The board of junior miner Admiralty Resources is going to get a hard time from investors at next Tuesday’s annual general meeting in Melbourne, judging by a letter circulated to shareholders yesterday.

Admiralty’s board, led by chairman Ross Harper and executive director Stephen Prior, recently sold the company’s subsidiary, Vallenar Iron, which owned iron ore tenements in Chile, to an international investment company called Icarus Derivatives, incorporated in the British Virgin Islands, in a deal guaranteed by Hong Kong outfit Corsair Capital.