ANDROMEDA METALS LIMITED — Director's Dealing 2011

Jan 24, 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 30/9/2001.

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	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		Direct281,130 shares–Christopher GeorgeDrownIndirect108,000 shares–Drown GeologicalServices Pty Ltd585,028 shares–C&L Drown as trusteefor the C&L Drown Family Trust
Class		Performance Rights
Number acquired		2,000,000
Number disposed		-

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y

Change of Director’s Interest Notice

Value/Consideration	The Performance Rights were granted under
Note: If consideration is non-cash, provide details and estimated valuation	the Adelaide Resources Limited Employee
	Performance Rights Plan for nil consideration.
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 FamilyTrust
Nature of change	Grantedunderthe AdelaideResources
Example: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Limited Employee Rights Plan for nilconsideration

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	N/A
(if issued securities)
Date of change	N/A
No. and class of securities to which	N/A
interest related prior to change
Note: Details are only required for a contract in relation to
which the interest has changed
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration	N/A
Note: If consideration is non-cash, provide details and an
estimated valuation
Interest after change	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002