SUNSHINE METALS LIMITED — Director's Dealing 2004

Feb 15, 2004

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 30/9/2001.

Name of Entity	PELICAN RESOURCES LIMITED.
ABN	12 063 388 821

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 $205\overline{G}$ of the Corporations Act.

Name of Director	' John Henry Hills -
Date of last notice	9 April 2003

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

Direct or indirect interest	300,001 Ordinary fully paid shares
Nature of indirect interest	Veltox Pty Ltd (Director) $-2,854,043$ Ord fully paid
(including registered holder)	Heather Hills (Spouse) $-2,500,000$ Ord fully paid
Note: Provide details öf the
circumstances giving rise to the	Jamestown Holdings Pty Ltd (Director) – 128,971 Ord fully paid
relevant interest.	Manikay Pty Ltd (Director) $-2,528,881$ Ord fully paid
	Veltox Pty Ltd (Director) - 1,427,022 \$0.15 & \$0.20 Opts
	Heather Hills (Spouse) - 1,250,000 \$0.15 & \$0.20 Opts
	Jamestown Holdings Pty Ltd (Director) $-64,486$ \$0.15 & \$0.20 Opts
	Manikay Pty Ltd (Director) - 1,264,441 \$0.15 & \$0.20 Opts
Date of change	10 February 2004
No. of securities held prior	8,011,896 Ord fully paid
to change	4,005,949 Options ex at \$0.15 & \$0.20
Class	Ord fully paid
	Options ex at \$0.15 $&$ \$0.20
Number acquired	300,000 Ord fully paid
Number disposed	Nil
Value/Consideration	\$31.455
Note: If consideration is non-cash.
provide details estimated and
valuation
No. of securities held after	8,311,896 Ord fully paid
change	4,005,949 Options ex at \$0.15 & \$0.20
Nature of change
Example: on-market trade, off-market	On market purchase
trade, exercise of options, issue of
securities under dividend reinvestment
plan, participation in buy-back

⁺ See chapter 19 for defined terms.

Part 2 – Change of director's interests in contracts

Detail of contract	N/A
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

$+$ See chapter 19 for defined terms.