PURSUIT MINERALS LTD — Director's Dealing 2011

Mar 15, 2011

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 30/09/01 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 Date of last notice

Phillip Re 17 November 2010

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 relevant interest.	Phillip Re and Leah Re < Re Superannuation A/C>. Phillip Re is a Trustee and a Beneficiary of the fund. Traditional Securities Group Pty Ltd. Family A/C>. Phillip Re is a Director and Trustee of the Trustee Company. Parkinson Corporate Pty Ltd. Phillip Re is a director of this Company. Leah Re–Wife of Director
Date of change	16 March 2011

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	1,705,000 Ordinary shares (listed)- held as follows:  1,500,000 – held by Traditional Securities Group Pty Ltd. <LPR Family A/C  120,000 held by Phillip Re and Leah Re < Re Superannuation A/C>.  50,000 – held by Phillip Re  35,000 – held by Leah Re 852,500 Options (listed) exercisable at $0.20 on or before the 31 December 2014 - held as follows:  750,000 – held by Traditional Securities Group Pty Ltd. <LPR Family A/C  60,000 held by Phillip Re and Leah Re < Re Superannuation A/C>.  25,000 – held by Phillip Re  17,500 – held by Leah Re
Class	As above
Number acquired	3,500,000 Options (unlisted) exercisable at $0.36 on or before the 31 December 2015, subject to vesting and exercise conditions (as per notice of General Meeting dated 19 January 2011) – held by Parkinson Corporate Pty Ltd
Number disposed	Nil
Value/Consideration Note: If consideration is non‐cash, provide details and estimated valuation	Nil

• See chapter 19 for defined terms.

Appendix 3Y Page 2

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change

1,705,000 Ordinary shares (listed)- held as follows:  1,500,000 – held by Traditional Securities Group Pty Ltd. <LPR Family A/C  120,000 held by Phillip Re and Leah Re < Re Superannuation A/C>.  50,000 – held by Phillip Re  35,000 – held by Leah Re 852,500 Options (listed) exercisable at $0.20 on or before the 31 December 2014 - held as follows:  750,000 – held by Traditional Securities Group Pty Ltd. <LPR Family A/C  60,000 held by Phillip Re and Leah Re < Re Superannuation A/C>.  25,000 – held by Phillip Re  17,500 - held by Leah Re 3,500,000 Options (unlisted) exercisable at $0.36 on or before the 31 December 2015, subject to vesting and exercise conditions (as per notice of General Meeting dated 19 January 2011) – held by Parkinson Corporate Pty Ltd

Nature of change Example: on‐market trade, off‐market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy‐back

Share Options granted in terms of the Share Option Incentive Scheme

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

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

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

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 4

01/01/2011