(n) Summary of options granted to Contractors (o) Weighted average remaining contractual life (p) Range of exercise price (q) Weighted average fair value The following table illustrates the number and weighted average (WAEP) of, and movements in, share options issued to  Contractors: The outstanding balance as at 30 June 2011 is represented by the following table: The weighted average remaining contractual life for the share options outstanding as at 30 June 2011 is 2.42 years (2010: 1.25). The exercise price for options outstanding at the end of the year was $0.32 (2010: $0.46). The weighted average fair value of options granted during the year was $0.10 (2010: nil). 2011 Number 2011  WAEP 2010 Number 2010  WAEP Outstanding at the beginning of the year 1,000,000  0.460 1,400,000  0.426 Granted during the year 1,000,000  0.320 - 0.000 Exercised during the year - - - - Lapsed/cancelled during the year (1,000,000) 0.460 (400,000) 0.340 Outstanding at the year end 1,000,000  0.320 1,000,000  0.460 Exercisable at the end of the year 1,000,000  0.320 1,000,000  0.460 Grant date Vesting date Expiry date Exercise  price Options  granted Options  lapsed/  cancelled Options  exercised Number of options at  end of period On issue Vested 1 December 2010 1 December 2010 30 November 2013 32 cents 1,000,000  - - 1,000,000  1,000,000  Total 1,000,000  - - 1,000,000  1,000,000  102 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011