Annual report for the period ending 7 March 2008

Abstract

Exploration Licence 8921 'Rover North' was granted on 8 March 1999 and is currently in the second two year extension of term. The tenement is now held by Adelaide Exploration Limited, a wholly owned subsidiary of Adelaide Resources Limited, a company listed on the Australian Stock Exchange. EL 8921 is located to the southwest of Tennant Creek in the Rover Field. Adelaide Resources believes the area of EL 8921 to be prospective for Tennant Creek style gold-copper-bismuth deposits. EL 8921 is explored in conjunction with adjacent EL 7739. Work completed on EL 8921 in 2005 included a ground magnetic survey of the Rover 3 prospect, together with an analysis of exploration completed by previous explorers. No fieldwork was done on EL 8921 in 2007, as the company concentrated its efforts on the adjoining tenement EL 7739 during this year in which it achieved a significant copper-gold intersection in drilling at the Rover 4 Prospect.