PURSUIT MINERALS LTD — Director's Dealing 2012

Dec 20, 2012

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

Terence Vincent Willsteed 28 December 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 or indirect interest	Direct or indirect interest	Direct or indirect interest	Indirect	Indirect	Indirect	Indirect	Indirect
	Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.				Patermat Pty Ltd, as trustee TW Willsteed &Associates Superannuation Fund, a fundassociated with Terence Willsteed.
	Date of change				20 December 2012
	No of sec	rities held rior to chane			Direct: Nil
	.	p	g
					Ii
						rect:
					nd
					2,7Pat	5,745 Ordinarermat Pty Ltd	y shares (liste	) - held by
					5,0$0	0,000 Options6 per share o	(unlisted) exeror before the	cisable at31
					.Dec	ember 2015, s	ubject to vestin	g and
					exe	rcise condition	s (as per notice	of General
					MePat	ting dated 19ermat Pty Ltd,	anuary 2011)ATF TW Willst	– held byeed &
					Ass	ociates Supera	nnuation Fund	.
	Class
					As	above

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Number acquired	Number acquired	Number acquired
	Number acquired
			5,000,000 Options (unlisted) exercisable at$0.12 per share on or before 15 November2017, subject to vesting and exercisecondition (as per notice of Annual General
			Meeting dated 24 October 2012.) – held byPatermat Pty Ltd, ATF TW Willsteed &Associates Superannuation Fund.
	Number disposed		Nil
	Value/ConsideratioNote: If consideration ivaluation	ns non‐cash, provide details and estimated	Nil
	No. of securities he	ld after change	Direct: NilIndirect:2,735,745 Ordinary shares (listed) - heldby Patermat Pty Ltd5,000,000 Options (unlisted) exercisableat $0.36 on or before the 31 December
			2015, subject to vesting and exerciseconditions (as per notice of GeneralMeeting dated 19 January 2011) – heldby Patermat Pty Ltd, ATF TW Willsteed &Associates Superannuation Fund.5,000,000 Options (unlisted) exercisableat $0.12 per share on or before 15November 2017, subject to vesting andexercise condition (as per notice ofAnnual General Meeting dated 24October 2012.) – held by Patermat PtyLtd, ATF TW Willsteed & AssociatesSuperannuation Fund.
	Nature of changeExample: on‐market traissue of securities underbuy‐back	de, off‐market trade, exercise of options,dividend reinvestment plan, participation in	Issue of Share Options as approved byshareholders.
	art 2 – Change oote: In the case of a comp	f director’s interests in contractsany, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should

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	Detail of contract	Detail of contract
	Detail of contract		N/A
	Nature of interest		N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

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
Value/ConsiderationNote: If consideration is non‐cash, provide detailsand 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 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.

01/01/2011 Appendix 3Y Page 3