Adavale Resources Limited reported audited consolidated earnings results for the half year ended December 31, 2012. For the period, the company reported total revenue of AUD 6,293 compared to AUD 51,033 a year ago. Loss before income tax was AUD 3,989,626 compared to AUD 789,945 a year ago. Net loss was AUD 4,085,414 or 0.0129 cents per basic and diluted share, compared to AUD 923,128 or 0.0029 cents per basic and diluted share, a year ago. Net loss from continuing operations after income tax of AUD 3,989,626 compared to AUD 789,945 a year ago. Net cash flows used in operating activities were AUD 391,606 compared to AUD 702,510 a year ago.

Adavale Resources Limited announced that it has accepted the resignations of Richard Poole, Roger Steinepreis and Philip Suriano from their position as non-executive directors effective December 20, 2012. The Board has also accepted the resignation of Sylvie Dimarco from her position as Company Secretary, effective December 20, 2012. The Board also thanks Sylvie for her efforts and wishes her well for her future endeavours. Ms. Leanne Ralph has been appointed the new Company Secretary effective immediately. It is with pleasure that the Board announces that Mr. Albert Cheok and Mr. Saharto Sahardjo have been appointed Non-Executive Directors.

Adavale Resources Limited announced that Haryono Eddyarto has been appointed by the board as the company's Chairman. Eddyarto who has been on the board since 28 September, 2011, succeeds Mr. Richard Poole who has retired as the Chairman. The Board conveys its appreciation of Poole's service in his role as Chairman over the years.