AUSTRALIAN VANADIUM LIMITED — Major Shareholding Notification 2011

Mar 23, 2011

FORM 605

Corporations Act 2001

Section 671B

Notice of ceasing to be a substantial holder

To: Yellow Rock Resources Limited ABN: 90 116 221 740

1. Details of substantial holder

Name: Padbury Mining Limited ACN (if applicable): 009 076 242

The holder ceased to be a substantial holder on: 24 March 2011 The previous notice was given to the company on: 1 August 2008

The previous notice was dated: 31 July 2008

2. Changes in relevant interests

Particulars of each change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whose relevantinterest changed	Nature of change	Considerationgiven in relationto change	Class andnumber ofsecuritiesaffected	Person’svotesaffected
24/3/2011	Padbury Mining Limited	Share sale	$1,010,691.12	41,000,005	41,000,005

3. Changes in association

The persons who have become associates of, ceased to be associated of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and A.C.N	Nature of association
N/A

4. Addresses

The addresses of persons named in this form are as follows:

The addresses of persons named in this form are as follows:
Name	Address
Padbury Mining Limited	15 Colin Street, West Perth WA 6005

Signature

Print name: John Saunders

Capacity: Director

Sign here: J Saunders

Date: 24 March 2011