VYSARN LIMITED — Interim / Quarterly Report 2008

Jan 30, 2008

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MACQUARIE HARBOUR MINING LIMITED ABN 41 124 212 175 20 Recreation Street Kingston Beach TASMANIA 7050 Telephone 03 6229 9955 Facsimile 03 6229 8430 www.mhml.com.au

30 January 2008

Quarterly Report – Activities for the Quarter ended December 31 2007

Highlights

• Successful listing on ASX, IPO oversubscribed

• Entitlement Options Issue to progress shortly

• Strategic new tenements sought

• Identification of priority gold and tin targets

• Ground reconnaissance conducted, Gladstone gold RC drilling program to commence early February

• Bulk sampling of alluvial tin scheduled Q2 2008

Listing

Macquarie Harbour Mining (ASX: MHM) listed on the ASX on Friday December 14[th] 2007 after successfully raising $5.5 million in IPO funding. This represents an oversubscription of $1.5 million, a confident show by investors amid market turbulence.

Entitlement Options Issue

As foreshadowed in the Company’s Prospectus, the Company will shortly proceed with an Options Entitlement Issue whereby all eligible MHM shareholders, at a future record date to be announced by the Company, will be entitled to participate in a non-renounceable issue of Options on the basis of 1 Option for every 2 Shares held. The Options will be issued at a price of $0.01 each, with an exercise price of $0.20 and an expiry date of 31 August 2012. It is anticipated that the Options Entitlement Issue will proceed in March.

Strategic new tenements sought, existing applications granted

The Company was able to successfully secure a tender for a 12 km[2] exploration licence in the north east of Tasmania (EL66/2007) covering a number of old mine workings around the town of Gladstone. The tenement covers extensions to known gold mineralised structure in EL2/2007 already held by the Company. This area was released to tender by Mineral Resources Tasmania on account of its high prospectivity, and awarded based on the suitability and strength of the proposed exploration program. The award of this exploration area is a very positive outcome for the Company.

Additionally, MHM has made applications for three Exploration Licences totaling 204 km[2] (EL61/2007, EL62/2007 and EL63/2007) adjoining its current tenements at Macquarie Harbour. These applications will strengthen the Company’s strategic coverage of the Sorell Peninsula and Macquarie Harbour. The Company has received notice that these applications have progressed without objection, and have been recommended to the Minister for Economic Development and Resources for approval.

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MHM Tenements North East Tasmania

Gold and Tin Projects targeting short-term income generation. West Coast Tasmania

Company making targets of porphyry copper-gold, iron ore, nickel, zinc and gold.

Ground reconnaissance conducted, RC drilling program scheduled

The Company’s geologists are in the final stages of targeting specific drill sites at its Gladstone Project, building upon two ground reconnaissance programs conducted during late 2007 and January 2008.

In early February 2008 the Company plans to conduct an RC drilling program of approximately 2000 metres seeking extensions of known mineralisation along strike from historical workings. Drilling will test the major group of workings that lie approximately 10 km NE of Gladstone that include Prince Imperial, Blue Bell and Big Musselroe/Butlers/Ross’ Reef, together with the old Portland Mine 5 km NE of Gladstone and Coarse Gold Creek adjacent to the Gladstone township.

Substantial quartz veining has been found in all localities and mineralisation is evident in the form of sulphides and remnant boxwork textures in quartz after sulphides. Given the extent of mineralisation and the common direction of the quartz veining it is reasonable to assume that some connection between the existing workings is possible giving rise to potential tonnage being found in the area. Detailed mapping is now planned for the area prior to the commencement of the drilling program planned for February.

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The region contains a large number of historical workings, with at least 10 old gold mines that closed in the earlier part of the 20[th] century often due to processing problems associated with sulphide-hosted ore or water inundation. These issues can now be overcome by technological advances and MHM in seeking extensions to the known mineralisation that has previously reported grades as high as 90 grams per tonne.

In these times of historically high gold prices the Company looks forward to a thorough exploration of the region to investigate the belief that the regional mineralisation is of a style and potential to support open pit style processing.

Bulk sampling of alluvial tin scheduled Q2 2008

The 100% owned exploration area in the north east of Tasmania contains 13 alluvial tin deposits over an area of 75 km[2] . Reported grades from historical workings have been as high as 11.6 kg/m[3] and little production has been carried out beyond rudimentary “sluicing” operations in the earlier part of the 20[th] Century.

Utah Development Company retained the area for tin exploration in the 1960’s, with published data suggesting the Company believed that the region could support a potential 10.0 million tonne alluvial tin resource. The exploration license was relinquished by Utah due to a change of corporate strategy and a focus back towards the Company’s core coal projects in the United States.

MHM plans a bulk-sampling program to commence in second quarter of 2008, using a mobile gravity tin processing plant. Prior to the commencement of the bulk sampling program, a further ground reconnaissance survey will delineate the targeted tertiary tin leads, building upon initial ground reconnaissance programs conducted in November 2007 and January 2008.

For further information please contact:

Frank Rogers Managing Director Macquarie Harbour Mining Limited Tel: +613 6229 9955 Fax: +613 6229 8430 Web: www.mhml.com.au

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Macquarie Harbour Mining at a Glance

Directors

Basil A Conti, Non-Executive Chairman A CPA with over 35 years experience in corporate governance and management.

Frank A Rogers, Managing Director

With forty years experience involving exploration, mining, process development and public company management.

ASX Listing Code

The Company’s ASX Listing Code is MHM.

Issued Capital

At 30 January 2008, Macquarie Harbour Mining’s issued capital was 54,995,760 ordinary shares and 2,380,750 unlisted options exercisable at $0.20 by 31 August 2012.

Cash Balance

Benjamin W Mead, Finance Director Diverse business consulting experience including international banking and executive management of entities with interests in the aluminium industry.

Dr. Neil Allen, Non-Executive Director A mineral physicist with extensive exploration and mineral dressing experience in Tasmania.

Peter L A Robertson, Non-Executive Director A metallurgist with extensive experience in process development and engineering.

Company Secretary Jade A D’Andrilli CPA

Number of Shareholders at 30 January 2008 : MHM has 534 Shareholders.

Major Shareholders at 30 January 2008:

Shareholder	%
Rogers Southern PL	23.6
HHH Group PL	5.6
Directors	28.5
Top twenty	55.3

As at 31 December 2007, Macquarie Harbour Mining’s cash balance was approximately $4.75 million.

Shareholder Enquiries

Matters relating to shares held and change of address should be addressed to the share registry:

Security Transfer Registrars Pty Ltd 770 Canning Highway Applecross WA 6153 Tel: +618 9315 2333 Fax: +618 9315 2233

To receive MHM’s announcements by email, please send a request to info@mhml.com.au.

Website

Please visit MHM’s website for the latest announcements and news:

www.mhml.com.au

Contact Details

Macquarie Harbour Mining Limited 20 Recreation Street Kingston Beach TAS 7050 Tel: +613 6229 9955 Fax: +613 6229 8430 Web: www.mhml.com.au

General Enquiries

Frank Rogers +613 6229 9955 Benjamin Mead +613 6229 9955