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	Mr Richard J Poole
Date of last notice	24 November 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.

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.	Fontelina Pty Ltd, of which RichardPoole is a director and shareholder
Date of change	7 December 2010
No. of securities held prior to change	Indirect :Ordinary : 14,431,333
Class	Ordinary
Number acquired	Indirect :1. 34,008,870 ordinary shares and17,004,435unlistedoptionsexercisable at $0.04 cents on orbefore 31 July 20142. 10,000,000 unlisted optionsexercisable at $0.04 cents on orbefore 31 July 2014

• See chapter 19 for defined terms.

Appendix 3Y Page 1

10/12/2010

Appendix 3Y Change of Director’s Interest Notice

Number disposed	Lapsed options -1,732,686Series 1(exercisable at 21 cents) and 1,396,826Series 2 Options (exercisable at 21cents)
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	Indirect :1. 4 cents per 2 shares with 1optionper2shares($680,177.40)2. In consideration of Arthur PhillipPty Ltd providing a loan facility toAdavaleResourcesLimited$1,000,000,asapprovedbyshareholders at the AGM held on26 November 2010
No. of securities held after change	Indirect:Ordinary Shares: 48,440,203Unlisted Options : 27,004,435exercisable at $0.04 cents on or before31 July 2014
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	1.Issued pursuant to rights issue2.Inconsiderationofprovidinga$1million loan facility

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 to whichinterest related prior to changeNote: Details are only required for a contract in relation towhich the interest has changed	N/A

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

10/12/2010

Appendix 3Y Change of Director’s Interest Notice

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 3

10/12/2010