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ADAVALE RESOURCES LIMITED Capital/Financing Update 2008

Feb 3, 2008

64300_rns_2008-02-03_ed56b965-f74c-4a3f-b53d-356e28d5b542.pdf

Capital/Financing Update

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ASX Code: PKT

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5[th] February 2008

ASX ANNOUNCEMENT FOR POCKETMAIL GROUP LIMITED

DRILLING UPDATE LAKE SURPRISE SOUTH AUSTRALIA

The Directors of Pocketmail Group Limited are pleased to announce further encouraging results from the core drilling program undertaken by its wholly owned subsidiary Adavale Minerals Pty Ltd at the Clayton Basin Prospect.

HIGHLIGHTS

  • Positive results at shallow depths from a 13 hole core drilling program completed and an extensive mineralised system identified

  • All 13 holes show anomolous mineralisation across several vertical metres within the paleochannel. Six holes contain uranium enriched zones

  • XRF assays from 15 up to 890 ppm eU3O8

  • Resistivity surveys identify an extensive paleochannel system within the Clayton Basin Prospect

  • Yellow mineralisation identified as the uranium mineral carnotite was recovered in the cores and is similar to that seen in silcretes in other parts of the Clayton Basin

PocketMail Group Limited ABN 96 008 719 015 Level 2, 45 Stirling Highway, Nedlands WA 6009, PO Box 985, Nedlands WA 6909 Tel: +61 8 9389 8799 Fax:+ 61 8 9389 8327 Web: www.pocketmail.com.au

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The Directors of Pocketmail Limited (PKT), on behalf of its wholly owned subsidiary Adavale Resources, are pleased to release the results of the company’s recent drilling program in EL 3622 which lies within the company’s 100% owned Lake Surprise Project in Marree South Australia.

Adavale has core drilled 13 holes at 100 metre spacings, for a total of 399 metres of drilling and has confirmed an extensive paleochannel system within its Clayton Basin Prospect.

The drilling of just 13 holes over 1.2 line kilometres, together with the consistent and broad intervals of the lower assays over several vertical metres within the paleochannel is significant as it indicates the possibility of a large mineralised system. The presence of higher grades is also significant as it indicates the enrichment of uranium also exists within the system.

The suite of consistent low grade assays (15 ppm to 100 ppm) over significant intersections together with the high grade assays (220 ppm to 897 ppm) seen from this first round of core drilling is a major step in highlighting the prospectivity of the Clayton Basin Prospect. The uranium analytical results, together with other drilling data parameters, are tabulated in Appendix 3.

The widespread uranium mineralisation encountered during this preliminary drilling program has increased confidence as to the likely presence of a potentially economic uranium resource within the Clayton Basin Prospect.

RESISTIVITY SURVEYS

Resistivity surveys completed in the fourth quarter of 2007 identified an extensive paleochannel system within the Clayton Basin Prospect.

Two resistivity lines (Numbers 7 & 8), located in the northern sector of what appears to be the main Tertiary paleochannel within the Clayton Basin, were evaluated during this drilling program. These resistivity profiles are provided in Appendix 2 and show the geometry of the palaeochannel, the position of the unconformity at its base and the underlying Cretaceous sedimentary sequence.

This drilling was undertaken to confirm the geometry of the paleochannels as identified by the resistivity traverses and to formulate the methodology for further detailed core drilling and eU3O8 gamma ray logging that will commence in February 2008 and will be aimed at identifying a potential uranium economic resource.

The holes were drilled through the Tertiary paleochannels and were completed in unweathered Cretaceous sedimentary rocks. Drill cores were recovered and XRF analyses were undertaken on site. Further assessment of the cores will be carried out by the company’s consultants and samples prepared for chemical analysis will be forwarded to laboratories as necessary.

PocketMail Group Limited ABN 96 008 719 015 Level 2, 45 Stirling Highway, Nedlands WA 6009, PO Box 985, Nedlands WA 6909 Tel: +61 8 9389 8799 Fax:+ 61 8 9389 8327 Web: www.pocketmail.com.au

GEOLOGY

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Carnotite style mineralisation was recovered in sections of the cores. Identical mineralisation within silicified sandstone and silcretes at the surface of the main palaeochannel and in other parts of the Clayton Basin has been identified as the uranium mineral carnotite. Mineralisation is in the form of finely disseminated material and staining, which gives an overall yellowish colour to some core segments and is interspaced with thin, irregular veinlets and spots of carnotite.

