	1,777,972
Current Liabilities
Trade and other payables	119,947	98,500
Interest bearing liabilities	29,462	26,428
Total Current Liabilities	149,409	124,928
Non-Current Liabilities
Interest bearing liabilities	82,956	98,446
Total Non-Current Liabilities	82,956	98,446
Total Liabilities	232,365	223,374
Net Assets	1,829,596	1,554,598
Equity
Issued capital	16,338,360	15,531,985
Reserves	235,590	216,590
Accumulated losses	(14, 744, 354)	(14, 193, 977)
Total Equity	1,829,596	1,554,598

The balance sheet should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the half-year ended 31 December 2007

Consolidated	ShareCapital	AccumulatedLosses	Reserves	Total
Balance at 1 July 2006	15,531,985	(13, 349, 534)		2,182,451
Shares issued during the year
Share based payments			216,590	216,590
Net loss recognised directly in equity		(701, 326)		(701, 326)
Share issue costs
Balance as at 31 December 2006	15,531,985	(14,050,860)	216,590	1,697,715
Balance at 1 July 2007	15,531,985	(14, 193, 977)	216,590	1,554,598
Shares issued during the year	840,000			840,000
Share based payments	16,775		19,000	35,775
Net loss recognised directly in equity		(550, 377)		(550, 377)
Share issue costs	(50, 400)			(50, 400)
Balance as at 31 December 2007	16,338,360	(14, 744, 354)	235,590	1,829,596

The condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

$\mathbf{z}$

	Consolidated
	31 December2007$	31 December2006$
Cash flows from operating activities
Cash receipts from customers		16,574
Payments to suppliers and employees	(516, 766)	(505,006)
Cash used in operations	(516, 766)	(488, 432)
Finance costs	(5, 942)
Interest received	41,928	56,566
Net cash used in operating activities	(480,780)	(431, 866)
Cash flows from investing activities
Acquisitions of property, plant and equipment		(142, 134)
Acquisition of other non current assets	(100,000)
Repayment of Loan - MBIL	323,604
Net cash used in investing activities	223,604	(142, 134)
Cash flows from financing activities
Proceeds from issue of equity securities	840,000
Share Issue costs	(55, 440)
Proceeds from borrowings		142,261
Repayment of borrowings		(6, 449)
Net cash provided by financing activities	784,560	135,812
Net increase/(decrease) in cash and cash equivalents	527,384	(438, 188)
Cash and cash equivalents at beginning of half-year	1,195,135	2,196,313
Cash and cash equivalents at end of half year	1,722,519	1,758,125

The statement of cash flows should be read in conjunction with the accompanying notes.

Note 1: Basis of Preparation of the Half-Year Financial Report

This general purpose condensed financial report for the half year ended 31 December 2007 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001.

It is recommended that the half-year financial report be read in conjunction with the annual financial report for the year ended 30 June 2007 and considered with any public announcements made by Genesis Biomedical Ltd during the half-year ended 31 December 2007 in accordance with continuous disclosure obligations of the $ASX$ Listing Rules.

The half-year report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

Apart from the changes in accounting policy noted below, the accounting policies and methods of compilation are the same as those adopted in the most recent annual financial report.

Changes in Accounting Policy

Since 1 July 2007 the Group has adopted the following Standards and Interpretations mandatory for annual periods beginning on or after 1 January 2007. Adoption of these Standards and Interpretations did not have any effect on the financial performance or positinn of the Group.

• AASB 7 Financial Instruments: Disclosures $\bullet$
• AASB 2005-10 Amendments to Australian Accounting Standards (AASB 132, 101, 114, 117, 133, 1, 4, 1023 and $\bullet$ $1038$
• AASB 2007-04 Amendments to Asutralian Accounting Standards arising from ED 151 and other amendments $\bullet$
• AASB 2007-7 Amendments to Australian Accounting Standards (AASB 1, 2, 4, 5, 107 and 108) $\bullet$

Note 2: Segment Reporting

The economic entity operates entirely in Australia and predominantly in the field of mineral exploration and bio-technology.

31 December 2006	MedicalTechnology	Exploration	Unallocated	Total
Revenue	16,574		56,566	73,140
Expenses	(204, 795)		(569, 671)	(774, 466)
Income tax
(expense)/benefit
Segment results	(188, 221)		(513, 105)	(701, 326)
31 December 2007	MedicalTechnology	Exploration	Unallocated	Total
Revenue			41,928	41,928
Expenses	(100, 804)	(13, 147)	(478, 352)	(592, 303)
Income tax
(expense)/benefit
Segment results	(100, 804)	(13, 147)	(436, 424)	(550, 375)

Note 3: Related Parties

Arrangements with related parties continue to be in place. For details of these arrangements, please refer to the 30 June 2007 annual financial report.

Key management personnel continue to receive compensation in the form of short term employee benefits and post employment benefits.

Note 4: Contingent Liabilities and Contingent Assets

The economic entity does not have any contingent assets or liabilities outstanding at 31 December 2007.

Note 5: Events Subsequent to Reporting Date

There has been no matters or circumstances that have arisen since 31 December 2007 that has significantly affected or may significantly affect:

• $(a)$ the economic entity's operations in future years; or
• the results of those operations in future years; or $(b)$
• the economic entity's state of affairs in future years. $(c)$

Note 6: Acquisition and Disposal of Controlled Entities

On 14 October 2007, the Company received notification from the ASIC that the deregistration of the following 100% owned subsidiary companies had been approved:

• Back to Health Australasia Ltd (ACN 091 802 130) $\bullet$
• Newmed Systems Ltd (ACN 092 200 845) $\bullet$

K.WESTAWAY & ASSOCIATES CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS OF GENESIS BIOMEDICAL LIMITED

Report on the Half-Year Financial Report

I have reviewed the accompanying half-year financial report of Genesis Biomedical Limited and its controlled entities which comprises the condensed consolidated balance sheet as at 31 December, 2007, and the condensed consolidated income statement, condensed consolidated statement of changes in equity and condensed consolidated cash flow statement for the half-year ended on that date, a statement of accounting policies, other selected explanatory notes and the directors' declaration.

Directors Responsibility for the Half - Year Financial Report

The directors of the Company are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility

My responsibility is to express a conclusion on the half year financial report based my review. I conducted my review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of an Interim Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, I have become aware of any matter that makes me believe that the financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the consolidated entity's financial position as at 31 December, 2007 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Genesis Biomedical Limited, ASRE 2410 requires that I comply with the ethical requirements relevant to the audit of the financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Independence

In conducting my review, I have complied with the independence requirements of the Corporations Act 2001. I confirm that the independence declaration required by the Corporations Act 2001, has been provided to the directors of Genesis Biomedical Limited on 28th February, 2007.

Suite 7, 29 Hood Street, Subiaco, WA 6008 | PO Box 1936, Subiaco, WA 6904 Phone: (08) 6380 2300 | Fax: (08) 9382 3884 | Email: kelvin westaway@ling.net.au

Kelvin Westaway FCA

Conclusion

Based on my review, which is not an audit I have not become aware of any matter that makes me believe that the half-year report of Genesis Biomedical Limited is not in accordance with the Corporations Act 2001 including:

• giving a true and fair view of the consolidated entity's financial position as at $(a)$ 31 December, 2007 and of its performance for the half-year ended on that date; and
• $(b)$ complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Dated at Subiaco this 28th day of February, 2008.

K. WESTAWA PRINCIPAL

K. WESTAWAY & ASSOCIATES CHARTERED ACCOUNTANTS