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Adelaide Resources Limited (ASX:ADN) Third Quarter Activities Report

Quarterly Report
Period ending 31 march 2011

Peninsula Resources Limited Demerger
• Peninsula Resources Limited (PRL) Prospectus lodged with ASIC.
Offer opens on 5 May, ASX listing anticipated on 20 June 2011.
• Priority Offer for Adelaide Resources shareholders.
In-specie distribution of PRL shares to Adelaide Resources shareholders on 1 for 6 basis planned (subject to shareholder approval and favourable ATO rulings).
Moonta Copper Gold Project – SA
• Drilling confirms copper-gold discovery at Willamulka Prospect.
• Drill intersections include 35 metres at 0.72g/t Au and 1.14% Cu in hole WAC60, 18 metres at 2.48g/t Au and 1.02% Cu in WAC74, and 18 metres at 0.32g/t Au and 1.02% Cu in WAC75.
• Over 3000 calcrete geochemical samples collected from broader project – assays awaited.
Rover Gold-Copper Project – NT
• 2011 exploration program delayed by flooded access track, with activities now anticipated to commence in May.
The 2011 drill program will utilise up to three diamond drill rigs, each on two shifts/day.
• Drilling to focus on the Rover 1 and Rover 4 deposits, and on a number of confirmed but poorly tested ironstones and un-drilled geophysical targets.
• At 31 March 2011, the company had available funds of $9.643 million.
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