ADAVALE RESOURCES LIMITED — Director's Dealing 2010

Dec 9, 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	Roger Christian Steinepreis
Date of last notice	19 March 2008

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.

disclosed in thispart.
Direct or indirect interest	Indirect Interest
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	As the controller of Ranchland HoldingsPty Ltd (Ranchland) and BlueknightCorporation Pty Ltd (Blueknight)
Date of change	7 December 2010
No. of securities held prior to change	Indirect (via Blueknight):Ordinary : 10,010,400Options: 1,732,686 Series 1 Options(exercisable at 21 cents) and 1,396,826Series 2 Options (exercisable at 21cents)
Class	Ordinary Shares and Unlisted Options
Number acquired	Indirect (via Ranchland) :5,000,000 ordinary shares and 2,500,000unlisted options exercisable at $0.04cents on or before 31 July 2014
Number disposed	Lapsed options - 1,732,686 Series 1(exercisable at 21 cents) and 1,396,826Series 2 Options (exercisable at 21cents)

• See chapter 19 for defined terms.

Appendix 3Y Page 1

10/12/2010

Appendix 3Y Change of Director’s Interest Notice

Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	4 cents per 2 shares with 1 option per 2shares ($100,000)
No. of securities held after change	Indirect:Ordinary Shares: 15,010,400Unlisted Options : 2,500,000 exercisableat $0.04 cents on or before 31 July 2014
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Issued pursuant to rights issue

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(if issued securities)	N/A
Date of change	N/A
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	N/A
Interest after change	N/A

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

10/12/2010