GIBB RIVER DIAMONDS LIMITED — Director's Dealing 2008

Oct 30, 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	PHOSPHATE AUSTRALIA LIMITED
ABN	51 129 158 550

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	JAMES RICHARDS
Date of last notice	2 JULY 2008

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
Nature of indirect interest
(including registered holder)
Note: Provide details of the circumstances giving rise to the relevant
interest.
Date of change	30 October 2008
No. of securities held prior to change	20,000,000 Ordinary Shares
	10,000,000 Unlisted	Options	expiring
	31.7.2012 exercisable at	$0.20.("Options")
Class	As above.
Number acquired	Nil
Number disposed	5,000,000 Shares
	4,000,000 Options
Value/Consideration	Pursuant to Deed of	settlement	dated 7
Note: If consideration is non-cash, provide details and estimated valuation	October 2008.
No. of securities held after change	15,000,000 Shares
	6,000,000 Options
Nature of change	Transfer of securities.
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestmentplan, participation in buy-back

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 1

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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002