SUNSHINE METALS LIMITED — Director's Dealing 2012

May 28, 2012

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	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 205G of the Corporations Act.

Name of Director	John Henry HILLS
Date of last notice	8 March 2012

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 and indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	JH HillsVeltox Pty Ltd (Director)Jamestown Holdings Pty Ltd (Director)Manikay Pty Ltd (Director)
Date of change	28 May 2012
No. of securities held prior to change	15,797,830 Ordinary fully paid1,000,000 Options ($0.15 31/12/12)1,500,000 Options ($0.04 30/06/14)
Class	Ordinary full paidOptions exercisable at $0.15 by 31/12/12Options exercisable at $0.04 by 30/06/14
Number acquired	Nil
Number disposed	2,500,000 Ordinary fully paid1,500,000 Options ($0.04 30/06/14)
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$47,000

+ See chapter 19 for defined terms.

No. of securities held after change	13,297,830 Ordinary fully paid
	1,000,000 Options ($0.15 31/12/12)
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation in	Off-market trade
buy-back

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
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 inrelation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide detailsand an estimated valuation
Interest after change

Part 3 – +Closed period

Were the interests in the securities or contracts detailedabove traded during a +closed period where prior written	N/A
clearance was required?
If so, was prior written clearance provided to allow the tradeto proceed during this period?
If prior written clearance was provided, on what date was thisprovided?

+ See chapter 19 for defined terms.

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	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 205G of the Corporations Act.

Name of Director	John PALERMO
Date of last notice	27 April 2012

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.	Seashells Resort Pty Ltd (Director)Bargrae Nominees Pty Ltd (Director)PAJ investments Pty Ltd (Director)Dolphin Technology Pty Ltd (Director)Super 4 Pty Ltd (Director)Finebase Holdings Pty Ltd (Director)
Date of change	28 May 2012
No. of securities held prior to change	20,514,870 Ordinary fully paid1,000,000 Options ($0.15 31/12/12)24,754,400 Options ($0.04 30/06/14)
Class	Ordinary full paidOptions exercisable at $0.15 by 31/12/12Options exercisable at $0.04 by 30/6/14
Number acquired	Nil
Number disposed	3,000,000 Options ($0.04 30/06/14)

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$3,000.00
No. of securities held after change	20,514,870 Ordinary fully paid1,000,000 Options ($0.15 31/12/12)21,754,400 Options ($0.04 30/06/14)
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	Off-market transfer

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
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 inrelation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide detailsand an estimated valuation
Interest after change

Part 3 – +Closed period

Were the interests in the securities or contracts detailed	N/A
above traded during a +closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the tradeto proceed during this period?
If prior written clearance was provided, on what date was thisprovided?

+ See chapter 19 for defined terms.