PURSUIT MINERALS LTD — Director's Dealing 2011

Nov 2, 2011

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

SOUTH AMERICAN FERRO METALS LIMITED

27 128 806 977

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	Stephen Fabian
Date of last notice	16 March 2011

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 relevantinterest.	Massif Limited. Massif Limited is whollyowned by a trust in which Mr Fabian has aninterest.
Date of change	27 October 2011
No. of securities held prior to change	Indirect:22,299,402 Ordinary shares (listed) - held byMassif Limited22,299,402 Class B and C Performanceshares (unlisted) - held by Massif LimitedDirect:2,500,000 Options (unlisted) exercisable at$0.36 on or before the 31 December 2015,subject to vesting and exercise conditions (asper notice of General Meeting dated 19January 2011) – held directly by StephenFabian
Class	As above

+ See chapter 19 for defined terms.

Number acquired
	11,149,701 Ordinary shares
Number disposed	Nil
Value/ConsiderationNote: If consideration is non‐cash, provide details and estimatedvaluation	Nil
No. of securities held after change	Indirect:33,449,103 Ordinary shares (listed) - held byMassif Limited
	11,149,701 Class B Performance shares(unlisted) - held by Massif Limited
	Direct:
	2,500,000 Options (unlisted) exercisable at$0.36 on or before the 31 December 2015,subject to vesting and exercise conditions (asper notice of General Meeting dated 19January 2011) – held directly by StephenFabian
Nature of changeExample: on‐market trade, off‐market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy‐back	Class C Performance shares converted toOrdinary Shares based upon achievement ofthe production milestone.

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 whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed	N/A
Interest acquired	N/A

+ See chapter 19 for defined terms.

Interest disposed	N/A
Value/ConsiderationNote: If consideration is non‐cash, provide detailsand an estimated valuation	N/A
Interest after change	N/A

Part 3 – +Closed period

Were the interests in the securities or contracts detailedabove traded during a +closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

+ See chapter 19 for defined terms.