First relinquishment report for EL 24112 Bowerbird Creek, 7 December 2007 to 6 December 2008

Abstract

Acacia Minerals Pty Limited ACN 127 419 729 (Acacia), a Territory based exploration company, purchased Exploration Licence 24112 from G. L. and S. M. Wood. The dealing was approved under Section 173 of the Mining Act on the 4th of December 2007. Acacia is a wholly owned subsidiary of Adelaide River Resources Limited ACN 127 411 796, a public company currently preparing to list on the Australian Stock Exchange. The EL has two significant prospects, a gold prospect known as Golden Valley in the southwestern area, and Bowerbird, a copper, silver, lead prospect to the east. This Report covers the exploration work carried out during the third year of tenure, from the 7 December 2006 to the 6th of December 2007. Work done: No work was carried out over the relinquished area. Although the relinquished area is still considered prospective, the retained area is considered to be more prospective and justifies further expenditure.