ANDROMEDA METALS LIMITED — Director's Dealing 2007

Dec 18, 2007

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	ADELAIDE RESOURCES LIMITED
ABN	75 061 503 375

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	John Patrick Horan
Date of last notice	25 November 2005

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	Direct & Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	1. Private Company2. Private Superannuation Fund
Date of change	19 December 2007
No. of securities held prior to change	OptionsDirect-1,000,000 options exercisable at 55cents expiring on 14 November2010SharesIndirect-Adelaide Resource Management PtyLtd - 1,500,000-JP & C Horan Superannuation Fund– 277,000
Class	Ordinary Shares
Number acquired	16,130
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$5,000

No. of securities held after change	OptionsDirect- 1,000,000 options exercisable at 55cents expiring on 14 November 2010SharesIndirect- Adelaide Resource Management PtyLtd - 1,500,000.- J P & C Horan Superannuation Fund– 293,130
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Shares acquired through Company’sShareholder Share Purchase Plan.

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