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KEITH YATES – Adelaide Resources Limited

KEITH YATES – Adelaide Resources Limited. Adelaide Resources Limited. Directors. Keith Yates (Executive Chairman). The Company. Listed in 1996 ASX Code: ADN 57.3 million shares issued Unlisted options - 2.43 million Cash - $2.3 million 1100 shareholders

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KEITH YATES – Adelaide Resources Limited

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  1. KEITH YATES – Adelaide Resources Limited

  2. Adelaide Resources Limited Directors . . . Keith Yates (Executive Chairman) The Company . . . • Listed in 1996 • ASX Code: ADN • 57.3 million shares issued • Unlisted options - 2.43 million • Cash - $2.3 million • 1100 shareholders • 12 month trading - 10 to 26 cents • Market capitalisation - $12 million (21 cents) John Horan Kevin Wills

  3. Prominent Hill Challenger Olympic Dam Tarcoola Tunkillia Barns Moonta Olympic Copper-Gold Province Proterozoic Gold Arc Adelaide Resources Limited SOUTH AUSTRALIA South Australia GAWLER CRATON 300 KM Adelaide

  4. Adelaide Resources Limited SOUTH AUSTRALIAN PROJECTS South Australia GAWLER CRATON Prominent Hill THE TWINS (Copper-Gold) Olympic Dam BARTON (Nickel) ANABAMA (Copper) EYRE PENINSULA (Gold) 300 KM WARRAMBOO (Iron) MOONTA - WALLAROO (Copper-Gold) Adelaide Olympic Copper-Gold Province Proterozoic Gold Arc

  5. Adelaide Resources Limited EYRE PENINSULA PROJECT THE CHALLENGE IN 1996 • To demonstrate that a very poorly explored region with no mining history in an unfashionable province was prospective for gold • To convince investors of the Gawler Craton’s gold potential and of the project’s merit • To develop cost effective reconnaissance techniques to explore very large areas typically masked by extensive shallow cover and geochemically depleted regolith

  6. Tarcoola Tunkillia Nuckulla Hill Proterozoic gold mineralisation Barns Weednanna Adelaide Resources Limited CENTRAL GAWLER CRATON Proterozoic Gold Arc Stuart Shelf Hiltaba Suite Granites Gawler Range Volcanics Australia’s new goldfrontier

  7. Adelaide Resources Limited THE GOLD ARC • Emerging regional gold province ~500km long • Very little outcrop - sand cover and deep weathering • Recognition of significance required calcrete geochemistry commencing 1995 • Calcrete is highly effective and cost efficient • Large mineralising systems evident in geology

  8. Adelaide Resources Limited PROTEROZOIC GOLD ARC Q1: Why wasn’t it identified by early prospectors? A1: The early prospectors missed it because: • << 1% outcrop • Lack of drainage • Geochemical depletion in upper regolith

  9. Adelaide Resources Limited PROTEROZOIC GOLD ARC Q1: Why wasn’t it identified earlier by modern explorers? A1: Modern explorers missed it because: • Lack of effective reconnaissance gold exploration technique until calcrete geochemistry (1993) • Excepting Tarcoola-Glenloth, 20th century gold exploration didn’t commence until 1995 • Many gold finds are very recent: - Tunkillia 1996, Nuckulla Hill 1996, Weednanna 1999, Barns 2000 • Gold exploration effort only 7 years old with negative market sentiment prevailing for half that time

  10. CALCRETE

  11. TYPICAL CALCRETE ANOMALY 0.9 0.9 0.8 1.1 0.8 0.7 1.0 200 Metres 1.0 1.6 1.1 1.8 2.8 1.3 1.2 0.9 1.3 1.6 0.8 1.1 3.0 2.0 19.0 0.3 0.2 2.7 1.6 2.9 4.0 2.3 2.1 2.1 1.4 0.9 0.8 0.7 1.0 0.9 1.4 1.8 12.0 11.0 2.1 3.2 14.0 4.6 7.2 0.9 6.7 3.4 1.4 1.2 1.3 1.9 5.1 7.8 0.9 0.8 1.0 2.4 2.4 3.8 12.0 4.0 3.3 1.3 5.6 5.1 2.2 1.5 10.0 0.9 0.1 1.4 1.2 2.4 2.9 1.6 2.2 2.2 1.0 1.2 1.2 1.0 0.9 2.1 1.4 2.3 1.5 1.1 0.3 1.7 1.6 Calcrete sample location and 2.4 2.5 ppb gold 5 ppb gold 10 ppb gold gold value in parts/billion

  12. Kyancutta GOLD IN CALCRETE 135º 135º30' 136º 136º30’ Eyre Peninsula Tenements 32º30' 30 Kilometres EL 3076 EL 3119 EL 2869 EL EL 2752 2845 Minnipa Barns Yaninee EL 2806 33º EL 2669 Wudinna E y r EL 2844 e Kimba H i g h w a y EL 2846 Warramboo Iron Project (Excluded from Newmont Joint Venture) Darke Peak 33º30' Lock

