IONDRIVE LIMITED — Director's Dealing 2006

Oct 18, 2006

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Note

This notice was prepared for lodgement on $4^th$ October 2006 along with a notice for another director of Southern Gold Limited. Due to an administrative oversight this notice was not lodged while the notice for the other director was lodged twice. Southern Gold Limited apologises for this oversight.

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 MURRAY HORN
Date of last notice	10 APRIL 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	29 SEPTEMBER 2006
No. of securities held prior to change	DIRECT 122,727 listed ordinary shares ٠ 1,575,000 unlisted escrowed ordinary ٠ shares 575,000 unlisted options to purchase $\bullet$ ordinary shares for 20 cents exercisable to 31 December 2007 INDIRECT 1. 190,500 listed ordinary shares 250,000 unlisted escrowed ordinary 2. shares 50,000 unlisted options to purchase 3 1 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
Class	Ordinary shares

⁺ See chapter 19 for defined terms.

Number acquired	15,500 DIRECT
	NIL INDIRECT
Number disposed	NIL DIRECT
	NIL INDIRECT
Value/Consideration	DIRECT
Note: If consideration is non-cash, provide details and estimated valuation	\$3,210
No. of securities held after change	DIRECT
	138,227 listed ordinary shares ٠
	1,575,000 unlisted escrowed ordinary ٠
	shares
	575,000 unlisted options to purchase ٠
	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 Example: on-market trade, off-market trade, exercise of options, issue of	On market trade
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 Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

$+$ See chapter 19 for defined terms.