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Hi Fellow Investors some serious questions and concerns that need your serious attention.
Proposed sale to Icarus

Some thoughts, observations and concerns

1 Re: Conversation with Campbell Olsen of Icarus

� Campbell Olsen, Managing Director, Polarity Capital (15 Collins Street, Melbourne, Victoria, Australia www.polaritycapital.com p +61 3 9650 6554 m +61 408 472 353) confirmed that he is to be the new CEO/Executive Director of VIC replacing Mike Clarke;
� Olsen also confirmed that Phil Thomas has provided technical assistance to Olsen in the past in relation to the acquisition of ADY�s Chilean assets (still providing technical and other advice?);
� Olsen confirmed that he has no mine development/management experience or experience in Chile. I have emailed DR Walker asking him for full disclosure re his title and position with Icarus (refer Maria�s response to previous questions) to ascertain if he has any mine development/management experience;
� Olsen stated that Chilean staff to be let go and replaced by himself and his technical team;
� Olsen travelling to Chile on Monday.

2 Corsair Capital of Hong Kong
� This is a major concern, our extensive research has brought the following facts to our attention, and I quote Admiralty states the Guarantor owns a range of assets including across industries and jurisdictions is fully audited and have substantial experience.
� Background on Corsiar Capital of Hong Kong company number 902090
� 19th May 2004 Certificate of Incorporation Lodged for
� Five Tigers International Ltd.
� They use serviced offices only with Accel Secretaries Ltd in Hong Kong.
� Director at that time Christopher John Sulis living in Vanuatu.
� Date of appointment 21.09.2004.
� 20th May 2005 the 1 issued share to Sulis was transferred to Georges Daniel Mercadal living in Jakarta Indonesia
� Annual return submitted for period up to 19.05.2006 shows ZERO that�s correct nothing.
� Share issue nominal value HKD 10000 numbers of shares issued 1 nominal value of share HKD 1.
� . Annual return for Period ending 19.05.2007 shows ZERO that�s correct nothing

� Company name shows on registry now as Corsair Capital LTD formerly known as Five Tigers International LTd .
� Georges Daniel Mercadel address now listed living in Singapore.
� Annual return for Period ending 19.05.2008 shows ZERO that�s correct nothing.
� Annual return for period ending 19.05.2009 shows ZERO that�s correct nothing.
�
� SUMMARY annual returns for 2006, 2007, 2008, 2009, all show ZERO.
� Unable to find any Assets.
� Use serviced office in Hong Kong.
� Mercadel resides in Singapore.
� As an ex banker I can assure you this Company would never qualify as a Guarantor yet we are expected to believe, he is worldly with large asset backing , there is no evidence to back these comments .
� ADY need to relook carefully and do due diligence on these Companies to act in the shareholders best interests IMO
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3 Points to consider
A) Shareholders are reliant upon the royalty stream from Icarus.
� What gives rise to confidence that they can develop and mine the assets? Remembering that the �Northern Assets� have been mined previously (P. Thomas exec director at the time) and from all accounts not profitably (refer previous ADY annual accounts).
� How long will it take to re-establish mining operations and at what cost (and is ADY confident that the funds are or will be available � refer page 8 of info circular where it states �The Purchaser has advised Admiralty that it expects to have access to sufficient financing to fund the full development of the Mineral Concessions within a year to 18 months.�). This would seem to indicate that they do not have funding available now, but are hoping that it will be available in the future). Delays in development/mining?
B) Financial strength and experience of Icarus and Corsair
� Refer above.
� Can they do what is promised?
C) When will �Completion� occur (i.e. when will the funds be received?)
� When does ADY expect to have the Excluded Mineral Concessions transferred?
� How much will ADY have to pay and when for severance and other costs for Chilean staff? When will this occur? If let go and the Icarus deal does not go ahead how will ADY manage its Chilean assets?
D) Port Development at Punta Alcalde
� What steps has ADY taken to protect itself in the case whereby the port concession at Punta Alcalde is lost?
E) Break Fee
� Why is there a break fee? Shareholders are to decide on the matter not management and therefore a break fee is not justified