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	MARK ANDREW LESTER
Date of last notice	17 AUGUST 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	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Lester Family Investments Pty Ltd - M Lester is a Director. MAL Super Fund Pty Ltd - M Lester is a Member.
Date of change	20 June 2011
No. of securities held prior to change	Lester Family Investments Pty Ltd 41,667 Ordinary shares 10,417 Options @ $0.15 each expiring 31.07.2013 MAL Super Fund Pty Ltd 92,950 Ordinary shares 250,000 Director options with an expiry date of 31 December 2013 and an exercise price of $0.195 23,238 Options @ $0.15 each expiring 31.07.2013
Class	Ordinary fully paid shares. Listed options @ $0.15 expiring 31.7.2013

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Number acquired	67,309 Ordinary fully paid shares 67,309 Options @ $0.15 each expiring 31.07.2013
Number disposed	-
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$5,384
No. of securities held after change	Lester Family Investments Pty Ltd 62,501 Ordinary shares 31,251 Options @ $0.15 each expiring 31.07.2013 MAL Super Fund Pty Ltd 139,425 Ordinary shares 250,000 Director options with an expiry date of 31 December 2013 and an exercise price of $0.195 69,713 Options @ $0.15 each expiring 31.07.2013
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 & 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	-

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

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 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?	-
If prior written clearance was provided, on what date was this provided?	-

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3