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Adelaide Resources Limited (ASX:ADN) Corrobinnie Uranium Joint Venture Update

Adelaide Resources Elects to Dilute its Interest in the Corrobinnie Uranium Joint Venture – SA
The Corrobinnie Uranium Joint Venture, between Quasar Resources Pty Ltd and Adelaide Resources’ wholly owned subsidiary Peninsula Resources Limited, is searching for uranium on the northern Eyre Peninsula of South Australia. Quasar manages the Joint Venture.
The terms of the Joint Venture allowed Quasar to earn an initial 60% equity through the expenditure of $3 million over a four year period commencing 1 January 2007. Adelaide Resources announced that Quasar had met this $3 million expenditure obligation on 28 October 2010.
Peninsula Resources then had the option to either contribute to ongoing expenditure and hold its 40% equity position; contribute or dilute on a program by program basis; or immediately revert to a 25% equity free carried to a Decision to Mine. Peninsula Resources has elected not to contribute to the cost of the 2011 exploration program and to dilute its interest, but retains the option to contribute to future programs.
Quasar plans to undertake an exploration program with a budget of up to $1,000,000 on the Joint Venture tenements in 2011. Assuming the full budget is spent, Peninsula's equity will fall to approximately 33% by year end. The exploration program will be dominated by programs of aircore, rotary mud and reverse circulation drilling, and will have a strong focus on the Thurlga area where the Joint Venture has discovered both palaeochannel and basement hosted uranium mineralisation.
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