PURSUIT MINERALS LTD — Director's Dealing 2014

May 11, 2014

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

Name of entity	SOUTH AMERICAN FERRO METALS LIMITED
ABN	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	26/02/2014

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.	PatermatPtyLtd,astrusteeTWWillsteed & Associates SuperannuationFund, a fund associated with TerenceWillsteed.
Date of change	12 May 2014

+ See chapter 19 for defined terms.

No. of securities held prior to change	Indirect:
	•2,999,745Ordinaryshares(listed) held by Patermat Pty Ltd.•5,000,000unlistedoptionsexercisableat$0.12onorbefore15November 2017, subject to vesting andexerciseconditions(asper notice ofAnnualGeneralMeetingdated24October 2012) held by Patermat Pty Ltd.ATFTWWillsteed&AssociatesSuperannuation Fund.•5,000,000unlistedoptionsexercisable at $0.07on or before 26November 2018, subject to vesting andexerciseconditions(asper notice ofAnnualGeneralMeetingdated28October 2013) held by Patermat Pty Ltd.ATFTWWillsteed&AssociatesSuperannuation Fund.
	Direct: None.
Class	Ordinary shares
Number acquired	1,500,255
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$74,833

+ See chapter 19 for defined terms.

No. of securities held after change	Indirect:
	•4,500,000Ordinaryshares(listed) held by Patermat Pty Ltd.•5,000,000unlistedoptionsexercisableat$0.12onorbefore15November 2017, subject to vesting andexerciseconditions(asper notice ofAnnualGeneralMeetingdated24October 2012) held by Patermat Pty Ltd.ATFTWWillsteed&AssociatesSuperannuation Fund.•5,000,000unlistedoptionsexercisable at $0.07on or before 26November 2018, subject to vesting andexerciseconditions(asper notice ofAnnualGeneralMeetingdated28October 2013) held by Patermat Pty Ltd.ATFTWWillsteed&AssociatesSuperannuation Fund.Direct: None.
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	On-Market purchase.

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

+ See chapter 19 for defined terms.

Appendix 3Y Change of Director's Interest Notice

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

Were the interests in the securities or contracts detailedabove traded during a +closed periodwhere 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.