North Australian Diamonds Limited

Yambarra

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NADL has entered into a farm-in agreement with Rio Tinto to earn 100% interest in tenements with a total project area of 9,132sq km.  The project area is located within the Daly River/Port Keats Aboriginal Reserve, approximately 150km south west of Darwin. The project covers ten separate tenements of which five are granted and available for immediate exploration. In late 2008, due to the age of the granted tenements the company converted all the granted licenses to "Substituted Exploration Licenses".

Rio Tinto undertook limited reconnaissance exploration samples over a portion of the tenements. Some microdiamonds were recovered along with chromites. The tenements are located on the same regional structure on which the world class Argyle diamond mine is situated. These tenements are considered to be prime targets for a number of commodities, including uranium, base metals and diamonds.

Access Meetings

The Company has 10 tenements in this project area of which 5 are granted. A final Consultation Meeting for the tenements under application was held in conjunction with a work program meeting for the granted tenements with traditional owners and the Nothern Land Council subsequent to the quarter in July 2011. The NLC advised that all relevant traditional owners were not present and a second meeting is to be scheduled.

Field activities will commence on the granted tenements following this meeting and will include follow-up to positive results previously reported and identified by Rio Tinto.

The recovery of kimberlitic chromites and microdiamonds and macrodiamonds in stream and loam samples by previous explorers provides evidence for the presence of kimberlite, which is a source rock for diamonds. The SEL also contains up to thirty aeromagnetic anomalies that may be indicative of a kimberlite. The company considers SEL26956 to be highly prospective for kimberlites and work will involve ground investigation of the aeromagnetic anomalies and follow-up samples to the kimberlitic chromites and diamonds. The program will require the use of a helicopter.