options

Assuming that Charge Resources cannot advance the funds what options are available to ADY in order to survive this mess?

Either an Administator or Board (depending on circumstances) may be able to do the following.... I HOPE!

1. After next weeks AGM the company can attempt an equity raising exercise. I anticipate that many shareholders would be prepared to keep the company afloat at all costs.

2. The company can seek a new sales contract( payment in advance) for x tonnes of iron ore to be delivered during 2009. Michael Clarke would need to manage the operation with a new contractor as Besalco is out come year end.

3. ADY may be able to sell 50% of Vallenar to Wisco in anticipation of securing Leonardo's 40% by Feb 2009.

4. ADY may tender for a joint venture partner for Rincon.With part payment in advance.

5. ADY can sell Vallenar to Leonardo.

6. ADY can review all the options Phil said were at his disposal a few months back and seek funding as appropriate.

7. Other options

In each case Hawkswood & YA Global would have to agree re the timing and what penalty would apply due to the late payment of debt.

We also need the ADY Board to come clean on what are the propsects of winning the Besalco/Santa Fe court cases and whether there are any pending cases against ADY.