ANDROMEDA METALS LIMITED — Director's Dealing 2007

Jul 22, 2007

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 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	Christopher George Drown
Date of last notice	29 March 2007

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 and Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Private consulting company
Date of Change	23 July 2007
No. of securities held prior to change	Shares - Direct - Christopher George Drown – 265,000 - Indirect - Drown Geological Services Pty Ltd - 8,000 Options (1) 450,000 employee options exercisable at 17 cents expires 12/12/2007. (2) 125,000 employee options exercisable at 20 cents expires 22/12/2008. (3) 400,000 director options excisable at 55 cents expiring on 14/11/2010.

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Class	Ordinary Shares
Number acquired	N/A
Number disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	N/A
No. of securities held after change	Shares - Direct - Christopher George Drown – 265,000 - Indirect - Drown Geological Services Pty Ltd - 108,000. (see adjustment) Options (1) 450,000 employee options exercisable at 17 cents expires 12/12/2007. (2) 125,000 employee options exercisable at 20 cents expires 22/12/2008. (3) 400,000 director options exercisable at 55 cents expiring on 14/11/2010.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Adjustment to previous 3Y Notice of 29/3/07 for 100,000 options converted to shares at an exercise price of 15 cents/share, but not shown on previous 3Y Notice.

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

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

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.

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11/3/2002