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	Eduardo Elsztain
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

Name	Number	Class
Agroinvestment SRL	3,050,000	Common Stock
Alto Palermo S.A.	80	Common stock
Axialent	18,695	Common stock
Banco Hipotecario S.A.	850	Cat 1 y 2
Cresud S.A.C.I.F.A.	690	ADR
Divine Inc.	62,500	Common stock
Dolphin Fund Plc.	4,278	A
Dolphin Fund Plc.	20,890	B
Guanaco capital Holding Corp.	837,750	Common stock
Ifis Ltd.	15,390,245	Common stock
IRSA Inversiones y Representaciones 141,725		Common stock
IRSA Inversiones y Representaciones 31,653		ADR
IRSA Inversiones y Representaciones 25,907		Warrant
Mountainside Holding Ltd	790	Common stock
Petrobras	125	B

• See chapter 19 for defined terms.

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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 of interest Note: Provide details of the circumstances giving rise to the relevant interest. (i) Name of Holder: HSBC Custody Nominees (Australia) Limited. Nature of interest: HSBC Custody Nominees (Australia) Limited holds the shares on behalf of Global Gold as beneficial owner. Mr Eduardo Elsztain is a Director of Guanaco Capital Holding Corp., which owns Global Gold. (ii) Name of Holder: Guanaco Capital Holding (GCH) Nature of interest: IFIS holds 100% of class “A” shares and Consultores Venture Capital Limited (CVC Ltd) holds 100% of class “B” shares in Inversiones Financieras del Sur S.A. (IFISA). IFISA holds shares in Guanaco Capital Holding Corp. (GCH). GCH holds shares in Austral Gold Limited. Mr Eduardo Elsztain is Director and President of IFIS, IFISA and GCH and Director of CVC Ltd.

Number & class of Securities (i) Number of securities: 25,789,330 shares (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

• See chapter 19 for defined terms.

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Appendix 3X Initial Director’s Interest Notice

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

• See chapter 19 for defined terms.

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