monkey buy at 2.4, page-14

Sydney - Tuesday - May 12: (RWE Aust Business News) - Admiralty
Resources (ASX:ADY) and its subsidiaries have reached a comprehensive
settlement with Wyndham Explorations, bringing to an end all
current legal suits and actions in Chile and Australia between the
company and its officers on the one hand and Wyndham and its officers and
associates on the other hand.
Admiralty is to acquire from Wyndham the remaining 40 per cent of
the shares in its 60pc-owned subsidiary, Vallenar Iron Co, for $US1.5
million.
The parties have agreed to not take any further legal action
against each other in the future in relation to these disputes.
Admiralty will acquire control of the company named S.B. Graneles
S.A. for a consideration equivalent to $US44,000, payable by no later
than 10th July 2009.
Vallenar Iron and Wyndham agreed to the division of the stockpile
yard at the Port of Punta Caleta equally.
Vallenar Iron agreed to pay mining royalties to an associate of
Wyndham of $US250,000 per annum for a period of 20 years.
Any other agreement for royalties has ceased.
Admiralty will have the right to purchase these royalties at any
time on or after 1st January 2014 for $US2m.
The Japonesa master agreement, which previously regulated the
relationship between the parties, is terminated.
As a result, Wyndham will no longer be entitled to appoint
any directors to the board of directors of Vallenar Iron.
Vallenar Iron will receive a payment of $US100,000 from Wyndham.
Amiralty will also cease its actions to require Vallenar Iron to
repay amounts previously advanced by the company now that Vallenar Iron
becomes a wholly-owned subsidiary.