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	Terence Vincent Willsteed
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	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Patermat Pty Ltd. Terence Willsteed is aShareholder and Director of this Company.
Date of change	27 October 2011
No. of securities held prior to change	Direct: Nil
	Indirect:
	1,367,873 Ordinary shares (listed) - held byPatermat Pty Ltd
	1,367,873 Class B and C PerformanceShares (unlisted)- held by Patermat Pty Ltd
	5,000,000 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 by Patermat Pty Ltd
Class	As above

+ See chapter 19 for defined terms.

Number acquired	683,936 Ordinary shares
Number disposed	Nil
Value/ConsiderationNote: If consideration is non‐cash, provide details and estimatedvaluation	Nil
No. of securities held after change	Direct: Nil
	Indirect:
	2,051,809 Ordinary shares (listed) - held byPatermat Pty Ltd
	683,936 Class B Performance Shares(unlisted) - held by Patermat Pty Ltd
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
Interest disposed	N/A

+ See chapter 19 for defined terms.

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 detailed	No
above traded during a +closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the trade	N/A
to proceed during this period?
If prior written clearance was provided, on what date was this	N/A
provided?

+ See chapter 19 for defined terms.