Annual report for EL 7739 for the period 5 June 2004 to 4 June 2005

Abstract

Adelaide Exploration Limited [AEL] recently acquired the licence through a purchase agreement with Newmont Australia. With the exception of a brief visit to the area with Traditional Owners and representatives of the CLC, no field activities were undertaken by either Newmont or AEL's operator, Adelaide Resources Limited [ARL], during the previous annual period, June 5, 2004 to June 4, 2005. However, various data reviews took place and a MMP relating to this licence [and adjacent EL 8921] has been previously submitted to DBIRD. The MMP was approved on May 4. During June 1 and 2, a Heritage Clearance survey was completed through the Central Land Council and their clearance report provided this week indicates no significant exclusions from exploration the licence area. Initial ARL field activities on both EL 7739 and adjacent 8921 are scheduled to commence before the end of July.