TALISMAN MINING LIMITED — Director's Dealing 2007

Dec 18, 2007

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 30/9/2001.

Name of entity TALISMAN MINING LIMITED ABN 71 079 536 495

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	Steven Elliott
Date of last notice	13 December 2006

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	Change in direct and indirect interests.
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Arcaro Holdings Pty Ltd of which Mr Elliott is a sole Director and shareholder.
Date of change	On or about 19 December 2007.
No. of securities held prior to change	Direct : 410,001 Ordinary fully paid shares 136,667 20c quoted 31/12/2010 options 3,900,000 25c 30/6/2008 unlisted options 1,000,000 25c 31/12/2010 unlisted options Indirect : 4,690,001 Ordinary fully paid shares 1,530,001 20cquoted31/12/2010options
Class	Ordinary fully paid shares 25c 30/6/2008 unlisted options 25c 31/12/2010 unlisted options
Number acquired	4,900,000 ordinary fully paid shares pursuant to the exercise of 3,900,000 25c 30/6/2008 unlisted options and 1,000,000 25c 31/12/2010 unlisted options.

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number disposed	2,700,000 ordinary fully paid shares.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	67c for disposal of ordinary fully paid shares. 25c to exercise 4,900,000 options.
No. of securities held after change	Direct : 5,310,001 Ordinary fully paid shares 136,667 20c quoted 31/12/2010 options Indirect : 1,990,001 Ordinary fully paid shares 1,530,001 20cquoted31/12/2010options
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	The disposal of 2,700,000 ordinary fully paid shares was an off-market trade. The 4,900,000 was pursuant to the exercise of options.

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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002