CAPRICORN METALS LTD — Director's Dealing 2008

Dec 18, 2008

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 MALAGASY MINERALS LIMITED ABN 84 121 760 105

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	GUY F.M LECLEZIO
Date of last notice	24/11/08

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	(1) & (2) INDIRECT (3) DIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	(1) GUY FRANCOIS LECLEZIO (2) RUNNING WATER LTD (3) GUY MARIE FRANCOIS LECLEZIO
Date of change	16/12/08
No. of securities held prior to change	(1) 250,000 SHARES (2) 674,809 SHARES
Class	(A) SHARES (B)UNLISTED 20c OPTIONS EXPIRING 1/12/13
Number acquired	(A) 95,000 SHARES (B) 500,000 OPTIONS
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	(A) $2,565 (B) N/A
No. of securities held after change	(1) 250,000 SHARES (2) 769,809 SHARES (3) 500,000 20c OPTIONS EXPIRE 1/12/13
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	(A) ON MARKET PURCHASES (B) PURSUANT TO SHAREHOLDERS APPROVAL AGM 25/11/08

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

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

19/12/08

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

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 MALAGASY MINERALS LIMITED ABN 84 121 760 105

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	MAX D.J. COZIJN
Date of last notice	11/09/08

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	(1) DIRECT (2) INDIRECT (3) INDIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	(2) DIPLOMAT HOLDINGS PTY LTD (3) DIPLOMAT HOLDINGS PTY LTD
Date of change	16/12/08
No. of securities held prior to change	(1) 10,001 SHARES (2) 5,000,000 SHARES (3) 130,000 SHARES
Class	UNLISTED 20c OPTIONS EXPIRING 1/12/13
Number acquired	1,000,000 OPTIONS
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	N/A
No. of securities held after change	(1) 10,001 SHARES (2) 1,000,000 20c OPTIONS EXPIRE 1/12/13 (2) 5,000,000 SHARES (3) 130,000 SHARES
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	PURSUANT TO SHAREHOLDERS APPROVAL AGM 25/11/08

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

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

19/12/08

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

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 MALAGASY MINERALS LIMITED ABN 84 121 760 105

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	STEVEN B. GOERTZ
Date of last notice	7/7/08

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	(1) DIRECT (2) INDIRECT (3) INDIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	(2) STEVEN GOERTZ (3) HENDRY CONSULTING
Date of change	16/12/08
No. of securities held prior to change	(1) 1 SHARE (2) 5,000,000 SHARES
Class	UNLISTED 20c OPTIONS EXPIRING 1/12/13
Number acquired	2,000,000 OPTIONS
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	N/A
No. of securities held after change	(1) 1 SHARE (2) 5,000,000 SHARES (3) 1,000,000 20c OPTIONS VEST 3/1/10 EXPIRE 3/7/13 (3) 1,000,000 20c OPTIONS VEST 3/7/13 EXPIRE 3/7/13
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	PURSUANT TO SHAREHOLDERS APPROVAL AGM 25/11/08

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

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

19/12/08

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

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 MALAGASY MINERALS LIMITED ABN 84 121 760 105

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	DR. PETER J WOODS
Date of last notice	7/7/08

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.	QUANTUM HOLDINGS PTY LTD A/C>
Date of change	16/12/08
No. of securities held prior to change	NIL
Class	UNLISTED 20c OPTIONS EXPIRING 1/12/13
Number acquired	500,000 OPTIONS
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	N/A
No. of securities held after change	500,000 20c OPTIONS EXPIRE 1/12/13
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	PURSUANT TO SHAREHOLDERS APPROVAL AGM 25/11/08

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

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

19/12/08

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002