Austral Gold Limited — Director's Dealing 2011

Dec 20, 2011

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

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Appendix 3Y

Change of 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 30 075 860 472

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	EDUARDO ELSZTAIN
Date of last notice	25/11/2011

Part 1 - Change of director’s relevant interests in securities

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.

Direct or indirect interest	INDIRECT
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevant interest.	HOLDING AT LOCAL BROKER IN US.REGISTERED HOLDER;CITICORP NOMINEES PTY LIMITEDANDHSBCCUSTODYNOMINEES(AUSTRALIA)LTD
Date of change	20/12/2011
No. of securities held prior to change	4,686,206 THROUGH CITICORP114,716,915 THROUGH CITICORP1,000,000 THROUGH HSBC24,289,330THROUGH HSBC
Class	FULLY PAID ORDINARY SHARES
Number acquired	NIL
Number disposed	224,500
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	61,611.25

• See chapter 19 for defined terms.

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	4,686,206 THROUGH CITICORP114,716,915 THROUGH CITICORP775,500 THROUGH HSBC24,289,330 THROUGH HSBC
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	MARKET SALES

Part 2 – Change of 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	Put and Call Agreement dated 4 August 2011
Nature of interest	Put right at $0.2678 per share; andCall option at $0.2678 per share;Bothexercisable4 August2012
Name of registered holder(if issued securities)	Put: Wayne HubertCall: Wayne Hubert
Date of change	Put & Call exercisable 4 August 2012
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract in relation towhich the interest has changed
Interest acquired	100%
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation
Interest after change	Put: 1,750,000 ordinary sharesCall: 2,500,000 ordinary shares

Part 3 – Closed Period

Were the interests in the securities or contracts detailed above tradeduring a closedperiod whereprior written clearance was required?	NO
If so, was prior written clearance provided to allow the trade to proceedduring this period?	N/A
If prior written clearance was provided, on what day was this provided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2