Austral Gold Limited — Director's Dealing 2007

Jul 30, 2007

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 30/9/2001.

Name of entity AUSTRAL GOLD LIMITED

ABN 30 075 860472

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Saul Zang
Date of appointment	June 29 2007

Part 1 - Director’s relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

NameNumber	NameNumber	Class
Cresud S.A.C.I.F.A.	4,300	ADR
Divine Inc.	31,035	Common stock
Dolphin Fund Plc.	32,479	A
Dolphin Fund Plc.	5,321	B
Fideicomiso Financiero ConsuBono	82,482	Fund
Fideicomiso Financiero Galnvest B	2,904,115	Fund
Fideicomiso Financiero Tarjeta Shopping 200,000		Fund
Banco de Galicia y Beunos Aires S.A. 32,198		Common stock
Guanaco capital Holding Corp.	203,367	Common stock
Ifis Ltd.	616,917	Common stock
IRSA Inversiones y Representaciones 23,203		Common stock
IRSA Inversiones y Representaciones 33,656		ADR
IRSA Inversiones y Representaciones 51,813		Warrant
Mountainside Holding Ltd	88	Common stock
Pampa Holding S.A.	88,133	Common stock
Parker Drilling Company	9,400	Common stock
Petrobras	125	B

• See chapter 19 for defined terms.

Appendix 3X Page 1

11/3/2002

Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature ofinterestNote: Provide details of the circumstances giving rise tothe relevant interest.(i)Name of Holder: HSBC .Nature of interest: HSBC holds the shares on behalf ofGlobal Gold as beneficial owner. Mr SaulZang is a Director of Guanaco CapitalHolding Corp., which owns Global Gold.(ii)NameofHolder:GuanacoCapitalHolding (GCH)Nature of interest: IFIS holds 100% of class “A” sharesand Consultores Venture Capital Limited(CVC Ltd) holds 100% of class “B”shares in Inversiones Financieras del SurS.A.(IFISA).IFISA holds shares inGuanaco Capital Holding Corp. (GCH).GCHholdssharesinAustralGoldLimited. Mr Saul Zang is Director of IFIS,GCH and CVC Ltd.

Number & class of Securities(i)Numberofsecurities:25,789,330shares(ii)Number of securities: 26,406,823 shares

Part 3 – Director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) No. and class of securities to which interest relates

• See chapter 19 for defined terms.

Appendix 3X Page 2

11/3/2002