ELEMENT 25 LIMITED — Director's Dealing 2011

Mar 24, 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	MONTEZUMA MINING COMPANY LIMITED
ABN	46 119 711 929

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	Denis O’Meara
Date of last notice	9 March 2007

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	(a)	Direct
	(b)	Indirect
Nature of indirect interest	(b)	Held by Outback Trees of Australia Pty
(including registered holder)		Ltd, a company associated with Mr
Note: Provide details of the circumstances giving rise to the		O’Meara
relevant interest.
Date of change	23	March 2011
No. of securities held prior to change	(a)	520,000 ordinary shares
		500,000 (20 cent options), expiry 31
		August 2011
		500,000 (35 cent options), expiry 31
		August 2011
	(b)	130,000 ordinary shares
		102,500 (20 cent options), expiry 31
		August 2011
Class	Ordinary Shares
Number acquired	Nil
Number disposed	(b)	(85,000)
Value/Consideration	$65,032.72
Note: If consideration is non-cash, provide details and estimated
valuation

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	(a) 520,000 ordinary shares500,000 (20 cent options), expiry 31August 2011500,000 (35 cent options), expiry 31August 2011(b) 45,000 ordinary shares102,500 (20 cent options), expiry 31August 2011
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participationin 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	N/A
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
Date of change	N/A
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract inrelation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	N/A
Interest after change	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

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Appendix 3Y Change of Director’s Interest Notice

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contractsdetailed above traded during a+closed period**where prior written clearance was required? **	No
If so, was prior written clearance provided to allowthe trade toproceed during thisperiod?	N/A
If prior written clearance was provided, on whatdate was thisprovided?	23 March 2011

• See chapter 19 for defined terms.

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