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Figure 1: Core LSC12

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Figure 2: Core LSC11

The uranium analytical results, together with other drilling data parameters, are tabulated in Appendix 3. All of the assays are listed in this table, including the lower grades that are less than the arbitrary cut off ore grade at 100ppm eU3O8. The complete suite of data shows that several metres of the vertical sections within the paleochannel contain anomalous uranium and in six holes contain enriched zones above the cut off grade. These data show that the uranium occurs at shallow depths and are indicative of an extensive mineralisation system. A geological map is provided and shows the location of the 13 cored drill holes, resistivity traverses, paleodrainage channels and gamma ray anomalous areas within the Clayton Basin (Appendix 1).

PocketMail Group Limited ABN 96 008 719 015 Level 2, 45 Stirling Highway, Nedlands WA 6009, PO Box 985, Nedlands WA 6909 Tel: +61 8 9389 8799 Fax:+ 61 8 9389 8327 Web: www.pocketmail.com.au

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UPCOMING PROGRAMME

The search for roll front or tabular style uranium mineralisation within the paleochannels will continue with ongoing diamond drilling.

Drilling and gamma ray logging will re-commence mid February. The programme will include infill work on resistivity lines already drilled, along with grid patterns as necessary to establish the continuity of mineralisation.

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John Risinger Managing Director (08) 6461 6840

Adavale Resources Limited (“Adavale”) is a junior mineral explorer focused on identifying and evaluating projects that present significant potential. Adavale has access to a technical team with decades of experience along with all necessary geophysical intruments and a drilling business that help optimise a philosophy of consistent effective exploration.

PocketMail Group Limited ABN 96 008 719 015 Level 2, 45 Stirling Highway, Nedlands WA 6009, PO Box 985, Nedlands WA 6909 Tel: +61 8 9389 8799 Fax:+ 61 8 9389 8327 Web: www.pocketmail.com.au

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APPENDIX 1

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Figure 3: Paleochannels delineated by resistivity surveys; gamma-ray anomalous areas identified in RAB drill holes, cored drill holes, uranium in outcrop and potentially economic uranium mineralised deposits.

PocketMail Group Limited ABN 96 008 719 015 Level 2, 45 Stirling Highway, Nedlands WA 6009, PO Box 985, Nedlands WA 6909 Tel: +61 8 9389 8799 Fax:+ 61 8 9389 8327 Web: www.pocketmail.com.au

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APPENDIX 2

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Figure 4: Resistivity Line 7

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Figure 5: Resistivity Line 8

PocketMail Group Limited ABN 96 008 719 015 Level 2, 45 Stirling Highway, Nedlands WA 6009, PO Box 985, Nedlands WA 6909 Tel: +61 8 9389 8799 Fax:+ 61 8 9389 8327 Web: www.pocketmail.com.au

