I wrote to the Chairman 8 Feb , received confirmation of receipt...

I wrote to the Chairman 8 Feb , received confirmation of receipt and also that my request for a company update had been forwarded to the Chairman.

Email below:
The Chairman of the Board,
Admiralty Resources NL
Postal Address: GPO Box 517, Melbourne, VIC, 3001, AUSTRALIA

Dear Chairman,

Following today's ASX announcement regarding Management changes , I feel that it would now be a timely opportunity for the Board to provide shareholders with a market update regarding the status of the company's operations.

The disposal of shares by Mr Anderson on the day of the change does not provide shareholders with much comfort regarding the future of the Company.

In particular , it would be appropriate that the update addresses at least the following .

Recent quarterly reports have provided little information on these matters.

1. Price sensitive ASX announcement.

21/09/2009
US$9.9m Purchase Offer for Stockpiles and Mining Equipment

Statement contained within the last two cash flow reports:

31 October 2009

" subsequent to the date of this report the company has started to receive cash flows for the sale of waste and low grade reject stockpiles"

31 January 2010

Despite the statement above no cash flows were reported in the December 2009 quarter - updated as follows:

" the company expects to receive cash inflows from the sale of remaining plant and low grade stock piles over the coming year"

What is the actual status of the offer?

2. Price sensitive ASX announcement.

12/10/2009
Discussions on Chilean iron ore assets joint venture

Many long standing shareholders opened their wallets in support of the rights issue. Shareholders deserve a further detailed update rather than the standard statement " discussions are continuing".

3. Onerous Contract Provision

Outside the formality of the Financial statements no update has been provided on the status of this issue.

Points:

1. The provision was classified as a current liability as at 30 June 2009. This means it is due to be settled within the next 5 months. Whilst the losses have been provided for how is the contract going to be settled if the company is no longer producing?
2. Do management have appropriate strategies in place to limit /settle this liability? Is the company in active discussions with WISCO?

Chairman, I trust that you will consider this request and also take the time to acknowledge acceptance of this email and respond accordingly.

Yours faithfully,