Juddn.As I expected, you were wrong in your assumptions that...

Juddn.

As I expected, you were wrong in your assumptions that Sino Investments has exited its investment in ADY. That was easy to understand if you had taken the trouble to read the announcement when the issue was made to the new major shareholder, as this issue had to be confirmed at a General Meeting. This has been carried out today under Resolution 5. Evidently this change in the major shareholder listing occurred because of advice that Sino had received in this respect, but,in any case, it will reappear in the next major shareholder listing.

I spent some time talking to the new major shareholder at the AGM and was impressed by his desire to 'get things done'and his explanation of the difference between between hematite(type (usualy found in Australia) and magnetite which is the type that ADY will be mining (the Chairman also gave an explanation, but not quite as clear). The hematite is usually found in older rocks (and hence has higher level of iron),which explains why it is found in OZ which is a very old country, geologically speaking,whilst South America is a much younger country, geologically speaking.

In answer to a question at the meeting,it was estimated that the magnetite ore would cost approx $10 per tonne more to process compared to hematite.But there are some cost advantages further in the processing procedure for magnetite compared to hematite (don't ask me what they are, because I can't remember!). The current historicaly high price of iron ore makes the processing of this type of ore profitable.

This coy still has a long way to go to reach the profitable stage, but with a new major shareholder in the wings pushing it hard there is a good chance that something positive MAY emerge.

One further very important point.The Chairman made it very clear that the coy would NOT make the serious mistake of the past, and wait until its price declines before it raises needed capital. And the full cost of bringing the first mine to full capacity was estimated by the MD at $100mill!

This is not meant, in any way, to push this coy's fortunes but just an explanation of matters as I saw them, at the Meeting. In any case DYOR!