First and final annual report for EL 26479 Oil Bore, 12 May 2008 to 19 September 2008

Abstract

Acacia Minerals Pty Limited (ACN 127 419 729) (Acacia) was granted EL 26479 (Oil Bore) on the 12th May 2008. Principal reason for the acquisition was the Company's belief that the area is highly prospective for diamonds. Acacia also holds Exploration Licence 24993, EL 25019, EL 24822 and the much earlier EL 22488. The ELs are worked as one project known as the 'Ooratippra Diamond Project'. While EL 26479 is still considered prospective for diamonds, other targets in the Ooratippra Project area appear to have more potential and with the down-turn in the exploration industry, it was decided to surrender the EL and concentrate on those other areas. This Report covers the limited exploration work carried out on EL 26479 during the first and final year of tenure from the 12th May 2008 to the 19th September 2008. Work done includes: . Research . Satellite interpretation . Geophysical Interpretation . Land-owner liaison