Vallenar Iron Company, our Chilean iron ore joint venture in...

Vallenar Iron Company, our Chilean iron ore joint venture in which Admiralty holds a 60% interest, advises that they have sold the 70,000 tonnes of iron ore that was produced in September and October this year.

44,600 tonnes has been loaded onto the MV Zhi Qiang at the Port of Caldera. It was sold for US$3,924,800. This price is slightly higher than other spot transactions that have taken place recently and reported, as a result of the financial crisis and the iron ore in China stockpiled at the ports. The price is due in part to the fact that Vallenar iron ore has almost no sulphur and is ideal for blending by steel mills. Another shipment is planned for the end of October 2008.