Annual report on exploration licence 10320 15 April 2007 to 14 May 2008

Abstract

Exploration Licence EL 10320 was granted to Agricola Gold Ltd., on 15 April 2002 and expires on 14 April 2008. The tenement (EL 10320) is approximately 116 kms south of Darwin and consists of 2 graticular blocks located on the Batchelor 1:100,000 Topographic Survey sheet approximately 18 kms due east of Adelaide River township. The Licence comprises an area of 6.689 square kms. Work at the Hughes, Bruce and Scullen prospects has resulted in the location of shear-hosted gold mineralisation at Scullen and Bruce and a number of complex gold-bearing saddle reefs at the Hughes prospect. These prospects and the intervening ground require further geochemical sampling and geophysical (ground electromagnetic and IP surveys) to further define the gold bearing quartz vein systems. Agricola Limited have entered into a Joint Venture Agreement with Salisbury Resources Limited (SBY) who have agreed to spend $200,000 on airborne electromagnetic surveys, MMI soil surveys and reverse circulation drilling within the first year of the Joint Venture following the successful listing of SBY on the Australian Stock Exchange.