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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