CAZALY RESOURCES LIMITED — Director's Dealing 2007

Jun 20, 2007

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 The contract of the contract of the contract company was and	------ Cazaly Resources Limited --------------------------------------	--------	___
ABN	23 101 049 334	---- ______

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	Nathan Bruce McMahon
Date of last notice	December 2006

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 onse 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 (2)
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant in orest.	Indirect(1): Shares owned by Kingsreef Pty Ltd, a company in which Mr McMahon has a relevant interest. Indirect (2): Shares owned by Kingsreef Pty Ltd <nb \& DL Family A/C>, an account in which Mr McMahon is a beneficiary.
Date of change	20 June 2007

⁺ See chapter 19 for defined terms.

Appendix 3Y
Change of Director's Interest Notice

No. of securities held prior to change
	Direct: 4,520,000 Fully Paid Ordinary Shares
	1,000,000 \$1.9436 Options exercisable on or before 30 November 2009
	Indirect $(1)$ : 440,910 Ordinary Fully Paid Shares
	Indirect (2): 50,000 Ordinary Fully Paid Shares
	1,000,000 29.38 cent Options exercisable on or before 31 August 2007
	1,000,000 44.36 cent Options exercisable on or before 31 August 2008
Class	Ordinary Fully Paid Shares
Number acquired	Indirect (2): 500,000
Number disposed	Indirect (2): 500,000 44.36 cent Options exercisable on or before 31 August 2008
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Indirect (2): \$221,800
No. of securities held after change	Direct: 4,520,000 Fully Paid Ordinary Shares
	1,000,000 \$1.9436 Options exercisable on or before 30 November 2009
	Indirect (1): 440,910 Ordinary Fully Paid Shares
	Indirect (2): 550,000 Ordinary Fully Paid Shares
	1,000,000 29.38 cent Options exercisable on or before 31 August 2007
	500,000 44.36 cent Options exercisable on or before 31 August 2008
Nature of change Example: co-market trade, off-market trade, excreise of options, issue of socuritios under dividend remvestment plan, participation in buy-back	Exercise of options

⁺ See chapter 19 for defined terms.

Appendix 3Y Change of Director's Interest Notice

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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-eash, provide details and an estimated valuation.
Interest after change

⁺ See chapter 19 for defined terms.