  13. THE NEWMONT - ADELAIDE DEAL EYRE PENINSULA JOINT VENTURE • 4.65% shareholding in Adelaide Resources • $5 million over 5 years max. for 51% • $1 million minimum per year • Adelaide initial operator • Adelaide may contribute at 49% or dilute to 30% free carried • If required Newmont to assist with mine financing • Sole risk arrangements

  14. 30 KM EYRE PENINSULA TENEMENTS Newmont JV (6,701 sq km) Barns Gold Project Wudinna Eyre Kimba Highway Warramboo Iron Project Lock

  15. EYRE PENINSULA JOINT VENTURE with Newmont Australia Update . . . • JV expenditure to end 2003 of $0.77 million • District wide gold exploration effort implemented • 391 RAB/Aircore holes (20,150m) completed at nine gold prospects • 1440 surface calcrete samples collected on nine tenements • Very promising gold targets emerging

  16. 2004 RC Drilling

  17. 10 KM EYRE PENINSULA JV - A new gold district Advanced Defined Anomaly WUD6 Barns Gold Project WUD2 Central 65 x 20km Wudinna KO3

  18. BARNS GOLD PROJECT 2.5ppb gold in calcrete contour 5ppb gold in calcrete contour Drill traverse Northern Zone Bedrock anomaly zone 500 metres Section 6365900mN Western Zones Eastern Zone Southern Zone White Tank Zone Barns Gold Project

  19. 100 M 16m @ 1.0 g/t 146.7 @ 0.87 g/t 88.6 @ 1.25 g/t 2m @ 67.6 g/t 11m @ 2.84 g/t 36m @ 1.80 g/t 9m @ 1.17 g/t 11m @ 2.45 g/t Mineralised zone BARNS GOLD PROJECT Eastern Zone Section - 6365900mN Depleted Oxide Primary

  20. 2003 RAB Drilling

  21. 10 KM EYRE PENINSULA JV - A new gold district Advanced Defined Anomaly WUD6 Barns Gold Project WUD2 Central 65 x 20km Wudinna KO3

  22. 25ppb gold in bedrock 100ppb gold in bedrock 500 M EYRE PENINSULA JOINT VENTURE WUD6 - RAB Drilling 6/0.89 > 2.5ppb calcrete anomaly 1/2.69 RAB drilling 1/1.44 2.6km 217 RAB Holes 9,058 metres > $300,000 spent Section 15/1.04

  23. 0 -50 50 to 100ppb Au 100 to 500ppb Au Planned RC Drillhole >500ppb Au -100 EYRE PENINSULA JOINT VENTURE WUD6 - 6362900mN Red Rag Zone Saprolite 2/1.78 22/0.38 Bedrock

  24. EYRE PENINSULA JOINT VENTURE 2004 Budget - $1.3 million ~80% on drilling related activities Calcrete sampling $45K RC Drilling $795K Tenement maintenance $60K Administration $155K RAB Drilling $245K

  25. BARTON Adelaide Resources Limited SOUTH AUSTRALIAN PROJECTS South Australia GAWLER CRATON Prominent Hill THE TWINS (Copper-Gold) Olympic Dam BARTON (Nickel) ANABAMA (Copper) EYRE PENINSULA (Gold) 300 KM WARRAMBOO (Iron) MOONTA - WALLAROO (Copper-Gold) Adelaide Olympic Copper-Gold Province Proterozoic Gold Arc

  26. WESTERN GAWLER CRATON

  27. Target intrusive Airborne EM Traverse Proposed airborne EM survey areas 20 KM Barton Siding Immarna Trans Australia Railway BARTON NICKEL EXPLORATION CONCEPT Eyre Highway

  28. BARTON NICKEL PROJECT Airborne Electromagnetics Hoistem system

  29. BARTON NICKEL PROJECT • Vastly underexplored area • Conceptually attractive geological setting • Target is massive nickel sulphides of Voisey’s Bay style • Airborne EM provides the exploration tool • Negotiations with potential JV party at advanced stage

  30. Adelaide Resources Limited ANNUAL DRILLING ACTIVITY Metres 50000 40000 30000 Forecast 20000 10000 0 1998 1999 2000 2001 2002 2003 2004 RC / Diamond RAB / Aircore

  31. Adelaide Resources Limited ANNUAL EXPLORATION EXPENDITURE $ (million) 3.0 2.5 2.0 1.5 1.0 0.5 0 1998 1999 2000 2001 2002 2003 2004 Joint Venture Adelaide Resources Limited

  32. Action galore! High levels of drilling in Australia’s newest gold frontier Exciting new gold prospects Active drilling program on new targets inpedigreed copper-gold district ~$2M funding by joint venturers in 2004 with additional ADN expenditure New deals and projects in pipeline Providing shareholders with discovery opportunities!

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