Admiralty Resources NL announced that it has signed a Mining Operation Cooperation Agreement with Hainan Xinlei Mining Management Co. Ltd. (Hainan, the Financier) with respect to the Company's Mariposa mine site in Chile. The agreement is an important step in achieving commercialisation of the Mariposa mine site, as it will enable Hainan to operate the site utilising local Chilean and overseas specialists at the sole responsibility and cost of Hainan, and importantly should lead to the receipt of revenues from the Mariposa mine site imminently once production has commenced. In accordance with this agreement, the Company has retained legal counsel to obtain work permits for Chinese mining specialists from Hainan to begin their work on the site, including work and access permits with the relevant local Chilean authorities. Hainan is responsible for the operation of the mine site and compliance with Chilean National Mining Industry Operating Regulations for safe construction and legal employment. ADY will provide access to its Mariposa mine site and its DIA approval and no further capital contributions. Under the contract, Hainan will fully fund the contracted mining and construction projects at the Mariposa site including construction, mining and production with all capital contributions, security, legal costs, risks and potential losses borne by Hainan solely.