EL 24993 Ooratippra first annual report 11 August 2007 to 10 August 2008

Abstract

Southwestern Mining Company Pty Limited (ACN 104 649 774) (Southwestern) was granted EL 24993 on the 11th August 2006. Principal reason for the acquisition was the Company's belief that the area is highly prospective for diamonds with some prospectivity for base metals. Subsequent work has reduced the prospectivity for base metals but enhanced the phosphate potential. In 2007, the Licence was transferred to Acacia Minerals Pty Limited, a wholly owned subsidiary of public company, Adelaide River Resources Limited, ACN 127 411 796. EL 24993 adjoins Exploration Licence 25019 and EL 22488 which together with EL 24822, are explored simultaneously as the Ooratippra Diamond Project. This Report covers the exploration work carried out on EL 24993 during the second year of tenure from the 11th August 2007 to the 10 August 2008. Work done includes : Research Satellite Image interpretation Identification, reconnaissance and sampling of Circular features Geophysical Interpretation Identification of possible kimberlites Ground reconnaissance and sampling of magnetic anomalies Land-owner liaison