APPENDIX 3
HOLE #
DEPTH (M)
TERTIARY BASE (M)
LOCATION
INTERVAL
XRF ANALYSES eU
~~3~~
O
~~8~~
ppm
LSC 1
31.5
13
0277881
3.0‐4.5
43
45
6734186
4.0‐5‐6
29
279
6.0‐7.5
102
101
48
56
85
7.5‐9.0
84
16
12.0‐13.5
20
18
15
16.5‐18
15
42
19.5‐21
21
20
24.0‐25.5
21
18
21
25.5‐27.0
16
30.0‐31.5
17
16
LSC 2
30
13
0278142
1.5‐3.0
30
27
39
22
27
6733999
3.0‐4.5
64
66
21
4.5‐6.0
19
13.5‐15.0
93
19.5‐21.0
18
21.0‐22.5
18
20
21
24.0‐25.5
22
21
27.0‐28.5
17
26
28.5‐30.0
26
16
LSC 3
30
13
0277858
1.5‐3.0
180
6734200
4.5‐6.0
25
12.0‐13.5
56
36
11
13.5‐15.0
46
15.0‐16.5
59
18.0‐19.5
14
LSC 4
30
11
0277926
1.5‐3.0
16
6734152
3.0‐4.5
22
9.0‐10.5
14
10.5‐12.0
36
27
39
32
45
15.0‐16.5
16
16.5‐18.0
14
25.5‐27.0
20
LSC 5
31.5
14
0277735
3.0‐4.5
29
6733540
4.5‐6.0
134
6.0‐7.5
78
9.0‐10.5
50
25.5‐27.0
18
27.0‐28.5
17
28.5‐30.0
20
LSC 6
31.5
13
0277886
3.0‐4.5
41
6733420
15.0‐16.5
18
14
17
14
16.5‐18.0
19
18.0‐19.5
21
19.5‐21.0
17
22.5‐24.0
14
28.5‐30.0
16
LSC 7
34.5
13
0278043
15.0‐16.5
17
16
6733311
16.5‐18.0
15
18.0‐19.5
16
13
16
14
19.5‐21.0
40
19
19
24.0‐25.5
36
27.0‐28.5
29
33.0‐34.5
17
14
16
LSC 8
33
10
0278258
10.5‐12.0
21
14
6733163
12.0‐13.5
14
17
13.5‐15.0
14
18
16
15.0‐16.5
20
17
23
16.5‐18.0
15
20
15
17
18.0‐19.5
17
19.5‐21.0
17
25.5‐27.0
36
28.5‐30.0
22
12
22
30.0‐31.5
20
LSC 9
27
3
0278535
12.0‐13.5
13
6732995
15.0‐16.5
21
16.5‐18.0
16
18.0‐19.5
15
19.5‐21.0
19
21.0‐22.5
26
22.5‐24.0
17
LSC 10
31.5
13
0278339
15.0‐16.5
15
6733192
21.0‐22.5
20
375
24.0‐25.5
30
25.5‐27.0
19
LSC 11
31.5
11
0278138
1.5‐3.0
30
6733247
9.0‐10.5
14
10.5‐12.0
13
897
18.0‐19.5
16
46
19.5‐21.0
18
LSC 12
31.5
17
0277965
4.5‐6.0
65
6733363
10.5‐12.0
13
12.0‐13.5
425
254
228
390
19.5‐21.0
16
38
27.0‐28.5
17
LSC 13
25.5
16
0277790
1.5‐3.0
40
6733502
3.0‐4.5
29
32
36
52
49
16.5‐18.0
15
22.5‐24.0
21		 APPENDIX 3
HOLE #
DEPTH (M)
TERTIARY BASE (M)
LOCATION
INTERVAL
XRF ANALYSES eU
~~3~~
O
~~8~~
ppm
LSC 1
31.5
13
0277881
3.0‐4.5
43
45
6734186
4.0‐5‐6
29
279
6.0‐7.5
102
101
48
56
85
7.5‐9.0
84
16
12.0‐13.5
20
18
15
16.5‐18
15
42
19.5‐21
21
20
24.0‐25.5
21
18
21
25.5‐27.0
16
30.0‐31.5
17
16
LSC 2
30
13
0278142
1.5‐3.0
30
27
39
22
27
6733999
3.0‐4.5
64
66
21
4.5‐6.0
19
13.5‐15.0
93
19.5‐21.0
18
21.0‐22.5
18
20
21
24.0‐25.5
22
21
27.0‐28.5
17
26
28.5‐30.0
26
16
LSC 3
30
13
0277858
1.5‐3.0
180
6734200
4.5‐6.0
25
12.0‐13.5
56
36
11
13.5‐15.0
46
15.0‐16.5
59
18.0‐19.5
14
LSC 4
30
11
0277926
1.5‐3.0
16
6734152
3.0‐4.5
22
9.0‐10.5
14
10.5‐12.0
36
27
39
32
45
15.0‐16.5
16
16.5‐18.0
14
25.5‐27.0
20
LSC 5
31.5
14
0277735
3.0‐4.5
29
6733540
4.5‐6.0
134
6.0‐7.5
78
9.0‐10.5
50
25.5‐27.0
18
27.0‐28.5
17
28.5‐30.0
20
LSC 6
31.5
13
0277886
3.0‐4.5
41
6733420
15.0‐16.5
18
14
17
14
16.5‐18.0
19
18.0‐19.5
21
19.5‐21.0
17
22.5‐24.0
14
28.5‐30.0
16
LSC 7
34.5
13
0278043
15.0‐16.5
17
16
6733311
16.5‐18.0
15
18.0‐19.5
16
13
16
