IONDRIVE LIMITED — Director's Dealing 2006

Oct 19, 2006

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Name of entity:	SOUTHERN GOLD LIMITED
ABN:	30 107 424 519

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	CEDRIC MHRRAY HORN
Date of last notice	18 OCTOBER 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 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 (inc registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	n/a
Date of change	18 OCTOBER 2006
No. of securities held prior to change Class	DIRECT 138,227 listed ordinary shares 1,575,000 unlisted escrowed ordinary ٠ shares 575,000 unlisted options to purchase ordinary shares for 20 cents exercisable to 31 December 2007 INDIRECT 190,500 listed ordinary shares i. 250,000 unlisted escrowed ordinary 2.7 2 shares 50,000 unlisted options to purchase 3. ordinary shares for 20 cents exercisable to 31 December 2007 100,000 listed options to purchase 4.1 ordinary shares for 20 cents exercisable to 31 March 2007 Ordinary shares
Number acquired	4,000 DIRECT NIL INDIRECT

⁺ See chapter 19 for defined terms.

Number disposed	NIL DIRECT
	NIL INDIRECT
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	DIRECT \$1,000
No. of securities held after change	DIRECT
	142,227 listed ordinary shares ٠
	1,575,000 unlisted escrowed ordinary ۰
	shares
	575,000 unlisted options to purchase $\bullet$
	ordinary shares for 20 cents exercisable
	to 31 December 2007
	INDIRECT
	190,500 listed ordinary shares S. 250,000 unlisted escrowed ordinary 6.
	shares
	50,000 unlisted options to purchase $7 -$
	ordinary shares for 20 cents exercisable
	to 31 December 2007
	100,000 listed options to purchase 8.
	ordinary shares for 20 cents exercisable
	to 31 March 2007
Nature of change	On market trade
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

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 to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration	N/A
Interest after change	N/A

$+$ See chapter 19 for defined terms.