QQUUAARRTTEERRLLYY RREEPPOORRTT

ffoorr tthhee ppeerriioodd eennddeedd 3311 MMaarrcchh 22000099

2

28 April 2009

HIGHLIGHTS

ONGAVA MULTI-ELEMENT PROJECT, NAMIBIA

Fieldwork ceased for the wet season from end of November.

3D modelling of the Border–Irvington lead-zinc-silver system:

► Confirms correlatability and predictability of mineralisation.

► Continuous planar zones of Zn-Pb veining parallel to faulting.

► To be used to calculate a JORC-compliant resource for Border.

Soil geochemistry programme:

► Final data processing currently underway.

► Raw data suggests a continuation of the Border-Irvington trend.

► Indicative of a much larger zinc-lead system

Frontispiece: Prominent hills comprised of the Elandshoek Formation, host to mineralisation at Border and Irvington,

during the wet season

3

ONGAVA MULTI-ELEMENT PROJECT, NAMIBIA

The Ongava Project is located in Northern

Namibia (Figure 1). The Otavi Mountain

Land, bounded by the mining town of

Tsumeb and the agricultural towns of

Grootfontein and Otavi, is a historic world-

renowned mining region. Sabre’s licence

lies at the highly prospective centre of the

region.

In accordance with our agreements with

farmers in the region, fieldwork ceased for

the wet season at the end of November.

Recommencement of fieldwork is

presently hindered by a profusion of post-

wet season vegetation (see frontispiece).

However, during this time, data analysis,

integration, and 3-dimensional modelling

of the geology and mineralisation of the

Border deposit have been undertaken.

Figure 2 – The Ongava Multi-Element Project area (EPL 3542) within the Otavi Triangle as defined by the towns of Tsumeb, Grootfontein and Otavi. Major mines and prospects are labelled. Other prospects are represented by yellow dots (20km grid).

Figure 1 – Location of the Ongava Multi-Element Project, Namibia

4

Border–Irvington Lead-Zinc-Silver System

Two work programmes are currently underway:

1. The compilation of a JORC compliant resource for the Border deposit, based on

drilling undertaken in 2008. The initial focus was development of three dimensional

wireframe models.

2. A soil geochemistry programme of approximately 12.2 km length that includes the

Border-Irvington system and areas along strike to the west. Around 5.6 km of strike

has been sampled to date.

1. Compilation of a JORC resource

At Border and Irvington, drill core data has been used to construct, with specialised software,

three-dimensional models of mineralisation, faulting and the host geological units. These 3D

wireframes are being used as a basis for the calculation of a JORC compliant resource.

Detailed scrutiny of drill core, drill core photographs, and geological, mineralogical, structural

and geotechnical logs has enabled development of an extremely robust, high-confidence

model.

Irvington

West Border

Border Main

ELA

ND

SHO

EKF

OR

MA

TION

T4 un

itT5 u

nit

Figure 3 – Aerial view of the Vulcan 3D triangulations for the Border-Irvington system. Pink lines = mineralisation. White lines (dotted) = siliceous fault zones. Blue lines (dotted) = hydrothermal breccia units. The contact between the T4 and T5 units of the Elandshoek Formation is the northernmost fault zone.

The 3D modelling shows that mineralisation and the host geological units form coherent,

laterally continuous, predictable features (Figures 3, 4, 5). Zinc and lead mineralisation occurs

in several planar zones of intense veining that are elongate parallel to the siliceous fault zones

(Figures 3, 4, 5). Mineralisation is overwhelmingly restricted to the massive dolomites of the T4

unit, and it often skirts the margins of late-stage hydrothermal breccia zones (Figure 3). As

expected, the breccia zones are lensoidal and elongate parallel to the fault zones.

Determination of the through-going nature of the mineralised zones and their relationships to

the host geological units is crucial in the development of an inferred resource at Border.

5

Figure 3 – Oblique view, looking west, showing mineralisation (pink) dipping steeply northward. Mineralisation

throughout the Border-Irvington system is parallel to and near to the siliceous fault zones (white).

The exploration target for the Border deposit has been quoted by Sabre, based on historic

exploration, as:

12 Mt @ 5-6% Pb+Zn.

This figure was based on historic exploration efforts, with the estimate based on a drilling

depth to 300 m below surface. Sabre’s drilling to date has extended, on average, to around

100 m below surface. Additionally, it now appears that weathering has resulted in lower grades

in the uppermost 50 m. The tonnages intercepted by our first drill programme are therefore

expected to be around one third of the exploration target as we have only drilled to about one

third of the target depth, and grades will likely be lower because of near-surface weathering

effects. The corollary of this is that grades and tonnages are expected to increase substantially

when subsequent drilling intersects that part of the deposit located 100 m to 300 m below

surface.

In summary, Sabre’s exploration target for Border remains as stated above. The forthcoming

inferred resource will be considered to be an interim result for a deposit that is open to the

north and east, and is increasing in grade with depth. All indications are that the Border

deposit is only a small part of a much larger, hydrothermal mineralising system.

6

Figure 4 – Cross section of the Border Main area, along line 8, looking east. Mineralisation (pink) is shown dipping steeply northward parallel to the siliceous fault zones (white). Minor mineralisation in the hangingwall is likely a function of the kink in the fault at this locality. Though mineralisation is not exposed east of Line 9 (second row of holes from front), it is clear that it is continuous beneath surface.

2. Soil geochemistry programme

The soil geochemistry programme (Figure 5) covers a gap in the regional dataset from the

Border deposit westwards. This area is very important due to the laterally extensive zinc and

lead sulphide mineralisation observed in outcrop by Sabre west of Border. To date, 1663 sites

in 28 lines over 5.6 km of strike have been sampled, covering the prospects of Nosib H,

Irvington and Border. This represents approximately 60% of the programme. The total

proposed programme will cover approximately 12.2 km of strike.

Figure 5 – Location of sample sites for the Antoray soil geochemistry programme, with the 2008 drill collar

sites in yellow.

7

Data processing for the soil geochemistry programme is yet to be completed. Preliminary

analysis shows that there are distinct lead and zinc soil anomalies present at Border and

Irvington which have not previously been identified and characterised. This data will be useful

as a comparison with other anomalies. The anomalism appears to continue westwards from

Irvington along the line of hills beyond the limits of the 2008 drill programme. This is consistent

with the historic data, which was collected on the plains only and suggested that the hills

adjacent to the plains are anomalous in lead and zinc, and is again suggestive of a much

larger zinc-lead mineralising system.

Sabre will inform shareholders of the results of the soil geochemistry programme when

completed.

Yours faithfully, Norman Grafton Company Secretary Sabre Resources Ltd

For further information please contact:

Dr Matthew Painter, General Manager - Exploration Phone (08) 9481 7833

Or consult our website: http://www.sabresources.com/

Competent Person Declaration The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Matthew Painter, who is a member of The Australasian Institute of Geoscientists. Dr Painter has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Dr Painter consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.