ANDROMEDA METALS LIMITED — Director's Dealing 2011

Jan 27, 2011

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 30/09/01 Amended 01/01/11

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	31 December 2010

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.		N/A
Date of change		19 January 2011
No. of securities held prior to change		Direct 281,130 shares–Christopher George Drown Indirect 108,000 shares–Drown Geological Services Pty Ltd 585,028 shares–C&L Drown as trustee for the C&L Drown Family Trust
Class		Performance Rights
Number acquired		2,000,000
Number disposed		-

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation		The Performance Rights were granted under the Adelaide Resources Limited Employee PerformanceRightsPlan for nilconsideration.
No. of securities held after change		Direct 281,130 shares–Christopher George Drown • 2,000,000 Performance Rights, the terms of which are set out in the Appendix 3B lodged with ASX on 25 January 2010 Indirect 108,000 shares–Drown Geological Services Pty Ltd 585,028 shares - C&L Drown as trustee for the C&L Drown Family Trust
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back		Granted under the Adelaide Resources Limited Employee Rights Plan for nil consideration

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

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Interest after change	N/A
Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?		N/A
If so, was prior written clearance provided to allow the trade to proceed during this period?		N/A
If prior written clearance was provided, on what date was this provided?		N/A

• See chapter 19 for defined terms.

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