Austral Gold Limited — Director's Dealing 2011

May 26, 2011

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

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	27/05/2011
Date of last notice	17/03/2010

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	HOLDING AT LOCAL BROKER IN US.
(including registered holder)	REGISTEREDHOLDER;	CITICORP
Note: Provide details of the circumstances giving rise to the relevantinterest.	NOMINEES PTY LIMITED	AND HSBC
	CUSTODYNOMINEES(AUSTRALIA)
	LTD
Date of change	24/05/2011
No. of securities held prior to change	4,686,206 THROUGH CITICORP
	117,535,579 THROUGH CITICORP
	24,289,330THROUGH HSBC
Class	FULLY PAID ORDINARY SHARES
Number acquired	NIL
Number disposed	350,000
Value/Consideration	$90,750
Note: If consideration is non-cash, provide details and estimated valuation

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change

No. of securities held after change 4,686,206 THROUGH CITICORP 117,185,579 THROUGH CITICORP 24,289,330 THROUGH HSBC Nature of change OFF-MARKET TRANSFER TO LOCAL

Example: on-market trade, off-market trade, exercise of options, issue of BROKER IN THE US AND MARKET securities under dividend reinvestment plan, participation in buy-back 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 Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 2