Appointment Of New Chairman

30 June 2010



Company Announcements Office
Australian Securities Exchange Limited
PO Box H224
Australia Square, NSW 1215


Appointment of New Chairman

Paul Dowd has today stepped down from his role as Chairman and Non Executive
Director of Adelaide Resources Limited ("the Company"). Paul's resignation has
been prompted by the increased obligations demanded of him, particularly in his role
as managing director of Phoenix Copper Limited. Phoenix has recently expanded via
acquisition from junior explorer to copper producer.

Paul's replacement as Chairman is Andrew Brown, who joined the board of the
Company in April 2009. Andrew is the managing director of ASX-listed Tidewater
Investments Limited, the largest shareholder of Adelaide Resources. He is one of
Australia's most experienced investment fund managers, with nearly 30 years
experience in Australian equity markets. He has been a director of a number of ASX-
listed companies and has extensive experience in corporate transactions, fundraising
and acquisition exercises. He is currently the chairman of Fat Prophets Australia
Fund Limited, and a board member of Cheviot Bridge Limited and Cheviot Kirribilly
Vineyard Property Group.

Paul has been Chairman of the Company since November 2007 and a director since
August 2006. Aside from his role with Phoenix Copper, Paul is a director of Oz
Minerals Limited, and a director of Toronto and New York listed Northgate Minerals
Corporation. He also holds positions on numerous government and non-government
advisory boards and committees.

The directors of Adelaide Resources extend their sincere thanks and appreciation to
Paul for his leadership, mentoring and sound advice over the past four years.







John Horan
Director / Company Secretary