RAREX LIMITED — Director's Dealing 2011

Jun 21, 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

Name of entity	CLANCY EXPLORATION LIMITED
ABN	65 105 578 758

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	MICHAEL ANTHONY ETHERIDGE
Date of last notice	17 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 relevant interest.	Shares and Options held by Tectonex Geoconsultants Pty Ltd ATF Superannuation Fund>. Michael Etheridge is a beneficiary of the superannuation fund and is a director and shareholder of the trustee company.
Date of change	20 June 2011
No. of securities held prior to change	345,898 Ordinary fully paid shares 86,475 Listed options expiring 31.07.2013 @ $0.15
Class	Ordinary fully paid shares and listed options.
Number acquired	172,949 Ordinary fully paid shares 172,949 Listed options expiring 31.07.2013 @ $0.15 each
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$13,836

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	518,847 Ordinary fully paid shares 259,424 Listed options expiring 31.07.2013 @ $0.15 each.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Shares and Options issued pursuant to Rights Issue Prospectus dated 3 May 2011.

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	-
Nature of interest	-
Name of registered holder (if issued securities)	-
Date of change	-
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	-
Interest acquired	-
Interest disposed	-
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	-
Interest after change	-

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 - to proceed during this period? If prior written clearance was provided, on what date was this - provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011