NEWS RELEASE
Release Time IMMEDIATE
Date 3 October 2008
Admiralty Resources NL Update
• Cia Minera Santa Barbara changes its name to Vallenar Iron Company
• Robert Michael Clarke President and Chairman of the Vallenar Iron Company Board
• Loan and security documentation provided to lender for US$5m loan facility
• Bulman drilling data analysis almost complete
Vallenar Iron Company
The Board of Directors are pleased to announce that the President of Vallenar Iron Company Robert Michael Clarke has confirmed that the name of its Chilean Joint Venture Company has changed. The change was appropriate to reflect the location and nature of the business and to signal to our customers the changes that have taken place.
There is currently 52,500 tonnes of iron ore stockpiled at the port ready to be shipped.
The Chinese national holidays finish this week and arrangements will be made to sell and ship the iron ore. We expect a further shipment will be ready in early November 2008.
Confirmation of the appointment of Mr Robert Michael Clarke as Chairman of the Board and President of Sociedad Contractual Minera Santa Barbara Company When the acquisition of an additional 10% of Cia Minera Santa Barbara took place in July 2007, Mr Phillip Thomas made an announcement to the ASX that he would be appointed Chairman of Cia Minera Santa Barbara. However, as per the Japonesa Master Agreement, he has delegated this appointment to his appointee, Mr Robert Michael Clarke. Mr Clarke has been Chairman of the Board since January 2008 and continues to be Chairman of the Board and President. The registered address and head office of the Company has been changed to Rosario Norte 615, Piso 20, Oficina
2001-2004, Las Condes, Santiago, Chile.
Negotiations to acquire 40% interest in Cia Minera Santa Barbara ceased Fortune Global Holdings Corporation, a 100% owned subsidiary of Admiralty Resources NL has not reached agreement with Wyndham Explorations SA, the 40%
shareholder to acquire their interest at this point in time. We previously reported that negotiations were at an advanced stage but these negotiations have since ceased.
Fortune Global Holdings recently received a verbal price indication from Wyndham’s legal representative for their 40% interest, which was rejected.
Bulman Resources PL The samples collected from the recent drilling program have been submitted to the laboratory for testing and most of the work has been completed. Very high levels of Titanium have been detected and additional laboratory work is being conducted to determine the extent of the titanium dispersion. A full report will be issued shortly as soon as the data becomes available. A report will be compiled by Geos Mineral
Consultants.
Yours sincerely,
Phillip Thomas
Managing Director
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