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BULMAN GEOPHYSICS SURVEY HIGHLIGHTS A NUMBER OF PROSPECTIVE AREAS FOR EXPLORATION OF ECONOMIC
DEPOSITS

The board of directors of Admiralty Resources is pleased to announce that the geophysical, magnetic and radiometric surveys conducted over the Bulman exploration leases in October 2007 have identified several areas that warrant
further investigation for fault system related carbonate hosted Mississippi Valley Type Pb-Zn mineralisation.

Given that Mississippi Valley-type Pb-Zn mineral deposits are often located in fault and fracture systems, the traces of the interpreted faults are likely to be
considered as sites for future exploration.

Admiralty has two mineral leases 726 and 727 which have shown prospective occurrences of lead zinc mineralization. It also has four exploration leases granted in July 2007. The interpretation has highlighted a system of east-west
and north-south faults that spatially correlate with known mineralization and Pb-Zn geochemical soil anomalies.

Similar faulted areas were noted in the eastern
most section and central western area of EL 23814 and are considered to be highly prospective.

Several unexplained potassium radiometric anomalies exist in the area. There is a possibility that these could be indicating potassic alteration associated with the influx of mineralising fluids. Such sites will be examined, particularly the strong anomaly occurring immediately north of the Bulman 1 Deposit.

On the basis of the report Bulman Resources Pty Ltd, a wholly owned subsidiary of Admiralty Resources NL will commence a drilling program to target the areas of interest in May this year as soon as the wet season allows
work to commence. A drilling rig has been booked for the drilling campaign.

The price of lead on the LME was US$1.16 per pound and zinc is US$1.01 per
pound.