Kacy,For the record i still hold ADY since 2005. Contrary to...

Kacy,

For the record i still hold ADY since 2005. Contrary to your observations I do not downramp ADY but desire accurate posts and not made up stories.



I queried with Maria your post ( see following) and asked her to confirm what you have stated. Interesting how you got many facts incorrect. Hopefully you will retract SOME comments from past posts?

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Response from Maria as follows .........


"There is some that I have said, flourished a little, and there is a lot I don’t know where it comes from. I have put it in red and added my comments.

Feel free to post it on Hotcopper if you see it fit.

Regards,

Maria"
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As my PC will not allow copy and paste red text to appear on HC I have placed ....."quotation marks as such " ....where Maria has qualified Kacy's comments.
=================================================



Following is Kacy's original post with Maria's comments in "quotation marks"


Forum: ASX - BY STOCK (Back | Return to Search Results for 'ady')

Code: ADY - ADMIRALTY RESOURCES NL. ( 4.1c | Price Chart | Google ADY)

Post: 3388549 (Start of thread) Views: 779

Posted: 09/10/08 15:45 Stock Price (at time of posting): 4.2c* Sentiment:

Buy Disclosure: Stock Held From: 130.130.xxx.xxx



============================================

I just spoke to ADY (maria) on their cash position and here is what they

said:

ADY continues to produce 25,000-30,000 tonne of iron ore per month at the

mine. Around 60,000 tonne is stockpiled at the port. The rest continues to

be stockpiled at the mine.

ADY ...."has the intention to make".... (will be making) 2 handymax shipments by November worth about ...."US$8.1m (based on two shipments loaded with 45,000 tonnes each at the current US$90 CFR per tonne)"..... (US$15-18m)


Shipments will resume on 15 Feb at a rate of 2 handymax shipments per month. ....."(At the current production level, ADY can do a maximum of a ship per month. Should finance come in and new crushers be installed and mine operations improve, we may be able then to make 2 shipments.)".....


This will be reviewed when the capex funds are received.

ADY remains competent the two US$5m loan facilities applied for will be

achieved and the Hawkswood 3m loan installment plus the YA Global loan

repayment will be made by 31 Oct.

ADY has the option to defer the Hawkswood October installment and pay more

interest if it wishes.

......"NO. The current debt is 11.8m. Should the 3m not be paid to Hawkswood by the end of the month, Hawkswood would serve an statutory demand on ADY and ADY would have 21 days to settle the debt, which it would automatically increase to 12.8m. Should ADY not be paid off the debt within the 21 days, they would be entitled to recover the debt via the sale of ADY's assets. "........



ADY also has the option to defer the repayment of the

YA Global note at a cost of 1m per month if it wants.

....."The terms of agreement with Ya Global is that ADY pays off the US$12m debt by 31 October 2008. If not paid by then, they have the right to convert the debt into equity at 0.175 per share (subject to ADY’s shareholders approval). Should they decide not to convert, ADY is to repay $1m plus interest per month till the debt is paid off.".......


ADY expects to repay

both by Oct 31.

........"The Company has not made a statement in regards to the full payment of the debt at this stage so I can’t comment.".......


ADY has entered into an MOA with WISCO on a JV partnership . This MOA states

that WISCO will take up the JV with ADY when ady obtains approval and/or

contracts to expand its shipping capacity to 1mt of ore per year. ADY also

has to provide a JORC for the Mirador tenements to WISCO. This is in

progress. WISCO will provide capex funds to upgrade production and shipping

capacity to 1mtpa once the jorc and shipping capacity are confirmed. A capex

program will then be undertaken to increase production and shipping to

5mtpa.

........"ADY has indeed signed an MOU (Memorandum of Undertanding) with WISCO for the explotation of the Mirador mine. The requirements to progress to a further stage is to have some JORC resources for Mirador, to increase production to 1 mtpa and to fully own Vallenar Iron Company."..........

The funding to be provided by WISCO will be determined upon their stake in the joint venture and the amount of ore to be extracted from the Mirador mine.


ADY is also pursuing a US$200-700m capex program independently of the WISCO

JV. They remain competent this funding will be achieved.

The Shougang SBLC remains available to ADY. ADY is considering all its funding options and

will make appropriate decisions on funding when credit conditions are more

favorable and a revised capex program is done.

......."We are negotiating multiple facilities. The two announced to the market are the bond note with Merrill Lynch for $200m and a $40m facility that may come from the SBLC or from elsewhere.".........


Litigation with Santa Fe, Besalco and Wyndham is expected to be dealt with

in the courts early 2009 unless a settlement is achieved sooner.

......."We don’t have any control on these legal proceedings and the decisions will be announced to the market in due course. We do not have a timeline for it.".....


Note: this was jotted down from a conversation I had with Maria today. Some

text has been taken out of the annual report. If you don't believe me the I

suggest you ask Maria yourself.









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