Ann: Results of Meeting , page-4

Here's MY summary of the discussions at the AGM (sorry that I have already posted some of it in my response and explanation to juddn re major shareholder)

I spent some time talking to the new major shareholder at the AGM and was impressed by his desire to 'get things done'and his explanation of the difference between between hematite(type (usualy found in Australia) and magnetite which is the type that ADY will be mining (the Chairman also gave an explanation, but not quite as clear). The hematite is usually found in older rocks (and hence has higher level of iron),which explains why it is found in OZ which is a very old country, geologically speaking,whilst South America is a much younger country, geologically speaking.

In answer to a question at the meeting,it was estimated that the magnetite ore would cost approx $10 per tonne more to process compared to hematite.But there are some cost advantages further in the processing procedure for magnetite compared to hematite (don't ask me what they are, because I can't remember!). The current historicaly high price of iron ore makes the processing of this type of ore profitable.

This coy still has a long way to go to reach the profitable stage, but with a new major shareholder in the wings pushing it hard there is a good chance that something positive MAY emerge.

One further very important point.The Chairman made it very clear that the coy would NOT make the serious mistake of the past, and wait until its price declines before it raises needed capital. And the full cost of bringing the first mine to full capacity was estimated by the MD at $100mill!

This is not meant, in any way, to push this coy's fortunes but just an explanation of matters as I saw them, at the Meeting. In any case DYOR