ECOGRAF LIMITED — Director's Dealing 2011

Mar 17, 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 30/09/01 Amended 01/01/11

Name of entity KIBARAN NICKEL LIMITED ABN 15 117 330 757

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	Mr Robert Greenslade
Date of last notice	4 November 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	Direct and Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Indirect: (i) Gryphon Partners Pty Limited (Director/Shareholder) (ii) Jane Greenslade (Wife) (iii) Souttar Superannuation Pty Limited (Director/Shareholder)
Date of change	15 March 2011
No. of securities held prior to change	Direct: (i) 50,000 Fully paid ordinary shares (ii) 150,000 Options (Exp: 29 October 2012, ex price $0.20) Indirect: Gryphon Partners Pty Limited (i) 1,825,000 Fully paid ordinary shares (ii) 1,500,000 Options (Exp: 29 October 2012, ex price $0.20) Jane Greenslade (i) 100,000 Fully paid ordinary shares Souttar Superannuation Pty Limited (i) 100,000 Fully paid ordinary shares

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Class	Fully paid ordinary shares
Number acquired	Indirect: 100,000 fully paid ordinaryoptions
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$25,000
No. of securities held after change	Direct: (i) 50,000 Fully paid ordinary shares (ii) 150,000 Options (Exp: 29 October 2012, ex price $0.20) Indirect: Gryphon Partners Pty Limited (i) 1,825,000 Fully paid ordinary shares (ii) 1,500,000 Options (Exp: 29 October 2012, ex price $0.20) Jane Greenslade (i) 200,000 Fully paid ordinary shares Souttar Superannuation Pty Limited (i) 100,000 Fully paid ordinary 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	On market trade

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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

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