Adelayde obtains $100,000 loan

Mr. James Nelson reports ADELAYDE EXPLORATION INC. PROVIDES CORPORATE UPDATE Adelayde Exploration Inc. has entered into a loan agreement with an arm's-length lender to borrow $100,000. The loan is unsecured and bears interest of 10 per cent per annum. The term of the loan will be 12 months from the closing of the loan or three business days following a written notice of the company that the company has raised a minimum of $500,000 through one or more equity or debt financings. The company may repay the loan at any time before maturity, without penalty. Pursuant to the loan agreement, the company will issue two million share purchase warrants to the lender. Each share purchase warrant will entitle the holder to purchase one common share of the company at an exercise price of five cents per share for a period of five years from the closing of the loan. Closing of the loan is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All securities issued in connection with the loan will be subject to a statutory hold period of four months plus one day from the closing of the loan in accordance with applicable securities legislation.