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post Posted: Jun 14 2007, 08:09 PM
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Posts: 14

In reply to: watchmaker on Thursday 14/06/07 12:40pm

issued through
231 South Road, MILE END SA 5031
Ph: 08 8234 9555 Fax: 08 8234 9566
• R E L E A S E •
Thursday 14 June 2007
Adelaide Resources Limited (“ADE”) today announced plans to package its
uranium exploration assets into a separate company as it intensifies work on
developing other mining projects.
The move – which includes an expected zircon mine decision next year for
Adelaide Resources’ Tripitaka mineral sands project on South Australia’s Eyre
Peninsula - comprises:
• The proposed centralisation of the Company’s sizeable Gawler Craton
and Moonta district uranium exploration assets in South Australia – many
already hosting drill intersections - in a new ASX-listed uranium explorer,
Eyre Energy Limited
• The $10 million Eyre Energy Initial Public Offer to be launched in July with
a planned ASX listing by September
• Shareholders in Adelaide Resources to have a priority allocation, in
addition to any benefit from an expected eventual in-specie distribution by
the Company of up to 80% of any direct holding it may emerge with in the
new Eyre Energy entity
• The IPO to have the support of existing Adelaide Resources’ uranium
exploration joint venture partner on selected Eyre Peninsula tenements -
Quasar Resources Pty Ltd - the company which recently made the
discovery of the substantial Four Mile uranium deposit near Heathgate’s
operating Beverley uranium mine
• Adelaide Resources to become a non-uranium explorer with an
aggressive exploration focus on its promising gold, copper and iron ore
projects in South Australia and the Northern Territory
• The ongoing achievement of milestones for the Tripitaka zircon project,
including a resource upgrade in the coming quarter, and completion by
year’s end of a pre-feasibility study for the Company’s world-class Colona
zircon project – a joint venture in South Australia’s Eucla Basin with Iluka
issued through
231 South Road, MILE END SA 5031
Ph: 08 8234 9555 Fax: 08 8234 9566
“We are currently seen primarily as an imminent zircon producer – which we are
– but with little value attached to our considerable additional multi-commodity
exploration assets, including uranium,” Adelaide Resources’ Executive Chairman,
Mr Keith Yates, said today.
“Today’s announcement reflects a strategy to realise the full value of these
exciting uranium assets for our shareholders,” Mr Yates said.
“Strategically, Adelaide Resources has held these, in the main, previously drilled
and sound uranium assets for more than a decade,” he said.
“In the interim, we built a diversified and balanced suite of mineral exploration
projects as the price and demand dynamics of the nuclear energy cycle were not
the favourable commercial climate now driving the explosion in uranium
“This has seen Adelaide Resources emerge with a particularly strong Board of
some of Australia’s most successful gold, copper and base metals executives.
“Once the Eyre Energy IPO is completed, we will have greater capacity to further
enhance the Company’s exploration opportunities, including further acquisitions.”
“We will, however, not be looking to be a uranium explorer in any shape or form.
That will be the role of Eyre Energy.”
Adelaide Resources has interests in the Rover copper gold project in the
Northern Territory – and in South Australia, the Barton (nickel), Warramboo (iron
ore), Anabama (copper) and Moonta-Wallaroo (copper-gold) projects.
New company to own large SA uranium acreage
The proposed new Eyre Energy Board will include Quasar’s Managing Director,
Mr Geoff McConachy, who led the team behind the Four Mile discovery – which
Mr Yates today described as “the most significant uranium find in Australia in
more than 20 years”.
Eyre Energy’s suite of exploration assets covers more than 9,000 square
kilometres of the Gawler Craton and Moonta districts – making it one of the
largest such uranium holdings in South Australia.
The new company will also benefit from the transfer to it of Quasar’s existing joint
venture obligation to Adelaide Resources to spend $3 million by November 2009
on exploring for uranium in certain style Eyre Peninsula-based tenements and
tenement areas.
Keith Yates Adelaide Resources (08) 8271 0600 / 0417 801 479
Kevin Skinner Field Public Relations (08) 8234 9555 / 0414 822 631

post Posted: Jun 14 2007, 12:40 PM
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Posts: 741
Thanks: 45

A very interesting development from ADN today. Accordingly the price is on the move. A combination of an IPO for their uranium assets, and an in specie distribution for ADN shareholders.

post Posted: May 17 2007, 06:15 PM
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Posts: 702
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There's quite a bit to like about ADN:

- Market cap of a modest $34m

- Well regarded explorationists who are not out milking the market for lifestyle.

- Market cap substantially underpinned by the interest in the Tripitaka mineral sands/zircon discovery

- zero value attached to their iron ore prospects, which may be just as significant as Trafford's

- good land holding in South Australia with genuine uranium prospectivity.

A few good uranium results could quickly bring ADN market cap into line with the overhyped uranium wannabes.

However, ADN management go to some lengths to present balance in their ASX reports, and one suspects that they do not want to be a day-trader's play thing.

Worthy of research


post Posted: May 6 2007, 08:52 PM
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Posts: 702
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Some recent musings of mine:

Adelaide Resources merits a look as an exploration speccy given its interest in the Tripitaka mineral sand discovery by Iluka and its 100% interest in the Warramboo Iron Project on the Eyre Penninsula in South Australia. Warramboo sounds very similar to Trafford Resources project - in-ground grades of 15-25% magnetite, which can be upgraded to a 70% iron concentrate. Interesting to conjecture on the SP potential of ADN if it were to be promoted with the same vigour as Trafford's project.


post Posted: Apr 2 2007, 01:58 PM
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In reply to: sarah on Monday 02/04/07 12:35pm

Peter Taylor got it all wrong in his morning report.
Wrong code for ADN (he had AND)
.... and wrong tenement.
He jusy issued a correction.
He must feel like this today puke.gif

post Posted: Apr 2 2007, 12:51 PM
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Posts: 741
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Run hard this week, it's gone berserk. Apparently this mornings news claims in SA indicate that it rivals Olympic Dam.


post Posted: Apr 2 2007, 12:35 PM
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Posts: 679
Thanks: 5

*** Alert *** Uranium Spec – ADN Adelaide Resources joint venture partner Heathgate Resources (not listed) has announced a major Uranium find in SA. ADN will most likely run hard on speculation today and through the week.

From today’s Sonray equities report by Peter Taylor
(With the correct ASX code for Adelaide Res.)

Extra bonus - located in the friendly U-mining state of SA.

ADN's chart before today's spike to 70c.

Attached image(s)
Attached Image


post Posted: Dec 5 2006, 03:49 PM
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Posts: 3

In reply to: jacki on Tuesday 05/12/06 03:44pm

Adjusted again to .45 Was this caused by some sort of error?

post Posted: Dec 5 2006, 03:44 PM
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Posts: 3

Anyone else following at close? Dropped to .039 with volume approx 1,500,000 then adjusted to .35 with volume now showing 1,300,000. Any ideas as to what has happened here?

aussie joe
post Posted: Dec 1 2006, 01:57 PM
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Posts: 989
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Trading Halt icon14.gif

Hope it's big news. Fingers crossed.


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