CANNINDAH RESOURCES LIMITED — Director's Dealing 2007

May 2, 2007

Appendix 3Y

Rule 3.19A.2

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: Queensland Ores Limited
ABN: 35108146694

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	Mr Kenneth Howard Dredge
Date of last notice	9 May 2006

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 interest
Nature of indirect interest (including registered holder)	Mr Dredge has an indirect beneficial interest in shares and options held by KH Dredge
Note: Provide details of the circumstances giving rise to the relevant interest	Nominees Pty Ltd Superannuation Fund
Date of change	26 April 2007
No. of securities held prior to change	233,840 fully paid ordinary shares
Class	Fully paid ordinary shares (QOL) and options (QOLOA)
Number acquired	116,920 fully paid ordinary shares and 58,460 options
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	to purchase 116,920 fully paid \$40,922 ordinary shares and 58,460 free attaching options
No. of securities held after change	350,760 fully paid ordinary shares and 58,460 options.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Participation in rights issue

⁺ See chapter 19 for defined terms.

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
Nature of interest
Name of registered holder
(if issued securities)
Date of change
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
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

$+$ See chapter 19 for defined terms.