14
19.5‐21.0
40
19
19
24.0‐25.5
36
27.0‐28.5
29
33.0‐34.5
17
14
16
LSC 8
33
10
0278258
10.5‐12.0
21
14
6733163
12.0‐13.5
14
17
13.5‐15.0
14
18
16
15.0‐16.5
20
17
23
16.5‐18.0
15
20
15
17
18.0‐19.5
17
19.5‐21.0
17
25.5‐27.0
36
28.5‐30.0
22
12
22
30.0‐31.5
20
LSC 9
27
3
0278535
12.0‐13.5
13
6732995
15.0‐16.5
21
16.5‐18.0
16
18.0‐19.5
15
19.5‐21.0
19
21.0‐22.5
26
22.5‐24.0
17
LSC 10
31.5
13
0278339
15.0‐16.5
15
6733192
21.0‐22.5
20
375
24.0‐25.5
30
25.5‐27.0
19
LSC 11
31.5
11
0278138
1.5‐3.0
30
6733247
9.0‐10.5
14
10.5‐12.0
13
897
18.0‐19.5
16
46
19.5‐21.0
18
LSC 12
31.5
17
0277965
4.5‐6.0
65
6733363
10.5‐12.0
13
12.0‐13.5
425
254
228
390
19.5‐21.0
16
38
27.0‐28.5
17
LSC 13
25.5
16
0277790
1.5‐3.0
40
6733502
3.0‐4.5
29
32
36
52
49
16.5‐18.0
15
22.5‐24.0
21
HOLE #
DEPTH (M)
TERTIARY BASE (M)
LOCATION
INTERVAL
XRF ANALYSES eU
~~3~~
O
~~8~~
ppm
LSC 1 31.5
13
0277881
3.0‐4.5
43
45
6734186
4.0‐5‐6
29
279
6.0‐7.5
102
101
48
56
85
7.5‐9.0
84
16
12.0‐13.5
20
18
15
16.5‐18
15
42
19.5‐21
21
20
24.0‐25.5
21
18
21
25.5‐27.0
16
30.0‐31.5
17
16
LSC 2 30
13
0278142
1.5‐3.0
30
27
39
22
27
6733999
3.0‐4.5
64
66
21
4.5‐6.0
19
13.5‐15.0
93
19.5‐21.0
18
21.0‐22.5
18
20
21
24.0‐25.5
22
21
27.0‐28.5
17
26
28.5‐30.0
26
16
LSC 3 30
13
0277858
1.5‐3.0
180
6734200
4.5‐6.0
25
12.0‐13.5
56
36
11
13.5‐15.0
46
15.0‐16.5
59
18.0‐19.5
14
LSC 4 30
11
0277926
1.5‐3.0
16
6734152
3.0‐4.5
22
9.0‐10.5
14
10.5‐12.0
36
27
39
32
45
15.0‐16.5
16
16.5‐18.0
14
25.5‐27.0
20
LSC 5 31.5
14
0277735
3.0‐4.5
29
6733540
4.5‐6.0
134
6.0‐7.5
78
9.0‐10.5
50
25.5‐27.0
18
27.0‐28.5
17
28.5‐30.0
20
LSC 6 31.5
13
0277886
3.0‐4.5
41
6733420
15.0‐16.5
18
14
17
14
16.5‐18.0
19
18.0‐19.5
21
19.5‐21.0
17
22.5‐24.0
14
28.5‐30.0
16
LSC 7 34.5
13
0278043
15.0‐16.5
17
16
6733311
16.5‐18.0
15
18.0‐19.5
16
13
16
14
19.5‐21.0
40
19
19
24.0‐25.5
36
27.0‐28.5
29
33.0‐34.5
17
14
16
LSC 8 33
10
0278258
10.5‐12.0
21
14
6733163
12.0‐13.5
14
17
13.5‐15.0
14
18
16
15.0‐16.5
20
17
23
16.5‐18.0
15
20
15
17
18.0‐19.5
17
19.5‐21.0
17
25.5‐27.0
36
28.5‐30.0
22
12
22
30.0‐31.5
20
LSC 9 27
3
0278535
12.0‐13.5
13
6732995
15.0‐16.5
21
16.5‐18.0
16
18.0‐19.5
15
19.5‐21.0
19
21.0‐22.5
26
22.5‐24.0
17
LSC 10 31.5
13
0278339
15.0‐16.5
15
6733192
21.0‐22.5
20
375
24.0‐25.5
30
25.5‐27.0
19
LSC 11 31.5
11
0278138
1.5‐3.0
30
6733247
9.0‐10.5
14
10.5‐12.0
13
897
18.0‐19.5
16
46
19.5‐21.0
18
LSC 12 31.5
17
0277965
4.5‐6.0
65
6733363
10.5‐12.0
13
12.0‐13.5
425
254
228
390
19.5‐21.0
16
38
27.0‐28.5
17
LSC 13 25.5
16
0277790
1.5‐3.0
40
6733502
3.0‐4.5
29
32
36
52
49
16.5‐18.0
15
22.5‐24.0
21

Figure 6: Core Hole Data

PocketMail Group Limited ABN 96 008 719 015 Level 2, 45 Stirling Highway, Nedlands WA 6009, PO Box 985, Nedlands WA 6909 Tel: +61 8 9389 8799 Fax:+ 61 8 9389 8327 Web: www.pocketmail.com.au

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