AUSTRALIAN VANADIUM LIMITED — Director's Dealing 2008

Jul 10, 2008

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	Yellow Rock Resources Limited
ABN	90 116 221 740

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	Denis Vincent McInerney
Date of last notice	21 February 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	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	(a) McInerney Corporation (WA) Pty Ltd McInerney Super Fund A/C> (Beneficiary) (b) Goldwave Nominees Pty Ltd (Director/Shareholder)
Date of change	4 July 2007
No. of securities held prior to change	Nil
Class	Options (30/11/2009; 20 cents)
Number acquired	(a) 2,000,000 options (30/11/2009; 20 cents) (b) 500,000 options (30/11/2009; 20 cents)
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Remuneration for past and/or future services.
No. of securities held after change	(a) 2,000,000 Options (30/11/2009; 20 cents) (b) 500,000 Options (30/11/2009; 20 cents)

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Nature of change Issue of director options made in accordance with Example: on-market trade, off-market trade, exercise of options, issue the approval granted by shareholders at the general of securities under dividend reinvestment plan, participation in buyback meeting held on 5 June 2007

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	Not Applicable
Nature of interest	Not Applicable
Name of registered holder (if issued securities)	Not Applicable
Date of change	Not Applicable
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	Not Applicable
Interest acquired	Not Applicable
Interest disposed	Not Applicable
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	Not Applicable
Interest after change	Not Applicable

Appendix 3Y McInerney

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002