ADAVALE RESOURCES LIMITED — Director's Dealing 2011

Mar 22, 2011

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Amended 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.

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.	As the controller of Ranchland Holdings Pty Ltd
Date of change	7 December 2010
No. of securities held prior to change	Indirect : Ordinary : 10,160,400 Options: 1,732,686 Series 1 Options (exercisable at 21 cents) and 1,396,826 Series 2 Options (exercisable at 21 cents)
Class	Ordinary Shares and Unlisted Options
Number acquired	Indirect : 5,000,000 ordinary shares and 2,500,000 unlisted options exercisable at $0.04 cents on or before 31 July 2014
Number disposed	Lapsed options - 1,732,686 Series 1 (exercisable at 21 cents) and 1,396,826 Series 2 Options (exercisable at 21 cents)

• See chapter 19 for defined terms.

Appendix 3Y Page 1

23/03/2011

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Indirect : 4 cents per 2 shares with 1 option per 2 shares ($100,000)
No. of securities held after change	Indirect: Ordinary Shares: 15,160,400 Unlisted Options : 2,500,000 exercisable at $0.04 cents on or before 31 July 2014
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities 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 to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

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

23/03/2011