Annual report for EL 10320, 15 April 2008 to 14 April 2009

Abstract

This document has been prepared by Salisbury Resources Limited (SBY) for and on behalf of Agricola Gold Limited (AGL) to report on exploration activities and results undertaken during 2008. SBY entered into an Option and Farm in Joint Venture Agreement with AGL on 14 December 2007. Exploration activities during 2008 comprised soil and rock chip sampling over three prospect areas, namely Scullen, Bruce and Hughes together with GPS location of old drill holes, topographic features and geology using Garmin GPS instrumentation. The results are listed in the terms of the Joint Venture Agreement between SBY and AGL, SBY have agreed to spend $200,000 on airborne electro-magnetic surveys and reverse circulation drilling within the first year of the formation of the Joint Venture following the successful listing of SBY on the Australian Stock Exchange (ASX). Due to the unprecedented Global Financial Crisis and significant downturn in the availability of exploration capital, SBY was unable to list on the ASX and meet the drilling commitment. However, available funds were committed to a limited sampling program designed to confirm the prospectivity of the Licence.