SUREFIRE RESOURCES NL — Interim / Quarterly Report 2013

Oct 30, 2012

31 OCTOBER 2012

QUARTERLY ACTIVITIES REPORT – SEPTEMBER 2012

Unaly Hill (E57/420), Western Australia –Vanadium- Magnetite

The Company has previously announced a Vanadium-Magnetite Inferred Mineral Resource with over 86 million tonnes of 0.42% V2O5 at a 0.30% cut-off grade and confirmation of similar mineralization type to Quest Minerals Limited's (ASX:QNL) Victory Bore Deposit. There are two significant high-grade zones and the deposit remains open along strike and depth with the potential to increase the estimated resource.

Following the announcement of the Inferred Mineral Resource in 2011, the Company has been investigating opportunities to maximize on its return before any additional exploration takes place, given that the project tonnages are already substantial.

The Company is currently discussing with its mining consultants the processing of fine crushings by densimetric beneficiation involving jig and spirals, or heavy-media, rather than conventional fine-grind and magnetic concentration; this enables the transitional oxide zone as well as the primary BIF to be commercialized. The metallurgical validation of the densimetric process route is still under review and is expected to be completed during the next quarter.

Avdrant Rare Earths Project, Mongolia

On 5 July 2012, the Company announced that the results of the due diligence conducted on the Avdrant Rare Earths project in Mongolia did not support continued development of this project and, as the Company has been unable to replicate and verify the results and grades as presented to it when the project was introduced, the Company would not be proceeding.

Durminskoe Gold and Silver project, Far Eastern Russia

The Company continues to explore ways in which the returns from this project can be optimized and initiatives are underway to advance the project further. Current prices have added to the attractiveness of this project and the Company is reviewing with its consultants a number of options regarding its development.

The Company continues to actively pursue its objective of identifying value adding project opportunities and to create shareholder wealth. Discussions are ongoing but have not yet reached a conclusion.

Corporate

On 17 August 2012, the Company executed a Conversion of Creditor Deed, converting amounts owed by Magna Mining NL to equity in that Company. This Deed was subject to ratification at a meeting to be held no later than 2 months from the date of the Deed. The Deed has now lapsed and the Company is reviewing its position.

On 12 September 2012, Mr. David Semmens resigned as Company Secretary and was replaced by Mr. Stuart Third, as Company Secretary.

The Annual Report to shareholders was issued on 28 September 2012 and the Annual General Meeting is to be held on 7 November 2012.

STUART THIRD Company Secretary

QUALIFYING STATEMENTS

JORC compliance

The information in this report that relates to the drilling data and geological interpretations is based on information compiled by Mr V Trashliev who is a member of the South African Council for Natural Scientific Professions ("SACNASP"). Mr Trashliev is responsible for the Mineral Resource modelling and reporting and is an employee of Gemcom Pty Ltd. The Competent Person responsible for the Independent Audit of the Mineral Resource is Mr Andrew Bewsher from BM Geological Services Pty Ltd and is a member of the Australian Institute of Geoscientists (MAIG). Both persons have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and do consent to the inclusion in the report of the matters based on information in the form and context in which it appears.

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

BLACK RIDGE MINING NL

ABN Quarter ended ("current quarter")

48 083 274 024 30 SEPTEMBER 2012

Consolidated statement of cash flows

		Current quarter	Year to date
	Cash flows related to operating activities	$A'000	(3 months)
			$A'000
1.1	Receipts from product sales and relateddebtors	-	-
1.2	Payments for(a) exploration & evaluation	(76)	(76)
	(b) development	-	-
	(c) production	-	-
	(d) administration	(155)	(155)
1.3	Dividends received	-	-
1.4	Interest and other items of a similar naturereceived	3	3
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	(228)	(228)
	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)	-	-
1.13	Net investing cash flowsTotal operating and investing cash flows	-	-

+ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows(brought forward)	(228)	(228)
1.141.151.161.171.18	Cash flows related to financing activitiesProceeds from issues of shares, options, etc.Proceeds from sale of forfeited sharesProceeds from borrowingsRepayment of borrowingsDividends paid	-----	-----
1.19	Other (Placement fees)	-	-
	Net financing cash flows	-	-
	Net increase (decrease) in cash held	(228)	(228)
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20	581-	581-
1.22	Cash at end of quarter	353	353

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	22
1.24	Aggregate amount of loans to the parties included in item 1.10	-

1.25 Explanation necessary for an understanding of the transactions Directors Fees

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

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

+ See chapter 19 for defined terms.

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities	-	-
3.2	Credit standby arrangements	-	-

Estimated cash outflows for next quarter

		$A'000
4.1	Exploration and evaluation	80
4.2	Development	-
4.3	Production	-
4.4	Administration	105
	Total	185

Reconciliation of cash

	Reconciliation of cash at the end of the quarter (asshown 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	26	7
5.2	Deposits at call	327	574
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
	Total: cash at end of quarter (item 1.22)	353	581

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginningof quarter	Interest atend ofquarter
6.1	Interests in miningtenements relinquished,reduced or lapsed	N/A

+ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

6.2	Interests in miningtenements acquired orincreased	N/A

+ See chapter 19 for defined terms.

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	Issue price per	Amount paid up
				security (see	per security (see
				note 3) (cents)	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	754,472,951	754,472,951
	securities
7.4	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreasesthrough returns
	of capital, buy
	backs
7.5	+Convertible
	debt
	securities
	(description)
7.6	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through
	securitiesmatured,
	converted
7.7	Options			Exercise price	Expiry date
	(description and
	conversion	150,894,590	150,894,590	$0.015	31 December 2012
	factor)
7.8	Issued during
	quarter
7.9	Exercised
	during quarter
7.10	Expired during
	quarter
7.11	Debentures
	(totals only)

+ See chapter 19 for defined terms.

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 5).
• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................................Date: 31 October 2012 Company Secretary

Print name: STUART THIRD

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 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting 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.