ADAVALE RESOURCES LIMITED — Director's Dealing 2010

Dec 23, 2010

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity: Adavale Resources Limited ABN: 91 008 719 015

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Mr Richard J Poole
Date of last notice	10 December 2010

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect Interest
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevant interest.	Arthur Phillip Nominees Pty Ltd, held onbehalf of Fontelina Pty Ltd, of whichRichardPooleisadirectorandshareholder
Date of change	17,21 and 22 December 2010
No. of securities held prior to change	Indirect :Ordinary Shares: 48,440,203Unlisted Options : 27,004,435exercisable at $0.04 cents on or before31 July 2014
Class	Ordinary
Number acquired	Indirect :2,355,882 ordinary shares

• See chapter 19 for defined terms.

Appendix 3Y Page 1

24/12/2010

Appendix 3Y Change of Director’s Interest Notice

Number disposed	Nil
Value/Consideration	Indirect :
Note: If consideration is non-cash, provide details and estimated valuation
	$ 69,846.29
No. of securities held after change	Indirect:
	Ordinary Shares:
	50,796,085.00
	Unlisted Options : 27,004,435
	exercisable at $0.04 cents on or before
	31 July 2014
Nature of change	On and Off Market Trades
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder	N/A
(if issued securities)
Date of change	N/A
No. and class of securities to which	N/A
interest related prior to change
Note: Details are only required for a contract in relation to
which the interest has changed
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration	N/A
Note: If consideration is non-cash, provide details and an
estimated valuation

• See chapter 19 for defined terms. Appendix 3Y Page 2

24/12/2010